SONIC 2007 AR Final

SONIC 2007 AR Final - Sonic Corp 2007 Annual Report...

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Multi-Layered 2007 Multi-Layered GROWTH GROWTH
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2007 2006 Change ($ in thousands, except per share data) Operations (for the year) Total revenues $ 770,469 $693,262 11% Income from operations $ 145,289 $131,627 10% Net income per diluted share $ 0.91 $ 0.88 3% Net income per diluted share, excluding debt extinguishment charges 1 $ 0.96 $ 0.88 9% Weighted average diluted shares outstanding 70,592 89,239 -21% System Information (for the year or at year's end) Partner drive-ins 2 654 623 5% Franchise drive-ins 2,689 2,565 5% System-wide drive-ins 3 3,343 3,188 5% System-wide average drive-in sales 3 $ 1,109 $ 1,070 4% Change in system-wide sales 3 8.6% 10.7% Change in system-wide same-store sales 3, 4 3.1% 4.5% Financial Highlights 1 Excludes $0.05 in special items associated with Sonic's tender offer and subsequent financing activities. Net income per diluted share, excluding debt extinguishment charges,is a non-GAAP financial measure. We believe net income per diluted share,excluding debt extinguishment charges,provides additional insight into the strength of our operations and aids in the comparability of current- and prior- year results. 2 Partner drive-ins are those Sonic Drive-Ins in which we own a majority interest,typically at least 60%. Most supervisors and managers of partner drive-ins own a minority equity interest. 3 System-wide information,which combines partner drive-in and franchise drive-in 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. 4 Changes in same-store sales based on drive-ins open for at least 15 months. Sonic began in 1953 in Shawnee, Oklahoma. Today, we franchise and operate the largest chain of drive- in restaurants in the country, with more than 3,300 Sonic Drive-Ins from coast to coast. Our drive-in experience, together with a unique menu and personalized Carhop service, position us as one of the most highly differentiated concepts in the quick-service restaurant (QSR) industry. 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 smiling Carhop delivers the customer's order car-side, usually within four minutes. Customers also may enjoy drive-thru service at many Sonic locations. Sonic Drive-Ins feature signature menu items, offering made-when-you-order Extra-Long Chili Cheese Coneys, hamburgers, wraps and other sandwiches, hand-battered Onion Rings, Tater Tots and a full breakfast menu. We are known for our variety of Frozen Favorites ® treats and Fountain Favorites ® drinks, too, like Cherry Limeades, Slushes and Cream Pie Shakes, making Sonic Your Ultimate Drink Stop ® . Sonic also offers a variety of choice for health-conscious customers, including Fresh Tastes ® salads and several low-calorie drinks, including a diet version of our classic Cherry Limeade.
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