Two New Board Members Elected at Annual Shareholders Meeting
OKLAHOMA CITY--(BUSINESS WIRE)--
Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in
restaurants, today announced that its board of directors approved an
incremental $40 million to its share repurchase program. The updated
authorization allows for up to $80 million of common stock to be
repurchased through August 31, 2014, of which $69 million is now
available for future repurchases. 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
"We are pleased that the board has once again increased its
authorization for our share repurchase program, which is an important
contributor to maximizing shareholder value," said Cliff Hudson,
chairman, president and chief executive officer. "Since fiscal 2012, we
have returned over $77.7 million to shareholders through share
repurchases, and this increase reflects our confidence in the ongoing
consistency of our business and our solid runway for growth. Share
repurchases have been and are expected to continue to be accretive to
earnings per share in fiscal 2014."
In addition, Sonic is pleased to announce that Tony D. Bartel and Lauren
R. Hobart have been elected to serve on the company's board of directors
for three-year terms. Their election was announced today at the
company's annual shareholder meeting.
Mr. Bartel is president of Gamestop Corporation and has served in that
role since 2010. Gamestop is an $8.9 billion retailer of video game and
PC entertainment software. He has more than 20 years of experience in
the consumer products industry, including 14 years in the restaurant
industry serving in a variety of finance executive positions. Most
recently he served as executive vice president of merchandising and
marketing for Gamestop from 2007 until 2010 and senior vice president of
international finance for Gamestop from 2005 until 2007.
Ms. Hobart is senior vice president and chief marketing officer of
Dick's Sporting Goods, Inc. and has served in that role since 2011.
Dick's is a Fortune 500 company and is one of the largest sporting goods
retailers in the United States. Prior to this position, she held a
variety of management positions including chief marketing officer,
carbonated soft drinks, with Pepsi-Cola North America. She began her
career in the banking industry with six years of experience with JP
Morgan Chase & Company and Wells Fargo Bank.
"We are very excited to welcome Tony and Lauren as two additional
independent directors to our board. Tony's background in finance and
consumer goods combined with Lauren's marketing and brand management
knowledge will be a valuable complement to the breadth of experience on
our board," concluded Hudson.
The company also announced that existing directors Jeffrey H. Schutz and
Kathryn L. Taylor were re-elected to the board. Continuing board members
not standing for re-election include Kate S. Lavelle, Michael J. Maples,
J. Larry Nichols, Federico F. Peña, Frank E. Richardson, Robert M.
Rosenberg and Cliff Hudson.
Effective January 16, 2014, H.E. (Gene) Rainbolt has retired from the
board of directors after 18 years of service. Mr. Rainbolt is the
chairman of BancFirst Corp. He joined the board in 1996 and was a
member of the Audit Committee, of which he served as chair since 1997.
"Gene's exemplary service to Sonic and our franchisees has spanned
almost five decades," said Hudson. "There are many of us who owe him
much for his contributions and leadership, and we are grateful for all
he has shared with us."
SONIC®, America's Drive-In®, is the nation's largest chain of drive-in
restaurants with more than 3,500 drive-ins serving approximately 3
million customers every day. Over the past 60 years, SONIC has delighted
guests with signature menu items, more than 1 million drink
combinations, friendly service by iconic Carhops and ongoing support of
education through its award-winning Limeades for Learning® program.
SONIC received top honors as America's "#1 burger quick service
restaurant" in the 2013 Temkin Experience Ratings report. For more
information about Sonic Corp. (NASDAQ/NM:SONC) and its subsidiaries,
please visit sonicdrivein.com.
Customers can also connect with SONIC at facebook.com/sonicdrivein
or on Twitter
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.
Claudia San Pedro, 405-225-4846
Vice President of
Investor Relations, Communications and Treasurer
Source: Sonic Corp.
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