Sonic Boosts Stock Buyback Program

(RTTNews) - Sonic Corp. (SONC) said Thursday that its board of directors has approved an incremental $40 million to its share repurchase program.

The updated authorization allows for up to $80 million of common stock to be repurchased through August 31, 2014, of which $69 million is now available for future repurchases.

Sonic also said that Tony Bartel and Lauren Hobart have been elected to serve on the company's board of directors for three-year terms.

The company also announced that existing directors Jeffrey Schutz and Kathryn Taylor were re-elected to the board. Continuing board members not standing for re-election include Kate Lavelle, Michael Maples, J. Larry Nichols, Federico Peña, Frank Richardson, Robert Rosenberg and Cliff Hudson.

Effective January 16, 2014, H.E. (Gene) Rainbolt has retired from the board of directors after 18 years of service, the company said.