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May 24, 2002

USA: Sonic reports Q3, breakfast rollout on track

Oklahoma City-based Sonic Corp, franchiser and operator of the largest chain of drive-in restaurants in the US, has announced that during March and April it completed the rollout of its new breakfast programme to an additional 792 drive-ins located across 32 markets. With the addition of these new drive-ins to the approximately 400 that previously implemented breakfast, almost 50% of the Sonic system is now participating in the programme.

Oklahoma City-based Sonic Corp, franchiser and operator of the largest chain of drive-in restaurants in the US, has announced that during March and April it completed the rollout of its new breakfast programme to an additional 792 drive-ins located across 32 markets.

With the addition of these new drive-ins to the approximately 400 that previously implemented breakfast, almost 50% of the Sonic system is now participating in the programme.

Chairman and CEO Clifford Hudson said: “We continue to view breakfast as part of an ongoing strategy to better penetrate under-served day parts and to increase our average unit volumes.

“We also are very encouraged by growing operator enthusiasm for the programme.”

Separately, the company also announced that estimated system-wide same-store sales during the Q3 to date were within the anticipated range of a 2% to 4% increase. As a result, the company remains comfortable with current analyst consensus earnings estimate of US$0.34 per diluted share for the Q3 ending 31 May 2002. This represents an increase of 26% over earnings of US$0.27 in the year earlier period, adjusted for a three-for-two stock split distributed in February 2002.

Sonic expects to report Q3 results during the last week of June 2002.

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