Sonic Corp SONC
Q4 2011 Earnings Call Transcript

Transcript Call Date 10/18/2011

Operator: Hello, good afternoon ladies and gentlemen and thank you for standing by. Welcome to today's Sonic Corporation Fourth Quarter and Fiscal Year 2011 Earnings Conference Call. At this time all participants are in a listen-only mode. Following the formal remarks, we will conduct a question-and-answer session, instructions will be provide at that time for you to queue for questions. As a reminder today's call is being recorded.

I would now like to turn the conference over to Ms. Claudia San Pedro, Vice President of Investor Relations and Treasurer. Please go ahead Ms. San Pedro.

Claudia San Pedro - VP of IR and Treasurer: Good afternoon, everyone. We are pleased to host this conference call regarding results issued this afternoon for the fourth quarter of fiscal year 2011, which ended on August 31, 2011.

Before we begin, I would like to remind everyone that comments made during 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 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 Reports 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 remarks during this conference call are based on time-sensitive information that is accurate only as of today's date, October 18, 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.

Finally, we have scheduled this call which includes the Q&A portion to last one hour. If we have not gotten to your question within that hour time slot, please contact me at area code 405-225-4846, and we'll make the appropriate arrangements to answer your question.

With those announcements, I'll turn the call over to Cliff Hudson, The Company's Chairman and Chief Executive Officer.

J. Clifford Hudson - Chairman and CEO: Thank you, Claudia. Good afternoon, everyone. We appreciate you joining us today for our conference call for fiscal year-end and our fourth fiscal quarter of 2011. So we are pleased to report that we ended the fiscal year with positive same-store sales of 1.8% as you know for company drive-ins and 0.5% up for the system.

This represents a nice and even significant reversal of the trends, when compared to our fiscal 2010 results and while our fiscal fourth quarter was somewhat challenging we continue to believe we are on the right track in the near term and long-term prospective. We'll talk more about that today.

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