-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SMW8yi08fIKA9iB5MuByCG5vjiuX0L6qCIHhl5FP34oggtNgmV9RdKKyi2HMqfft qqTzDyDHsbRn2YxRj0iGuw== 0001157523-10-005657.txt : 20100929 0001157523-10-005657.hdr.sgml : 20100929 20100929121605 ACCESSION NUMBER: 0001157523-10-005657 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100929 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100929 DATE AS OF CHANGE: 20100929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JACK IN THE BOX INC /NEW/ CENTRAL INDEX KEY: 0000807882 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 952698708 STATE OF INCORPORATION: DE FISCAL YEAR END: 1002 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09390 FILM NUMBER: 101095608 BUSINESS ADDRESS: STREET 1: 9330 BALBOA AVE CITY: SAN DIEGO STATE: CA ZIP: 92123-1516 BUSINESS PHONE: 6195712121 MAIL ADDRESS: STREET 1: 9330 BALBOA AVENUE CITY: SAN DIEGO STATE: CA ZIP: 92123-1516 FORMER COMPANY: FORMER CONFORMED NAME: FOODMAKER INC /DE/ DATE OF NAME CHANGE: 19920703 8-K 1 a6448275.htm JACK IN THE BOX INC. 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934


Date of Report (Date of earliest event reported):     September 29, 2010

 

JACK IN THE BOX INC.

(Exact name of registrant as specified in its charter)


DELAWARE

1-9390

95-2698708

(State or other jurisdiction

of incorporation)

(Commission File

Number)

(I.R.S. Employer

Identification Number)


9330 BALBOA AVENUE, SAN DIEGO, CA

 

92123

(Address of principal executive offices)

  (Zip Code)



(858) 571-2121
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


ITEM 2.05     COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

On September 29, 2010, Jack in the Box Inc. announced that it planned to close 40 of its company-operated Jack in the Box restaurants prior to October 3, 2010.  The restaurants are located across seven states, primarily in the Southeast and Texas.

The decision to close the restaurants was the result of a comprehensive analysis performed during the company’s fiscal fourth quarter (ending October 3, 2010) that examined restaurants not meeting acceptable levels of return on investment and other key operating  performance metrics.  These restaurant closures are expected to have a positive impact on the company’s future earnings, cash flow and return on invested capital.

The anticipated total cost of closing the 40 underperforming restaurants is approximately $29.5 to $34.5 million on a pre-tax basis, including lease-related costs of approximately $21.0 to $25.0 million and non-cash impairment charges of approximately $8.5 to $9.5 million.  Substantially all of the estimated lease-related costs represent future cash payment obligations.  The company expects to record the impairment and lease-related charges in its fourth quarter of fiscal 2010.  

The closures are further described in the press release attached hereto as Exhibit 99.1, which is incorporated herein by reference.

Cautionary Notice Regarding Forward-Looking Statements

This report and the attached exhibit contain forward-looking statements, including statements regarding the estimated costs of closing the 40 underperforming restaurants and the future benefits to the company’s earnings, cash flow and return on invested capital.  Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance or achievements to be materially different than expressed or implied by these forward-looking statements.  In particular, the company is unable to predict the ultimate costs associated with the closings, the timing of payments made and received, the results of final negotiations with landlords, the impact of the closings on ongoing operations, and any tax benefits from the closings.  For other factors to consider, see the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its quarterly reports on Form 10-Q.  Except as may be required by law, the company undertakes no obligation to update publicly or revise any forward-looking statements to reflect any future events or circumstances.

ITEM 9.01     FINANCIAL STATEMENTS AND EXHIBITS

(d)       Exhibits.

Exhibit  

   No.  

Description

   99.1

Press Release of Jack in the Box Inc. dated September 29, 2010


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 

 

JACK IN THE BOX INC.

 
 
By:

/s/ JERRY P. REBEL

Jerry P. Rebel

Executive Vice President

Chief Financial Officer

(Principal Financial Officer)

(Duly Authorized Signatory)

Date: September 29, 2010

EX-99.1 2 a6448275ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Jack in the Box Inc. to Close 40 Company-Operated Restaurants

SAN DIEGO--(BUSINESS WIRE)--September 29, 2010--Jack in the Box Inc. (NASDAQ:JACK) today announced that it plans to close 40 of its company-operated restaurants prior to the end of its current fiscal year, which ends on October 3, 2010. The restaurants are located across 7 states, primarily in the Southeast and Texas. System-wide, there are more than 2,200 Jack in the Box® restaurants in 18 states.

The decision to close the restaurants was the result of a comprehensive analysis performed during the company’s fiscal fourth quarter that examined restaurants not meeting acceptable levels of return on investment and other key operating performance metrics.

Linda A. Lang, chairman, chief executive officer and president, said, “These restaurant closures are expected to have a positive impact on our future earnings, cash flow and return on invested capital. The decision to close underperforming restaurants reflects the company’s commitment to disciplined capital allocation and to ensuring we are maximizing both our physical assets and people resources.”

The company currently expects pre-tax charges for the fourth quarter of fiscal 2010 to include approximately $8.5 to $9.5 million in non-cash impairment charges and approximately $21.0 to $25.0 million in lease-related costs.

About Jack in the Box Inc.

Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 18 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill®, a leader in fast-casual dining, with more than 500 restaurants in 43 states and the District of Columbia. For more information, visit www.jackinthebox.com.


Safe harbor statement

This press release contains forward-looking statements, including statements regarding the estimated costs of closing the 40 underperforming restaurants and the future benefits to the company’s earnings, cash flow and return on invested capital. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance or achievements to be materially different than expressed or implied by these forward-looking statements. In particular, the company is unable to predict the ultimate costs associated with the closings, the timing of payments made and received, the results of final negotiations with landlords, the impact of the closings on ongoing operations, and any tax benefits from the closings. For other factors to consider, see the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its quarterly reports on Form 10-Q. Except as may be required by law, the company undertakes no obligation to update publicly or revise any forward-looking statements to reflect any future events or circumstances.

CONTACT:
Jack in the Box Inc.
Investor Contact:
Carol DiRaimo, 858-571-2407
Media Contact:
Brian Luscomb, 858-571-2291

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