x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Delaware
|
73-1371046
|
|
(State
of incorporation)
|
(I.R.S.
Employer Identification No.)
|
|
300
Johnny Bench Drive
|
||
Oklahoma
City,
Oklahoma
|
73104
|
|
(Address
of principal executive offices)
|
Zip
Code
|
|
Registrant’s
telephone number, including area code: (405)
225-5000
|
Large accelerated filer x. | Accelerated filer o. | Non-accelerated filer o. |
Page
Number
|
||
PART
I. FINANCIAL INFORMATION
|
||
Item
1.
|
Financial
Statements
|
|
3
|
||
4
|
||
|
||
5
|
||
|
||
6
|
||
|
||
Item
2.
|
10
|
|
|
||
Item
3.
|
16
|
|
|
||
Item
4.
|
16
|
|
|
||
PART
II. OTHER INFORMATION
|
|
|
|
||
Item
1.
|
17
|
|
|
||
Item
1A.
|
17
|
|
|
||
Item
2.
|
17
|
|
|
||
Item
3.
|
17
|
|
|
||
Item
4.
|
17
|
|
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||
Item
5.
|
17
|
|
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||
Item
6.
|
18
|
(Unaudited)
|
||||||||
ASSETS
|
May
31, 2008
|
August
31, 2007
|
||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 23,673 | $ | 25,425 | ||||
Restricted
cash
|
10,459 | 13,521 | ||||||
Accounts
and notes receivable, net
|
26,575 | 23,084 | ||||||
Other
current assets
|
10,475 | 11,673 | ||||||
Total
current assets
|
71,182 | 73,703 | ||||||
Property,
equipment and capital leases
|
826,430 | 756,395 | ||||||
Less
accumulated depreciation and amortization
|
(252,170 | ) | (226,402 | ) | ||||
Property,
equipment and capital leases, net
|
574,260 | 529,993 | ||||||
Goodwill,
net
|
106,373 | 102,628 | ||||||
Trademarks,
trade names and other intangible assets, net
|
12,508 | 11,361 | ||||||
Noncurrent
restricted cash
|
11,244 | 11,354 | ||||||
Investment
in direct financing leases and noncurrent portion of notes
receivable
|
5,047 | 8,125 | ||||||
Debt
origination costs and other assets, net
|
17,757 | 21,356 | ||||||
Intangibles
and other assets, net
|
152,929 | 154,824 | ||||||
Total
assets
|
$ | 798,371 | $ | 758,520 | ||||
LIABILITIES
AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 29,137 | $ | 25,283 | ||||
Deposits
from franchisees
|
2,230 | 2,783 | ||||||
Accrued
liabilities
|
26,267 | 55,707 | ||||||
Income
taxes payable
|
19,278 | 7,863 | ||||||
Obligations
under capital leases and long-term debt due within one
year
|
35,616 | 22,851 | ||||||
Total
current liabilities
|
112,528 | 114,487 | ||||||
Obligations
under capital leases due after one year
|
34,625 | 36,773 | ||||||
Long-term
debt due after one year
|
713,109 | 690,437 | ||||||
Other
noncurrent liabilities
|
24,950 | 23,625 | ||||||
Stockholders’
equity (deficit):
|
||||||||
Preferred
stock, par value $.01; 1,000 shares authorized; none
outstanding
|
– | – | ||||||
Common
stock, par value $.01; 245,000 shares authorized; 116,929 shares
issued
(116,223 shares issued at August 31, 2007)
|
1,169 | 1,162 | ||||||
Paid-in
capital
|
206,998 | 193,682 | ||||||
Retained
earnings
|
579,712 | 540,886 | ||||||
Accumulated
other comprehensive loss
|
(2,353 | ) | (2,848 | ) | ||||
785,526 | 732,882 | |||||||
Treasury
stock, at cost; 56,600 common shares (55,078 shares at August 31,
2007)
|
(872,367 | ) | (839,684 | ) | ||||
Total
stockholders’ deficit
|
(86,841 | ) | (106,802 | ) | ||||
Total
liabilities and stockholders’ deficit
|
$ | 798,371 | $ | 758,520 |
(Unaudited)
Three
months ended
|
(Unaudited)
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues:
|
||||||||||||||||
Partner
Drive-In sales
|
$ | 178,338 | $ | 175,027 | $ | 484,762 | $ | 458,453 | ||||||||
Franchise
Drive-Ins:
|
||||||||||||||||
Franchise
royalties
|
32,463 | 30,523 | 86,786 | 78,146 | ||||||||||||
Franchise
fees
|
1,410 | 1,367 | 3,669 | 3,118 | ||||||||||||
Other
|
787 | 3,004 | 2,583 | 6,446 | ||||||||||||
212,998 | 209,921 | 577,800 | 546,163 | |||||||||||||
Costs
and expenses:
|
||||||||||||||||
Partner
Drive-Ins:
|
||||||||||||||||
Food
and packaging
|
47,150 | 45,324 | 127,301 | 119,103 | ||||||||||||
Payroll
and other employee benefits
|
54,405 | 52,472 | 149,453 | 141,152 | ||||||||||||
Minority
interest in earnings of Partner Drive-Ins
|
6,488 | 8,232 | 16,580 | 18,091 | ||||||||||||
Other
operating expenses, exclusive of depreciation and amortization included
below
|
36,471 | 33,374 | 99,851 | 92,586 | ||||||||||||
144,514 | 139,402 | 393,185 | 370,932 | |||||||||||||
Selling,
general and administrative
|
15,716 | 15,236 | 46,170 | 43,670 | ||||||||||||
Depreciation
and amortization
|
13,044 | 11,225 | 37,944 | 33,082 | ||||||||||||
Provision
for impairment of long-lived assets
|
– | 742 | 99 | 742 | ||||||||||||
173,274 | 166,605 | 477,398 | 448,426 | |||||||||||||
Income
from operations
|
39,724 | 43,316 | 100,402 | 97,737 | ||||||||||||
Interest
expense
|
12,340 | 11,636 | 37,836 | 29,150 | ||||||||||||
Debt
extinguishment and other costs
|
– | – | – | 6,076 | ||||||||||||
Interest
income
|
(372 | ) | (715 | ) | (1,674 | ) | (2,166 | ) | ||||||||
Net
interest expense
|
11,968 | 10,921 | 36,162 | 33,060 | ||||||||||||
Income
before income taxes
|
27,756 | 32,395 | 64,240 | 64,677 | ||||||||||||
Provision
for income taxes
|
10,517 | 11,747 | 24,165 | 22,518 | ||||||||||||
Net
income
|
$ | 17,239 | $ | 20,648 | $ | 40,075 | $ | 42,159 | ||||||||
Net
income per share – basic
|
$ | .29 | $ | .32 | $ | .66 | $ | .61 | ||||||||
Net
income per share – diluted
|
$ | .28 | $ | .31 | $ | .64 | $ | .58 |
(Unaudited)
Nine
months ended
|
||||||||
May
31,
|
||||||||
2008
|
2007
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 40,075 | $ | 42,159 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
37,944 | 33,082 | ||||||
Stock-based
compensation expense
|
5,765 | 5,064 | ||||||
Debt
extinguishment and other costs
|
– | 5,282 | ||||||
Payment
for hedge termination
|
– | (5,640 | ) | |||||
Other
|
607 | (3,261 | ) | |||||
Decrease
(increase) in operating assets
|
5,244 | (568 | ) | |||||
Increase
(decrease) in operating liabilities:
|
||||||||
Accounts
payable
|
1,657 | 3,950 | ||||||
Accrued
and other liabilities
|
(800 | ) | 6,051 | |||||
Total
adjustments
|
50,417 | 43,960 | ||||||
Net
cash provided by operating activities
|
90,492 | 86,119 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of property and equipment
|
(73,035 | ) | (75,341 | ) | ||||
Acquisition
of businesses, net of cash received
|
(19,253 | ) | (10,721 | ) | ||||
Proceeds
from sale of real estate
|
– | 12,619 | ||||||
Proceeds
from disposition of assets, net of cash paid
|
4,685 | 11,411 | ||||||
Other
|
(132 | ) | 777 | |||||
Net
cash used in investing activities
|
(87,735 | ) | (61,255 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Payments
on long-term debt
|
(104,785 | ) | (760,025 | ) | ||||
Proceeds
from long-term borrowings
|
140,000 | 1,307,640 | ||||||
Purchases
of treasury stock
|
(46,628 | ) | (506,900 | ) | ||||
Debt
issuance costs
|
(216 | ) | (27,821 | ) | ||||
Proceeds
from exercise of stock options
|
5,249 | 6,249 | ||||||
Other
|
1,871 | 4,360 | ||||||
Net
cash (used in ) provided by financing activities
|
(4,509 | ) | 23,503 | |||||
Net
(decrease) increase in cash and cash equivalents
|
(1,752 | ) | 48,367 | |||||
Cash
and cash equivalents at beginning of period
|
25,425 | 9,597 | ||||||
Cash
and cash equivalents at end of period
|
$ | 23,673 | $ | 57,964 | ||||
Supplemental
Cash Flow Information:
|
||||||||
Additions
to capital lease obligations
|
$ | – | $ | 5,667 | ||||
Accounts
and notes receivable and decrease in capital lease obligation from
property and equipment sales
|
– | 1,500 | ||||||
Stock
options exercised by stock swap
|
488 | 798 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net
income
|
$ | 17,239 | $ | 20,648 | $ | 40,075 | $ | 42,159 | ||||||||
Denominator:
|
||||||||||||||||
Weighted
average shares outstanding – basic
|
60,167 | 64,985 | 60,414 | 69,639 | ||||||||||||
Effect
of dilutive employee stock options
|
1,856 | 2,423 | 2,077 | 2,669 | ||||||||||||
Weighted
average shares – diluted
|
62,023 | 67,408 | 62,491 | 72,308 | ||||||||||||
Net
income per share – basic
|
$ | .29 | $ | .32 | $ | .66 | $ | .61 | ||||||||
Net
income per share – diluted
|
$ | .28 | $ | .31 | $ | .64 | $ | .58 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
Income
|
$ | 17,239 | $ | 20,648 | $ | 40,075 | $ | 42,159 | ||||||||
Decrease
(increase) in deferred hedging loss
|
164 | 62 | 495 | (2,531 | ) | |||||||||||
Total
comprehensive income
|
$ | 17,403 | $ | 20,710 | $ | 40,570 | $ | 39,628 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Revenues:
|
||||||||||||||||
Partner
Drive-Ins
|
$ | 178,338 | $ | 175,027 | $ | 484,762 | $ | 458,453 | ||||||||
Franchise
Drive-Ins
|
33,873 | 31,890 | 90,455 | 81,264 | ||||||||||||
Unallocated
revenues
|
787 | 3,004 | 2,583 | 6,446 | ||||||||||||
$ | 212,998 | $ | 209,921 | $ | 577,800 | $ | 546,163 | |||||||||
Income
from Operations:
|
||||||||||||||||
Partner
Drive-Ins
|
$ | 33,824 | $ | 35,625 | $ | 91,577 | $ | 87,521 | ||||||||
Franchise
Drive-Ins
|
33,873 | 31,890 | 90,455 | 81,264 | ||||||||||||
Unallocated
revenues
|
787 | 3,004 | 2,583 | 6,446 | ||||||||||||
Unallocated
expenses:
|
||||||||||||||||
Selling,
general and administrative
|
(15,716 | ) | (15,236 | ) | (46,170 | ) | (43,670 | ) | ||||||||
Depreciation
and amortization
|
(13,044 | ) | (11,225 | ) | (37,944 | ) | (33,082 | ) | ||||||||
Provision
for impairment of long-lived assets
|
– | (742 | ) | (99 | ) | (742 | ) | |||||||||
$ | 39,724 | $ | 43,316 | $ | 100,402 | $ | 97,737 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Percentage
increase in sales
|
4.1 | % | 9.1 | % | 6.3 | % | 8.3 | % | ||||||||
System-wide
drive-ins in operation (1):
|
||||||||||||||||
Total
at beginning of
period
|
3,394 | 3,245 | 3,343 | 3,188 | ||||||||||||
Opened
|
41 | 48 | 111 | 114 | ||||||||||||
Closed
(net of
re-openings)
|
(7 | ) | (2 | ) | (26 | ) | (11 | ) | ||||||||
Total
at end of
period
|
3,428 | 3,291 | 3,428 | 3,291 | ||||||||||||
Core
markets (2)
|
2,570 | 2,474 | 2,570 | 2,474 | ||||||||||||
Developing
markets (2)
|
858 | 817 | 858 | 817 | ||||||||||||
All
markets
|
3,428 | 3,291 | 3,428 | 3,291 |
Average
sales per drive-in:
|
||||||||||||||||
Core
markets
|
$ | 313 | $ | 308 | $ | 854 | $ | 828 | ||||||||
Developing
markets
|
257 | 275 | 691 | 711 | ||||||||||||
All
markets
|
299 | 300 | 814 | 800 | ||||||||||||
Change
in same-store sales (3):
|
||||||||||||||||
Core
markets
|
1.3 | % | 4.1 | % | 3.0 | % | 3.6 | % | ||||||||
Developing
markets
|
(6.9 | ) | 3.3 | (4.7 | ) | 1.5 | ||||||||||
All
markets
|
(0.4 | ) | 4.0 | 1.5 | 3.2 |
(1)
|
Drive-ins
that are temporarily closed for various reasons (repairs, remodeling,
management changes, etc.) are not considered closed unless the Company
determines that they are unlikely to reopen within a reasonable
time.
|
(2)
|
Markets
are identified based on television viewing areas and further classified
as
core or developing markets based upon number of drive-ins in a market
and
the level of advertising support. Market classifications are
updated periodically.
|
(3)
|
Represents
percentage change for drive-ins open for a minimum of 15
months.
|
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
New
drive-ins:
|
||||||||||||||||
Partner
|
6 | 5 | 16 | 15 | ||||||||||||
Franchise
|
35 | 43 | 95 | 99 | ||||||||||||
System-wide
|
41 | 48 | 111 | 114 | ||||||||||||
Rebuilds/relocations:
|
||||||||||||||||
Partner
|
1 | 3 | 4 | 4 | ||||||||||||
Franchise
|
16 | 11 | 45 | 25 | ||||||||||||
System-wide
|
17 | 14 | 49 | 29 | ||||||||||||
Retrofits,
including rebuilds/relocations:
|
||||||||||||||||
Partner
|
51 | 75 | 128 | 141 | ||||||||||||
Franchise
|
228 | 89 | 630 | 128 | ||||||||||||
System-wide
|
279 | 164 | 758 | 269 |
Three
months ended
|
Percent
|
|||||||||||||||
May
31,
|
Increase/
|
Increase/
|
||||||||||||||
2008
|
2007
|
(Decrease)
|
(Decrease)
|
|||||||||||||
Revenues:
|
||||||||||||||||
Partner
Drive-In sales
|
$ | 178,338 | $ | 175,027 | $ | 3,311 | 1.9 | % | ||||||||
Franchise
revenues:
|
||||||||||||||||
Franchise
royalties
|
32,463 | 30,523 | 1,940 | 6.4 | ||||||||||||
Franchise
fees
|
1,410 | 1,367 | 43 | 3.1 | ||||||||||||
Other
|
787 | 3,004 | (2,217 | ) | (73.8 | ) | ||||||||||
Total
revenues
|
$ | 212,998 | $ | 209,921 | $ | 3,077 | 1.5 | % |
Nine
months ended
|
Percent
|
|||||||||||||||
May
31,
|
Increase/
|
Increase/
|
||||||||||||||
2008
|
2007
|
(Decrease)
|
(Decrease)
|
|||||||||||||
Revenues:
|
||||||||||||||||
Partner
Drive-In sales
|
$ | 484,762 | $ | 458,453 | $ | 26,309 | 5.7 | % | ||||||||
Franchise
revenues:
|
||||||||||||||||
Franchise
royalties
|
86,786 | 78,146 | 8,640 | 11.1 | ||||||||||||
Franchise
fees
|
3,669 | 3,118 | 551 | 17.7 | ||||||||||||
Other
|
2,583 | 6,446 | (3,863 | ) | (59.9 | ) | ||||||||||
Total
revenues
|
$ | 577,800 | $ | 546,163 | $ | 31,637 | 5.8 | % |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Partner
Drive-In sales
|
$ | 178,338 | $ | 175,027 | $ | 484,762 | $ | 458,453 | ||||||||
Percentage
increase
|
1.5 | % | 11.5 | % | 5.8 | % | 9.5 | % | ||||||||
Drive-ins
in operation (1):
|
||||||||||||||||
Total
at beginning of
period
|
665 | 639 | 654 | 623 | ||||||||||||
Opened
|
6 | 5 | 16 | 15 | ||||||||||||
Acquired
from (sold to)
franchisees
|
11 | – | 15 | 8 | ||||||||||||
Closed
|
– | – | (3 | ) | (2 | ) | ||||||||||
Total
at end of
period
|
682 | 644 | 682 | 644 | ||||||||||||
Average
sales per drive-in
|
$ | 264 | $ | 275 | $ | 732 | $ | 726 | ||||||||
Percentage
increase
|
(4.1 | %) | 5.1 | % | 0.7 | % | 2.9 | % | ||||||||
Change
in same-store sales (2)
|
(3.9 | %) | 3.3 | % | 0.3 | % | 1.6 | % |
(1)
|
Drive-ins
that are temporarily closed for various reasons (repairs, remodeling,
management changes, etc.) are not considered closed unless the Company
determines that they are unlikely to reopen within a reasonable
time.
|
(2)
|
Represents
percentage change for drive-ins open for a minimum of 15
months.
|
Three
months ended
|
Nine
months ended
|
|||||||
May
31, 2008
|
May
31, 2008
|
|||||||
Increase
from addition of newly constructed drive-ins
|
$ | 7,691 | $ | 21,074 | ||||
Increase
from aquired drive-ins (net of sold)
|
3,952 | 7,489 | ||||||
(Decrease)
increase from change in same-store sales
|
(7,891 | ) | 577 | |||||
Decrease
from permanently and temporarily closed drive-ins
|
(441 | ) | (2,831 | ) | ||||
Net
increase in Partner Drive-In
sales
|
$ | 3,311 | $ | 26,309 |
Three
months ended
|
Nine
months ended
|
|||||||||||||||
May
31,
|
May
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Franchise
fees and royalties
|
$ | 33,873 | $ | 31,890 | $ | 90,455 | $ | 81,264 | ||||||||
Percentage
increase
|
6.2 | % | 14.4 | % | 11.3 | % | 11.8 | % | ||||||||
Franchise
Drive-Ins in operation (1):
|
||||||||||||||||
Total
at beginning of
period
|
2,729 | 2,606 | 2,689 | 2,565 | ||||||||||||
Opened
|
35 | 43 | 95 | 99 | ||||||||||||
Acquired
from (sold to)
company
|
(11 | ) | – | (15 | ) | (8 | ) | |||||||||
Closed
|
(7 | ) | (2 | ) | (23 | ) | (9 | ) | ||||||||
Total
at end of
period
|
2,746 | 2,647 | 2,746 | 2,647 | ||||||||||||
Franchise
Drive-In sales
|
$ | 836,568 | $ | 800,373 | $ | 2,249,589 | $ | 2,112,719 | ||||||||
Percentage
increase
|
4.5 | % | 8.6 | % | 6.5 | % | 8.1 | % | ||||||||
Effective
royalty rate
|
3.88 | % | 3.81 | % | 3.86 | % | 3.70 | % | ||||||||
Average
sales per Franchise Drive-In
|
$ | 309 | $ | 309 | $ | 835 | $ | 820 | ||||||||
Change
in same-store sales (2)
|
0.5 | % | 4.1 | % | 1.7 | % | 3.5 | % |
(1)
|
Drive-ins
that are temporarily closed for various reasons (repairs, remodeling,
management changes, etc.) are not considered closed unless the Company
determines that they are unlikely to reopen within a reasonable
time.
|
(2)
|
Represents
percentage change for drive-ins open for a minimum of 15
months.
|
Three
months ended
|
Nine
months ended
|
|||||||
May
31, 2008
|
May
31, 2008
|
|||||||
Increase
from conversion of licenses
|
$ | 422 | $ | 2,459 | ||||
Increase
related to additional Franchise Drive-Ins
|
1,380 | 3,381 | ||||||
Increase
from growth in average sales per Franchise Drive-In
|
– | 1,482 | ||||||
Increase
related to higher effective royalty rate, excluding the impact of
the
license conversion
|
138 | 1,318 | ||||||
Total
increase in franchise
royalties
|
$ | 1,940 | $ | 8,640 | ||||
Percentage
increase
|
6.4 | % | 11.1 | % |
Three
months ended
|
Percentage
points
|
|||||||||||
May
31,
|
Increase/
|
|||||||||||
2008
|
2007
|
(Decrease)
|
||||||||||
Costs
and expenses:
|
||||||||||||
Partner
Drive-Ins:
|
||||||||||||
Food
and packaging
|
26.4 | % | 25.9 | % | 0.5 | |||||||
Payroll
and other employee benefits
|
30.5 | 30.0 | 0.5 | |||||||||
Minority
interest in earnings of Partner Drive-Ins
|
3.6 | 4.7 | (1.1 | ) | ||||||||
Other
operating expenses
|
20.5 | 19.1 | 1.4 | |||||||||
81.0 | % | 79.7 | % | 1.3 | ||||||||
Nine
months ended
|
Percentage
points
|
|||||||||||
May
31,
|
Increase/
|
|||||||||||
2008
|
2007
|
(Decrease)
|
||||||||||
Costs
and expenses:
|
||||||||||||
Partner Drive-Ins: | ||||||||||||
Food
and packaging
|
26.3 | % | 26.0 | % | 0.3 | |||||||
Payroll
and other employee benefits
|
30.8 | 30.8 | – | |||||||||
Minority
interest in earnings of Partner Drive-Ins
|
3.4 | 3.9 | (0.5 | ) | ||||||||
Other
operating expenses
|
20.6 | 20.2 | 0.4 | |||||||||
81.1 | % | 80.9 | % | 0.2 |
New
Partner Drive-Ins, including drive-ins under construction
|
$ | 27.7 | ||
Retrofits,
drive-thru additions and LED signs in existing drive-ins
|
21.8 | |||
Rebuilds,
relocations and remodels of existing drive-ins
|
9.6 | |||
Replacement
equipment for existing drive-ins and other
|
13.9 | |||
Total
investing cash flows for capital additions
|
$ | 73.0 |
Period
|
Total
Number of Shares
Purchased
(1)
|
Average
Price Paid per
Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans or
Programs
(2)
|
Maximum
Dollar Value that May Yet Be Purchased Under the Program
|
||||||||||||
March
1, 2008 through March 31, 2008
|
24 | $ | 20.10 | – | $ | 10,375 | ||||||||||
April
1, 2008 through April 30, 2008
|
– | $ | – | – | $ | 10,375 | ||||||||||
May
1, 2008 through May 31, 2008
|
– | $ | – | – | $ | 10,375 | ||||||||||
Total
|
24 | $ | 20.10 | – |
(1)
|
During
the third quarter of fiscal 2008, 24 shares were tendered to the
Company
as payment for the exercise of options in connection with the Company’s
share-based compensation plans. There is no maximum amount of
shares that the Company may repurchase under these
plans.
|
(2)
|
The
Company’s share repurchase
program was first publicly announced on April 14, 1997. In
August 2007, the Company’s Board of Directors approved an additional $75
million under the Company’s stock repurchase authorization and extended
the program to August 31,
2008.
|
SONIC
CORP.
|
||
By:
|
/s/
Stephen C.
Vaughan
|
|
Stephen
C. Vaughan, Vice
President
|
||
and
Chief Financial
Officer
|
Certification
of Chief Executive Officer Pursuant to SEC Rule 13a-14
|
||
Certification
of Chief Financial Officer Pursuant to SEC Rule 13a-14
|
||
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section
1350
|
||
Certification
of Chief Financial Officer Pursuant to 18 U.S.C. Section
1350
|