Seven of the nation's best skating Sonic carhops faced off Friday in the Sonic Skate-Off, a finals competition at the company's headquarters in downtown Oklahoma City.
Contestants showcased their skating skills in front of a crowd of corporate employees. They were judged on performance in skating ability, carhopping and customer service.
Each finalist receives a trip to San Antonio to perform at the Sonic National Convention, Sept. 12-14. Finalists are also awarded with a pair of skates worth $1,000 and the chance to compete for cash prizes.
Sonic to buy back stock
Sonic Corp., the nation's largest chain of drive-in restaurants, plans to buy back up to $40 million of its own common stock in the next year, the Oklahoma City-based company said Friday. CEO Clifford Hudson said a recently completed $30 million share repurchase program boosted Sonic's earnings. The company expects to generate more than $50 million in free cash flow during fiscal year 2012, Hudson said.
“Our franchise business model continues to generate significant free cash flow, and we believe the share repurchase program supports our objective to maximize shareholder value,” he said.
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, Sonic said.