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):
May 18, 2011
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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 18, 2011, Jack in the Box Inc. issued a press release announcing its second quarter fiscal 2011 operating results and disclosing other information. A copy of the press release is attached as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS
AND EXHIBITS
(d) Exhibits.
Exhibit
No. Description
-----------
---------------
99.1 Press Release of Jack in the Box Inc. dated May 18, 2011
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: May 18, 2011 |
Exhibit 99.1
Jack in the Box Inc. Reports Second Quarter FY 2011 Earnings; Updates Guidance for FY 2011
SAN DIEGO--(BUSINESS WIRE)--May 18, 2011--Jack in the Box Inc. (NASDAQ: JACK) today reported net earnings of $6.8 million, or $0.13 per diluted share, for the second quarter ended April 17, 2011, compared with net earnings of $17.7 million, or $0.32 per diluted share, for the second quarter of fiscal 2010.
Gains from refranchising contributed approximately $0.01 per diluted share for the quarter as compared with approximately $0.04 per diluted share in the prior year quarter. Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share on a GAAP basis less gains from refranchising, were $0.12 per diluted share compared with $0.28 per diluted share in the prior year quarter.
Increase (decrease) in same-store sales:
12 Weeks Ended April 17, 2011 | 12 Weeks Ended April 11, 2010 | 28 Weeks Ended April 17, 2011 | 28 Weeks Ended April 11, 2010 | ||||||||||
Jack in the Box®: |
|||||||||||||
Company | 0.8 | % | (8.6 | %) | 1.2 | % | (10.1 | %) | |||||
Franchise | (0.3 | %) | (7.3 | %) | 0.4 | % | (9.4 | %) | |||||
System | 0.1 | % | (8.1 | %) | 0.7 | % | (9.9 | %) | |||||
Qdoba® System |
6.0 | % | 3.1 | % | 6.2 | % | 0.4 | % | |||||
Linda A. Lang, chairman, chief executive officer and president, said, “Jack in the Box company same-store sales increased 0.8 percent in the second quarter, ahead of our expectations, as sales and traffic rebounded after severe weather impacted many of our major markets in the first four weeks of the quarter. On a two-year basis, we’re continuing to see sequential improvement in same-store sales with three consecutive quarters of improving trends. We believe the investments we have made in the business to enhance the entire guest experience, along with employment growth, will drive improved sales results at the Jack in the Box brand.
“Qdoba’s same-store sales momentum continued in the second quarter with an increase of 6.0 percent system-wide, driven largely by transaction growth as well as higher catering sales,” Lang said.
Consolidated restaurant operating margin was 12.3 percent of sales in the second quarter of 2011, compared with 15.2 percent of sales in the year-ago quarter.
Food and packaging costs in the quarter were 190 basis points higher than prior year. Overall commodity costs were approximately 5.0 percent higher in the quarter, driven by higher costs for beef, produce, cheese, pork, dairy and shortening. These increases were partially offset by lower costs for bakery and poultry and the benefit of higher prices.
Payroll and employee benefits costs were 30.5 percent of restaurant sales versus 30.2 percent in the year-ago quarter, reflecting higher levels of staffing designed to improve the guest experience. In addition, higher unemployment taxes resulting from rate increases in several states negatively impacted payroll and employee benefit costs.
Occupancy and other costs increased 70 basis points in the second quarter due to additional costs relating to guest service initiatives and higher rent expense as a percentage of sales resulting from a greater proportion of company-operated Qdoba restaurants versus the prior year. These costs were partially offset by lower utilities expense.
SG&A expense for the second quarter decreased by $2.1 million and was 10.4 percent of revenues compared with 10.3 percent last year. The decrease in SG&A was attributable primarily to the following:
These decreases were partially offset by the following:
Gains on the sale of 26 company-operated Jack in the Box restaurants to franchisees totaled $0.9 million in the second quarter, or approximately $0.01 per diluted share, compared with $3.0 million, or approximately $0.04 cents per diluted share, in the year-ago quarter from the sale of 30 restaurants. For the second quarter of 2011, average gains were $34,000 per restaurant, and total proceeds related to refranchising were $5.5 million, or an average of $212,000 per restaurant. The restaurants sold in the second quarter included 22 restaurants in one market that had lower-than-average sales volumes and cash flows; however, the company expects the sale of these restaurants to be accretive to future operating earnings. The company did not provide any additional financing during the quarter related to refranchising. As of the end of the second quarter, notes receivable from franchisees related to refranchising activities totaled $10.9 million.
The tax rate for the second quarter was 32.8 percent compared with 35.2 percent in the prior year. The tax rate for the second quarter was lower than prior year and the company’s most recent guidance due primarily to the market performance of insurance investment products used to fund certain non-qualified retirement plans. Changes in the cash value of the insurance products are not deductible or taxable.
The company repurchased approximately 1,125,000 shares of its common stock in the second quarter of 2011 at an average price of $22.23 per share. Through the first two quarters of fiscal 2011, the company repurchased approximately 3,476,000 shares of its common stock at an average price of $21.58 per share. In November 2010, the company’s board of directors authorized a $100 million stock-buyback program that expires in November 2011, of which $25 million remained available as of the end of the second quarter. In May 2011, the company’s board of directors authorized an additional $100 million stock-buyback program that expires in November 2012.
Restaurant openings
Eight new Jack in the Box restaurants opened in the second quarter, including 6 franchised locations, compared with 11 new restaurants opened system-wide during the same quarter last year, of which 4 were franchised. In the second quarter, 10 Qdoba restaurants opened, including 5 franchised locations, versus 4 new restaurants in the year-ago quarter, of which 3 were franchised. At April 17, 2011, the company’s system total comprised 2,220 Jack in the Box restaurants, including 1,372 franchised locations, and 549 Qdoba restaurants, including 328 franchised locations.
Guidance
The following guidance and underlying assumptions reflect the company’s current expectations for the third quarter ending July 10, 2011, and the fiscal year ending Oct. 2, 2011. Fiscal 2011 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters. Fiscal 2010 was a 53-week year, with the additional week occurring in the fourth quarter.
Third quarter fiscal year 2011 guidance
Fiscal year 2011 guidance
Conference call
The company will host a conference call for financial analysts and investors on Thursday, May 19, 2011, beginning at 8:30 a.m. PT (11:30 a.m. ET). The conference call will be broadcast live over the Internet via the Jack in the Box website. To access the live call through the Internet, log onto the Investors section of the Jack in the Box Inc. website at http://investors.jackinthebox.com at least 15 minutes prior to the event in order to download and install any necessary audio software. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days, beginning at approximately 11:00 a.m. PT on May 19.
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 19 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 42 states and the District of Columbia. For more information, visit www.jackinthebox.com.
Safe harbor statement
This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to substantial risks and uncertainties. A variety of factors could cause the company’s actual results to differ materially from those expressed in the forward-looking statements, including the success of new products and marketing initiatives, the impact of competition, unemployment, trends in consumer spending patterns, and timing of sales of Jack in the Box restaurants to franchisees. These factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission which are available online at www.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) |
||||||||||||||||||||||||||||||
Quarter | Year-to-Date | |||||||||||||||||||||||||||||
April 17, | April 11, | April 17, | April 11, | |||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Company restaurant sales | $ | 321,242 | $ | 388,301 | $ | 758,152 | $ | 900,395 | ||||||||||||||||||||||
Distribution sales | 121,362 | 90,762 | 268,049 | 195,380 | ||||||||||||||||||||||||||
Franchise revenues | 62,531 | 50,643 | 143,652 | 115,249 | ||||||||||||||||||||||||||
505,135 | 529,706 | 1,169,853 | 1,211,024 | |||||||||||||||||||||||||||
Operating costs and expenses, net: | ||||||||||||||||||||||||||||||
Company restaurant costs: | ||||||||||||||||||||||||||||||
Food and packaging | 107,275 | 122,316 | 249,130 | 284,643 | ||||||||||||||||||||||||||
Payroll and employee benefits | 97,998 | 117,133 | 232,514 | 273,485 | ||||||||||||||||||||||||||
Occupancy and other | 76,393 | 89,888 | 181,802 | 210,041 | ||||||||||||||||||||||||||
Total company restaurant costs | 281,666 | 329,337 | 663,446 | 768,169 | ||||||||||||||||||||||||||
Distribution costs | 121,837 | 90,910 | 269,178 | 196,279 | ||||||||||||||||||||||||||
Franchise costs | 31,328 | 23,102 | 69,680 | 52,512 | ||||||||||||||||||||||||||
Selling, general and administrative expenses | 52,619 | 54,742 | 119,504 | 125,419 | ||||||||||||||||||||||||||
Impairment and other charges, net | 4,494 | 3,452 | 8,090 | 6,131 | ||||||||||||||||||||||||||
Gains on the sale of company-operated restaurants | (878 | ) | (2,987 | ) | (28,750 | ) | (12,367 | ) | ||||||||||||||||||||||
491,066 | 498,556 | 1,101,148 | 1,136,143 | |||||||||||||||||||||||||||
Earnings from operations | 14,069 | 31,150 | 68,705 | 74,881 | ||||||||||||||||||||||||||
Interest expense, net | 3,945 | 3,873 | 8,556 | 9,308 | ||||||||||||||||||||||||||
Earnings before income taxes | 10,124 | 27,277 | 60,149 | 65,573 | ||||||||||||||||||||||||||
Income taxes | 3,322 | 9,597 | 20,946 | 23,645 | ||||||||||||||||||||||||||
Net earnings | $ | 6,802 | $ | 17,680 | $ | 39,203 | $ | 41,928 | ||||||||||||||||||||||
Net earnings per share: | ||||||||||||||||||||||||||||||
Basic | $ | 0.14 | $ | 0.32 | $ | 0.76 | $ | 0.75 | ||||||||||||||||||||||
Diluted | $ | 0.13 | $ | 0.32 | $ | 0.75 | $ | 0.74 | ||||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||||
Basic | 50,183 | 54,972 | 51,265 | 55,711 | ||||||||||||||||||||||||||
Diluted | 50,984 | 55,797 | 52,069 | 56,499 |
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) (Unaudited) |
|||||||||||||||||||||||
April 17, | October 3, | ||||||||||||||||||||||
2011 | 2010 | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 14,712 | $ | 10,607 | |||||||||||||||||||
Accounts and other receivables, net | 60,061 | 81,150 | |||||||||||||||||||||
Inventories | 36,830 | 37,391 | |||||||||||||||||||||
Prepaid expenses | 30,223 | 36,100 | |||||||||||||||||||||
Deferred income taxes | 46,328 | 46,185 | |||||||||||||||||||||
Assets held for sale | 51,349 | 59,897 | |||||||||||||||||||||
Other current assets | 3,882 | 3,592 | |||||||||||||||||||||
Total current assets | 243,385 | 274,922 | |||||||||||||||||||||
Property and equipment, at cost | 1,551,432 | 1,562,729 | |||||||||||||||||||||
Less accumulated depreciation and amortization | (685,614 | ) | (684,690 | ) | |||||||||||||||||||
Property and equipment, net | 865,818 | 878,039 | |||||||||||||||||||||
Other assets, net | 293,992 | 254,131 | |||||||||||||||||||||
$ | 1,403,195 | $ | 1,407,092 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Current maturities of long-term debt | $ | 18,695 | $ | 13,781 | |||||||||||||||||||
Accounts payable | 68,900 | 101,216 | |||||||||||||||||||||
Accrued liabilities | 173,471 | 168,186 | |||||||||||||||||||||
Total current liabilities | 261,066 | 283,183 | |||||||||||||||||||||
Long-term debt, net of current maturities | 388,672 | 352,630 | |||||||||||||||||||||
Other long-term liabilities | 255,377 | 250,440 | |||||||||||||||||||||
Deferred income taxes | 41 | 376 | |||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||
Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued | - | - | |||||||||||||||||||||
Common stock $0.01 par value, 175,000,000 shares authorized, 74,812,157 and 74,461,632 issued, respectively |
748 | 745 | |||||||||||||||||||||
Capital in excess of par value | 196,668 | 187,544 | |||||||||||||||||||||
Retained earnings | 1,021,623 | 982,420 | |||||||||||||||||||||
Accumulated other comprehensive loss, net | (74,541 | ) | (78,787 | ) | |||||||||||||||||||
Treasury stock, at cost, 25,116,010 and 21,640,400 shares, respectively | (646,459 | ) | (571,459 | ) | |||||||||||||||||||
Total stockholders’ equity | 498,039 | 520,463 | |||||||||||||||||||||
$ | 1,403,195 | $ | 1,407,092 | ||||||||||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) |
|||||||||||||||||||||||
Year-to-Date | |||||||||||||||||||||||
April 17, | April 11, | ||||||||||||||||||||||
2011 | 2010 | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net earnings | $ | 39,203 | $ | 41,928 | |||||||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 51,817 | 54,152 | |||||||||||||||||||||
Deferred finance cost amortization | 1,350 | 724 | |||||||||||||||||||||
Deferred income taxes | (4,965 | ) | (3,267 | ) | |||||||||||||||||||
Share-based compensation expense | 4,972 | 5,500 | |||||||||||||||||||||
Pension and postretirement expense | 12,840 | 15,661 | |||||||||||||||||||||
Gains on cash surrender value of company-owned life insurance | (7,841 | ) | (6,026 | ) | |||||||||||||||||||
Gains on the sale of company-operated restaurants | (28,750 | ) | (12,367 | ) | |||||||||||||||||||
Losses on the disposition of property and equipment, net | 5,424 | 2,360 | |||||||||||||||||||||
Impairment charges | 1,167 | 1,503 | |||||||||||||||||||||
Changes in assets and liabilities, excluding acquisitions and dispositions: | |||||||||||||||||||||||
Accounts and other receivables | (2,359 | ) | (11,811 | ) | |||||||||||||||||||
Inventories | 561 | (93 | ) | ||||||||||||||||||||
Prepaid expenses and other current assets | 6,848 | (19,833 | ) | ||||||||||||||||||||
Accounts payable | (2,851 | ) | (3,309 | ) | |||||||||||||||||||
Pension and postretirement contributions | (2,472 | ) | (11,824 | ) | |||||||||||||||||||
Other | 6,900 | (26,652 | ) | ||||||||||||||||||||
Cash flows provided by operating activities from continuing operations | 81,844 | 26,646 | |||||||||||||||||||||
Cash flows used in operating activities from discontinued operations | - | (2,172 | ) | ||||||||||||||||||||
Cash flows provided by operating activities | 81,844 | 24,474 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Purchases of property and equipment | (74,129 | ) | (42,632 | ) | |||||||||||||||||||
Proceeds from the sale of company-operated restaurants | 49,588 | 19,093 | |||||||||||||||||||||
Proceeds from assets held for sale and leaseback, net | 6,669 | 8,889 | |||||||||||||||||||||
Collections on notes receivable | 19,062 | 7,675 | |||||||||||||||||||||
Acquisition of franchise-operated restaurants | (21,477 | ) | - | ||||||||||||||||||||
Other | (6,618 | ) | 1,031 | ||||||||||||||||||||
Cash flows used in investing activities | (26,905 | ) | (5,944 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Borrowings on revolving credit facility | 396,000 | 313,000 | |||||||||||||||||||||
Repayments of borrowings on revolving credit facility | (349,000 | ) | (293,000 | ) | |||||||||||||||||||
Principal repayments on debt | (5,731 | ) | (46,031 | ) | |||||||||||||||||||
Debt issuance costs |
(989 | ) | - | ||||||||||||||||||||
Proceeds from issuance of common stock | 3,376 | 2,445 | |||||||||||||||||||||
Repurchases of common stock | (75,000 | ) | (50,000 | ) | |||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | 640 | 690 | |||||||||||||||||||||
Change in book overdraft | (20,130 | ) | 13,825 | ||||||||||||||||||||
Cash flows used in financing activities | (50,834 | ) | (59,071 | ) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,105 | (40,541 | ) | ||||||||||||||||||||
Cash and cash equivalents at beginning of period | 10,607 | 53,002 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 14,712 | $ | 12,461 | |||||||||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
The following table presents certain income and expense items included in the company’s condensed consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding:
Quarter | Year-to-Date | |||||||||||||||||||||||
April 17, | April 11, | April 17, | April 11, | |||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||
Statement of Earnings Data: | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Company restaurant sales | 63.6 | % | 73.3 | % | 64.8 | % | 74.4 | % | ||||||||||||||||
Distribution sales | 24.0 | % | 17.1 | % | 22.9 | % | 16.1 | % | ||||||||||||||||
Franchise revenues | 12.4 | % | 9.6 | % | 12.3 | % | 9.5 | % | ||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||
Operating costs and expenses, net: | ||||||||||||||||||||||||
Company restaurant costs: | ||||||||||||||||||||||||
Food and packaging (1) | 33.4 | % | 31.5 | % | 32.9 | % | 31.6 | % | ||||||||||||||||
Payroll and employee benefits (1) | 30.5 | % | 30.2 | % | 30.7 | % | 30.4 | % | ||||||||||||||||
Occupancy and other (1) | 23.8 | % | 23.1 | % | 24.0 | % | 23.3 | % | ||||||||||||||||
Total company restaurant costs (1) | 87.7 | % | 84.8 | % | 87.5 | % | 85.3 | % | ||||||||||||||||
Distribution costs (1) | 100.4 | % | 100.2 | % | 100.4 | % | 100.5 | % | ||||||||||||||||
Franchise costs (1) | 50.1 | % | 45.6 | % | 48.5 | % | 45.6 | % | ||||||||||||||||
Selling, general and administrative expenses | 10.4 | % | 10.3 | % | 10.2 | % | 10.4 | % | ||||||||||||||||
Impairment and other charges, net | 0.9 | % | 0.7 | % | 0.7 | % | 0.5 | % | ||||||||||||||||
Gains on the sale of company-operated restaurants | (0.2 | %) | (0.6 | %) | (2.5 | %) | (1.0 | %) | ||||||||||||||||
Earnings from operations | 2.8 | % | 5.9 | % | 5.9 | % | 6.2 | % | ||||||||||||||||
Income tax rate (2) | 32.8 | % | 35.2 | % | 34.8 | % | 36.1 | % |
_____________________________________________ | ||||
(1) | As a percentage of the related sales and/or revenues | |||
(2) | As a percentage of earnings before income taxes | |||
The following table summarizes the year-to-date changes in the number of Jack in the Box and Qdoba company-operated and franchise restaurants:
April 17, 2011 | April 11, 2010 | |||||||||||||||||||||||||||||||
Company | Franchise | Total | Company | Franchise | Total | |||||||||||||||||||||||||||
Jack in the Box: | ||||||||||||||||||||||||||||||||
Beginning of period | 956 | 1,250 | 2,206 | 1,190 | 1,022 | 2,212 | ||||||||||||||||||||||||||
New | 7 | 9 | 16 | 16 | 12 | 28 | ||||||||||||||||||||||||||
Refranchised | (114 | ) | 114 | - | (53 | ) | 53 | - | ||||||||||||||||||||||||
Acquired from franchisees | - | - | - | 1 | (1 | ) | - | |||||||||||||||||||||||||
Closed | (1 | ) | (1 | ) | (2 | ) | (1 | ) | (6 | ) | (7 | ) | ||||||||||||||||||||
End of period | 848 | 1,372 | 2,220 | 1,153 | 1,080 | 2,233 | ||||||||||||||||||||||||||
% of system | 38 | % | 62 | % | 100 | % | 52 | % | 48 | % | 100 | % | ||||||||||||||||||||
Qdoba: | ||||||||||||||||||||||||||||||||
Beginning of period | 188 | 337 | 525 | 157 | 353 | 510 | ||||||||||||||||||||||||||
New | 11 | 19 | 30 | 3 | 7 | 10 | ||||||||||||||||||||||||||
Acquired from franchisees | 22 | (22 | ) | - | - | - | - | |||||||||||||||||||||||||
Closed | - | (6 | ) | (6 | ) | - | (15 | ) | (15 | ) | ||||||||||||||||||||||
End of period | 221 | 328 | 549 | 160 | 345 | 505 | ||||||||||||||||||||||||||
% of system | 40 | % | 60 | % | 100 | % | 32 | % | 68 | % | 100 | % | ||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||
Total system | 1,069 | 1,700 | 2,769 | 1,313 | 1,425 | 2,738 | ||||||||||||||||||||||||||
% of system | 39 | % | 61 | % | 100 | % | 48 | % | 52 | % | 100 | % |
CONTACT:
Jack in the Box Inc.
Investor Contact:
Carol
DiRaimo, 858-571-2407
Media Contact:
Brian Luscomb,
858-571-2291