Sonic 2003 Annual Report Download - page 48

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p.46
Report of Independent Auditors
The Board of Directors and Stockholders
Sonic Corp.
We have audited the accompanying consolidated balance sheets of Sonic Corp. as of August 31, 2003 and 2002, and
the related consolidated statements of income, stockholders’ equity and cash flows for each of the three years in the
period ended August 31, 2003. These financial statements are the responsibility of the company’s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated
financial position of Sonic Corp. at August 31, 2003 and 2002, and the consolidated results of its operations and its cash
flows for each of the three years in the period ended August 31, 2003, in conformity with accounting principles generally
accepted in the United States.
Oklahoma City, Oklahoma
October 13, 2003