Sonic Corp. (SONC: Quote) announced that its Board of Directors authorized a stock repurchase program for up to $40 million worth of common stock through August 31, 2013.
"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. The $30 million share repurchase program we completed earlier this year has been accretive to earnings, and this new authorization will continue to add value for shareholders in fiscal 2013," said Clifford Hudson, Chairman and Chief Executive Officer.
The company expect its operations to generate free cash flow of approximately $50 million to $55 million for fiscal 2012.
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by RTT Staff Writer
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