On Wednesday, Jan. 3, after the market close, drive-in restaurant chain Sonic (NASDAQ:SONC) released fiscal 2007 first-quarter earnings for the period ended Nov. 30, 2006. Here are the quick and dirty details for the quarter.

  • Sales grew 9.4% to $174.8 million as same-store sales advanced 3.4%.
  • Total diluted earnings grew 5.6% and came in below analyst projections.
  • A debt refinancing hit quarterly earnings by a penny and is expected to affect second-quarter results, but allowed the company to repurchase 20% of its outstanding common shares.

(Figures in thousands, except per-share data)

Income Statement Highlights

Q1 2007

Q1 2006

Change

Sales

$174,790

$159,800

9.4%

Net Profit

$15,286

$16,430

(7.0%)

EPS

$0.19

$0.18

5.6%

Diluted Shares

79,489

90,521

(12.2%)

*Three months ended Nov. 30, 2006 and 2005.

Get back to basics with a look at the income statement.

Margin Checkup

Q1 2007

Q1 2006

Change*

Gross Margin

78.0%

77.4%

0.6

Operating Margin

17.4%

17.3%

0.1

Net Margin

8.8%

10.3%

(1.5)

*Expressed in percentage points.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q1 2007

Q1 2006

Change

Current Assets

$54,365

$35,596

52.7%

Total Assets

$652,456

$585,293

11.5%



Liabilities

Q1 2007

Q1 2006

Change

Current Liabilities

$73,213

$65,866

11.2%

Obligations

$578,615

$159,640

262.4%

*Obligations include capital leases, long-term debt, and other non-current liabilities.

Learn the ways of the balance sheet.

Cash Flow Highlights

Fools will have to wait until the 10-Q filing for juicy cash flow details.

Find out why Fools always follow the money.

Comparable companies:

  • McDonalds (NYSE:MCD)
  • Burger King (NYSE:BKC)
  • Wendy's (NYSE:WEN)
  • Yum! Brands (NYSE:YUM)

Related Foolishness:

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Fool contributor Ryan Fuhrmann is long shares of Mickey D's but has no financial interest in any other company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.