Sonic Ticks Higher Following Q1 Earnings Release

Shares of Sonic Corp.

are trading higher in the after-hours following the release of the company's Q1 earnings results. Currently, shares are higher by 0.18%, trading at $6.86; they ended the regular session lower by 1.44%, at $6.85. Sonic Corp. reported Q1 EPS of $0.09 on revenues of $128.3 million; the Street was looking for $0.09 per share on revenues of $129.64 million. Revenues decreased 0.6% year over year. During the quarter, the company repaid $3.8 million of fixed rate debt and repurchased $10.5 million of its common stock. "While our fiscal first quarter reflected continued sales volatility, we remain pleased with our long-term initiatives," said Cliff Hudson, Chairman and Chief Executive Officer. "We will continue to refine our strategies, particularly our promotional and creative strategies, to strengthen awareness of our differentiated high-quality products and unique carhop service across all dayparts, which we believe will drive more consistent and sustained same-store sales growth going forward. Sonic Corp. operates and franchises chain of drive-in restaurants in the United States. The company operates in two segments: Company Drive-Ins and Franchise Operations.