Sonic to buy Colorado drive-ins

OKLAHOMA CITY (AP) _ Drive-in restaurant franchiser and operator Sonic Corp. reported Monday that it agreed to purchase 22 drive-in properties in Colorado. <br/><br/>Financial details of the acquisition

Monday, June 21st 2004, 9:15 am

By: News On 6

OKLAHOMA CITY (AP) _ Drive-in restaurant franchiser and operator Sonic Corp. reported Monday that it agreed to purchase 22 drive-in properties in Colorado.

Financial details of the acquisition were not disclosed.

The deal is expected to close in early July and will result in the addition of the drive-ins to Sonic's base of company-owned drive-ins during Sonic's fourth-quarter ending August 31. The company expects the transaction to add to earnings and revenue growth over time.

Clifford Hudson, chairman and CEO, said, ``We believe the acquisition of these franchise stores that are proven performers--with capable management already in place--represents a solid, lower-risk means to deploy our excess cash flow.''