Jack in the Box Inc. Announces New $200 Million Share Repurchase Program
September 21 2015 - 4:05PM
Business Wire
Jack in the Box Inc. (NASDAQ: JACK) today announced that its
Board of Directors has authorized an additional $200 million stock
buyback program commencing in fiscal year 2016 and expiring in
November 2017.
During fiscal year 2015, the company repurchased approximately
3,743,000 shares at an average price of $84.71 per share, for an
aggregate cost of $317.1 million, including $65.5 million in the
fourth quarter of fiscal 2015. This completed a $100 million stock
buyback program authorized by the company’s Board of Directors in
May 2015.
Lenny Comma, chairman and chief executive officer, said, “Over
the last five years, we have demonstrated our commitment to
returning our growing free cash flow to shareholders through the
purchase of $1 billion in stock and the initiation of a dividend in
2014. The additional authorization coupled with the 50 percent
increase in our dividend announced in May underscores the
confidence both the management team and our Board of Directors have
in our business model and growth plans. The amendment to our credit
facility that was announced in July also provides us with more than
$400 million of additional borrowing capacity to support our
strategic priorities and comfortably maintain leverage within a 2
to 3 times range.”
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150921006261/en/
Jack in the Box Inc.Investor Contact:Carol DiRaimo,
858-571-2407orMedia Contact:Brian Luscomb, 858-571-2291
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