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SONC Buyback image

Sonic Corp. Buyback

OLI recorded this information on 10/20/2016

Company: Sonic Corp.
Buyback: SONC buyback
$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, through its subsidiaries, operates and franchises a chain of drive-in restaurants (Sonic Drive-Ins) in the U.S. Co.'s food items include specialty drinks (such as cherry limeades and slushes), ice cream desserts, made-to-order cheeseburgers, chicken entrees ranging from sandwiches to boneless wings, a variety of hot dogs including six-inch beef hot dogs and footlong quarter pound coneys, hand-made onion rings and tater tots. Sonic Drive-Ins also provides breakfast items that include a variety of breakfast burritos and serves the full menu all day.
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SONC — Key Stats (updated Fri., Dec. 7, 10:17 AM)
Company Name:  Sonic Corp.
Stock buyback:  SONC buyback
Website:  www.sonicdrivein.com
Sector:  Hotels, Lodging, Restaurants & Travel
 

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April 28, 2024  •  7:33 PM Eastern
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