The company expanded the test of its fast-casual JBX Grill(TM)
concept to Boise, Idaho, and Bakersfield, Calif. Same-store sales at Qdoba
increased in the
double-digit range on top of a double-digit
increase in FY04.6 million in FY04, with the
increase
due primarily to additional stock option exercises. 31, 2005, an additional repricing of its $275
million
term loan to a new borrowing rate of LIBOR plus 175
basis points (versus 225 basis points previously
), which will
reduce interest expense by approximately $1. Through a wholly owned subsidiary, the
company also
operates and franchises Qdoba Mexican Grill(R), an emerging leader in
fast-casual
dining, with approximately 200 restaurants in 31 states.
Based in San Diego, Jack in the Box Inc
., Stater Bros. Supermarket is
scheduled for September 2005...
This area is for the placement of sites
having recipes for and discussing sandwiches and sandwich fillings.
egg sandwiches
(NYSE:JBX) today reported net earnings
of
$25. The new program
provides restaurant managers with more relevant and frequent
guest feedback regarding their Jack in the Box experience than
did the previous mystery
-guest program, and is expected to
save the company about $1 million annually in costs.1 percent
increase in 2004.
-- Earnings from operations were $44. Cash balances were
$118 million versus
$31 million a year ago, due primarily to
strong operating cash flows, payments from franchisees on
notes receivable, and proceeds from sales of restaurants to
franchisees as part of the company
's strategic plan to expand
franchising.
Approximately 50 restaurants will test the new designs
in
fiscal 2005, and assuming results are successful, the company
expects to re-image approximately
200 restaurants each year
thereafter.
To further promote retention and help ensure operational
consistency throughout the chain, Jack in the Box is rolling
out a new structured coaching process
to help restaurant
managers identify opportunities to improve operations and
create step-by-step
business plans to achieve such
opportunities.
-- Restaurant operating margin is estimated
at 16.8 million last year.
-- Jack in the Box same-store sales are now expected to increase
approximately 2.02. has nearly 45,000 employees. These statements may be
identified by the use
of words such as "believes," "estimates,"
"expects," "guidance," "will," "would," and other words
of similar
meaning. 18,
2005 2004
----------- -----------
(Restated)
Revenues:
Restaurant sales
$612,140 $597,712
Distribution and other sales 93,040 43,670
Franchise rents and royalties 24,656 21,217
Other
8,760 7,321
---
-------- -----------
738,596 669,920
----------- -----------
Costs of revenues:
Restaurant
costs of sales 192,279 188,449
Restaurant operating costs
319,898 315,063
Costs of distribution and other sales 92,103 42,907
Franchised restaurant costs 10,331 8,916
----------- -----------
614,611 555,335
----------- -----------
Selling
, general and administrative 79,558 75,567
----------- -----------
Earnings from operations 44,427
39,018
Interest expense 4,862 15,899
----------- -----------
Earnings before income taxes
39,565 23,119
Income taxes 14,135
8,767
----------- -----------
Net earnings
$25,430 $14,352
=========== ===========
Earnings per share:
Basic
$. Sierra Crossroads Stater Bros. Development, which serves as the general
contractor
for Stater Bros.ground fillings
serving
of Mott's Original Applesauce.
First Quarter Financial Highlights
-- Earnings per diluted share were 2 cents higher than the
company's guidance, resulting
from higher other revenues (4
cents), lower income tax rate (2 cents), and lower interest
expense
(1 cent), partially offset by lower restaurant
operating margin from higher tomato and beef costs
(2 cents)
and softer same-store sales due to unusually severe rains
during January in many of
the company's major western markets
(3 cents). For the full year, the company now expects to
earn
approximately $2.02 reported for
fiscal 2004, which was a 53-week fiscal year that included the
above
-mentioned 15 cents per share charge related to
refinancing. The company continues to expand its
franchising
program to improve operating margins and
accelerate cash flows to be able to repurchase shares and
reinvest in its restaurant re-image program without incurring
additional debt or diluting equity
.7 billion. SERVING SOUTHERN CALIFORNIA FOR 68 YEARS
Contact: Jack H.legendary hoagie
The increase
was
slightly below the 2.
-- Other revenues are expected to increase to $30 million from
$24
million last year on higher average gains from the
expected sales of 54 restaurants to franchisees
, 4 more than
originally forecast.
-- Weighted average diluted shares outstanding are projected
to
be 36.5 cents in the third quarter, yielding diluted earnings per share of
56 cents. Supermarket
will be located at 11225 Sierra Avenue in
Fontana, California and will be part of the new 10-1/2
acre Sierra Crossroads
Shopping Center. will also open three additional full service supermarkets
this year to better serve the Southern California communities of Adelanto,
Apple Valley, and French
Valley (between Hemet and Temecula). ft. was founded in 1936 in Yucaipa, California, and has grown
steadily
through the years to become the largest privately owned Supermarket
Chain in Southern California
, with annual sales in 2004 of $3.sandwiches spreads
Last year's quarter
included an after-tax charge to interest expense
of $5.
-- Costs of revenues were at 83.9
percent in FY04, due primarily to significant increases
in
distribution and c-store sales at lower margins.9 percent in FY04, due primarily to the retroactive
reinstatement of the Work Opportunity Tax Credit (WOTC)
program and from continued tax-planning
initiatives.
-- The company also today updated its earnings guidance for
fiscal 2005.
-- $560 million in total revenues is projected versus $517
million last year.5 cents in the
second
quarter, yielding diluted earnings per share of 51 cents; and
2. Markets is proud to
announce
a Groundbreaking Ceremony on Wednesday, June 1 at 11:00 a. A Grand
Opening Celebration for the new
Sierra Crossroads Stater Bros. Brown Chairman of the Board
Chief Executive Officer
Stater Bros.pita legendary
-- Income tax rate was 35.43 per diluted share, which is up from
its previous
forecast of $2. Successful completion of
the program is expected to provide a benefit of approximately
3 cents per diluted share in this fiscal year, and such
repurchases will be made using the company
's existing cash
resources.2 percent increase in same-store sales and moderate food
costs in last
year's second quarter.
-- Weighted average diluted shares outstanding are projected to
be
37. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Jan.
Markets
stated, "The Stater Bros.
Stater Bros.ground spreads
Both chains have a strong
lineup of products and promotions
that we believe will support our
sales expectations for the remainder of the year.
-- Same
-store sales at Jack in the Box restaurants increased 2.3 percent of sales compared
with 16.
-- Other assets increased $26 million from a year ago, due
primarily to contributions of $30 million
made to the
company's qualified pension plans in fiscal 2004.
-- Total debt was $303 million
compared with $310 million in
FY04. The EPS forecast for the second
quarter is consistent with
the company's budget for fiscal
2005, which incorporated the challenge of rolling over an 8. Inspired
by a similar
sandwich developed and tested at the company's JBX Grill
concept, the new sandwiches
constitute the chain's second
sandwich line featuring ciabatta bread; last year Jack in the
Box
successfully launched a line of deli-style sandwiches
called Pannidos(R), which are served on ciabatta
baguettes.5 percent, which is at the lower end of
original guidance, due primarily to the weather
-related
softness in the first quarter.
-- SG+A rate is expected to be 10.8 percent versus
10. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
Sixteen Weeks Ended
-----------------------
Jan. 23, Jan. This Will Be the Fifth Stater Bros
. Supermarket to Serve Fontana and the
Second New Stater Bros. is also the largest private
employer in both
San Bernardino County and Riverside County.
pita rolls
Jack in the Box introduced
reloadable gift cards at virtually
all of its restaurants in November.
Jack in the
Box began offering all restaurant hourly employees
a health-care program, including vision
and dental benefits.5-3.2 percent compared with 82. Excluding the refinancing
charge, the decrease
compared with last year was due primarily
to lower interest rates from refinancing and subsequent
repricing of the company's credit facility. They include access to health benefits for all
full
- and part-time crew members and computer-based training.
-- $75 million in distribution and
other sales is estimated
versus $39 million last year, due primarily to increased
distribution
sales to Qdoba and Jack in the Box franchised
restaurants, additional Quick Stuff units and higher
fuel
sales.5 percent last year, due primarily to the
significant fixed- and variable-cost leverage
obtained from an
8.3 million versus 36.
About Jack in the Box Inc. MARKETS.egg sandwiches
0 percent increase
forecast, due
primarily to the impact of unusually severe weather conditions
in January, mentioned
previously. The increase compared
with last year was due primarily to additional Quick Stuff
units
and higher fuel sales, as well as increased distribution
sales to Qdoba and Jack in the Box franchised
restaurants.
-- Weighted average diluted shares outstanding were 37.4 million and
depreciation
/amortization was $26. And the Classic Chicken Ciabatta
features a grilled chicken breast on a lightly
toasted
ciabatta bun with reduced-fat herb mayo, sliced tomatoes,
green leaf lettuce and red onion
slices. 2, 2005, the end
of the company's current fiscal year.7 percent
versus 17.
--
Interest expense is expected to be $4 million, the same as
last year, as increases in LIBOR rates
year over year offset
two term-loan repricing initiatives, as mentioned previously.
-- Capital
expenditures are estimated at $20-25 million versus
$38 million last year.
The full-year impact
of these adjustments in fiscal 2004 rounds to
10 cents per diluted share and total 10. Statements
about the company's past performance are not
necessarily indicative of its future results.
The NEW 44,000 sq.cold dip
4 million, or 68 cents per diluted share, in the first quarter
ended Jan. 16,
2004.
-- 11 new company and franchised Jack in the Box restaurants
opened versus 13 in FY04
, bringing to 2,014 the total number
of Jack in the Box and JBX Grill restaurants at quarter end;
22 new company and franchised Qdoba Mexican Grill sites opened
versus 20 in FY04, bringing to
198 the total number of Qdoba
restaurants at quarter end; and 3 new Quick Stuff convenience
stores
opened, bringing to 32 the total number of c-store
locations at quarter end compared with 18 a year
ago.
-- SG+A expense rate was 10.
-- Interest expense was $4.9 million versus $5.5 million
forecast, due primarily to lower-than-expected borrowing
rates, and versus $15.
-- Current
ratio was 0.7:1 last year.33, and versus $2.
-- 1 percent same-store sales increase is estimated
on top of an
8.8 percent versus 36.
These adjustments to earnings per diluted share round to 3
cents for
each of the first three quarters of last year, and when calculated on
a discreet basis
they are as follows: 3.68 $.
(Logo: http://www.com/cgi-bin/prnh/20030421/STATERLOGO)
The NEW Stater Bros.wrap cold
Jack in the Box Inc. Reports First Quarter Results; Provides Guidance for
Second Quarter and Updates Fiscal 2005 Forecast
"Our balance sheet remains in excellent condition
, and the company
continues to generate strong cash flows and maintain significant cash
reserves
, even after completing a $35 million share repurchase program
at the beginning of the first quarter
. Early
response to the new concept has been positive, and the company
plans to
incorporate the new menu, design and additional
enhancements in future tests, based on learnings
gained at the
existing locations.
-- Restaurant operating margin was 16.
-- Stockholders' equity increased $101 million from a year ago,
due primarily to increased earnings
over the past year, as
well as a reduction in a charge to equity resulting from
contributions
made to the company's pension plans.71 $. We pledge to continue to work hard every day to earn
the privilege of serving our 'valued' customers. Markets
(909) 783-5000
cooking salad
7 million
, or
15 cents per diluted share, for costs related to refinancing the
company's credit facility
. Jack in
the Box also added to each of its Kid's Meals a 4-oz., where nine
locations
are now operating with a new, flame-grilled cooking
platform, expanded menu and upgraded
interior design. The increase in restaurant operating
margin versus last year was due primarily to
additional
leverage from higher sales, as well as effective labor
management and lower costs for
occupancy, both of which were
related to continued Profit Improvement Program initiatives. The Bruschetta
Chicken Ciabatta features a
grilled chicken breast on a lightly toasted ciabatta bun with
real
provolone cheese, green leaf lettuce, mayo-onion sauce
and diced tomatoes marinated in basil, garlic
, olive oil,
vinegar and Parmesan cheese. 16, 2004, Jack in the Box
provided information related
to its restatement of prior years'
financial results and included the estimated earnings per diluted
share effect for each of the first three quarters of fiscal 2004.
The following are some of the
factors that could cause the
company's actual results to differ materially from those expressed in
the forward-looking statements: costs may exceed projections,
including costs related to new construction
, Jack in the Box remodels
and conversions of Jack in the Box restaurants to JBX Grill;
developing
and marketing JBX Grill as a new concept; costs for food
ingredients, particularly tomatoes, beef
and dairy, as well as fuel,
utilities and labor, including increases in the minimum wage, workers
'
compensation and other insurance; delays in the remodeling or opening
of restaurants; the availability
of financing on terms satisfactory to
franchisees and potential franchisees; timely payment of franchisees
'
obligations due the company; the continuation of positive
relationships with the company's franchisees
, and the franchisees'
continuing willingness to participate in company strategies; adverse
regional
weather conditions and business, economic and other local or
national conditions or events that affect
consumer confidence and
spending patterns, such as concerns about the safety of beef or other
foods;
concerns about obesity; the effect of any widespread negative
publicity regarding the company or
the restaurant industry in general;
the effects of war and terrorist activities; changes in government
regulations; changes in accounting standards, policies and practices;
potential variances between
estimated and actual liabilities; the
effect of potential weakness in or failure of internal controls;
the
effects of legal claims; and the possibility of unforeseen events
affecting the industry in
general.39
Weighted-average shares outstanding:
Basic
35,954 36,050
Diluted 37,313 36,607
JACK IN THE BOX INC.' "Famous Low Prices" .. for 68 Golden Years
Jack H."
Stater Bros.finger pita
0
million and $25.2 million, respectively, in FY04.
Second
Quarter Initiatives
-- Jack in the Box restaurants introduced two premium sandwiches
in early
February.
$65 Million Share Repurchase Authorization
-- The company said today that its
board of directors has
authorized a $65 million program to repurchase shares of the
company's
common stock, in the open market or in private
transactions, from time to time, until Oct.
Second
Quarter Guidance Highlights (in approximate amounts)
-- 12 new company and franchised Jack in
the Box and JBX Grill
restaurants are planned to open, along with 15 new company and
franchised
Qdoba restaurants, and 3 new Quick Stuff
convenience stores.3
percent last year, due primarily
to lower restaurant operating
margin and significant increases in distribution and c-store
sales
at lower margins, partially offset by higher gains on
sales of restaurants.
Stater Bros. is
the only Inland Empire Headquartered company on the 2005
"Fortune 500" list.fillings hamburger
"
First Quarter
Initiatives
New products at Jack in the Box included a premium Chicken
Cordon Bleu
sandwich, Chicken Caesar entree salad and two
seasonal ice cream shakes, Pumpkin Pie and
Egg Nog.
-- Capital expenditures were $31 million, same as FY04 and
slightly higher than
the $25-30 million forecast, due in part
to the purchase of three franchised Qdoba restaurants. The
company currently has no balance outstanding on its
$200 million revolving credit facility.7 percent
previously forecast, due primarily to absorption of costs
related to stock-option expensing, as
required by the adoption
of FAS 123R in the fourth quarter of fiscal 2005. The company undertakes
no
obligation to update or revise any forward-looking statement, whether
as the result of new
information, future events or otherwise..fillings horseshoe
-- Other revenues were $9 million compared with $6
million
forecast and $7 million in FY04, primarily related to the sale
of 13 Jack in the Box restaurants
to franchisees versus 10-12
forecast and 19 last year, with the increase in average gains
due
to the specific sales and cash flows of the restaurants
being sold.3 percent in FY04, resulting primarily
from
greater leverage from increased distribution and c-store
sales, along with continued Profit
Improvement Program
initiatives.
-- SG+A expense rate is expected to be 10.
-- Earnings
from operations are estimated at $33 million and
depreciation/amortization at $21 million versus
$33 million
and $20 million, respectively, last year.2 percent, as
forecast.
-- Income
tax rate is projected at 36. 23, Jan.. "Low Price
Leader" .spreads wrap
5:1 versus 0.
Earnings
Guidance Summary
-- The company today provided its initial guidance for the second
quarter
ending April 17, stating that it expects to earn
approximately 50 cents per diluted share compared
with 51
cents reported last year.
-- Restaurant operating margin is estimated at 17.sandwich fillings
2
percent
same-store sales increase in the second quarter of
2004.7 percent versus 11.
-- Interest
expense is expected to be $18 million versus $19
million previously forecast, due primarily to the
recent term
loan repricing and continued Profit Improvement Program
initiatives.
In the
company's news release of Dec.4 cents in the first quarter,
yielding diluted earnings per share of
39 cents; 2. Further information about factors
that could affect the company's financial and other
results is
included in the company's annual report on Form 10-K and its periodic
reports on Forms
10-Q and 8-K filed with the Securities and Exchange
Commission. The information in this
press
release is as of February 23, 2005. The Company currently operates
161 Supermarkets, and there are
over 16,000 members of the Stater Bros
"Family" of Employees.pork spreads
The "Jack Cash" gift cards
are available in any amount from $5 to $100.2
percent on top of a 3.
-- Debt:equity ratio
was 0. This year's estimate
reflects higher commodity costs for beef and dairy, partially
offset
by continued improvement in labor management.
-- Income tax rate is projected at 35.newscom
. Markets.sandwich spreads
All numbers presented in this news release
reflect adjustments described in the company
's restatement news
release, dated Dec. To accommodate these enhancements, the
company
now plans to open additional JBX Grill locations in
2006. The company continues to expand
its franchising
program to improve operating margins and accelerate cash flows
to be able to repurchase
shares and reinvest in its restaurant
re-image program without incurring additional debt or diluting
equity.
-- As planned, Jack in the Box will begin testing new interior
and exterior designs
for its restaurants during the quarter.
The enhancements are intended to create a more contemporary
,
upscale atmosphere and promote more in-restaurant dining.
-- The company also today announced
that it recently completed,
effective Jan.
-- $7 million in other revenues is projected versus
$5 million
last year, due primarily to the sale of 14 restaurants to
franchisees versus 7 last
year, with the decrease in average
gains related to the specific sales and cash flows of the
restaurants
being sold.4 percent versus 82.4 percent versus 38 percent
previously forecast, due to the retroactive
reinstatement of
the WOTC program, tax refunds and continued tax-planning
initiatives.jackinthebox
.
Stater Bros.salad wrap
4 million, or 39 cents per
diluted share, in the same quarter a year ago. "Our
Qdoba Mexican Grill(R) brand also posted strong
results, with same-store sales increasing in the
double-digit range on
top of a double-digit increase last year.8 percent of revenues, as forecast
,
compared with 11.com
Safe Harbor Statement
Any statements contained in this press
release that are not
historical are forward-looking statements, including statements about
the
company's financial results and estimates, adjustments to
financial statements, and accounting policies
, that are subject to
substantial risks and uncertainties.40
Diluted
$. 18,
2005 2004
----------- -----------
(Restated)
ASSETS
Current assets:
Cash and cash equivalents $118,054 $30,558
Accounts and notes receivable
, net 20,191 26,804
Inventories 38,712
34,801
Other current assets 57,608 72,162
----------- -----------
Total current assets
234,565 164,325
----------- -------
----
Property and equipment, net 859,036 834,417
Other assets
, net 181,845 155,757
----------- -----------
TOTAL $1,275,446 $1
,154,499
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long
-term debt $8,019 $9,536
Other current liabilities 243,794
225,665
----------- -----------
Total
current liabilities 251,813 235,201
----------- -----------
Long-term debt, net of current maturities 295,236 300
,701
Other long-term liabilities 162,358 153,362
----------- -----------
Total liabilities
709,407 689,264
----------- ---------
--
Stockholders' equity 566,039 465,235
----------- -----------
TOTAL
$1,275,446 $1,154,499
=========== ===========
..stuffed dip
"New products and seasonal promotions contributed to the sixth
consecutive quarterly
increase in Jack in the Box(R) same-store sales
and another solid performance for our core brand
," said Robert Nugent,
chairman and CEO.
The company launched a new program for evaluating
guest
service, called "Voice of the Customer," which asks randomly
selected customers
to rate their restaurant experience in an
automated survey via telephone or Internet.
-- Total revenues were $739 million versus $670 million in FY04.6 percent forecast and 15. The
company
now expects its income tax rate for the fiscal year
will be approximately 36.
-- Several
recent internal-service initiatives have helped reduce
crew turnover at Jack in the Box restaurants
to a current
all-time low.2 million
annually.
-- Costs of revenues are expected to be
83.
Jack in the Box Inc. Supermarket to Open in Fontana This Year
COLTON, Calif.sandwiches cooking
Qdoba
,
Quick Stuff and JBX Grill operations are not material
components of the company's consolidated
financial results or
projections.8 percent in FY04, with the
decrease versus forecast due primarily
to higher commodity
costs for tomatoes and beef, partially offset by effective
management of labor
.9 million in FY04, which included a $9.7 percent versus 38 percent forecast
and 37.4 percent.9 versus
0. Same-store sales for Qdoba are
still expected to increase in the mid-single-digit range.
For
more information, visit www. from your .beef horseshoe
Accordingly, our board of
directors believes that an additional
$65 million share repurchase
program for 2005 represents a prudent opportunity to further increase
shareholder value.
Throughout the holiday season, Jack in the Box offered free
with all large combo meals a new Holiday Antenna Ball, with
Jack's familiar likeness featuring
reindeer antlers and a red
nose.
-- Distribution and other sales were $93 million
versus $96
million forecast, due primarily to fewer gallons of fuel sold
in January when heavy
rains impacted the company's western
markets, and versus $44 million in FY04.
Increases in fuel
sales reflect additional gallons dispensed
and higher retail prices per gallon, which have
proportionately
higher costs, but which yield stable penny
profits.2
million pretax refinancing charge.3 million
versus 37 million forecast and 36.
Fiscal 2005 Guidance Update (in approximate amounts)
-- New unit openings are expected to remain on plan for both Jack
in the Box and Qdoba at 45
-50 and 75, respectively.8 million versus 37 million previously forecast, related
primarily to the
new share repurchase program.
-- Capital expenditures remain unchanged at $125-135 million.
2 cents on a discreet basis,
yielding diluted earnings per share of $2. (NYSE:JBX) is a restaurant
company that
operates and franchises Jack in the Box(R) restaurants, one of the
nation's largest
hamburger chains, with more than 2,000 restaurants in
17 states. Brown, Chairman and Chief Executive
Officer of Stater Bros.
STATER BROS.cooking finger
23, 2005, compared with $14.7 in FY04.2 percent increase
in the second quarter last year, in which
Jack in the Box experienced one of its highest-ever sales
increases, related primarily to the introduction of its
Pannido sandwich line.3
percent last
year, due primarily to continued Profit
Improvement Program initiatives and additional leverage from
higher distribution and c-store sales.0
percent last year.Stater Bros. Markets Announces Groundbreaking
for New Full Service Supermarket in Fontana California
m. to
dedicate the site of its newest
and most modern Full Service Supermarket in
Southern California. has been serving the community of
Fontana for sixty-six years
(since 1939), and the company currently operates four supermarkets in
Fontana
at 8228 North Sierra Avenue, at 9954 South Sierra Avenue, at 18140 Arrow
Route, and the
Company's newest supermarket at 15222 Summit Avenue. Supermarket will be
constructed by Stater Bros
. Among the NEW Supermarket's features:
* Full Service Meat Department with famous Stater
Bros. Butchers to
serve you and provide cooking tips
* Full Service "Fresh
" Seafood Department
* Full Service Deli offering a complete selection of salads, premium
deli meats, a wide variety of domestic and imported cheeses,
sandwiches-to-go
, including the new "Sandwich Classics" using La Brea
fine rolls, party trays, quick and easy
hot lunches and dinners, and
Golden Fried Chicken
* Full Service Hot Bakery
featuring daily fresh baked artisan breads,
cookies, rolls, elegant desserts and custom-made
cakes for all
occasions, including picture cakes
* Expanded "Garden Fresh" Produce
Department featuring more than
700 items
* Floral Department offering fresh
-cut flower bouquets, silk
arrangements, potted plants and balloons
* The addition
of energy efficient skylights to incorporate the use of
day lighting and help the environment
* Plus, Stater Bros. 'Family' of employees is especially proud to
be able to build its
fifth Stater Bros. Supermarket to serve the growing
community of Fontana. Stater Bros.pork dip
Business
Editors
SAN DIEGO----
Announces $65 Million Share Repurchase Authorization
Jack in the Box Inc.
As an additional incentive to crew members with more than a
year of service, Jack in the Box will pay a portion of their
premiums.1 million versus
$39.
-- Accounts and notes receivable decreased $7 million from a year
ago, due primarily
to repayment of short-term loans made to
qualified Jack in the Box franchisees for purchases of
restaurants
from the company. Increases
from stock option exercises were more than offset by the
recent completion
of a $35 million share repurchase program. Current guidance is higher than originally
forecast, due
primarily to a 6 cents benefit from a lower
income tax rate, a 2 cents benefit from lower interest
expense, a 5 cents benefit from higher gains on sales of
restaurants to franchisees, and a 3 cents
benefit from
additional share repurchases, partially offset by a 3 cents
impact from softer sales
in the first quarter, and a 3 cents
impact from stock-option expensing, as required by the
adoption
of FAS 123R in the fourth quarter of fiscal 2005.
JACK IN THE BOX INC..fillings rolls
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