Sonic Earnings And Sales Please Investors

Sonic Corporation SONC announced results Tuesday for its fourth fiscal quarter and fiscal year ended August 31, 2014.

Net income was $18.8 million or $0.34 per diluted share, in-line with estimates, versus net income per diluted share of $0.21 in the fourth fiscal quarter of 2013; excluding certain adjustments outlined below, net income per diluted share increased 13 percent.

System same-store sales increased 4.6 percent over a 5.9 percent increase in the fourth quarter of fiscal 2013, consisting of a 4.5 percent same-store sales increase at franchise drive-ins and an increase of 4.9 percent at company drive-ins.

For fiscal 2014, net income totaled $47.9 million or $0.85 per diluted share compared with net income of $36.7 million or $0.64 per diluted share for fiscal 2013. Excluding the items outlined below, net income and net income per diluted share increased by 15 percent and 17 percent, respectively.

While the macroeconomic environment may impact results, the company expects its initiatives to drive 18 percent to 20 percent earnings per share growth in fiscal 2015, versus adjusted EPS in fiscal 2014. 

"Our fourth quarter capped off a great year for Sonic, and we believe that the business is well positioned for continued growth," said Cliff Hudson, Sonic Corp. CEO, "Our same-store sales growth over the past fiscal year reflects not only the success of our promotional strategy but also improvements in our core menu and base business.”

Sonic Corp. traded at $23.57 in the aftermarket, up 3.95 percent.