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Sonic Corp SONC
Q2 2013 Earnings Call Transcript

Transcript Call Date 03/25/2013

Operator: Good afternoon, and thank you for standing by. Welcome to today's Sonic Corporation Second Quarter Fiscal 2013 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 for questions. As a reminder, today's conference is being recorded.

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

Claudia San Pedro - VP of IR, Communications and Treasurer: Good afternoon, everyone. We are pleased to host this conference call regarding results issued this afternoon for the second quarter of fiscal year 2013, which ended on February 28, 2013.

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, March 25, 2013. The archived replay of this conference call webcast will be available through April 1, 2013. This call is the property of Sonic Corp. Any distribution, transmission, broadcast, or a rebroadcast of this call in any form without the expressed written consent of the Company is prohibited.

We have posted our second quarter fiscal earnings slideshow presentation on the Investor sector of our website for your review both during this conference call and after the conference call for up to 30 days.

Finally, we have scheduled this call, which includes the Q&A portion to last to one hour. If we have not gotten to your question within that hour time slot, please contact me at area code 405-822-4618, and I’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, President and CEO: Thank you, Claudia, and thanks to all of you for joining us this afternoon. We appreciate your ongoing interest in our company and we are also, of course, particularly pleased this afternoon reporting the results for our quarter ended February, another solid quarter.

So, as you know, now a few highlights from that second fiscal quarter includes the fact that our earnings per share doubled on the quarter from $0.03 a share last year to $0.06 this year, and reported same-store sales at our company drive-ins increased almost 2%, 1.9% during the second quarter, and the system was flat during the quarter. But if you exclude the impact of the additional day from leap year that we had in 2012, the system-wide same-store sales would have been 1.3% and company drive-ins would have been 3.3%. We also experienced, what I would describe as, more normal winter weather patterns this year than we did last year, which was really unseasonably warm during the winter quarter.

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