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):
August 10, 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 Aug. 10, 2011, Jack in the Box Inc. issued a press release announcing
its third 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 Aug. 10, 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: August 10, 2011 |
Exhibit 99.1
Jack in the Box Inc. Reports Third Quarter FY 2011 Earnings; Updates Guidance for FY 2011
SAN DIEGO--(BUSINESS WIRE)--August 10, 2011--Jack in the Box Inc. (NASDAQ:JACK) today reported net earnings of $18.7 million, or $0.38 per diluted share, for the third quarter ended July 10, 2011, compared with net earnings of $24.2 million, or $0.44 per diluted share, for the third quarter of fiscal 2010.
Gains from refranchising contributed approximately $0.13 per diluted share for the quarter as compared with approximately $0.26 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 approximately $0.25 per diluted share compared with approximately $0.18 per diluted share in the prior year quarter.
Increase (decrease) in same-store sales:
12 Weeks Ended |
12 Weeks Ended |
40 Weeks Ended |
40 Weeks Ended |
||||||||||
Jack in the Box®: | |||||||||||||
Company | 4.7 | % | (9.4 | %) | 2.4 | % | (9.9 | %) | |||||
Franchise | 2.4 | % | (9.6 | %) | 0.9 | % | (9.5 | %) | |||||
System | 3.2 | % | (9.5 | %) | 1.4 | % | (9.8 | %) | |||||
Qdoba® System | 5.1 | % | 4.6 | % | 5.8 | % | 1.8 | % | |||||
Linda A. Lang, chairman, chief executive officer and president, said, “Jack in the Box company same-store sales increased 4.7 percent in the third quarter, ahead of our expectations, driven by strong traffic growth and an increase in the average check. On a two-year basis, this represented our fourth consecutive quarter of sequentially improving trends, which we believe has been largely driven by the investments we have made to enhance the entire guest experience at the Jack in the Box brand.
“Qdoba’s same-store sales momentum continued in the third quarter with an increase of 5.1 percent system-wide, driven by a combination of transaction growth, pricing and higher catering sales,” Lang said.
Consolidated restaurant operating margin was 12.5 percent of sales in the third quarter of 2011, compared with 14.2 percent of sales in the year-ago quarter.
Food and packaging costs in the quarter were 210 basis points higher than prior year. Overall commodity costs were approximately 6.5 percent higher in the quarter, driven by higher costs for beef, cheese, dairy, eggs and shortening.
Payroll and employee benefits costs were 80 basis points lower than the year-ago quarter, reflecting leverage from same-store sales increases and lower insurance costs. These decreases were partially offset by higher unemployment taxes resulting from rate increases in several states which negatively impacted payroll and employee benefits costs.
Occupancy and other costs increased 50 basis points in the third quarter due primarily to costs associated with the rollout of new menu boards and uniforms at Jack in the Box restaurants during the quarter. In addition, rent expense was higher as a percentage of sales due to the greater proportion of company-operated Qdoba restaurants versus the prior year. These costs were partially offset by lower utilities expense and leverage from same-store sales increases.
SG&A expense for the third quarter decreased by $5.7 million and was 9.9 percent of revenues compared with 10.9 percent last year. The decrease in SG&A was attributable primarily to the following:
These decreases were partially offset by the following:
With the sale of 226 restaurants year-to-date, the Jack in the Box system was two-thirds franchised as of the end of the third quarter. Gains on the sale of 112 company-operated Jack in the Box restaurants to franchisees totaled $10.2 million in the third quarter, or approximately $0.13 per diluted share, compared with $23.7 million, or approximately $0.26 per diluted share, in the year-ago quarter from the sale of 58 restaurants. For the third quarter of 2011, average gains were $91,000 per restaurant, and total proceeds related to refranchising were $27.3 million, or an average of $244,000 per restaurant. The restaurants sold in the third quarter included 70 restaurants in one market that had lower-than-average sales volumes and cash flows that resulted in lower gains. The re-image costs related to these restaurants will now be the responsibility of the franchisee, and the company expects the sale of these restaurants to be accretive to future operating earnings. Excluding these 70 restaurants, average gains and proceeds for the quarter were $233,000 and $410,000, respectively. The company did not provide any financing during the quarter related to refranchising. As of the end of the third quarter, notes receivable from franchisees related to refranchising activities totaled $10.3 million.
The company repurchased approximately 2,993,000 shares of its common stock in the third quarter of 2011 at an average price of $21.65 per share. Through the first three quarters of fiscal 2011, the company has returned nearly $140 million to shareholders through the repurchase of approximately 6,469,000 shares of its common stock at an average price of $21.61 per share. As of the end of the third quarter, approximately $60 million remained available to repurchase stock under a board authorization that expires in November 2012.
Restaurant openings
Five new Jack in the Box restaurants opened in the third quarter, including one franchised location, compared with four new restaurants opened system-wide during the same quarter last year, of which two were franchised. In the third quarter, 17 Qdoba restaurants opened, including 11 franchised locations, versus 13 new restaurants in the year-ago quarter, of which 8 were franchised. At July 10, 2011, the company’s system total comprised 2,220 Jack in the Box restaurants, including 1,485 franchised locations, and 564 Qdoba restaurants, including 335 franchised locations.
Guidance
The following guidance and underlying assumptions reflect the company’s current expectations for the fourth quarter and 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.
Fourth 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, August 11, 2011, beginning at 9:00 a.m. PT (12:00 p.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 August 11.
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 550 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, stock market volatility, unemployment, trends in consumer spending patterns, commodity costs, 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) |
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Quarter | Year-to-Date | |||||||||||||||||||||||||||
July 10, | July 4, | July 10, | July 4, | |||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Company restaurant sales | $ | 326,033 | $ | 376,143 | $ | 1,084,182 | $ | 1,276,538 | ||||||||||||||||||||
Distribution sales | 125,704 | 94,039 | 393,753 | 289,419 | ||||||||||||||||||||||||
Franchise revenues | 67,542 | 53,112 | 211,194 | 168,361 | ||||||||||||||||||||||||
519,279 | 523,294 | 1,689,129 | 1,734,318 | |||||||||||||||||||||||||
Operating costs and expenses, net: | ||||||||||||||||||||||||||||
Company restaurant costs: | ||||||||||||||||||||||||||||
Food and packaging | 110,596 | 119,642 | 359,725 | 404,285 | ||||||||||||||||||||||||
Payroll and employee benefits | 96,723 | 114,526 | 329,235 | 388,011 | ||||||||||||||||||||||||
Occupancy and other | 78,100 | 88,381 | 259,896 | 298,422 | ||||||||||||||||||||||||
Total company restaurant costs | 285,419 | 322,549 | 948,856 | 1,090,718 | ||||||||||||||||||||||||
Distribution costs | 126,063 | 94,652 | 395,242 | 290,931 | ||||||||||||||||||||||||
Franchise costs | 31,589 | 23,798 | 101,268 | 76,310 | ||||||||||||||||||||||||
Selling, general and administrative expenses | 51,344 | 57,031 | 170,854 | 182,450 | ||||||||||||||||||||||||
Impairment and other charges, net | 2,101 | 7,103 | 10,191 | 13,234 | ||||||||||||||||||||||||
Gains on the sale of company-operated restaurants | (10,190 | ) | (23,687 | ) | (38,940 | ) | (36,054 | ) | ||||||||||||||||||||
486,326 | 481,446 | 1,587,471 | 1,617,589 | |||||||||||||||||||||||||
Earnings from operations | 32,953 | 41,848 | 101,658 | 116,729 | ||||||||||||||||||||||||
Interest expense, net | 4,016 | 2,421 | 12,573 | 11,729 | ||||||||||||||||||||||||
Earnings before income taxes | 28,937 | 39,427 | 89,085 | 105,000 | ||||||||||||||||||||||||
Income taxes | 10,192 | 15,185 | 31,138 | 38,830 | ||||||||||||||||||||||||
Net earnings | $ | 18,745 | $ | 24,242 | $ | 57,947 | $ | 66,170 | ||||||||||||||||||||
Net earnings per share: | ||||||||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.44 | $ | 1.15 | $ | 1.19 | ||||||||||||||||||||
Diluted | $ | 0.38 | $ | 0.44 | $ | 1.13 | $ | 1.18 | ||||||||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||||||
Basic | 48,498 | 54,937 | 50,435 | 55,478 | ||||||||||||||||||||||||
Diluted | 49,252 | 55,711 | 51,225 | 56,264 | ||||||||||||||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) (Unaudited) |
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July 10, | October 3, | ||||||||||||||||||||
2011 | 2010 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 12,026 | $ | 10,607 | |||||||||||||||||
Accounts and other receivables, net | 72,219 | 81,150 | |||||||||||||||||||
Inventories | 38,145 | 37,391 | |||||||||||||||||||
Prepaid expenses | 34,937 | 36,100 | |||||||||||||||||||
Deferred income taxes | 46,987 | 46,185 | |||||||||||||||||||
Assets held for sale | 42,689 | 59,897 | |||||||||||||||||||
Other current assets | 2,301 | 3,592 | |||||||||||||||||||
Total current assets | 249,304 | 274,922 | |||||||||||||||||||
Property and equipment, at cost | 1,525,532 | 1,562,729 | |||||||||||||||||||
Less accumulated depreciation and amortization | (671,857 | ) | (684,690 | ) | |||||||||||||||||
Property and equipment, net | 853,675 | 878,039 | |||||||||||||||||||
Other assets, net | 295,993 | 254,131 | |||||||||||||||||||
$ | 1,398,972 | $ | 1,407,092 | ||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Current maturities of long-term debt | $ | 21,148 | $ | 13,781 | |||||||||||||||||
Accounts payable | 72,986 | 101,216 | |||||||||||||||||||
Accrued liabilities | 166,191 | 168,186 | |||||||||||||||||||
Total current liabilities | 260,325 | 283,183 | |||||||||||||||||||
Long-term debt, net of current maturities | 426,401 | 352,630 | |||||||||||||||||||
Other long-term liabilities | 256,891 | 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, 74,888,758 and 74,461,632 issued, respectively |
749 | 745 | |||||||||||||||||||
Capital in excess of par value | 199,700 | 187,544 | |||||||||||||||||||
Retained earnings | 1,040,367 | 982,420 | |||||||||||||||||||
Accumulated other comprehensive loss, net | (74,233 | ) | (78,787 | ) | |||||||||||||||||
Treasury stock, at cost, 28,109,052 and 21,640,400 shares, respectively | (711,269 | ) | (571,459 | ) | |||||||||||||||||
Total stockholders’ equity | 455,314 | 520,463 | |||||||||||||||||||
$ | 1,398,972 | $ | 1,407,092 | ||||||||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited) |
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Year-to-Date | |||||||||||||||||||||
July 10, | July 4, | ||||||||||||||||||||
2011 | 2010 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net earnings | $ | 57,947 | $ | 66,170 | |||||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | 74,342 | 76,643 | |||||||||||||||||||
Deferred finance cost amortization | 1,954 | 1,063 | |||||||||||||||||||
Deferred income taxes | (7,771 | ) | (5,758 | ) | |||||||||||||||||
Share-based compensation expense | 6,755 | 7,564 | |||||||||||||||||||
Pension and postretirement expense | 18,343 | 22,373 | |||||||||||||||||||
Gains on cash surrender value of company-owned life insurance | (8,287 | ) | (1,006 | ) | |||||||||||||||||
Gains on the sale of company-operated restaurants | (38,940 | ) | (36,054 | ) | |||||||||||||||||
Gain on the acquisition of franchise-operated restaurants | (426 | ) | - | ||||||||||||||||||
Impairment charges | 1,684 | 4,083 | |||||||||||||||||||
Losses on the disposition of property and equipment, net | 6,084 | 5,858 | |||||||||||||||||||
Loss on early retirement of debt | - | 513 | |||||||||||||||||||
Changes in assets and liabilities, excluding acquisitions and dispositions: | |||||||||||||||||||||
Accounts and other receivables | (14,198 | ) | (9,746 | ) | |||||||||||||||||
Inventories | (754 | ) | (2,252 | ) | |||||||||||||||||
Prepaid expenses and other current assets | 2,453 | (23,002 | ) | ||||||||||||||||||
Accounts payable | (3,071 | ) | (3,555 | ) | |||||||||||||||||
Pension and postretirement contributions | (3,522 | ) | (18,715 | ) | |||||||||||||||||
Other | (577 | ) | (36,298 | ) | |||||||||||||||||
Cash flows provided by operating activities from continuing operations | 92,016 | 47,881 | |||||||||||||||||||
Cash flows used in operating activities from discontinued operations | - | (2,172 | ) | ||||||||||||||||||
Cash flows provided by operating activities | 92,016 | 45,709 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchases of property and equipment | (99,485 | ) | (62,173 | ) | |||||||||||||||||
Proceeds from the sale of company-operated restaurants | 76,915 | 52,035 | |||||||||||||||||||
Collections on notes receivable | 20,014 | 8,074 | |||||||||||||||||||
Proceeds from assets held for sale and leaseback, net | 8,311 | 31,333 | |||||||||||||||||||
Acquisition of franchise-operated restaurants | (22,077 | ) | (8,115 | ) | |||||||||||||||||
Other | (5,412 | ) | 2,507 | ||||||||||||||||||
Cash flows provided by (used in) investing activities | (21,734 | ) | 23,661 | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowings on revolving credit facility | 543,000 | 660,000 | |||||||||||||||||||
Repayments of borrowings on revolving credit facility | (453,000 | ) | (512,000 | ) | |||||||||||||||||
Proceeds from issuance of debt | - | 200,000 | |||||||||||||||||||
Principal repayments on debt | (8,549 | ) | (416,101 | ) | |||||||||||||||||
Debt issuance costs |
(989 | ) | (9,126 | ) | |||||||||||||||||
Proceeds from issuance of common stock | 4,260 | 4,079 | |||||||||||||||||||
Repurchases of common stock | (138,050 | ) | (50,000 | ) | |||||||||||||||||
Excess tax benefits from share-based compensation arrangements | 883 | 1,234 | |||||||||||||||||||
Change in book overdraft | (16,418 | ) | 12,412 | ||||||||||||||||||
Cash flows used in financing activities | (68,863 | ) | (109,502 | ) | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,419 | (40,132 | ) | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 10,607 | 53,002 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 12,026 | $ | 12,870 | |||||||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Unaudited) |
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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. |
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Quarter | Year-to-Date | |||||||||||||||||||||||
July 10, | July 4, | July 10, | July 4, | |||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||
Statement of Earnings Data: | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Company restaurant sales | 62.8 | % | 71.9 | % | 64.2 | % | 73.6 | % | ||||||||||||||||
Distribution sales | 24.2 | % | 18.0 | % | 23.3 | % | 16.7 | % | ||||||||||||||||
Franchise revenues | 13.0 | % | 10.1 | % | 12.5 | % | 9.7 | % | ||||||||||||||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||
Operating costs and expenses, net: | ||||||||||||||||||||||||
Company restaurant costs: | ||||||||||||||||||||||||
Food and packaging (1) | 33.9 | % | 31.8 | % | 33.2 | % | 31.7 | % | ||||||||||||||||
Payroll and employee benefits (1) | 29.7 | % | 30.4 | % | 30.4 | % | 30.4 | % | ||||||||||||||||
Occupancy and other (1) | 24.0 | % | 23.5 | % | 24.0 | % | 23.4 | % | ||||||||||||||||
Total company restaurant costs (1) | 87.5 | % | 85.8 | % | 87.5 | % | 85.4 | % | ||||||||||||||||
Distribution costs (1) | 100.3 | % | 100.7 | % | 100.4 | % | 100.5 | % | ||||||||||||||||
Franchise costs (1) | 46.8 | % | 44.8 | % | 48.0 | % | 45.3 | % | ||||||||||||||||
Selling, general and administrative expenses | 9.9 | % | 10.9 | % | 10.1 | % | 10.5 | % | ||||||||||||||||
Impairment and other charges, net | 0.4 | % | 1.4 | % | 0.6 | % | 0.8 | % | ||||||||||||||||
Gains on the sale of company-operated restaurants | (2.0 | %) | (4.5 | %) | (2.3 | %) | (2.1 | %) | ||||||||||||||||
Earnings from operations | 6.3 | % | 8.0 | % | 6.0 | % | 6.7 | % | ||||||||||||||||
Income tax rate (2) | 35.2 | % | 38.5 | % | 35.0 | % | 37.0 | % | ||||||||||||||||
(1) As a percentage of the related sales and/or revenues. |
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(2) As a percentage of earnings before income taxes. |
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The following table summarizes the year-to-date changes in the number of Jack in the Box and Qdoba company-operated and franchised restaurants:
July 10, 2011 | July 4, 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 | 11 | 10 | 21 | 18 | 14 | 32 | ||||||||||||||||||||||||||||
Refranchised | (226 | ) | 226 | - | (111 | ) | 111 | - | ||||||||||||||||||||||||||
Acquired from franchisees | - | - | - | 1 | (1 | ) | - | |||||||||||||||||||||||||||
Closed | (6 | ) | (1 | ) | (7 | ) | (4 | ) | (6 | ) | (10 | ) | ||||||||||||||||||||||
End of period | 735 | 1,485 | 2,220 | 1,094 | 1,140 | 2,234 | ||||||||||||||||||||||||||||
% of system | 33 | % | 67 | % | 100 | % | 49 | % | 51 | % | 100 | % | ||||||||||||||||||||||
Qdoba: | ||||||||||||||||||||||||||||||||||
Beginning of period | 188 | 337 | 525 | 157 | 353 | 510 | ||||||||||||||||||||||||||||
New | 17 | 30 | 47 | 8 | 15 | 23 | ||||||||||||||||||||||||||||
Acquired from franchisees | 24 | (24 | ) | - | 16 | (16 | ) | - | ||||||||||||||||||||||||||
Closed | - | (8 | ) | (8 | ) | - | (18 | ) | (18 | ) | ||||||||||||||||||||||||
End of period | 229 | 335 | 564 | 181 | 334 | 515 | ||||||||||||||||||||||||||||
% of system | 41 | % | 59 | % | 100 | % | 35 | % | 65 | % | 100 | % | ||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||||
Total system | 964 | 1,820 | 2,784 | 1,275 | 1,474 | 2,749 | ||||||||||||||||||||||||||||
% of system | 35 | % | 65 | % | 100 | % | 46 | % | 54 | % | 100 | % |
CONTACT:
Jack in the Box Inc.
Investor Contact:
Carol
DiRaimo, (858) 571-2407
Media Contact:
Brian Luscomb, (858)
571-2291