So as we turn to Sonic's results, investors seemed uninspired with their reaction (in the stock price) over the last two days. But I could not be more encouraged. I regurgitated the figures to you Tuesday morning so I won't do anything more than remind you that despite all of the industry headwinds (discussed above,) Sonic was able to post a 6.3% improvement in earnings per share from continuing operations.

However, I have emphasized that management teams should not use the external environment as an excuse for poor financial results. I don't see the external environment getting better, and if anything it is going to get worse. But the "people and process" leaders are going to gain share and emerge th ...

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