Sonic Reports Third Quarter Earnings

For the third quarter ended May 31, 2009, revenues declined 10% to $191.9 million from $213.0 million in the year-earlier period, reflecting lower restaurant sales at partner drive-ins as well as the impact of refranchising on the company's revenue mix. Net income for the quarter was $16.8 million or $0.27 per diluted share, declining slightly from $17.2 million or $0.28 per diluted share in the same quarter last year. For the first nine months of the fiscal year, revenues declined 6% to $545.0 million from $577.8 million in the prior year. Net income on a year-to-date basis was $32.6 million or $0.53 per diluted share compared with $40.1 million or $0.64 per diluted share for the comparable period last year