Sonic Corp. (NASDAQ:SONC), the nation's largest chain of drive-in restaurants, announced that its Board of Directors authorized a stock repurchase program for up to $30 million worth of common stock through August 31, 2012. Share repurchases may be made from time-to-time in the open market or in negotiated transactions depending on share price, market conditions and other factors.

"Our franchise business model is strong, and with our long-term financing plans in place we expect to generate approximately $35 million to $40 million in free cash flow in fiscal 2012. We believe a share repurchase program represents a solid investment and a good means for deploying our excess cash," said Clifford Hudson, Sonic's Chairman and Chief Executive Officer.

For more than 50 years, SONIC Corp. has built a dominant position in the drive-in restaurant business. We did it by sticking to what made drive-ins so popular in the first place: made-to-order American classics, signature menu items, speedy service from friendly Carhops and heaping helpings of fun and personality.

Today, SONIC is the largest chain of drive-in restaurants in America. As a business, we continue to thrive, maintaining strong real sales growth, industry-leading customer frequency and high returns for our stockholders. So take a cruise through to learn more about our company and the people who help make it an American success story.

Sonic, America's Drive-In, originally started as a hamburger and root beer stand in 1953 in Shawnee, Oklahoma called Top Hat Drive-In, and then changed its name to Sonic in 1959. The first drive-in to adopt the Sonic name is still serving customers in Stillwater, Oklahoma. Sonic has more than 3,500 drive-ins coast to coast, where approximately three million customers eat every day.

For more information about Sonic Corp. and its subsidiaries, visit Sonic at www.sonicdrivein.com.

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