Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from
continuing operations of $29.0 million, or $0.85 per diluted share,
for the second quarter ended April 10, 2016, compared with
$23.4 million, or $0.61 per diluted share, for the second quarter
of fiscal 2015.
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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 $0.85 in the second
quarter of fiscal 2016 compared with $0.69 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.
12 Weeks Ended 28 Weeks Ended April 10,2016
April 12,2015 April 10,2016 April 12,2015 Diluted earnings
per share fromcontinuing operations – GAAP $ 0.85 $ 0.61 $ 1.78 $
1.55 Losses (gains) from refranchising — 0.08 (0.01 )
0.07 Operating earnings per share – Non-GAAP $ 0.85 $ 0.69
$ 1.77 $ 1.62
Lenny Comma, chairman and chief executive officer, said,
“Operating earnings per share for the second quarter exceeded our
expectations and guidance, and resulted primarily from healthy
margins and cost controls combined with mark-to-market adjustments
and a lower tax rate. We were pleased with the solid sales
performance at Qdoba® company restaurants, which was driven by
traffic growth, as well as with the improvement in labor costs and
margins as compared to the first quarter.
"At the Jack in the Box® brand, system same-store sales were
flat for the quarter as compared to an increase of 8.9 percent in
the prior year. In late January, we introduced multiple upgrades to
the core menu at our Jack in the Box restaurants system-wide, and
in the latter half of the quarter, we featured the improved
products in marketing messages at price points conveying both value
and quality.
"We look forward to sharing our growth plans and strategies to
enhance shareholder value at our upcoming investor meeting."
Increase (decrease) in same-store sales:
12 Weeks Ended 28 Weeks Ended April 10,2016
April 12,2015 April 10,2016 April 12,2015 Jack in the
Box: Company (1.0 )% 7.4 % (0.2 )% 5.3 % Franchise 0.3 % 9.4 % 1.1
% 6.7 % System 0.0 % 8.9 % 0.8 % 6.3 % Qdoba: Company 3.1 % 7.0 %
2.2 % 10.2 % Franchise 1.2 % 9.6 % 1.8 % 12.6 % System 2.1 % 8.3 %
2.0 % 11.4 %
Jack in the Box system same-store sales were flat for the
quarter, and lagged the QSR sandwich segment by 2.7 percentage
points for the comparable period, according to The NPD Group’s
SalesTrack® Weekly for the 12-week time period ended April 10,
2016. Included in this segment are 16 of the top QSR sandwich and
burger chains in the country. Company same-store sales decreased
1.0 percent, with average check up 1.4 percent.
Qdoba same-store sales increased 2.1 percent system-wide and 3.1
percent for company restaurants in the second quarter. Company
same-store sales reflected a 3.7 percent increase in transactions
as well as growth in catering sales.
Consolidated restaurant operating margin decreased by 70 basis
points to 19.9 percent of sales in the second quarter of 2016,
compared with 20.6 percent of sales in the year-ago quarter.
Restaurant operating margin for Jack in the Box company restaurants
decreased 70 basis points to 20.7 percent of sales. The decrease
was due primarily to minimum wage increases in California that went
into effect in January 2016 and higher costs related to equipment
upgrades which were partially offset by favorable food and
packaging costs. The decrease in food and packaging costs as a
percentage of sales resulted from the benefit of commodity
deflation of approximately 2.9 percent in the quarter, favorable
product mix changes and menu price increases. Restaurant operating
margin for Qdoba company restaurants decreased 50 basis points to
18.3 percent of sales, as costs associated with a greater number of
new restaurant openings and higher promotional activity more than
offset the sales growth and benefits from commodity deflation of
approximately 4.6 percent in the quarter.
Franchise margin as a percentage of total franchise revenues
improved to 53.8 percent in the second quarter from 51.7 percent in
the prior year quarter. The improvement was due primarily to higher
net rental income of $1.9 million recognized in the quarter related
to previously refranchised Jack in the Box markets. This annual
adjustment resulted from higher sales over the last year.
SG&A expense for the second quarter decreased by $5.6
million and was 13.0 percent of revenues as compared to 14.7
percent in the prior year quarter. The decrease reflects a $3.9
million decrease in incentive compensation and a $1.2 million
decrease in pension and postretirement benefits related to the
sunsetting of the company's qualified pension plan on December 31,
2015. Mark-to-market adjustments on investments supporting the
company’s non-qualified retirement plans positively impacted
SG&A by $2.3 million in the second quarter of 2016 as compared
to a positive impact of $1.6 million in the second quarter of 2015,
resulting in a year-over-year decrease in SG&A of $0.7 million.
These decreases were partially offset by a $2.0 million increase in
advertising costs at Qdoba due to the timing of promotional
activities, and higher pre-opening costs of $0.6 million resulting
from a greater number of Qdoba openings and restaurants under
construction in the second quarter.
Interest expense, net, increased by $2.7 million in the second
quarter due to increased leverage and a higher effective interest
rate for 2016.
The tax rate for the second quarter of 2016 was 36.7 percent
versus 37.9 percent for the second quarter of 2015. The lower tax
rate in the second quarter of 2016 was due primarily to favorable
adjustments on investments supporting the company's non-qualified
retirement plans.
Capital Allocation
The company repurchased approximately 2,177,000 shares of its
common stock in the second quarter of 2016 at an average price of
$68.90 per share for an aggregate cost of $150.0 million. This
leaves $50.0 million remaining under a stock-buyback program
authorized by the company’s Board of Directors in February 2016
that expires in November 2017. In May 2016, the company’s Board of
Directors authorized an additional $100 million stock buyback
program that also expires in November 2017.
The company also announced today that on May 5, 2016, 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 7,
2016, to shareholders of record at the close of business on May 24,
2016.
Guidance
The following guidance and underlying assumptions reflect the
company’s current expectations for the third quarter ending
July 3, 2016, and fiscal year ending October 2, 2016.
Fiscal 2016 is a 53-week year, with 16 weeks in the first quarter,
12 weeks in each of the second and third quarters, and 13 weeks in
the fourth quarter.
Third quarter fiscal year 2016
guidance
- Same-store sales ranging from
approximately down 2.0 percent to flat at Jack in the Box company
restaurants versus a 5.5 percent increase in the year-ago quarter.
The low end of the sales guidance range reflects trends through the
first four weeks of the third quarter which have been negatively
impacted by heavy rainfall and flooding in Houston where 17 percent
of Jack in the Box company restaurants are located.
- Same-store sales ranging from
approximately down 1.0 percent to up 1.0 percent at Qdoba company
restaurants versus a 6.6 percent increase in the year-ago quarter.
Sales trends are tracking slightly below the low end of the
guidance range due in part to adverse weather in key markets, but
are expected to improve over the balance of the third quarter due
to planned promotional activity.
Fiscal year 2016
guidance
- Same-store sales of approximately flat
to up 1.0 percent at Jack in the Box company restaurants.
- Same-store sales increase of
approximately 1.5 to 2.5 percent at Qdoba company restaurants.
- Commodity deflation of approximately 2
to 3 percent for Jack in the Box and approximately 5 percent
at Qdoba.
- Consolidated restaurant operating
margin of approximately 20.0 to 20.5 percent.
- SG&A as a percentage of revenue of
approximately 13.0 to 13.5 percent as compared to 14.4 percent in
fiscal 2015.
- Impairment and other charges as a
percentage of revenue of approximately 80 basis points.
- Approximately 20 new Jack in the Box
restaurants opening system-wide, the majority of which will be
franchise locations.
- Approximately 50 to 60 new Qdoba
restaurants, of which approximately half are expected to be company
locations.
- Capital expenditures of $100 million to
$120 million.
- Tax rate of approximately 38
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 $3.50 to $3.63 in
fiscal 2016 as compared to operating earnings per share of $3.00 in
fiscal 2015. The estimated benefit of the 53rd week in fiscal 2016
is approximately $0.08 per diluted share.
Conference call
The company will host a conference call for financial analysts
and investors on Thursday, May 12, 2016, 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 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 12.
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 Eats®, 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 reduce G&A; the company's ability to execute its
refranchising strategy; 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; litigation risks; food safety incidents or negative
publicity impacting the reputations of the company's brands; 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
SUBSIDIARIESRECONCILIATION 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.
12 Weeks Ended 28 Weeks Ended April 10,2016
April 12,2015 April 10,2016 April 12,2015 Diluted earnings
per share fromcontinuing operations – GAAP $ 0.85 $ 0.61 $ 1.78 $
1.55 Losses (gains) from refranchising — 0.08 (0.01 )
0.07 Operating earnings per share – Non-GAAP $ 0.85 $ 0.69
$ 1.77 $ 1.62
JACK IN THE BOX INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
EARNINGS (In thousands, except per share data)
(Unaudited) 12 Weeks
Ended 28 Weeks Ended April 10, 2016
April 12, 2015 April 10, 2016
April 12, 2015 Revenues: Company
restaurant sales $ 271,792 $ 268,904 $ 625,013 $ 620,800 Franchise
rental revenues 52,602 52,215 122,340 121,661 Franchise royalties
and other 36,757 37,003 84,621 84,282
361,151 358,122 831,974 826,743
Operating costs and expenses, net: Company restaurant costs: Food
and packaging 82,066 84,032 190,977 197,141 Payroll and employee
benefits 76,137 73,073 174,044 168,752 Occupancy and other 59,527
56,468 137,226 131,499 Total company
restaurant costs 217,730 213,573 502,247 497,392 Franchise
occupancy expenses 37,408 39,316 89,627 91,734 Franchise support
and other costs 3,907 3,743 8,769 8,466 Selling, general and
administrative expenses 46,895 52,472 112,767 115,567 Impairment
and other charges, net 2,422 2,130 4,079 4,310 Losses (gains) on
the sale of company-operated restaurants 3 5,020 (815
) 4,170 308,365 316,254 716,674 721,639
Earnings from operations 52,786 41,868 115,300 105,104
Interest expense, net 6,911 4,220 15,086 9,433
Earnings from continuing operations and before income taxes
45,875 37,648 100,214 95,671 Income taxes 16,847 14,286
37,289 35,211 Earnings from continuing
operations 29,028 23,362 62,925 60,460 Losses from discontinued
operations, net of income tax benefit (346 ) (357 ) (1,022 ) (1,620
) Net earnings $ 28,682 $ 23,005 $ 61,903 $
58,840 Net earnings per share - basic: Earnings from
continuing operations $ 0.86 $ 0.62 $ 1.81 $ 1.58 Losses from
discontinued operations (0.01 ) (0.01 ) (0.03 ) (0.04 ) Net
earnings per share (1) $ 0.85 $ 0.61 $ 1.78 $
1.53 Net earnings per share - diluted: Earnings from
continuing operations $ 0.85 $ 0.61 $ 1.78 $ 1.55 Losses from
discontinued operations (0.01 ) (0.01 ) (0.03 ) (0.04 ) Net
earnings per share (1) $ 0.84 $ 0.60 $ 1.76 $
1.51 Weighted-average shares outstanding: Basic
33,656 37,970 34,686 38,353 Diluted 34,177 38,566 35,256 39,039
Cash dividends declared per common share $ 0.30 $ 0.20 $
0.60 $ 0.40
____________________________
(1) Earnings per share may not add due to rounding.
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands, except share and
per share data) (Unaudited)
April 10, 2016 September 27, 2015
ASSETS Current assets: Cash and cash equivalents $ 8,799 $ 17,743
Accounts and other receivables, net 71,948 47,975 Inventories 7,873
7,376 Prepaid expenses 24,786 16,240 Assets held for sale 19,682
15,516 Other current assets 2,616 3,106 Total current
assets 135,704 107,956 Property and equipment, at
cost 1,576,974 1,563,377 Less accumulated depreciation and
amortization (862,552 ) (835,114 ) Property and equipment, net
714,422 728,263 Intangible assets, net 14,364 14,765
Goodwill 149,012 149,027 Other assets, net 287,962 303,968
$ 1,301,464 $ 1,303,979 LIABILITIES AND
STOCKHOLDERS’ (DEFICIT) EQUITY Current liabilities: Current
maturities of long-term debt $ 26,272 $ 26,677 Accounts payable
28,095 32,137 Accrued liabilities 165,091 170,575
Total current liabilities 219,458 229,389 Long-term
debt, net of current maturities 909,388 688,579 Other long-term
liabilities 363,235 370,058 Stockholders’ (deficit) 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, 81,306,567 and 81,096,156 issued, respectively 813 811
Capital in excess of par value 414,816 402,986 Retained earnings
1,357,178 1,316,119 Accumulated other comprehensive loss (141,991 )
(132,530 ) Treasury stock, at cost, 48,765,738 and 45,314,529
shares, respectively (1,821,433 ) (1,571,433 ) Total stockholders’
(deficit) equity (190,617 ) 15,953 $ 1,301,464 $
1,303,979
JACK IN THE BOX INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands) (Unaudited)
28 Weeks Ended April 10, 2016
April 12, 2015 Cash flows from operating activities:
Net earnings $ 61,903 $ 58,840 Adjustments to reconcile net
earnings to net cash provided by operating activities: Depreciation
and amortization 49,331 47,875 Deferred finance cost amortization
1,437 1,155 Excess tax benefits from share-based compensation
arrangements (2,451 ) (17,073 ) Deferred income taxes (1,303 )
(2,785 ) Share-based compensation expense 7,901 7,367 Pension and
postretirement expense 7,261 10,096 Gains on cash surrender value
of company-owned life insurance (2,446 ) (3,635 ) (Gains) losses on
the sale of company-operated restaurants (815 ) 4,170 Losses on the
disposition of property and equipment 1,646 466 Impairment charges
and other 858 2,180 Changes in assets and liabilities: Accounts and
other receivables (25,875 ) (21,841 ) Inventories (497 ) 146
Prepaid expenses and other current assets (2,149 ) 27,181 Accounts
payable (1,847 ) (1,459 ) Accrued liabilities (3,464 ) (8,991 )
Pension and postretirement contributions (8,255 ) (8,113 ) Other
(782 ) (4,659 ) Cash flows provided by operating activities 80,453
90,920 Cash flows from investing activities:
Purchases of property and equipment (51,298 ) (32,959 ) Purchases
of assets intended for sale and leaseback (5,581 ) (5,355 )
Proceeds from the sale and leaseback of assets 7,748 — Proceeds
from the sale of company-operated restaurants 1,021 2,630
Collections on notes receivable 2,614 5,314 Acquisition of
franchise-operated restaurants 324 — Other 14 1,786
Cash flows used in investing activities (45,158 ) (28,584 ) Cash
flows from financing activities: Borrowings on revolving credit
facilities 497,000 264,000 Repayments of borrowings on revolving
credit facilities (264,000 ) (160,000 ) Principal repayments on
debt (13,065 ) (7,996 ) Dividends paid on common stock (20,765 )
(15,395 ) Proceeds from issuance of common stock 1,432 13,894
Repurchases of common stock (250,000 ) (174,115 ) Excess tax
benefits from share-based compensation arrangements 2,451 17,073
Change in book overdraft 2,695 — Cash flows used in
financing activities (44,252 ) (62,539 ) Effect of exchange rate
changes on cash and cash equivalents 13 11 Net
decrease in cash and cash equivalents (8,944 ) (192 ) Cash and cash
equivalents at beginning of period 17,743 10,578 Cash
and cash equivalents at end of period $ 8,799 $ 10,386
JACK IN THE BOX INC. AND
SUBSIDIARIESSUPPLEMENTAL INFORMATION
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.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS DATA
(Unaudited) 12 Weeks
Ended 28 Weeks Ended April 10, 2016
April 12, 2015 April 10, 2016
April 12, 2015 Revenues: Company
restaurant sales 75.3 % 75.1 % 75.1 % 75.1 % Franchise rental
revenues 14.6 % 14.6 % 14.7 % 14.7 % Franchise royalties and other
10.2 % 10.3 % 10.2 % 10.2 % Total revenues 100.0 % 100.0 % 100.0 %
100.0 % Operating costs and expenses, net: Company restaurant
costs: Food and packaging (1) 30.2 % 31.2 % 30.6 % 31.8 % Payroll
and employee benefits (1) 28.0 % 27.2 % 27.8 % 27.2 % Occupancy and
other (1) 21.9 % 21.0 % 22.0 % 21.2 % Total company restaurant
costs (1) 80.1 % 79.4 % 80.4 % 80.1 % Franchise occupancy expenses
(2) 71.1 % 75.3 % 73.3 % 75.4 % Franchise support and other costs
(3) 10.6 % 10.1 % 10.4 % 10.0 % Selling, general and administrative
expenses 13.0 % 14.7 % 13.6 % 14.0 % Impairment and other charges,
net 0.7 % 0.6 % 0.5 % 0.5 % Losses (gains) on the sale of
company-operated restaurants — % 1.4 % (0.1 )% 0.5 % Earnings from
operations 14.6 % 11.7 % 13.9 % 12.7 % Income tax rate (4) 36.7 %
37.9 % 37.2 % 36.8 %
____________________________
(1) As a percentage of company restaurant sales. (2) As a
percentage of franchise rental revenues. (3) As a percentage of
franchise royalties and other. (4) As a percentage of earnings from
continuing operations and before income taxes.
The following table presents Jack in the Box and Qdoba company
restaurant sales, costs and margin, and restaurant costs and margin
as a percentage of the related sales. Percentages may not add due
to rounding.
SUPPLEMENTAL COMPANY RESTAURANT OPERATIONS DATA
(Dollars in thousands) (Unaudited)
12 Weeks Ended 28 Weeks Ended April
10, 2016 April 12, 2015 April 10,
2016 April 12, 2015 Jack in the
Box:
Company restaurant sales $ 179,664 $
184,992 $ 415,943 $ 426,335 Company restaurant costs: Food and
packaging 54,116 30.1 % 58,495 31.6 % 127,249 30.6 % 137,688 32.3 %
Payroll and employee benefits 51,401 28.6 % 50,885 27.5 % 117,090
28.2 % 117,628 27.6 % Occupancy and other 36,905 20.5 %
36,051 19.5 % 85,076 20.5 % 84,682 19.9 %
Total company restaurant costs 142,422 79.3 % 145,431
78.6 % 329,415 79.2 % 339,998 79.7 % Restaurant
margin $ 37,242 20.7 % $ 39,561 21.4 % $ 86,528
20.8 % $ 86,337 20.3 %
Qdoba: Company
restaurant sales $ 92,128 $ 83,912 $ 209,070 $ 194,465 Company
restaurant costs: Food and packaging 27,950 30.3 % 25,537 30.4 %
63,728 30.5 % 59,453 30.6 % Payroll and employee benefits 24,736
26.8 % 22,188 26.4 % 56,954 27.2 % 51,124 26.3 % Occupancy and
other 22,622 24.6 % 20,417 24.3 % 52,150 24.9
% 46,817 24.1 % Total company restaurant costs 75,308
81.7 % 68,142 81.2 % 172,832 82.7 % 157,394
80.9 % Restaurant margin $ 16,820 18.3 % $ 15,770
18.8 % $ 36,238 17.3 % $ 37,071 19.1 %
The following table presents franchise revenues, costs and
margin in each period:
SUPPLEMENTAL FRANCHISE OPERATIONS DATA (Dollars in
thousands) (Unaudited) 12
Weeks Ended 28 Weeks Ended April 10, 2016
April 12, 2015 April 10,
2016 April 12, 2015 Franchise
rental revenues $ 52,602 $ 52,215 $ 122,340 $ 121,661
Royalties 36,122 35,894 82,784 81,723 Franchise fees and other 635
1,109 1,837 2,559 Franchise royalties
and other 36,757 37,003 84,621 84,282
Total franchise revenues 89,359 89,218 206,961
205,943 Rental expense 30,016 31,707 72,188 73,905
Depreciation and amortization 7,392 7,609 17,439
17,829 Franchise occupancy expenses 37,408 39,316
89,627 91,734 Franchise support and other costs 3,907 3,743
8,769 8,466 Total franchise costs 41,315
43,059 98,396 100,200 Franchise margin
$ 48,044 $ 46,159 $ 108,565 $ 105,743
Franchise margin as a % of franchise revenues 53.8 % 51.7 % 52.5 %
51.3 %
The following table provides information related to our
operating segments in each period:
SUPPLEMENTAL SEGMENT REPORTING INFORMATION (In
thousands) (Unaudited) 12
Weeks Ended 28 Weeks Ended April 10, 2016
April 12, 2015 April 10,
2016 April 12, 2015 Revenues
by segment: Jack in the Box restaurant operations $ 264,062 $
269,444 $ 611,645 $ 621,395 Qdoba restaurant operations 97,089
88,678 220,329 205,348 Consolidated
revenues $ 361,151 $ 358,122 $ 831,974 $
826,743
Earnings from operations by segment: Jack in
the Box restaurant operations $ 63,146 $ 64,313 $ 148,836 $ 145,168
Qdoba restaurant operations 10,623 8,778 19,360 23,460 Shared
services and unallocated costs (20,980 ) (26,203 ) (53,711 )
(59,354 ) (Losses) gains on the sale of company-operated
restaurants (3 ) (5,020 ) 815 (4,170 ) Consolidated earnings
from operations 52,786 41,868 115,300 105,104 Interest expense, net
6,911 4,220 15,086 9,433 Consolidated
earnings from continuing operations and before income taxes $
45,875 $ 37,648 $ 100,214 $ 95,671
Total depreciation expense by segment: Jack in the Box
restaurant operations $ 15,059 $ 14,699 $ 35,532 $ 34,314 Qdoba
restaurant operations 4,279 4,035 9,867 9,315 Shared services and
unallocated costs 1,310 1,612 3,535 3,872
Consolidated depreciation expense $ 20,648 $ 20,346
$ 48,934 $ 47,501
The following table summarizes the year-to-date changes in the
number and mix of Jack in the Box ("JIB") and Qdoba company and
franchise restaurants:
SUPPLEMENTAL RESTAURANT ACTIVITY INFORMATION
(Unaudited) April 10,
2016 April 12, 2015 Company
Franchise Total Company
Franchise Total Jack in the
Box: Beginning of year 413 1,836 2,249 431 1,819 2,250 New — 5
5 2 11 13 Refranchised (1 ) 1 — (21 ) 21 — Acquired from
franchisees 1 (1 ) — 6 (6 ) — Closed — (3 ) (3 ) (6 ) (9 )
(15 ) End of period 413 1,838 2,251 412
1,836 2,248 % of JIB system 18 % 82 % 100 % 18 % 82 %
100 %
Qdoba: Beginning of year 322 339 661 310 328 638 New
19 10 29 3 11 14 Closed (3 ) (4 ) (7 ) (3 ) (5 ) (8 ) End of period
338 345 683 310 334 644 %
of Qdoba system 49 % 51 % 100 % 48 % 52 % 100 %
Consolidated:
Total system 751 2,183 2,934 722 2,170
2,892 % of consolidated system 26 % 74 % 100 % 25 %
75 % 100 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160511006462/en/
Jack in the Box Inc.Investor Contact:Carol DiRaimo,
858-571-2407orMedia Contact:Brian Luscomb, 858-571-2291
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