Sonic's 4Q profit falls

OKLAHOMA CITY On the heels of aggressive refranchising, Sonic Corp. reported this week double-digit decreases in fourth-quarter revenue and net income that were largely tied to the sell-off of stores and falling sales.

For the quarter ended Aug. 31, Sonic reported that net income shrank 16.3 percent to about $16.9 million, or 28 cents per share, versus $20.2 million, or 33 cents per share, in the year-ago quarter. Revenue in the quarter fell 23.4 percent to $173.8 mi

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