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Sonic Teams With Its Operators, Supply Partners and Customers to Aid Hurricane Katrina Victims
Sonic Corp. (Nasdaq: SONC - News), the nation's largest chain of drive-in restaurants, today announced that it will join with its operators to provide financial support for the victims of Hurricane Katrina.
September 7, 2005
OKLAHOMA CITY, Sept. 8 /PRNewswire-FirstCall/ --Sonic Corp. (Nasdaq: SONC - News), the nation's largest chain of drive-in restaurants, today announced that it will join with its operators to provide financial support for the victims of Hurricane Katrina. Through a variety of methods, operators, supply partners, and customers are working together to contribute to relief efforts for the victims of last week's hurricane. All customer donations will go to the American Red Cross; Sonic will collect donations to the American Red Cross through October 15, 2005. Sonic Corp. also has set aside $250,000 to match contributions from its operators and supply partners for Hurricane Katrina victims, including employees at a number of its franchise locations.Commenting on the announcement, Clifford Hudson, Chairman, Chief Executive Officer and President, said, "Although the human cost and physical damage caused by this storm is staggering, we are heartened by the swift and compassionate action of our customers, operators and supply partners as they once again come to the assistance of those in need. As small businessmen and women, some located in the areas affected by Hurricane Katrina, our operators have a close perspective on the toll this catastrophe has taken on their local communities, and they have a real sense of urgency in seeing that significant aid is directed immediately to the hard-hit Gulf Coast region. We are honored to be a part of this important effort."Hudson also noted that Hurricane Katrina caused no physical damage to any of Sonic's partner drive-ins -- those in which the company has a majority equity interest. The company is marshalling its internal resources to come to the aid of franchisees affected by Hurricane Katrina. Interruptions to communications and power systems, blocked roads, and restricted access in some areas have hampered the company's efforts to assess the full impact of the storm. Nevertheless, the company believes approximately 25 to 30 franchise drive-ins remained closed as of today. About one-half of these closures are believed to be temporary in nature, awaiting restoration of utility services. The company understands that the remaining franchise drive-ins may have incurred significant structural damage and could be closed for a prolonged period of time.
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