OKLAHOMA CITY Sonic Corp., the operator or franchisor of 3,245 namesake drive-in restaurants, said its second-quarter profit was slashed from a year earlier because of debt extinguishment and other charges. The company's revenues for the quarter ended Feb. 28 increased 8 percent to $161.5 million on a systemwide same-store sales increase of 2 percent, new unit growth and sales from the eight formerly franchised units recently acquired by the company.
Net profit totaled $6.2 million, or 9 cents per share, versus year-earlier profit of $12.9 million, or 14 cents per share.
Sonic's latest quarter results were reduced by items totaling 7 cents per share, including debt retirement charges that totaled 5 cents per share, the company reported.