8-K 1 a93230e8vk.htm FORM 8-K PERIOD ENDED SEPTEMBER 22, 2003 CKE Restaurants, Inc. Form 8-K
Table of Contents

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 22, 2003

CKE RESTAURANTS, INC.


(Exact name of Registrant as specified in charter)
         
Delaware   1-11313   33-0602639

(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)
         
6307 Carpinteria Avenue, Suite A, Carpinteria, CA     93013  

(Address of principal executive offices)     (Zip Code)  

(805) 745-7500


(Registrant’s telephone number, including area code)

Not Applicable


(Former name or former address, if changed, since last report.)

 


Item 5. Other Events.
Item 7. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1


Table of Contents

Item 5. Other Events.

     On September 22, 2003, CKE Restaurants, Inc., issued a press release regarding its proposed offering of convertible subordinated notes. The press release is filed as Exhibit 99.1 hereto.

     The Registrant filed its Annual Report on Form 10-K for the fiscal year ended January 27, 2003, with the Securities and Exchange Commission on March 26, 2003, prior to the effective date of Regulation G. The Registrant is providing in this Current Report on Form 8-K an identification of the non-GAAP measures included in the Annual Report on Form 10-K, and the reconciliations required under Regulation G. The Company is providing the following information to allow for the comparability of net income reported for previous periods and net income utilizing current accounting rules. The Registrant does not make any other use of the non-GAAP financial measure.

     Set forth below is a reconciliation of the Registrant’s net income reported in the Registrant’s Annual Report on Form 10-K for the fiscal year ended January 27, 2003, in the Registrant’s Quarterly Report on Form 10-Q/A for the fiscal quarter ended August 11, 2003, and in the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended August 12, 2002, applying Statement of Financial Accounting Standards No. 142 ("SFAS 142"), Goodwill and Other Intangible Assets, retroactively.

CKE Restaurants, Inc.
Pro forma net income assuming SFAS 142 applied retroactively
(in thousands, except per share data)

                                                             
        Fiscal year ended January 31,   Twenty-eight weeks Ended
       
 
                                                August 11,   August 12,
        2003   2002   2001   2000   1999   2003   2002
       
 
 
 
 
 
 
Reported net income (loss)
  $ (150,023 )   $ (83,956 )   $ (194,116 )   $ (29,117 )   $ 77,712     $ 439     $ (151,834 )
Cumulative effect of accounting change
    175,780                                     175,780  
Goodwill amortization
          5,736       6,173       7,925       4,995              
 
   
     
     
     
     
     
     
 
Pro forma net income (loss)
  $ 25,757     $ (78,220 )   $ (187,943 )   $ (21,192 )   $ 82,707     $ 439     $ 23,946  
 
   
     
     
     
     
     
     
 
Income (loss) per share
                                                       
 
Basic
                                                       
   
Reported net income (loss)
  $ (2.65 )   $ (1.66 )   $ (3.84 )   $ (0.56 )   $ 1.51     $ 0.01     $ (2.70 )
   
Cumulative effect of accounting change
    3.10                                     3.13  
   
Goodwill amortization
          0.11       0.12       0.15       0.09              
 
   
     
     
     
     
     
     
 
   
Pro forma net income (loss)
  $ 0.45     $ (1.55 )   $ (3.72 )   $ (0.41 )   $ 1.60     $ 0.01     $ 0.43  
 
   
     
     
     
     
     
     
 
 
Diluted
                                                       
   
Reported net income (loss)
  $ (2.58 )   $ (1.66 )   $ (3.84 )   $ (0.56 )   $ 1.37     $ 0.01     $ (2.61 )
   
Cumulative effect of accounting change
    3.02                                     3.02  
   
Goodwill amortization
          0.11       0.12       0.15       0.09              
 
   
     
     
     
     
     
     
 
   
Pro forma net income (loss)
  $ 0.44     $ (1.55 )   $ (3.72 )   $ (0.41 )   $ 1.46     $ 0.01     $ 0.41  
 
   
     
     
     
     
     
     
 
Weighted-average shares outstanding
                                                       
 
Basic
    56,649       50,507       50,501       51,668       51,599       59,059       56,275  
 
Dilutive effect of stock options
    1,475                         5,115       942       1,971  
 
   
     
     
     
     
     
     
 
 
Diluted
    58,124       50,507       50,501       51,668       56,714       60,001       58,246  
 
   
     
     
     
     
     
     
 

 


Table of Contents

Item 7. Financial Statements and Exhibits.

  (a) – (b)   Not applicable.
 
  (c)   Exhibits.
 
      The following exhibit is filed herewith:

     
Exhibit    
Number   Description

 
99.1   Press release, dated September 22, 2003, issued by CKE Restaurants, Inc.

 


Table of Contents

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.

         
    CKE RESTAURANTS, INC.
         
Date: September 22, 2003   /s/ Theodore Abajian    
   
   
    Theodore Abajian
Executive Vice President
Chief Financial Officer
   

 


Table of Contents

EXHIBIT INDEX

     
Exhibit    
Number   Description

 
99.1   Press release, September 22, 2003, issued by CKE Restaurants, Inc.