Sonic Boosts Stock Buyback Program

(RTTNews) - Sonic Corp. (SONC) said Monday that its Board of Directors has approved an increase to its stock repurchase program.

The updated authorization allows for up to $40 million of common stock to be repurchased through August 31, 2014. About $18.4 million was remaining under the stock repurchase program prior to the increase.

"Our franchise business model continues to generate significant free cash flow1, and we believe the share repurchase program supports our objective to maximize shareholder value. Share repurchases have been and are expected to continue to be accretive to earnings in fiscal 2014," said Clifford Hudson, Sonic Chairman, President and Chief Executive Officer.