SONIC 2003 AR Final

SONIC 2003 AR Final - Big Picture Cover to TC 12/17/03 9:15...

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Still Hopping at 50! Founded in Shawnee, Oklahoma, in 1953, we franchise and operate the largest chain of drive-in restaurants in the United States. The drive-in restaurant experience, together with our unique menu and personalized carhop service, position us as one of the most highly differentiated concepts in the restaurant industry’s quick-service sector. Sonic Drive-Ins feature signature items, offering made-when-you-order Toaster ® Sandwiches, hamburgers and other sandwiches, Extra-Long Cheese Coneys, hand- battered Onion Rings, Tater Tots, and a variety of Frozen Favorites ® desserts and Fountain Favorites ® drinks, including Cherry Limeades, Slushes, and Cream Pie Shakes. At a typical Sonic Drive-In, customers park in one of 24 to 36 canopy-covered spaces and place orders through an intercom speaker system. A carhop delivers the customer’s order curbside, usually within four minutes. Customers also may stop at a drive-thru window at most Sonic Drive-Ins. On August 31, 2003, we ended our most recent fiscal year with more than 2,700 drive-ins across 30 states from coast to coast, as well as a small, but growing foothold in northern Mexico. While these numbers are important, we find even greater satisfaction in other statistics, like the frequency with which our customers visit Sonic. These figures, which measure how often customers return to Sonic, show that ours are the most loyal in our industry. 754 197 235 68 178 127 164 109 133 93 5 75 17 53 83 60 10 15 58 69 5 59 26 21 11 20 2 32 1 25 1 Core Markets Developing Markets
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50 years of creating opportunities of creating opportunities
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$447 $400 $331 $280 $258 Year-Over-Year Financial Highlights ($ in thousands, except per share data) 2003 2002 % Change Operations (for the year) Total revenues $ 446,640 $ 400,162 12% Income from operations $ 89,500 $ 82,322 9% Net income $ 52,261 $ 47,692 10% Net income per diluted share $ 1.29 $ 1.13 14% Return on average stockholders’ equity 21.1% 22.1% Financial Position (at year’s end) Total assets $ 486,119 $ 405,356 20% Stockholders’ equity $ 265,398 $ 230,670 15% System Information* System-wide sales (for the year) $ 2,360,360 $ 2,205,269 7% System-wide average unit sales (for the year) $ 907 $ 906 -- Company-owned drive-ins (at year’s end) 497 452 10% Franchised drive-ins (at year’s end) 2,209 2,081 6% System-wide drive-ins (at year’s end) 2,706 2,533 7% *System-wide information, which combines company-owned and franchise information, is a non-GAAP measure. We believe system-wide information is useful in analyzing the growth of the Sonic brand, as well as our revenues, since franchisees pay royalties based on a percentage of sales. Total Revenues (In millions) 03 02 01 00 99 Net Income (In millions) 03 02 01 00 99 $52 $48 $39 $33 $27 Net Income Per Diluted Share 03 02 01 00 99 $1.29 $1.13 $ .93 $ .78 $ .63 Return on Equity 03 02 01 00 99 21.1% 22.1% 21.9% 21.4% 19.4% Five-Year Trends p.02
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With the conclusion of this, our 50th year, the Sonic concept and the innovations we have helped pioneer continue to be as strong and relevant as they were in 1953. And despite declining consumer confidence and increased economic uncertainty during the past year, we rose to meet the unusual challenges of fiscal 2003, posting record revenues and profits. Once again, our proven set of multi-layered strategies,
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SONIC 2003 AR Final - Big Picture Cover to TC 12/17/03 9:15...

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