Sonic posts solid 3Q

OKLAHOMA CITY — Sonic Corp. announced record results for its third quarter ended May 31.

 

System-wide same-store sales increased 4.3 percent, while net income increased 12 percent to $23.8 million from $21.3 million last year. The company said revenues increased 11 percent to $186.5 million from $167.7 million in 2005.

 

Sonic opened 43 new drive-ins, including 37 by franchisees, versus a total of 40 in the same quarter last year.

 

The company chairman and chief executive Cliff Hudson said the quarter was anchored by steady chain expansion, growing franchise income, fresh and compelling new product news, a commitment to increased media support, and technology initiatives.