Document

0000868611-17-000041.txt : 20170809 0000868611-17-000041.hdr.sgml : 20170809 20170809162457 ACCESSION NUMBER: 0000868611-17-000041 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170809 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170809 DATE AS OF CHANGE: 20170809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SONIC CORP CENTRAL INDEX KEY: 0000868611 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 731371046 STATE OF INCORPORATION: DE FISCAL YEAR END: 0816 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18859 FILM NUMBER: 171018266 BUSINESS ADDRESS: STREET 1: 300 JOHNNY BENCH DRIVE CITY: OKLAHOMA CITY STATE: OK ZIP: 73104 BUSINESS PHONE: 4052255000 MAIL ADDRESS: STREET 1: 300 JOHNNY BENCH DRIVE CITY: OKLAHOMA CITY STATE: OK ZIP: 73104 8-K 1 fy2017q48k-fy18dividend.htm 8-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

August 9, 2017

Date of Report (Date of earliest event reported)

SONIC CORP.

(Exact name of registrant as specified in its charter)



Delaware	0-18859	73-1371046
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer Identification No.)
incorporation or organization)



300 Johnny Bench Drive		73104
Oklahoma City, Oklahoma		(Zip Code)
(Address of Principal Executive Offices)



	(405) 225-5000
	(Registrant’s telephone number, including area code)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter):

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On August 9, 2017, the Company issued a press release announcing, among other items, that its Board of Directors has approved the continuation of a quarterly cash dividend program for fiscal year 2018. The press release also announced the Board's approval of an increase and extension to the Company's share repurchase program. The press release is attached as exhibit 99.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

99 Press Release, dated August 9, 2017.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	REGISTRANT:

	SONIC CORP.

Date: August 9, 2017	By: /s/ Claudia S. San Pedro
	Claudia S. San Pedro,
	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX



Exhibit No.	Description
99	Press Release, dated August 9, 2017.

EX-99 2 fy2017q4-fy18dividend.htm EXHIBIT 99 Exhibit



Contact:	Christi Woodworth
	Vice President of Public Relations
	(405) 225-5600

SONIC APPOINTS CHIEF BRAND OFFICER

Board of Directors approves increase to dividend program

OKLAHOMA CITY (August 9, 2017) -- Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants today announced the appointment of Jose A. Dueñas as executive vice president and chief brand officer.

Dueñas will be responsible for the end-to-end customer experience including marketing and culinary innovation, digital strategy, consumer insights, guest relations, concept development and overall evolution of the SONIC brand for the long term. He joins the brand with more than two decades of marketing and brand senior leadership in the restaurant and consumer packaged goods industries, most recently leading same-store sales growth and profitability for Olive Garden where he served as executive vice president and chief marketing officer.

“I am delighted to welcome Jose to Sonic this month,” said Clifford Hudson, Sonic CEO. “His experience and impressive track record complements our recent appointment of Lori Abou Habib as chief marketing officer. Jose brings broad expertise and talent to Sonic; we are confident his leadership and expertise will support continued growth of our brand.”

In his five years with Olive Garden, Dueñas served as marketing lead with responsibility for brand strategy, food innovation, guest experience design, advertising and communications, digital and social media, market research and guest relations. Under his leadership the brand achieved 11 consecutive quarters of same-store sales growth, outperforming the industry. Dueñas joined Olive Garden after 15 years of progressively responsible positions at the Kellogg Company in the United States and Mexico.

The Company also announced that its Board of Directors has approved the continuation of the Company's quarterly cash dividend program. Beginning in the first fiscal quarter of 2018, the Company expects to declare a quarterly dividend of $0.16 per share of common stock, which represents an increase of 14% from the current quarterly dividend of $0.14 per share. As previously announced, a dividend of $0.14 per share is to be paid to shareholders of record as of the close of business on August 9, 2017, with a payment date of August 18, 2017. In addition to the dividend, the Board of Directors has approved an incremental $160 million share repurchase authorization. The new authorization allows for the repurchase of up to $160 million of common stock through the end of fiscal 2018.

Future declaration of quarterly dividends and the establishment of future record and payment dates are subject to the final determination of the company's board of directors. Share repurchases may be made from time-to-time in the open market or otherwise, including through an accelerated share repurchase program, under the terms of a Rule 10b5-1 plan, in privately negotiated transactions or in round lot or block transactions.

About Sonic

SONIC, America's Drive-In is the nation's largest drive-in restaurant chain serving approximately 3 million customers every day. Nearly 94 percent of SONIC's 3,500 drive-in locations are owned and operated by local business men and women. For 64 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC's Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated $8.5 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in today's youth. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn more about SONIC's Limeades for Learning initiative, please visit LimeadesforLearning.com.

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those expressed in, or underlying, these forward-looking statements are detailed in the company’s annual and quarterly report filings with the Securities and Exchange Commission. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

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