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 13, 2015
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JACK
IN THE BOX INC.
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|
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(Exact name of registrant as specified in its charter)
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DELAWARE
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1-9390
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95-2698708
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification Number)
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9330 BALBOA AVENUE, SAN DIEGO, CA
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92123
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(Address
of principal executive offices)
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(Zip
Code)
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(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 13, 2015, Jack in the Box Inc. issued a press release announcing
its second quarter fiscal 2015 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 13, 2015
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.
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JACK IN THE BOX INC.
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By:
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/s/ JERRY P. REBEL
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Jerry P. Rebel
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Executive Vice President
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Chief Financial Officer
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(Principal Financial Officer)
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(Duly Authorized Signatory)
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Date: May 13, 2015
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Exhibit 99.1
Jack in
the Box Inc. Reports Second Quarter FY 2015 Earnings; Updates Guidance
for FY 2015; Raises Quarterly Cash Dividend by 50%
SAN DIEGO--(BUSINESS WIRE)--May 13, 2015--Jack in the Box Inc. (NASDAQ:
JACK) today reported earnings from continuing operations of $23.4
million, or $0.61 per diluted share, for the second quarter ended April
12, 2015, compared with earnings from continuing operations of $18.3
million, or $0.43 per diluted share, for the second quarter of fiscal
2014.
Operating earnings per share, a non-GAAP measure which the company
defines as diluted earnings per share from continuing operations on a
GAAP basis excluding restructuring charges and gains or losses from
refranchising, were $0.69 in the second quarter of fiscal 2015 compared
with $0.51 in the prior year quarter.
A reconciliation of non-GAAP measurements to GAAP results is provided
below, with additional information included in the attachment to this
release. Figures may not add due to rounding.
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12 Weeks Ended
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28 Weeks Ended
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April 12, 2015
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April 13, 2014
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April 12, 2015
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April 13, 2014
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Diluted earnings per share from continuing operations – GAAP
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$
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0.61
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$
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0.43
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$
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1.55
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$
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1.18
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Restructuring charges
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–
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0.11
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–
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0.11
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Losses (gains) from refranchising
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0.08
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(0.03
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)
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0.07
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(0.03
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)
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Operating earnings per share – Non-GAAP
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$
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0.69
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$
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0.51
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$
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1.62
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$
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1.26
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Lenny Comma, chairman and chief executive officer, said, “We’re pleased
with our second quarter performance, which culminated in a 35 percent
increase in operating earnings per share resulting from strong
same-store sales growth and margin expansion at both Jack in the Box®
and Qdoba Mexican Grill®. We continued to use our
growing free cash flow to return cash to shareholders, and today we
announced a 50 percent increase in our quarterly dividend, demonstrating
the confidence we have in our business model. We also essentially
completed our refranchising strategy, with the sale of 20
company-operated restaurants in the Southeast.”
Increase in same-store sales:
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12 Weeks Ended April 12, 2015
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12 Weeks Ended April 13, 2014
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28 Weeks Ended April 12, 2015
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28 Weeks Ended April 13, 2014
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Jack in the Box:
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Company
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7.4
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%
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0.9
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%
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5.3
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%
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1.5
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%
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Franchise
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9.4
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%
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0.6
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%
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6.7
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%
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1.3
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%
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System
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8.9
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%
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0.7
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%
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6.3
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%
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1.4
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%
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Qdoba:
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Company
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7.0
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%
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7.2
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%
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10.2
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%
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4.3
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%
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Franchise
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9.6
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%
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6.8
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%
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12.6
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%
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4.4
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%
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System
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8.3
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%
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7.0
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%
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11.4
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%
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4.3
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%
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“Jack in the Box system same-store sales increased 8.9 percent for the
quarter, our best performance since 1999, and company same-store sales
increased 7.4 percent. Transactions drove approximately one-third of the
company growth, and sales were strong across all dayparts, with
breakfast and dinner the best performing,” Comma said.
Jack in the Box system same-store sales growth for the quarter of 8.9
percent exceeded that of the QSR sandwich segment by 7.6 percentage
points for the comparable period, according to The NPD Group’s SalesTrack®
Weekly for the 12-week time period ended April 12, 2015. Included in
this segment are 16 of the top QSR sandwich and burger chains in the
country.
“Qdoba same-store sales increased 8.3 percent system-wide and 7.0
percent for company restaurants in the second quarter, as the simplified
menu pricing structure continued to drive average check growth. Our
company performance also benefited from another quarter of double-digit
growth in catering sales,” Comma said.
Consolidated restaurant operating margin increased by 210 basis points
to 20.6 percent of sales in the second quarter of 2015, compared with
18.5 percent of sales in the year-ago quarter. Restaurant operating
margin for Jack in the Box company restaurants increased 280 basis
points to 21.4 percent of sales. The improvement was due primarily to
sales leverage and the benefit of refranchising, which were partially
offset by the impact of the increase in the California minimum wage in
July 2014. Food and packaging costs as a percentage of sales decreased
due to the benefit of price increases and favorable product mix changes,
which were partially offset by commodity inflation of approximately 2.6
percent in the quarter. Restaurant operating margin for Qdoba company
restaurants increased 50 basis points to 18.8 percent of sales, due
primarily to sales leverage, including the benefit of the new menu
pricing structure, which was partially offset by commodity inflation of
approximately 2.0 percent, an increase in labor staffing and higher
credit card fees.
Franchise costs for the second quarter decreased to 48.3 percent of
franchise revenues from 50.5 percent in the prior year quarter. The
decrease was due primarily to higher royalty revenue for both brands and
higher rental income from Jack in the Box franchise restaurants
resulting from increases in franchise average unit volumes and an
increase in the number of franchise restaurants.
SG&A expense for the second quarter increased by $3.8 million and was
14.7 percent of revenues as compared to 14.3 percent in the prior year
quarter. The increase reflects a $1.2 million increase in pension
expense and a $3.4 million increase in incentive compensation relating
to the company’s performance. Mark-to-market adjustments on investments
supporting the company’s non-qualified retirement plans positively
impacted SG&A by $1.6 million in the second quarter of 2015 as compared
to $0.5 million in the second quarter of 2014, resulting in a
year-over-year decrease in SG&A of $1.1 million.
Losses from refranchising were $5.0 million in the second quarter of
2015, or approximately $0.08 per diluted share, relating to the
refranchising of 20 Jack in the Box restaurants in one market. This
compares to gains of $1.8 million, or approximately $0.03 per diluted
share, in the prior year quarter.
In the third quarter of 2013, following the completion of the company’s
previously disclosed review of market performance for its Qdoba brand,
62 company-operated Qdoba restaurants were closed, and the results of
operations, impairment charges, lease obligations and other exit costs
for these restaurants are included in discontinued operations in the
accompanying consolidated statements of earnings for all periods
presented. Discontinued operations for the second quarter of fiscal 2015
include after-tax charges related to the Qdoba restaurant closures of
approximately $0.01 per diluted share, as compared to $0.06 for the
second quarter of fiscal 2014.
Capital Allocation
The company repurchased approximately 777,000 shares of its common stock
in the second quarter of 2015 at an average price of $96.53 per share
for an aggregate cost of $75.0 million. Year-to-date through the second
quarter, the company has repurchased approximately 2,084,000 shares at
an average price of $84.72 per share, for an aggregate cost of $176.6
million. This leaves $40.5 million remaining under a $100 million
stock-buyback program authorized by the company’s Board of Directors,
which expires in November 2016. In May 2015, the company’s Board of
Directors authorized an additional $100 million stock buyback program
that also expires in November 2016.
The company also announced today that on May 7, 2015, its Board of
Directors declared a quarterly cash dividend of $0.30 per share on the
company’s common stock. The dividend is payable on June 12, 2015, to
shareholders of record at the close of business on June 1, 2015.
Guidance
The following guidance and underlying assumptions reflect the company’s
current expectations for the third quarter ending July 5, 2015, and the
fiscal year ending September 27, 2015. Fiscal 2015 is a 52-week year,
with 16 weeks in the first quarter, and 12 weeks in each of the second,
third and fourth quarters.
Third quarter fiscal year 2015 guidance
-
Same-store sales increase of approximately 4.0 to 6.0 percent at Jack
in the Box company restaurants versus a 2.4 percent increase in the
year-ago quarter.
-
Same-store sales increase of approximately 6.0 to 8.0 percent at Qdoba
company restaurants versus a 7.2 percent increase in the year-ago
quarter.
Fiscal year 2015 guidance
-
Same-store sales increase of approximately 4.5 to 5.5 percent at Jack
in the Box company restaurants.
-
Same-store sales increase of approximately 7.5 to 9.5 percent at Qdoba
company restaurants.
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Overall commodity cost inflation of approximately 2.0 percent for the
full year.
-
Consolidated restaurant operating margin of approximately 20.0
percent, depending on same-store sales and commodity inflation.
-
SG&A as a percentage of revenue of approximately 14.0 percent as
compared to 13.9 percent in fiscal 2014. The increase in fiscal 2015
reflects higher incentive compensation, higher pre-opening costs
related to Qdoba growth, and $5.0 million of higher pension expense.
-
Impairment and other charges as a percentage of revenue of
approximately 90 basis points, excluding restructuring charges. The
increase versus the company’s previous guidance relates to the
replacement of beverage equipment, which is expected to negatively
impact diluted earnings per share by approximately $0.06.
-
Approximately 15 to 20 new Jack in the Box restaurants opening
system-wide.
-
Approximately 50 to 60 new Qdoba restaurants, approximately half of
which are expected to be company locations.
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Capital expenditures of $90 to $100 million.
-
Tax rate of approximately 37 percent.
-
Operating earnings per share, which the company defines as diluted
earnings per share from continuing operations on a GAAP basis
excluding restructuring charges and gains or losses from
refranchising, ranging from $2.90 to $3.00 in fiscal 2015 as compared
to operating earnings per share of $2.45 in fiscal 2014. This guidance
includes the expected $0.06 charge relating to the replacement of
beverage equipment.
Conference call
The company will host a conference call for financial analysts and
investors on Thursday, May 14, 2015, beginning at 8:30 a.m. PT (11:30
a.m. ET). The conference call will be webcast live over the Internet via
the Jack in the Box Inc. corporate 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 May 14.
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 21 states and Guam. Additionally, through a wholly owned
subsidiary, the company operates and franchises Qdoba Mexican Grill®,
a leader in fast-casual dining, with more than 600 restaurants in 47
states, the District of Columbia and Canada. For more information on
Jack in the Box and Qdoba, including franchising opportunities, visit www.jackinthebox.com
or www.qdoba.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 following: the success
of new products and marketing initiatives; the impact of competition,
unemployment, trends in consumer spending patterns and commodity costs;
the company’s ability to achieve and manage its planned growth, which is
affected by the availability of a sufficient number of suitable new
restaurant sites, the performance of new restaurants, and risks relating
to expansion into new markets; and stock market volatility. These and
other 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 http://investors.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
RECONCILIATION OF
NON-GAAP MEASUREMENTS TO GAAP RESULTS
(Unaudited)
Operating earnings per share, a non-GAAP measure, is defined by the
company as diluted earnings per share from continuing operations on a
GAAP basis excluding restructuring charges and gains or losses from
refranchising. Management believes this non-GAAP financial measure
provides important supplemental information to assist investors in
analyzing the performance of the company’s core business. In addition,
the company uses operating earnings per share in establishing
performance goals for purposes of executive compensation. The company
encourages investors to rely upon its GAAP numbers but includes this
non-GAAP financial measure as a supplemental metric to assist investors.
This non-GAAP financial measure should not be considered as a substitute
for, or superior to, financial measures calculated in accordance with
GAAP. In addition, this non-GAAP financial measure used by the company
may be calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies.
Below is a reconciliation of non-GAAP operating earnings per share to
the most directly comparable GAAP measure, diluted earnings per share
from continuing operations. Figures may not add due to rounding.
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12 Weeks Ended
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28 Weeks Ended
|
|
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April 12, 2015
|
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April 13, 2014
|
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April 12, 2015
|
|
April 13, 2014
|
Diluted earnings per share from continuing operations – GAAP
|
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$
|
0.61
|
|
$
|
0.43
|
|
|
$
|
1.55
|
|
$
|
1.18
|
|
Restructuring charges
|
|
|
–
|
|
|
0.11
|
|
|
|
–
|
|
|
0.11
|
|
Losses (gains) from refranchising
|
|
|
0.08
|
|
|
(0.03
|
)
|
|
|
0.07
|
|
|
(0.03
|
)
|
Operating earnings per share – Non-GAAP
|
|
$
|
0.69
|
|
$
|
0.51
|
|
|
$
|
1.62
|
|
$
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
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(Dollars in thousands, except per share data)
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(Unaudited)
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Quarter
|
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Year-to-date
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|
|
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April 12, 2015
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April 13, 2014
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April 12, 2015
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April 13, 2014
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Revenues:
|
|
|
|
|
|
|
|
|
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Company restaurant sales
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|
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$
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268,904
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|
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$
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257,773
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|
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$
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620,800
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|
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$
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596,602
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Franchise revenues
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|
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89,218
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|
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83,097
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|
|
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205,943
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|
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194,350
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|
|
|
|
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358,122
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|
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340,870
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|
|
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826,743
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790,952
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Operating costs and expenses, net:
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|
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Company restaurant costs:
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|
|
|
|
|
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Food and packaging
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84,032
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81,422
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|
|
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197,141
|
|
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189,660
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Payroll and employee benefits
|
|
|
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73,073
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|
|
|
71,616
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|
|
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168,752
|
|
|
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165,432
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Occupancy and other
|
|
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56,468
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56,998
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|
|
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131,499
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|
|
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131,707
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Total company restaurant costs
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|
|
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213,573
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|
|
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210,036
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|
|
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497,392
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|
|
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486,799
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Franchise costs
|
|
|
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43,059
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|
|
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41,996
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|
|
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100,200
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|
|
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97,507
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Selling, general and administrative expenses
|
|
|
|
52,472
|
|
|
|
48,660
|
|
|
|
115,567
|
|
|
|
107,816
|
|
Impairment and other charges, net
|
|
|
|
2,130
|
|
|
|
9,056
|
|
|
|
4,310
|
|
|
|
10,965
|
|
Losses (gains) on the sale of company-operated restaurants
|
|
|
5,020
|
|
|
|
(1,757
|
)
|
|
|
4,170
|
|
|
|
(2,218
|
)
|
|
|
|
|
316,254
|
|
|
|
307,991
|
|
|
|
721,639
|
|
|
|
700,869
|
|
Earnings from operations
|
|
|
|
41,868
|
|
|
|
32,879
|
|
|
|
105,104
|
|
|
|
90,083
|
|
Interest expense, net
|
|
|
|
4,220
|
|
|
|
4,311
|
|
|
|
9,433
|
|
|
|
8,853
|
|
Earnings from continuing operations and before income taxes
|
|
|
37,648
|
|
|
|
28,568
|
|
|
|
95,671
|
|
|
|
81,230
|
|
Income taxes
|
|
|
|
14,286
|
|
|
|
10,304
|
|
|
|
35,211
|
|
|
|
29,956
|
|
Earnings from continuing operations
|
|
|
|
23,362
|
|
|
|
18,264
|
|
|
|
60,460
|
|
|
|
51,274
|
|
Losses from discontinued operations, net of income tax benefit
|
|
|
(357
|
)
|
|
|
(2,463
|
)
|
|
|
(1,620
|
)
|
|
|
(3,187
|
)
|
Net earnings
|
|
|
$
|
23,005
|
|
|
$
|
15,801
|
|
|
$
|
58,840
|
|
|
$
|
48,087
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per share - basic:
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
0.62
|
|
|
$
|
0.44
|
|
|
$
|
1.58
|
|
|
$
|
1.22
|
|
Losses from discontinued operations
|
|
|
|
(0.01
|
)
|
|
|
(0.06
|
)
|
|
|
(0.04
|
)
|
|
|
(0.08
|
)
|
Net earnings per share (1)
|
|
|
$
|
0.61
|
|
|
$
|
0.38
|
|
|
$
|
1.53
|
|
|
$
|
1.14
|
|
Net earnings per share - diluted:
|
|
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
0.61
|
|
|
$
|
0.43
|
|
|
$
|
1.55
|
|
|
$
|
1.18
|
|
Losses from discontinued operations
|
|
|
|
(0.01
|
)
|
|
|
(0.06
|
)
|
|
|
(0.04
|
)
|
|
|
(0.07
|
)
|
Net earnings per share (1)
|
|
|
$
|
0.60
|
|
|
$
|
0.37
|
|
|
$
|
1.51
|
|
|
$
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
37,970
|
|
|
|
41,464
|
|
|
|
38,353
|
|
|
|
42,018
|
|
Diluted
|
|
|
|
38,566
|
|
|
|
42,632
|
|
|
|
39,039
|
|
|
|
43,336
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share
|
|
|
$
|
0.20
|
|
|
$
|
-
|
|
|
$
|
0.40
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
(1) Earnings per share may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Dollars in thousands, except share data)
|
(Unaudited)
|
|
|
|
April 12, 2015
|
|
September 28, 2014
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
10,386
|
|
|
$
|
10,578
|
|
Accounts and other receivables, net
|
|
|
69,455
|
|
|
|
50,014
|
|
Inventories
|
|
|
7,335
|
|
|
|
7,481
|
|
Prepaid expenses
|
|
|
29,448
|
|
|
|
36,314
|
|
Deferred income taxes
|
|
|
36,810
|
|
|
|
36,810
|
|
Assets held for sale
|
|
|
10,505
|
|
|
|
4,766
|
|
Other current assets
|
|
|
2,097
|
|
|
|
597
|
|
Total current assets
|
|
|
166,036
|
|
|
|
146,560
|
|
Property and equipment, at cost
|
|
|
1,508,360
|
|
|
|
1,519,947
|
|
Less accumulated depreciation and amortization
|
|
|
(812,898
|
)
|
|
|
(797,818
|
)
|
Property and equipment, net
|
|
|
695,462
|
|
|
|
722,129
|
|
Intangible assets, net
|
|
|
15,146
|
|
|
|
15,604
|
|
Goodwill
|
|
|
149,042
|
|
|
|
149,074
|
|
Other assets, net
|
|
|
236,717
|
|
|
|
237,298
|
|
|
|
$
|
1,262,403
|
|
|
$
|
1,270,665
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
10,898
|
|
|
$
|
10,871
|
|
Accounts payable
|
|
|
28,505
|
|
|
|
31,810
|
|
Accrued liabilities
|
|
|
159,633
|
|
|
|
163,626
|
|
Total current liabilities
|
|
|
199,036
|
|
|
|
206,307
|
|
Long-term debt, net of current maturities
|
|
|
592,989
|
|
|
|
497,012
|
|
Other long-term liabilities
|
|
|
307,433
|
|
|
|
309,435
|
|
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,
81,036,074 and 80,127,387 issued, respectively
|
|
|
810
|
|
|
|
801
|
|
Capital in excess of par value
|
|
|
395,087
|
|
|
|
356,727
|
|
Retained earnings
|
|
|
1,288,272
|
|
|
|
1,244,897
|
|
Accumulated other comprehensive loss
|
|
|
(90,285
|
)
|
|
|
(90,132
|
)
|
Treasury stock, at cost, 43,655,712 and 41,571,752 shares,
respectively
|
|
|
(1,430,939
|
)
|
|
|
(1,254,382
|
)
|
Total stockholders’ equity
|
|
|
162,945
|
|
|
|
257,911
|
|
|
|
$
|
1,262,403
|
|
|
$
|
1,270,665
|
|
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
Year-to-date
|
|
|
April 12, 2015
|
|
April 13, 2014
|
Cash flows from operating activities:
|
|
|
|
|
Net earnings
|
|
$
|
58,840
|
|
|
$
|
48,087
|
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
47,875
|
|
|
|
49,725
|
|
Deferred finance cost amortization
|
|
|
1,155
|
|
|
|
1,177
|
|
Excess tax benefits from share-based compensation arrangements
|
|
|
(17,073
|
)
|
|
|
(12,017
|
)
|
Deferred income taxes
|
|
|
(2,785
|
)
|
|
|
(384
|
)
|
Share-based compensation expense
|
|
|
7,367
|
|
|
|
6,348
|
|
Pension and postretirement expense
|
|
|
10,096
|
|
|
|
7,410
|
|
Gains on cash surrender value of company-owned life insurance
|
|
|
(3,635
|
)
|
|
|
(3,428
|
)
|
Losses (gains) on the sale of company-operated restaurants
|
|
|
4,170
|
|
|
|
(2,218
|
)
|
Losses on the disposition of property and equipment
|
|
|
466
|
|
|
|
594
|
|
Impairment charges and other
|
|
|
2,180
|
|
|
|
8,088
|
|
Loss on early retirement of debt
|
|
|
—
|
|
|
|
789
|
|
Changes in assets and liabilities, excluding acquisitions and
dispositions:
|
|
|
|
|
Accounts and other receivables
|
|
|
(21,841
|
)
|
|
|
(14,274
|
)
|
Inventories
|
|
|
146
|
|
|
|
(640
|
)
|
Prepaid expenses and other current assets
|
|
|
27,181
|
|
|
|
(8,746
|
)
|
Accounts payable
|
|
|
(1,459
|
)
|
|
|
1,725
|
|
Accrued liabilities
|
|
|
(8,991
|
)
|
|
|
(13,543
|
)
|
Pension and postretirement contributions
|
|
|
(8,113
|
)
|
|
|
(7,831
|
)
|
Other
|
|
|
(4,659
|
)
|
|
|
(9,910
|
)
|
Cash flows provided by operating activities
|
|
|
90,920
|
|
|
|
50,952
|
|
Cash flows from investing activities:
|
|
|
|
|
Purchases of property and equipment
|
|
|
(32,959
|
)
|
|
|
(31,196
|
)
|
Purchases of assets intended for sale and leaseback
|
|
|
(5,355
|
)
|
|
|
(19
|
)
|
Proceeds from the sale of assets
|
|
|
—
|
|
|
|
2,105
|
|
Proceeds from the sale of company-operated restaurants
|
|
|
2,630
|
|
|
|
7,842
|
|
Collections on notes receivable
|
|
|
5,314
|
|
|
|
1,774
|
|
Acquisitions of franchise-operated restaurants
|
|
|
—
|
|
|
|
(1,750
|
)
|
Other
|
|
|
1,786
|
|
|
|
36
|
|
Cash flows used in investing activities
|
|
|
(28,584
|
)
|
|
|
(21,208
|
)
|
Cash flows from financing activities:
|
|
|
|
|
Borrowings on revolving credit facilities
|
|
|
264,000
|
|
|
|
509,000
|
|
Repayments of borrowings on revolving credit facilities
|
|
|
(160,000
|
)
|
|
|
(379,000
|
)
|
Proceeds from issuance of debt
|
|
|
—
|
|
|
|
200,000
|
|
Principal repayments on debt
|
|
|
(7,996
|
)
|
|
|
(190,549
|
)
|
Debt issuance costs
|
|
|
—
|
|
|
|
(3,527
|
)
|
Dividends paid on common stock
|
|
|
(15,395
|
)
|
|
|
—
|
|
Proceeds from issuance of common stock
|
|
|
13,894
|
|
|
|
22,457
|
|
Repurchases of common stock
|
|
|
(174,115
|
)
|
|
|
(205,453
|
)
|
Excess tax benefits from share-based compensation arrangements
|
|
|
17,073
|
|
|
|
12,017
|
|
Change in book overdraft
|
|
|
—
|
|
|
|
4,774
|
|
Cash flows used in financing activities
|
|
|
(62,539
|
)
|
|
|
(30,281
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
11
|
|
|
|
5
|
|
Net decrease in cash and cash equivalents
|
|
|
(192
|
)
|
|
|
(532
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
10,578
|
|
|
|
9,644
|
|
Cash and cash equivalents at end of period
|
|
$
|
10,386
|
|
|
$
|
9,112
|
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL
INFORMATION
(Unaudited)
The following table presents certain income and expense items included
in our condensed consolidated statements of earnings as a percentage of
total revenues, unless otherwise indicated. Percentages may not add due
to rounding.
CONSOLIDATED STATEMENTS OF EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
Year-to-date
|
|
|
April 12, 2015
|
|
April 13, 2014
|
|
April 12, 2015
|
|
April 13, 2014
|
Revenues:
|
|
|
|
|
|
|
|
|
Company restaurant sales
|
|
75.1
|
%
|
|
75.6
|
%
|
|
75.1
|
%
|
|
75.4
|
%
|
Franchise revenues
|
|
24.9
|
%
|
|
24.4
|
%
|
|
24.9
|
%
|
|
24.6
|
%
|
Total revenues
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Operating costs and expenses, net:
|
|
|
|
|
|
|
|
|
Company restaurant costs:
|
|
|
|
|
|
|
|
|
Food and packaging (1)
|
|
31.2
|
%
|
|
31.6
|
%
|
|
31.8
|
%
|
|
31.8
|
%
|
Payroll and employee benefits (1)
|
|
27.2
|
%
|
|
27.8
|
%
|
|
27.2
|
%
|
|
27.7
|
%
|
Occupancy and other (1)
|
|
21.0
|
%
|
|
22.1
|
%
|
|
21.2
|
%
|
|
22.1
|
%
|
Total company restaurant costs (1)
|
|
79.4
|
%
|
|
81.5
|
%
|
|
80.1
|
%
|
|
81.6
|
%
|
Franchise costs (1)
|
|
48.3
|
%
|
|
50.5
|
%
|
|
48.7
|
%
|
|
50.2
|
%
|
Selling, general and administrative expenses
|
|
14.7
|
%
|
|
14.3
|
%
|
|
14.0
|
%
|
|
13.6
|
%
|
Impairment and other charges, net
|
|
0.6
|
%
|
|
2.7
|
%
|
|
0.5
|
%
|
|
1.4
|
%
|
Losses (gains) on the sale of company-operated restaurants
|
|
1.4
|
%
|
|
(0.5
|
)%
|
|
0.5
|
%
|
|
(0.3
|
)%
|
Earnings from operations
|
|
11.7
|
%
|
|
9.6
|
%
|
|
12.7
|
%
|
|
11.4
|
%
|
Income tax rate (2)
|
|
37.9
|
%
|
|
36.1
|
%
|
|
36.8
|
%
|
|
36.9
|
%
|
|
|
|
|
|
|
|
|
|
(1) As a percentage of the related sales and/or revenues.
|
|
|
|
|
|
|
|
|
(2) As a percentage of earnings from continuing operations and
before income taxes.
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL
INFORMATION
(Unaudited)
The following table presents Jack in the Box and Qdoba company
restaurant sales, costs and costs as a percentage of the related sales.
Percentages may not add due to rounding.
SUPPLEMENTAL COMPANY-OPERATED RESTAURANTS STATEMENTS OF EARNINGS
DATA
|
(Dollars in thousands)
|
|
|
|
Quarter
|
|
Year-to-date
|
|
|
April 12, 2015
|
|
April 13, 2014
|
|
April 12, 2015
|
|
April 13, 2014
|
Jack in the Box:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company restaurant sales
|
|
$
|
184,992
|
|
|
|
$
|
181,206
|
|
|
|
$
|
426,335
|
|
|
|
$
|
425,077
|
|
|
Company restaurant costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and packaging
|
|
|
58,495
|
|
31.6
|
%
|
|
|
58,644
|
|
32.4
|
%
|
|
|
137,688
|
|
32.3
|
%
|
|
|
138,510
|
|
32.6
|
%
|
Payroll and employee benefits
|
|
|
50,885
|
|
27.5
|
%
|
|
|
50,971
|
|
28.1
|
%
|
|
|
117,628
|
|
27.6
|
%
|
|
|
118,453
|
|
27.9
|
%
|
Occupancy and other
|
|
|
36,051
|
|
19.5
|
%
|
|
|
37,831
|
|
20.9
|
%
|
|
|
84,682
|
|
19.9
|
%
|
|
|
87,818
|
|
20.7
|
%
|
Total company restaurant costs
|
|
$
|
145,431
|
|
78.6
|
%
|
|
$
|
147,446
|
|
81.4
|
%
|
|
$
|
339,998
|
|
79.7
|
%
|
|
$
|
344,781
|
|
81.1
|
%
|
Restaurant margin
|
|
$
|
39,561
|
|
21.4
|
%
|
|
$
|
33,760
|
|
18.6
|
%
|
|
$
|
86,337
|
|
20.3
|
%
|
|
$
|
80,296
|
|
18.9
|
%
|
Qdoba:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company restaurant sales
|
|
$
|
83,912
|
|
|
|
$
|
76,567
|
|
|
|
$
|
194,465
|
|
|
|
$
|
171,525
|
|
|
Company restaurant costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and packaging
|
|
|
25,537
|
|
30.4
|
%
|
|
|
22,778
|
|
29.7
|
%
|
|
|
59,453
|
|
30.6
|
%
|
|
|
51,150
|
|
29.8
|
%
|
Payroll and employee benefits
|
|
|
22,188
|
|
26.4
|
%
|
|
|
20,645
|
|
27.0
|
%
|
|
|
51,124
|
|
26.3
|
%
|
|
|
46,979
|
|
27.4
|
%
|
Occupancy and other
|
|
|
20,417
|
|
24.3
|
%
|
|
|
19,167
|
|
25.0
|
%
|
|
|
46,817
|
|
24.1
|
%
|
|
|
43,889
|
|
25.6
|
%
|
Total company restaurant costs
|
|
$
|
68,142
|
|
81.2
|
%
|
|
$
|
62,590
|
|
81.7
|
%
|
|
$
|
157,394
|
|
80.9
|
%
|
|
$
|
142,018
|
|
82.8
|
%
|
Restaurant margin
|
|
$
|
15,770
|
|
18.8
|
%
|
|
$
|
13,977
|
|
18.3
|
%
|
|
$
|
37,071
|
|
19.1
|
%
|
|
$
|
29,507
|
|
17.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents the detail of our franchise revenues
and costs (dollars in thousands):
|
|
|
|
|
|
Quarter
|
|
Year-to-date
|
|
|
|
|
April 12, 2015
|
|
April 13, 2014
|
|
April 12, 2015
|
|
April 13, 2014
|
Royalties
|
|
|
$
|
35,894
|
|
|
$
|
32,279
|
|
|
$
|
81,723
|
|
|
$
|
74,980
|
|
Rental income
|
|
|
|
52,167
|
|
|
|
49,272
|
|
|
|
121,549
|
|
|
|
116,247
|
|
Franchise fees and other
|
|
|
|
1,157
|
|
|
|
1,546
|
|
|
|
2,671
|
|
|
|
3,123
|
|
Total franchise revenues
|
|
|
$
|
89,218
|
|
|
$
|
83,097
|
|
|
$
|
205,943
|
|
|
$
|
194,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rental expense
|
|
|
$
|
31,659
|
|
|
$
|
30,997
|
|
|
$
|
73,799
|
|
|
$
|
72,124
|
|
Depreciation and amortization
|
|
|
7,609
|
|
|
|
7,857
|
|
|
|
17,829
|
|
|
|
18,347
|
|
Other franchise support costs
|
|
|
3,791
|
|
|
|
3,142
|
|
|
|
8,572
|
|
|
|
7,036
|
|
Total franchise costs
|
|
|
|
43,059
|
|
|
|
41,996
|
|
|
|
100,200
|
|
|
|
97,507
|
|
|
Franchise margin
|
|
|
$
|
46,159
|
|
|
$
|
41,101
|
|
|
$
|
105,743
|
|
|
$
|
96,843
|
|
Franchise margin as a % of franchise revenues
|
|
|
51.7
|
%
|
|
|
49.5
|
%
|
|
|
51.3
|
%
|
|
|
49.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JACK IN THE BOX INC. AND SUBSIDIARIES
|
SUPPLEMENTAL INFORMATION
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table summarizes the year-to-date changes in the
number and mix of Jack in the Box and Qdoba company and franchise
restaurants:
|
|
|
|
April 12, 2015
|
|
April 13, 2014
|
|
|
Company
|
|
Franchise
|
|
Total
|
|
Company
|
|
Franchise
|
|
Total
|
Jack in the Box:
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
431
|
|
|
1,819
|
|
|
2,250
|
|
|
465
|
|
|
1,786
|
|
|
2,251
|
|
New
|
|
2
|
|
|
11
|
|
|
13
|
|
|
—
|
|
|
7
|
|
|
7
|
|
Refranchised
|
|
(21
|
)
|
|
21
|
|
|
—
|
|
|
(14
|
)
|
|
14
|
|
|
—
|
|
Acquired from franchisees
|
|
6
|
|
|
(6
|
)
|
|
—
|
|
|
4
|
|
|
(4
|
)
|
|
—
|
|
Closed
|
|
(6
|
)
|
|
(9
|
)
|
|
(15
|
)
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
End of period
|
|
412
|
|
|
1,836
|
|
|
2,248
|
|
|
455
|
|
|
1,799
|
|
|
2,254
|
|
% of Jack in the Box system
|
|
18
|
%
|
|
82
|
%
|
|
100
|
%
|
|
20
|
%
|
|
80
|
%
|
|
100
|
%
|
% of consolidated system
|
|
57
|
%
|
|
85
|
%
|
|
78
|
%
|
|
60
|
%
|
|
85
|
%
|
|
78
|
%
|
Qdoba:
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
310
|
|
|
328
|
|
|
638
|
|
|
296
|
|
|
319
|
|
|
615
|
|
New
|
|
3
|
|
|
11
|
|
|
14
|
|
|
8
|
|
|
12
|
|
|
20
|
|
Closed
|
|
(3
|
)
|
|
(5
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
(9
|
)
|
End of period
|
|
310
|
|
|
334
|
|
|
644
|
|
|
303
|
|
|
323
|
|
|
626
|
|
% of Qdoba system
|
|
48
|
%
|
|
52
|
%
|
|
100
|
%
|
|
48
|
%
|
|
52
|
%
|
|
100
|
%
|
% of consolidated system
|
|
43
|
%
|
|
15
|
%
|
|
22
|
%
|
|
40
|
%
|
|
15
|
%
|
|
22
|
%
|
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total system
|
|
722
|
|
|
2,170
|
|
|
2,892
|
|
|
758
|
|
|
2,122
|
|
|
2,880
|
|
% of consolidated system
|
|
25
|
%
|
|
75
|
%
|
|
100
|
%
|
|
26
|
%
|
|
74
|
%
|
|
100
|
%
|
CONTACT:
Jack in the Box Inc.
Investor Contact:
Carol
DiRaimo, (858) 571-2407
or
Media Contact:
Brian Luscomb,
(858) 571-2291
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