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Sonic Corp. today announced that the company will participate in Bear Stearns’ 11th Annual Retail, Restaurants & Apparel Conference, which takes place in New York City, March 8-10. The investor presentation by Sonic’s management is scheduled at 8:15 a.m. ET on Wednesday, March 9, 2005, and will be available to investors via a live audio webcast. A link to the webcast can be found at the investor section of the company’s website, http://www.sonicdrivein.com , and the event will be available for replay using that same link for a period of 30 days.
Separately, the company reported that estimated system-wide same-store sales during its second quarter were well above the long-term target range of a 2 percent to 4 percent increase. This strong sales performance should allow Sonic to exceed its previously announced earnings expectation of $0.19 per diluted share for the second quarter ended February 28, 2005. The company expects to report second quarter results after the market close on March 22, 2005.
In addition, the company noted that it has completed the installation of the Pay At Your Stall (“PAYS”) program in all of its partner drive-ins. Under the PAYS program, a credit card payment terminal is added to each drive-in stall to facilitate credit card transactions. The company began the rollout of the PAYS program to franchised drive-ins in February and expects to complete its system-wide implementation over the next 24 months. Sonic now has more than 2,900 drive-ins in 29 states and serves more than a million customers every day.