Exhibit 99

Contact: W. Scott McLain,
    Senior Vice President and
    Chief Financial Officer
    (405) 280-7507

SONIC REPORTS 15% EARNINGS PER SHARE INCREASE
FOR FIRST NINE MONTHS

New Drive-In Development Proceeds at Record Pace

OKLAHOMA CITY (June 23, 2003) – Sonic Corp. (NASDAQ/NM: SONC) today announced results for the third quarter and nine-month period ended May 31, 2003. Key factors in the company’s third quarter performance included a strong increase in franchising income fueled by increased new drive-in openings, continued leverage of corporate-level expenses, and a positive impact from the use of excess cash flow to repurchase company stock over the last several quarters. These factors helped mitigate same-store sales that were slightly below the company’s low, single-digit target range and corresponding higher restaurant-level costs stemming from the company’s continued investment in store-level operations, as well as higher insurance expenses.

        Net income for the third quarter increased 9% to $16.2 million from $14.9 million in the year-earlier period. On a diluted per share basis, net income rose 14% to $0.40 versus $0.35 in the third quarter last year. Total revenues for the quarter increased 10% to $122.6 million from $111.3 million in the third quarter last year.

        Net income for the first nine months of fiscal 2003 rose 10% to $34.8 million from $31.6 million in the same period last year. On a diluted per share basis, net income increased 15% to $0.86 compared with $0.75 per diluted share in the same period last year. Total revenues for the first nine months of fiscal 2003 increased 11% to $311.5 million from $280.2 million in the same period last year.

        Commenting on the company’s results, Clifford Hudson, Chairman and Chief Executive Officer, said, “We are pleased to report solid financial and operational results for the third quarter, as Sonic again achieved record earnings for the period. Our growth shows the value of our multi-layered strategies and the substantial impact that our strong franchising orientation produces, in tandem with our ability to leverage corporate-level expenses and devote the company’s significant excess cash flow to the ongoing stock repurchases.”

        According to Hudson, Sonic’s system-wide same-store sales for the third quarter rose 0.3%, driven by a solid increase in traffic count. Sales during the quarter also were affected by lingering weakness in consumer sentiment as well as unusually frequent storms and extended periods of cool and wet weather that affected many of the company’s markets during April and May. These conditions have continued in the early part of June, during which time the company’s estimated same-store sales have been below its targeted range of a 1% to 3% increase.

        During the third quarter, Sonic opened 51 new drive-ins, including 35 by franchisees. This pace was well ahead of the 41 drive-ins opened in the third quarter of 2002, which included 33 by franchisees. Through the first nine months of 2003, Sonic opened 126 new drive-ins, including 99 franchised restaurants, versus 118 drive-ins opened during the first nine months of 2002, including 91 by franchisees. With new drive-in openings

running at a record rate through the first nine months of the year, the company remains on track to open approximately 190-195 new drive-ins in fiscal 2003, including about 155-160 by franchisees.

        During the third quarter, the company also completed the roll-out of its breakfast program across the entire Sonic system, introducing the breakfast menu to approximately 1,300 remaining drive-ins. In addition, the company acquired 51 core-market drive-ins in the San Antonio, Texas market from a franchisee and sold 26 company-owned drive-ins to its franchisees primarily in two developing markets. These transactions resulted in a net addition of 25 drive-ins to company-owned operations during the quarter. As a result, the company’s overall revenue growth should increase to the 15% range over the next several quarters.

        Concluding, Hudson added: “We enter the final months of fiscal 2003 with strong, sales-driving initiatives, which include increased media spending, new products, and the recent addition of the breakfast program to the remaining 50% of our chain. We believe these initiatives, together with the continued benefit of higher franchise income and the ongoing leverage of corporate-level expenses, will enable Sonic to return to its low, single-digit target range for same-store sales growth in July and August and lead to our seventeenth consecutive year of positive same-store sales growth. As this occurs, the company is positioned to deliver at least 16% earnings per share growth in the fourth quarter. Longer term, we’ll continue to pursue new product news to remain fresh and relevant to customers, to enhance our differentiated menu and made-to-order service, and address the growing market for fresh, quality product offerings.”

        This press release contains forward-looking statements within the meaning of the federal securities laws. There are certain important factors that could cause actual results to differ materially from those anticipated by the statements made herein. Among the factors that could cause actual results to differ from predicted or expected results are: delays in opening new stores because of weather, strikes, local permitting or other reasons; increased competition; cost increases or shortages in raw food products; risks of foodborne illness; and the possibility of unforeseen events affecting the industry generally. The company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.

        Sonic Corp. franchises and operates the largest chain of drive-in restaurants in the United States. For more information about the company, visit Sonic’s website at sonicdrivein.com. An audio-video simulcast of Sonic’s third quarter conference call can be accessed at the company’s web site. The simulcast will begin at approximately 9:00 a.m. Central Time tomorrow, June 24, 2003. An on-demand replay, using the same link, will be available at approximately noon tomorrow and will continue until July 24, 2003.

SONIC CORP.
Unaudited Financial Highlights
(In thousands, except per share amounts)

	Third Quarter Ended May 31,				Nine Months Ended May 31,
	2003		2002		2003		2002
Revenues	$	122,605	$	111,291	$	311,542	$	280,196
Income from operations		27,205		25,269		60,034		54,901
Net income		16,167		14,892		34,785		31,550
Net income per share - diluted		0.40		0.35		0.86		0.75
Weighted average shares - diluted		40,531		42,430		40,599		42,159

SONIC CORP.
Unaudited Supplemental Information

	Third Quarter Ended May 31,						Nine Months Ended May 31,
	2003			2002			2003			2002
Operating Statistics
Restaurants in operation:
Company-owned:
Total at beginning of period		450			409			452			393
Opened		16			8			27			27
Acquired from (sold to) franchisees, net		25			22			12			20
Closed		(1	)		—			(1	)		(1	)
Total at end of period		490			439			490			439
Franchised:
Total at beginning of period		2,150			2,023			2,081			1,966
Opened		35			33			99			91
Acquired from (sold to) company, net		(25	)		(22	)		(12	)		(20	)
Closed (net of reopening)		(3	)		(2	)		(11	)		(5	)
Total at end of period		2,157			2,032			2,157			2,032
System-wide:
Total at beginning of period		2,600			2,432			2,533			2,359
Opened		51			41			126			118
Closed (net of reopening)		(4	)		(2	)		(12	)		(6	)
Total at end of period		2,647			2,471			2,647			2,471
Sales Analysis ($ in thousands)
Company-owned restaurants:
Total sales	$	102,214		$	92,280		$	258,616		$	231,356
Average restaurant sales		221			217			567			566
Change in same-store sales		0.6	%		2.4	%		0.4	%		2.6	%
Franchised restaurants:
Total sales	$	548,774		$	512,160		$	1,423,473		$	1,335,824
Average restaurant sales		256			256			672			674
Change in same-store sales		0.2	%		3.2	%		-0.2	%		4.2	%
System-wide:
Total sales	$	650,988		$	604,440		$	1,682,089		$	1,567,180
Average restaurant sales		250			248			654			653
Change in same-store sales		0.3	%		3.1	%		-0.1	%		4.0	%
Core and Developing Markets ($ in thousands)
System-wide average restaurant sales:
Core markets	$	261		$	257		$	686		$	678
Developing markets		219			223			567			583
System-wide change in same-store sales:
Core markets		1.3	%		4.5	%		1.4	%		5.3	%
Developing markets		-2.9	%		-2.2	%		-5.1	%		-1.4	%

SONIC CORP.
Unaudited Supplemental Information
(In thousands, except per share amounts)

	Third Quarter Ended May 31,						Nine Months Ended May 31,
	2003			2002			2003			2002
Income Statement Data
Revenues:
Company-owned restaurant sales	$	102,214		$	92,280		$	258,616		$	231,356
Franchised restaurants:
Franchise royalties		18,582			16,816			47,275			43,219
Franchise fees		1,062			930			3,007			2,658
Other		747			1,265			2,644			2,963
		122,605			111,291			311,542			280,196
Costs and expenses:
Company-owned restaurants:
Food and packaging		25,963			23,594			67,112			60,770
Payroll and other employee benefits		29,709			25,839			77,431			66,575
Other operating expenses		17,664			15,539			49,602			43,484
		73,336			64,972			194,145			170,829
Selling, general and administrative		9,483			8,729			26,123			24,173
Depreciation and amortization		7,330			6,611			21,297			19,305
Minority interest in earnings of restaurants		5,251			5,106			9,943			9,817
Provision for impairment of long-lived assets		—			604			—			1,171
		95,400			86,022			251,508			225,295
Income from operations		27,205			25,269			60,034			54,901
Interest expense		1,770			1,807			5,474			5,398
Interest income		(329	)		(271	)		(874	)		(776	)
Net interest expense		1,441			1,536			4,600			4,622
Income before income taxes		25,764			23,733			55,434			50,279
Provision for income taxes		9,597			8,841			20,649			18,729
Net income	$	16,167		$	14,892		$	34,785		$	31,550
Net income per share:
Basic	$	0.41		$	0.37		$	0.89		$	0.79
Diluted	$	0.40		$	0.35		$	0.86		$	0.75
Weighted average shares used in calculation:
Basic		38,833			40,298			38,912			40,103
Diluted		40,531			42,430			40,599			42,159

SONIC CORP.
Unaudited Supplemental Information

	Third Quarter Ended May 31,						Nine Months Ended May 31,
	2003			2002			2003			2002
Margin Analysis
Company-owned restaurants:
Food and packaging		25.4	%		25.6	%		26.0	%		26.2	%
Payroll and employee benefits		29.0	%		28.0	%		29.9	%		28.8	%
Other operating expenses		17.3	%		16.8	%		19.2	%		18.8	%
		71.7	%		70.4	%		75.1	%		73.8	%

	May 31, 2003		August 31, 2002
	(In thousands)
Balance Sheet Data
Total assets	$	472,458	$	405,356
Current assets		32,156		29,973
Current liabilities		38,188		42,915
Obligations under capital leases, long-term debt,
and other non-current liabilities		189,571		131,771
Stockholders' equity		244,699		230,670