UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
For the quarterly period ended May 31, 2002 |
|
|
|
|
|
OR |
|
|
|
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
|
|
SECURITIES EXCHANGE ACT OF 1934 |
|
|
For the transition period from to |
Commission File Number 0-18859
SONIC CORP.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
|
|
73-1371046 |
|
(State of Incorporation) |
|
|
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
|
|
|
|
101 Park Avenue Oklahoma City, Oklahoma |
|
73102 |
|
|
|
(Address of Principal Executive Offices) |
|
Zip Code |
Registrant’s telephone number, including area code: (405) 280-7654
Indicate by
check mark whether the Registrant (1) has filed all reports required by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for the shorter period that the Registrant has had to file the
reports), and (2) has been subject to the filing requirement for the past 90
days.
Yes ý. No o.
As of May 31, 2002, the Registrant had 40,402,788 shares of common stock issued and outstanding (excluding 8,030,201 shares of common stock held as treasury stock).
SONIC CORP.
Index
|
PART I. FINANCIAL INFORMATION |
|
Page Number |
|
|
|
|
|
|
|
Item 1. |
Financial Statements |
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets at May 31, 2002 and August 31, 2001 |
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows for the nine months ended May 31, 2002 and 2001 |
|
5 |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
9 |
|
|
|
|
|
|
|
|
15 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
16 |
||
|
|
|
|
|
|
|
16 |
||
|
|
|
|
|
|
|
16 |
||
|
|
|
|
|
|
|
16 |
||
|
|
|
|
|
|
|
16 |
||
|
|
|
|
|
|
|
16 |
||
SONIC CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
|
ASSETS |
|
(Unaudited) May 31, 2002 |
|
August 31, 2001 |
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
8,477 |
|
$ |
6,971 |
|
|
Accounts and notes receivable, net |
|
11,703 |
|
12,142 |
|
||
|
Other current assets |
|
4,987 |
|
4,416 |
|
||
|
Total current assets |
|
25,167 |
|
23,529 |
|
||
|
|
|
|
|
|
|
||
|
Property, equipment and capital leases |
|
399,150 |
|
354,874 |
|
||
|
Less accumulated depreciation and amortization |
|
(96,619 |
) |
(81,676 |
) |
||
|
Property, equipment and capital leases, net |
|
302,531 |
|
273,198 |
|
||
|
|
|
|
|
|
|
||
|
Goodwill, net |
|
46,187 |
|
38,850 |
|
||
|
Trademarks, trade names and other intangible assets, net |
|
6,817 |
|
6,980 |
|
||
|
Investment in deferred financing leases and noncurrent portion of notes receivable |
|
14,595 |
|
14,523 |
|
||
|
Other assets, net |
|
845 |
|
920 |
|
||
|
Intangibles and other assets, net |
|
68,444 |
|
61,273 |
|
||
|
Total assets |
|
$ |
396,142 |
|
$ |
358,000 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
13,511 |
|
$ |
8,052 |
|
|
Deposits from franchisees |
|
543 |
|
1,020 |
|
||
|
Accrued liabilities |
|
18,286 |
|
15,499 |
|
||
|
Income taxes payable |
|
2,859 |
|
1,210 |
|
||
|
Obligations under capital leases and long-term debt due within one year |
|
1,082 |
|
1,083 |
|
||
|
Total current liabilities |
|
36,281 |
|
26,864 |
|
||
|
|
|
|
|
|
|
||
|
Obligations under capital leases due after one year |
|
12,231 |
|
12,801 |
|
||
|
Long-term debt due after one year |
|
109,274 |
|
108,972 |
|
||
|
Other noncurrent liabilities |
|
7,596 |
|
8,644 |
|
||
|
|
|
|
|
|
|
||
|
Contingencies (Note 2) |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
Stockholders’ equity: |
|
|
|
|
|
||
|
Preferred stock, par value $.01; 1,000,000 shares authorized; none outstanding |
|
— |
|
— |
|
||
|
Common stock, par value $.01; 100,000,000 shares authorized; 48,432,989 shares issued (47,870,847 shares issued at August 31, 2001) |
|
484 |
|
479 |
|
||
|
Paid-in capital |
|
85,785 |
|
78,267 |
|
||
|
Retained earnings |
|
219,984 |
|
188,434 |
|
||
|
|
|
306,253 |
|
267,180 |
|
||
|
Treasury stock, at cost; 8,030,201 common shares (7,544,018 shares at August 31, 2001) |
|
(75,493 |
) |
(66,461 |
) |
||
|
Total stockholders’ equity |
|
230,760 |
|
200,719 |
|
||