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Sonic Corp SONC
Q3 2011 Earnings Call Transcript

Transcript Call Date 06/22/2011

Operator: Good day, everyone. Welcome to the Sonic Third Quarter Conference Call. Today's call is being recorded. At this time for opening remarks and introduction, I'd like to turn the call over to Pat Watson. Please go ahead, sir.

Patrick J. Watson - Corporate Communications: Good afternoon, everyone. This is Pat Watson with Corporate Communications. Sonic is pleased to host this conference call regarding results issued this afternoon for the third quarter and first nine months of fiscal year 2011, which ended on May 31, 2011.

Today’s audio and slide presentation are available on the Internet. If you would like to view the slides during this presentation, please go to the Investor section of the Company's website, www.sonicdrivein.com and follow the link to Events & Presentations under Investor Info.

Before we begin, I would like to remind everyone that management’s comments in this conference call that are not based on historical facts are forward-looking statements. These statements are made in reliance on the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, and are subject to uncertainties and risks.

It should be noted that the Company’s future results may differ materially from those anticipated and discussed in the forward-looking statements. Some of the factors that could cause or contribute to such differences have been described in the news release issued this afternoon, and the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and in other filings with the Securities and Exchange Commission. We refer you to these sources for more information.

Lastly, I would like to point out that management’s remarks during this conference call are based on time-sensitive information that is accurate only as of today’s date, June 22, 2011. For this reason and as a matter of policy, Sonic limits the archived replay of this conference call webcast to a period of 30 days. This call is a property of Sonic Corp. Any distribution, transmission, broadcast, or rebroadcast of this call in any form without the expressed written consent of the Company is prohibited.

With those announcements, I’ll turn the call over to Cliff Hudson, Sonic's Chairman and Chief Executive Officer. Good afternoon, Cliff.

Clifford Hudson - Chairman and CEO: Good afternoon, Pat, and good afternoon everyone on the line. We appreciate your participating today and want to walk through our business in the recent past and then some discussion of it generally. Our business has improved over the past year and we're pleased to be able to discuss the initiatives that have contributed to the improved performance and also give you a good sense of our outlook for the remaining part of the year and the things that will continue to drive our business.

So, in the call we're going to cover a number of topics and this would include as you can see here, an overview of the third quarter of our fiscal year 2011. A discussion of our strategy product and service initiatives that played a key role in improved sales performance and initiatives that we've implemented to achieve and sustain positive same-store sales and margin performance. In turn, these things of course will drive the other components of our multi-layered growth strategy and we'll talk through that.

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