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):
November 21, 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 Nov. 21, 2011, Jack in the Box Inc. issued a press release announcing
its fourth 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 Nov. 21, 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) |
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Date: November 21, 2011 |
Exhibit 99.1
Jack in the Box Inc. Reports Fourth Quarter FY 2011 Earnings; Issues Guidance for FY 2012
SAN DIEGO--(BUSINESS WIRE)--November 21, 2011--Jack in the Box Inc. (NASDAQ: JACK) today reported net earnings of $22.7 million, or $0.49 per diluted share, for the fourth quarter ended October 2, 2011, compared with net earnings of $4.0 million, or $0.07 per diluted share, for the fourth quarter of fiscal 2010. Fiscal 2011 net earnings totaled $80.6 million, or $1.61 per diluted share, compared with net earnings of $70.2 million, or $1.26 per diluted share, in fiscal 2010. In last year’s fourth quarter, 40 Jack in the Box® company restaurants were closed, and the company recorded pre-tax charges totaling $28.0 million (included in “impairment and other charges, net” in the accompanying consolidated statements of earnings), which reduced diluted earnings per share by approximately $0.33 in both the fourth quarter and fiscal 2010.
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 $0.19 per diluted share in the fourth quarter of 2011. For fiscal year 2011, operating earnings per share were approximately $0.83 compared with approximately $0.61 last year (including the $0.33 charge relating to restaurant closures in 2010).
Gains from refranchising contributed approximately $0.30 per diluted share for the fourth quarter of 2011 and approximately $0.78 for fiscal year 2011 as compared with approximately $0.65 per diluted share in fiscal year 2010.
The fourth quarter and fiscal year ended October 2, 2011, included 12 weeks and 52 weeks, respectively, as compared to 13 weeks and 53 weeks in the fourth quarter and fiscal year ended October 3, 2010, respectively. The company estimates that the extra week benefited diluted earnings per share by approximately $0.03 in both the fourth quarter and fiscal 2010.
Increase (decrease) in same-store sales:
12 Weeks Ended | 13 Weeks Ended | 52 Weeks Ended | 53 Weeks Ended | |||||||||
October 2, 2011 | October 3, 2010 | October 2, 2011 | October 3, 2010 | |||||||||
Jack in the Box®: | ||||||||||||
Company | 5.8 | % | (4.0 | %) | 3.1 | % | (8.6 | %) | ||||
Franchise | 2.0 | % | (2.8 | %) | 1.3 | % | (7.8 | %) | ||||
System | 3.1 | % | (3.3 | %) | 1.8 | % | (8.2 | %) | ||||
Qdoba®: | ||||||||||||
Company | 4.3 | % | 3.0 | % | 5.1 | % | 0.8 | % | ||||
Franchise | 3.3 | % | 6.8 | % | 5.4 | % | 3.6 | % | ||||
System | 3.7 | % | 5.6 | % | 5.3 | % | 2.8 | % | ||||
Linda A. Lang, chairman, chief executive officer and president, said, “Jack in the Box company same-store sales increased 5.8 percent in the fourth quarter, ahead of our expectations, as sales and traffic accelerated in the last two months of the quarter. On a two-year cumulative basis, this represented our fifth consecutive quarter of sequentially improving company same-store sales trends. We believe these results have 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 in the fourth quarter increased 3.7 percent system-wide, representing the third consecutive quarter that two-year cumulative same-store sales have been greater than 9 percent,” Lang said.
Consolidated restaurant operating margin was 13.5 percent of sales in the fourth quarter of 2011, compared with 12.5 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 7 percent higher in the quarter, driven by higher costs for most commodities other than poultry and largely consistent with the company’s expectations.
Payroll and employee benefits costs were 110 basis points lower than the year-ago quarter, reflecting lower insurance costs and the benefit of refranchising. These decreases were partially offset by higher unemployment taxes resulting from rate increases in several states.
Occupancy and other costs decreased 180 basis points in the fourth quarter due primarily to lower repairs and maintenance costs and utilities expenses, and the benefit of refranchising. These decreases were partially offset by higher rent expense as a percentage of sales due to the greater proportion of company-operated Qdoba restaurants versus the prior year.
SG&A expense for the fourth quarter decreased by $7.3 million and was 10.6 percent of revenues compared with 10.8 percent last year. SG&A expense for fiscal 2011 decreased by $18.9 million and was 10.2 percent of revenues compared with 10.6 percent last year. The variances in SG&A were attributable primarily to the following:
These decreases were partially offset by the following:
Gains on the sale of 106 company-operated Jack in the Box restaurants to franchisees totaled $22.2 million in the fourth quarter, or approximately $0.30 per diluted share. For fiscal 2011, gains on the sale of 332 company-operated restaurants to franchisees totaled $61.1 million, or approximately $0.78 per diluted share, compared with $55.0 million, or approximately $0.65 per diluted share in fiscal 2010 from the sale of 219 company-operated restaurants. Total proceeds related to refranchising, including cash and notes receivable, for the fourth quarter and fiscal 2011 were $43.4 million and $120.3 million, respectively.
“With the sale of 332 restaurants in fiscal 2011, the Jack in the Box system was 72 percent franchised as of the end of the year, and we’ve achieved our original goal of increasing the percentage of franchise ownership to 70 to 80 percent two years ahead of plan,” Lang said. “Over the last six years, we have refranchised more than 1,000 restaurants and expect to refranchise 150 to 200 restaurants over the next couple of years, which will bring our Jack in the Box franchise ownership to approximately 80 percent of the system.”
The company repurchased approximately 2,637,000 shares of its common stock in the fourth quarter of 2011 at an average price of $20.42 per share. In fiscal 2011, the company returned over $193 million to shareholders through the repurchase of approximately 9,106,000 shares of its common stock at an average price of $21.27 per share. In October 2011, the company completed the repurchase of the remaining $6.4 million authorized by its board of directors in May 2011. In November 2011, the company’s board of directors authorized an additional $100 million stock-buyback program that expires in November 2013.
Restaurant openings
Ten new Jack in the Box restaurants opened in the fourth quarter, including 6 franchised locations, compared with 14 new restaurants opened system-wide during the same quarter last year, of which 2 were franchised. For the full year, 31 new Jack in the Box restaurants opened, including 16 franchised locations, compared with 46 new restaurants in fiscal 2010, 16 of which were franchised.
In the fourth quarter, 20 Qdoba restaurants opened, including 12 franchised locations, versus 13 new restaurants in the year-ago quarter, of which 6 were franchised. For the full year, 67 Qdoba restaurants opened, including 42 franchised locations, compared with 36 new restaurants in fiscal 2010, 21 of which were franchised.
At October 2, 2011, the company’s system total comprised 2,221 Jack in the Box restaurants, including 1,592 franchised locations, and 583 Qdoba restaurants, including 338 franchised locations.
Guidance
The following guidance and underlying assumptions reflect the company’s current expectations for the first quarter ending January 22, 2012, and the fiscal year ending September 30, 2012. Fiscal 2012 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.
First quarter fiscal year 2012 guidance
Fiscal year 2012 guidance
Conference call
The company will host a conference call for financial analysts and investors on Tuesday, November 22, 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 11:30 a.m. PT on November 22.
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 580 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 |
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CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
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Twelve | Thirteen | Fifty-Two | Fifty-Three | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
October 2, | October 3, | October 2, | October 3, | |||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues: | ||||||||||||||||
Company restaurant sales | $ | 296,088 | $ | 391,989 | $ | 1,380,273 | $ | 1,668,527 | ||||||||
Distribution sales | 137,206 | 108,558 | 530,959 | 397,977 | ||||||||||||
Franchise revenues | 70,872 | 62,666 | 282,066 | 231,027 | ||||||||||||
504,166 | 563,213 | 2,193,298 | 2,297,531 | |||||||||||||
Operating costs and expenses, net: | ||||||||||||||||
Company restaurant costs: | ||||||||||||||||
Food and packaging | 101,064 | 126,328 | 460,790 | 530,613 | ||||||||||||
Payroll and employee benefits | 85,226 | 117,127 | 414,463 | 505,138 | ||||||||||||
Occupancy and other | 69,864 | 99,644 | 329,766 | 398,066 | ||||||||||||
Total company restaurant costs | 256,154 | 343,099 | 1,205,019 | 1,433,817 | ||||||||||||
Distribution costs | 138,255 | 108,776 | 533,496 | 399,707 | ||||||||||||
Franchise costs | 34,879 | 28,535 | 136,148 | 104,845 | ||||||||||||
Selling, general and administrative expenses | 53,607 | 60,902 | 224,455 | 243,353 | ||||||||||||
Impairment and other charges, net | 2,481 | 35,653 | 12,672 | 48,887 | ||||||||||||
Gains on the sale of company-operated restaurants, net | (22,185 | ) | (18,934 | ) | (61,125 | ) | (54,988 | ) | ||||||||
463,191 | 558,031 | 2,050,665 | 2,175,621 | |||||||||||||
Earnings from operations | 40,975 | 5,182 | 142,633 | 121,910 | ||||||||||||
Interest expense, net | 4,283 | 4,165 | 16,855 | 15,894 | ||||||||||||
Earnings before income taxes | 36,692 | 1,017 | 125,778 | 106,016 | ||||||||||||
Income taxes | 14,040 | (3,024 | ) | 45,178 | 35,806 | |||||||||||
Net earnings | $ | 22,652 | $ | 4,041 | $ | 80,600 | $ | 70,210 | ||||||||
Net earnings per share: | ||||||||||||||||
Basic | $ | 0.50 | $ | 0.08 | $ | 1.63 | $ | 1.27 | ||||||||
Diluted | $ | 0.49 | $ | 0.07 | $ | 1.61 | $ | 1.26 | ||||||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic | 45,524 | 53,836 | 49,302 | 55,070 | ||||||||||||
Diluted | 46,262 | 54,579 | 50,085 | 55,843 | ||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Dollars in thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
October 2, | October 3, | |||||||
2011 | 2010 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 11,424 | $ | 10,607 | ||||
Accounts and other receivables, net | 86,213 | 81,150 | ||||||
Inventories | 38,931 | 37,391 | ||||||
Prepaid expenses | 18,737 | 36,100 | ||||||
Deferred income taxes | 45,520 | 46,185 | ||||||
Assets held for sale and leaseback | 51,793 | 59,897 | ||||||
Other current assets | 1,793 | 3,592 | ||||||
Total current assets | 254,411 | 274,922 | ||||||
Property and equipment, at cost: | ||||||||
Land | 105,314 | 101,206 | ||||||
Buildings | 1,025,107 | 965,312 | ||||||
Restaurant and other equipment | 343,718 | 437,547 | ||||||
Construction in progress | 44,660 | 58,664 | ||||||
1,518,799 | 1,562,729 | |||||||
Less accumulated depreciation and amortization | (663,373 | ) | (684,690 | ) | ||||
Property and equipment, net | 855,426 | 878,039 | ||||||
Intangible assets, net | 17,495 | 17,986 | ||||||
Goodwill | 105,872 | 85,041 | ||||||
Other assets, net | 199,118 | 151,104 | ||||||
$ | 1,432,322 | $ | 1,407,092 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Current maturities of long-term debt | $ | 21,148 | $ | 13,781 | ||||
Accounts payable | 94,348 | 101,216 | ||||||
Accrued liabilities | 167,487 | 168,186 | ||||||
Total current liabilities | 282,983 | 283,183 | ||||||
Long-term debt, net of current maturities | 447,350 | 352,630 | ||||||
Other long-term liabilities | 290,723 | 250,440 | ||||||
Deferred income taxes | 5,310 | 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, 74,992,487 and 74,461,632 issued, respectively |
750 | 745 | ||||||
Capital in excess of par value | 202,684 | 187,544 | ||||||
Retained earnings | 1,063,020 | 982,420 | ||||||
Accumulated other comprehensive loss, net | (95,940 | ) | (78,787 | ) | ||||
Treasury stock, at cost, 30,746,099 and 21,640,400 shares, respectively | (764,558 | ) | (571,459 | ) | ||||
Total stockholders' equity | 405,956 | 520,463 | ||||||
$ | 1,432,322 | $ | 1,407,092 | |||||
JACK IN THE BOX INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Dollars in thousands) | ||||||||
(Unaudited) | ||||||||
Fiscal Year | ||||||||
2011 | 2010 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 80,600 | $ | 70,210 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 96,147 | 101,514 | ||||||
Deferred finance cost amortization | 2,554 | 1,658 | ||||||
Deferred income taxes | (12,832 | ) | (27,554 | ) | ||||
Share-based compensation expense | 8,062 | 10,605 | ||||||
Pension and postretirement expense | 23,845 | 29,140 | ||||||
Losses (gains) on cash surrender value of company-owned life insurance | 1,094 | (6,199 | ) | |||||
Gains on the sale of company-operated restaurants, net | (61,125 | ) | (54,988 | ) | ||||
Gains on the acquisition of franchise-operated restaurants | (426 | ) | - | |||||
Losses on the disposition of property and equipment, net | 7,650 | 10,757 | ||||||
Impairment charges and other | 1,367 | 12,970 | ||||||
Loss on early retirement of debt | - | 513 | ||||||
Changes in assets and liabilities, excluding acquisitions and dispositions: | ||||||||
Accounts and other receivables | (26,116 | ) | (8,174 | ) | ||||
Inventories | (1,540 | ) | 284 | |||||
Prepaid expenses and other current assets | 19,163 | (22,967 | ) | |||||
Accounts payable | 1,498 | (2,219 | ) | |||||
Pension and postretirement contributions | (4,790 | ) | (24,072 | ) | ||||
Other | (10,891 | ) | (27,440 | ) | ||||
Cash flows provided by operating activities from continuing operations | 124,260 | 64,038 | ||||||
Cash flows used in operating activities from discontinued operations | - | (2,172 | ) | |||||
Cash flows provided by operating activities | 124,260 | 61,866 | ||||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | (129,312 | ) | (95,610 | ) | ||||
Proceeds from the sale of company-operated restaurants | 119,275 | 66,152 | ||||||
Proceeds from (purchases of) assets held for sale and leaseback, net | (3,262 | ) | 45,348 | |||||
Collections on notes receivable | 20,848 | 8,322 | ||||||
Acquisition of franchise-operated restaurants | (31,077 | ) | (8,115 | ) | ||||
FFE loans to franchisees | (14,473 | ) | - | |||||
Other | 2,199 | 3,076 | ||||||
Cash flows provided by (used in) investing activities | (35,802 | ) | 19,173 | |||||
Cash flows from financing activities: | ||||||||
Borrowings on revolving credit facilities | 721,160 | 881,000 | ||||||
Repayments of borrowings on revolving credit facilities | (605,000 | ) | (721,000 | ) | ||||
Proceeds from issuance of debt | - | 200,000 | ||||||
Principal repayments on debt | (13,760 | ) | (418,836 | ) | ||||
Debt issuance costs | (989 | ) | (9,548 | ) | ||||
Proceeds from issuance of common stock | 5,530 | 5,186 | ||||||
Repurchase of common stock | (193,099 | ) | (97,000 | ) | ||||
Excess tax benefits from share-based compensation arrangements | 1,290 | 2,037 | ||||||
Change in book overdraft | (2,773 | ) | 34,727 | |||||
Cash flows used in financing activities | (87,641 | ) | (123,434 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 817 | (42,395 | ) | |||||
Cash and cash equivalents at beginning of period | 10,607 | 53,002 | ||||||
Cash and cash equivalents at end of period | $ | 11,424 | $ | 10,607 | ||||
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: |
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Quarter | Fiscal Year | |||||||||||
October 2, | October 3, | October 2, | October 3, | |||||||||
2011 | 2010 | 2011 | 2010 | |||||||||
Statement of Earnings Data: | ||||||||||||
Revenues: | ||||||||||||
Company restaurant sales | 58.7 | % | 69.6 | % | 62.9 | % | 72.6 | % | ||||
Distribution sales | 27.2 | % | 19.3 | % | 24.2 | % | 17.3 | % | ||||
Franchise revenues | 14.1 | % | 11.1 | % | 12.9 | % | 10.1 | % | ||||
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
Operating costs and expenses, net: | ||||||||||||
Company restaurant costs: | ||||||||||||
Food and packaging (1) | 34.1 | % | 32.2 | % | 33.4 | % | 31.8 | % | ||||
Payroll and employee benefits (1) | 28.8 | % | 29.9 | % | 30.0 | % | 30.3 | % | ||||
Occupancy and other (1) | 23.6 | % | 25.4 | % | 23.9 | % | 23.9 | % | ||||
Total company restaurant costs (1) | 86.5 | % | 87.5 | % | 87.3 | % | 85.9 | % | ||||
Distribution costs (1) | 100.8 | % | 100.2 | % | 100.5 | % | 100.4 | % | ||||
Franchise costs (1) | 49.2 | % | 45.5 | % | 48.3 | % | 45.4 | % | ||||
Selling, general and administrative expenses | 10.6 | % | 10.8 | % | 10.2 | % | 10.6 | % | ||||
Impairment and other charges, net | 0.5 | % | 6.3 | % | 0.6 | % | 2.1 | % | ||||
Gains on the sale of company-operated restaurants, net | (4.4 | )% | (3.4 | )% | (2.8 | )% | (2.4 | )% | ||||
Earnings from operations | 8.1 | % | 0.9 | % | 6.5 | % | 5.3 | % | ||||
Income tax rate (2) | 38.3 | % | (297.3 | )% | 35.9 | % | 33.8 | % | ||||
(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 and franchise restaurants: |
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October 2, 2011 | October 3, 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 | 15 | 16 | 31 | 30 | 16 | 46 | |||||||||||||
Refranchised | (332 | ) | 332 | - | (219 | ) | 219 | - | |||||||||||
Closed | (10 | ) | (6 | ) | (16 | ) | (46 | ) | (6 | ) | (52 | ) | |||||||
Acquired from franchisees | - | - | - | 1 | (1 | ) | - | ||||||||||||
End of period | 629 | 1,592 | 2,221 | 956 | 1,250 | 2,206 | |||||||||||||
% of system | 28 | % | 72 | % | 100 | % | 43 | % | 57 | % | 100 | % | |||||||
Qdoba: | |||||||||||||||||||
Beginning of period | 188 | 337 | 525 | 157 | 353 | 510 | |||||||||||||
New | 25 | 42 | 67 | 15 | 21 | 36 | |||||||||||||
Closed | - | (9 | ) | (9 | ) | - | (21 | ) | (21 | ) | |||||||||
Acquired from franchisees | 32 | (32 | ) | - | 16 | (16 | ) | - | |||||||||||
End of period | 245 | 338 | 583 | 188 | 337 | 525 | |||||||||||||
% of system | 42 | % | 58 | % | 100 | % | 36 | % | 64 | % | 100 | % | |||||||
Consolidated: | |||||||||||||||||||
Total system | 874 | 1,930 | 2,804 | 1,144 | 1,587 | 2,731 | |||||||||||||
% of system | 31 | % | 69 | % | 100 | % | 42 | % | 58 | % | 100 | % | |||||||
CONTACT:
Jack in the Box Inc.
Investor Contact:
Carol
DiRaimo, 858-571-2407
Media Contact:
Brian Luscomb,
858-571-2291