Sonic Corp. reported unaudited earnings results for the fourth quarter and year ended August 31, 2009. For the fourth quarter ended August 31, 2009, revenues declined 23% to $173.8 million from $226.9 million in the year-earlier period, reflecting primarily the impact of refranchising on the company's revenue mix as well as lower restaurant sales at partner drive-ins. Net income for the quarter was $16.9 million or $0.28 per diluted share, declining 17% and 15%, respectively, from $20.2 million or $0.33 per diluted share in the same quarter last year. Excluding special items, detailed below, earnings per share were $0.29 for the fourth quarter in fiscal 2009 compared with $0.31 in the prior-year period. Adjusted Non-GAAP net income was $17.52 million or $0.29 per diluted share compared to $18.88 million or $0.31 per diluted share for the same period a year ago. The company reported income from operations of $37.02 million and income before income taxes of $27.34 million compared to income from operations of $43.81 million and income before income taxes of $32.04 million for the same period a year ago. For the fiscal year, revenues declined 11% to $718.8 million from $804.7 million in the prior year. Net income on a year-to-date basis was $49.4 million or $0.81 per diluted share compared with $60.3 million or $0.97 per diluted share for the comparable period last year. Excluding special items, detailed below, earnings per share were $0.72 for fiscal 2009 compared with $0.94 for fiscal 2008. Adjusted Non-GAAP net income was $44.29 million or $0.72 per diluted share compared to $58.77 million or $0.94 per diluted share for the same period a year ago. The company reported income from operations of $115.98 million and income before income taxes of $80.32 million compared to income from operations of $144.21 million and income before income taxes of $96.28 million for the same period a year ago. The company expects to open approximately 115 to 125 new drive-ins during fiscal 2010.

Sonic Corp. expected to Report Q1 2010 Results on January 4, 2010. This event was calculated by Capital IQ (Created on October 20, 2009).

Sonic Corp. provides earnings guidance for the fiscal 2010. The company expects to achieve earnings growth during 2010 in the range of 10% to 12% due to the following components, moderate new drive-in development; improved same-store sales trends which believe are likely to occur toward the latter half of the year; the positive impact of re-franchising on drive-in level margins; reduced interest expense from the continued repayment of debt; and the opportunistic use of excess cash. The company expects capital expenditures of approximately $30 to $40 million. As evidence of financial strength, the company continue to expect positive free cash flow after capital expenditures and debt payments now and in the longer term which provides with ample flexibility in utilizing excess cash for shareholder value driving initiatives going forward. The company recorded an impairment charge of $3.3 million or $0.03 per share for the fourth quarter ended August 31, 2009, related to several partner drive-ins whose performance indicated their book value had become impaired. Based on the current projects, the company has in the pipeline, anticipate opening roughly 100 to 110 franchise drive-ins in the fiscal year 2010.