Sonic Corp. (NASDAQ: Sonc) is the nations largest chain of drive-in restaurants, known for its specialty menu items and personal carhop service. Forbes magazine praises Sonic in its “200 Best Small Companies in America” list, ranking it number 47. Sonic is one of only three companies recognized in the list for at least 9 consecutive years.

While the numbers speak volumes about Sonic successes, Sonic takes pride in its five essential ingredients that substantiate their strong growth and continued earnings:

Multi-Layered Growth Strategies Higher Differential Concept Accelerated Expansion Program Solid Sales Trends Solid Financial Performance

Sonic started in 1953 in Shawnee, Oklahoma as a single hamburger/root beer stand. Presently it has grown to more than 2,500 drive-ins in 30 states.

Sonic pursues a multi-layered growth strategy to achieve targeted annual gains in earnings per share in the range of 19 percent. Sonic subscribes to a low-risk, high-return development strategy, having opened 182 new drive-ins during fiscal 2002.

Sonic shows one of the strongest growth records in the restaurant industry, having reported 16 consecutive years of higher sales on a same-store basis. New product innovations, along with higher media spending, continue to drive their top-line gain.

System-wide sales reached $2.2 billion in fiscal 2002, increasing 12 percent during the year and doubling from the $1.1 billion mark set just five years earlier. Net income per diluted share rose 22 percent in 2002; over the past five years, net income per diluted share has increased at a compounded rate of 22 percent.

First quarter fiscal 2004 reporting reflects record-setting trends in revenues and earnings through November 2003. Net income per diluted share for the quarter was 19 percent while total revenues increased 20 percent to $118.7 million for the quarter. As of November 30, 2003 the company had a net worth of $280 million and $492 million in total assets.

These noteworthy performances are a testament to Sonic's multi-layered strategy which produces solid earnings growth through a continuation of higher franchise income, continued leverage of corporate-level expenses and the use of significant free cash flow to support increased stock repurchases over the past quarters. Sonic’s ability to deliver strong EPS growth into 2004 is supported by its historically proven 5 essential ingredients for success, its expansion program, promotional activities, and its 50 year celebration campaign in 2003.