Sonic Corp SONC
Q3 2012 Earnings Call Transcript

Transcript Call Date 06/20/2012

Operator: Hello, ladies and gentlemen. Good afternoon and thank you for standing by. Welcome to today's Sonic Corporation Third Quarter 2012 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 provided at that time for you to queue you’re your questions. As a reminder, today's conference is being recorded.

I would now like to turn the conference over to Ms. Claudia San Pedro, Vice President of Investor Relations. 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 third quarter of fiscal year 2012, which ended on May 31, 2012.

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 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 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 made during this conference call are based on time-sensitive information that is accurate only as of today's date, June 20, 2012. The archived replay of this conference call webcast will be available through June 27, 2012. This call is the 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 405-225-4846 and we'll make the appropriate arrangements to answer your questions.

With that out of the way 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, and good afternoon to all of you on the phone. We appreciate your engagement with us today and appreciate your interest in our third quarter results and the current business performance.

As you saw from the earnings release we put out earlier today, our system-wide same-store sales for the quarter increased 2.8%. I would add more color commentary to that number. We're particularly pleased with it given that our third quarter results, this quarter ended May are lapping over a very strong prior year period, when we introduced very successfully the 6 inch all-beef hot dogs to our menu March and April of 2011.

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