Sonic Increases Share Repurchase Authorization by $40 Million
21 October 2016 - 7:37AM
Business Wire
Declares Quarterly Dividend
Sonic Corp. (NASDAQ:SONC), the nation's largest chain of
drive-in restaurants, today announced that its Board of Directors
has increased its authorization under the share repurchase program
by $40 million. The additional authorization allows for up to
$195 million of common stock to be repurchased through
August 31, 2017. In fiscal 2016, the company repurchased
approximately $148 million in common stock, including
$22 million under the current program, leaving
$173 million remaining under the enhanced authorization for
repurchase during fiscal 2017. Share repurchases may be made from
time to time in the open market or otherwise, including through an
accelerated share repurchase program, under the terms of a Rule
10b5-1 plan, in privately negotiated transactions or in round lot
or block transactions.
The company also announced that its Board of Directors declared
a quarterly cash dividend of $0.14 per share of common stock
to be paid to shareholders of record as of the close of business on
November 9, 2016, with a payment date of
November 18, 2016.
Future declaration of quarterly dividends and the establishment
of future record and payment dates are subject to the final
determination of the company's Board of Directors.
About Sonic
SONIC, America's Drive-In is the nation's largest drive-in
restaurant chain serving more than 3 million customers every day.
Nearly 90 percent of SONIC's 3,500 drive-in locations are owned and
operated by local business men and women. Over more than 60 years,
SONIC has delighted guests with signature menu items, more than 1.3
million drink combinations and friendly service by iconic Carhops.
Since the 2009 launch of SONIC's Limeades for Learning
philanthropic campaign in partnership with DonorsChoose.org, SONIC
has donated more than $6 million to public school teachers
nationwide to fund essential learning materials and innovative
teaching resources to inspire creativity and learning in today's
youth. To learn more about Sonic Corp. (NASDAQ/NM:SONC), please
visit sonicdrivein.com and please visit or follow us on Facebook
and Twitter. To learn more about SONIC's Limeades for Learning
initiative, please visit Limeadesforlearning.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.
SONC-F
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version on businesswire.com: http://www.businesswire.com/news/home/20161020006605/en/
Sonic Corp.Corey Horsch, 405-225-4800Vice President, Investor
Relations and Treasurer
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