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"Our prior purchases of our common stock have been accretive to earnings and we believe Sonic's stock at current market prices will continue to be so," Clifford Hudson, Sonic's chairman and CEO, said. He noted that, as originally announced, the repurchases may be made from time to time in the open market as deemed appropriate by the company and will depend on market conditions.
Sonic intends to finance the repurchase program from internal funds and with debt facilities. Any shares repurchased may be used for future acquisitions and other corporate purposes. The expansion of the program will not affect the company's current expansion plans.