Sonic Corp Q1 2015 net income increased to $10.1 million
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Excluding a tax benefit in the first fiscal quarter of 2014, outlined below, earnings per share increased 38%.
Net income per diluted share was $0.18 compared with net income per diluted share of $0.14 in the prior-year period; excluding certain items net income per diluted share was $0.13 in the first fiscal quarter of 2014, resulting in a 38% increase on an adjusted basis.
System same-store sales increased 8.5%, consisting of an 8.5% same-store sales increase at franchise drive-ins and an increase of 7.9% at company drive-ins. Company drive-in margins improved by 70 basis points versus the first quarter of fiscal year 2014; 13 new drive-ins opened; and The company repurchased approximately $20 million of stock and paid its first-ever quarterly dividend of $0.09 per share.
We are extremely pleased with our performance in the first quarter.
Cliff Hudson, chief executive officer
"Our business momentum remains strong as improvements in core menu items combined with limited-time-offer promotions are driving our same-store sales growth. Further, we expect our technology initiatives will provide an additional layer of growth to build sales and profits over the next several years. ■