Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today announced that it will host an investor day with industry analysts and institutional investors at the company’s offices on Tuesday, May 4, 2010. The meeting will begin at 8:15 a.m. CDT and conclude at approximately 12:30 p.m. CDT. Presentations will include an overview of Sonic’s business strategies and product quality, media allocation and promotional initiatives. The event will be simulcast over the Internet and a link to this event may be found at the investor section of the company’s website, www.sonicdrivein.com.
Sonic also announced that it has purchased approximately $28.6 million of its Class A-2 senior fixed-rate notes during its third fiscal quarter, using excess cash. With over $90 million in cash after the purchases are completed, Sonic will continue to use its excess cash on an opportunistic basis for credit enhancements, stock repurchases or other stockholder-value initiatives.
Sonic, America’s Drive-In, originally started as a hamburger and root beer stand in 1953 in Shawnee, Okla., called Top Hat Drive-In, and then changed its name to Sonic in 1959. The first drive-in to adopt the Sonic name is still serving customers in Stillwater, Okla. Sonic has more than 3,500 drive-ins coast to coast, where more than a million customers eat every day. For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.