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By The Online Investor Staff, updated Sun., Oct. 23, 12:06 PM

Slide #2. Sonic Corp.

Company: Sonic Corp. (NASDAQ:SONC)
$Amount Authorized: $195,000,000
Buyback Details: Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants, today announced that its Board of Directors has increased its authorization under the share repurchase program by $40 million. The additional authorization allows for up to $195 million of common stock to be repurchased through August 31, 2017. In fiscal 2016, the company repurchased approximately $148 million in common stock, including $22 million under the current program, leaving $173 million remaining under the enhanced authorization for repurchase during fiscal 2017. 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 transactions.

Sonic operates and franchises a chain of drive-in restaurants. On Aug. 31, 2015, the Sonic system included 3,526 Sonic Drive-Ins in 44 states, owned and operated by Co.'s subsidiary, Sonic Restaurants, Inc., and franchisees (Franchise Drive-Ins). Co.'s signature food items include specialty drinks (such as cherry limeades and slushes), ice cream desserts, made-to-order sandwiches and hamburgers, a variety of hot dogs including six-inch premium beef hot dogs and footlong quarter-pound coneys, hand-battered onion rings, tater tots and wraps. Sonic Drive-Ins also provides breakfast items that include a variety of breakfast burritos and serve the full menu all day.

SONC SEC Filing Email Alerts Service

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Company Name:  Sonic Corp.
Stock buyback:  SONC buyback
Sector:  Hotels, Lodging, Restaurants & Travel
Number of ETFs Holding SONC:  27
Total Market Value Held by ETFs:  $93.05M
Total Market Capitalization:  $1.24B
% of Market Cap. Held by ETFs:  7.52%

Open the SONC Page at The Online Investor (in a new window) »

October 23, 2016    12:06 PM Eastern
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Buy (2.80 out of 4)
35th percentile
(ranked lower than approx. 65% of all stocks covered)
Based on Zacks ABR data;
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