Industry News | September 24, 2002

Sonic Reaffirms Sales Projections

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Sonic Corp. (NasdaqNM:SONC - News) has reaffirmed its earnings guidance for fiscal 2002 and 2003 in a press release today.

The company expects earnings of $1.13 per share for fiscal 2002 ending August 31. This figure represents a 22% increase over the previous year earnings of $0.93 per share and is in line with analyst consensus estimates.

Sonic also expects systemwide sales to increase from $1.97 billion to $2 billion for 2002. Chief Executive Clifford Hudson said sales for 2002 have increase by over 20% and expects fiscal 2003 to see an increase in revenue of 15%.