Foodmaker, Inc., Operator and Franchiser of Jack in the Box Restaurants, Posts Record First-Quarter Earnings of $15.8 Million, or 40 Cents Per Diluted Share.SAN DIEGO--(BUSINESS WIRE)--Feb. 9, 1999--Posting the highest first-quarter profits in its history, Foodmaker, Inc. (NYSE NYSE See: New York Stock Exchange :FM), operator of Jack in the Box(R) restaurants, today reported earnings of $15.8 million, or 40 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with $11.7 million, or 29 cents per diluted share, reported in the first quarter a year ago. The new record exceeded last year's record first-quarter earnings by 35 percent. Said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Nugent Nugent may refer to one of the following:
Key initiatives, especially the Assemble-to-Order program that calls for sandwiches to be made as customers order them, are attracting new customers to Jack in the Box restaurants, he noted. New menu boards that showcase A showcase, or vitrine, is a glassed-in cabinet or case for displaying delicate or valuable articles such as objects d'art or merchandise in a shop, museum, or house. combo meals are helping to increase average check amounts. And a new order confirmation system is helping to ensure order accuracy while alerting customers to the amount of their purchase, he added. "Combined, our per store average sales at comparable company restaurants (PSAs) improved 6.8 percent, and have increased in each of the last 16 consecutive quarters. Four years of PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. growth confirms the success of our continuous improvement philosophy," Nugent said. Company-operated restaurant sales exceeded $384 million in the first quarter, more than 18 percent higher than in the first quarter a year ago. Systemwide restaurant sales grew more than 15 percent to $497 million. Total revenues in the first quarter reached $407 million, an increase of more than 18 percent compared with the first quarter last year. Restaurant operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: increased to 19.1 percent of restaurant sales during the quarter, despite higher labor costs. Earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income grew more than 20 percent to $34 million. During the quarter, the company opened 31 new restaurants for a total of 1,101 company units. Foodmaker operates and franchises nearly 1,450 Jack in the Box restaurants, primarily in the West. With more than $1.2 billion in annual revenues, the company has more than 33,000 employees and is headquartered in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . -0-
FOODMAKER, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
Sixteen Weeks Ended
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January 17, January 18,
1999 1998
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Revenues:
Restaurant sales. . . . . . . . . . . . . $384,440 $325,333
Distribution and other sales. . . . . . . 10,297 6,773
Franchise rents and royalties . . . . . . 11,701 10,934
Other . . . . . . . . . . . . . . . . . . 696 734
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407,134 343,774
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Costs and expenses:
Costs of revenues:
Restaurant costs of sales . . . . . . . 123,596 105,072
Restaurant operating costs. . . . . . . 187,341 159,147
Costs of distribution and other sales . 10,170 6,625
Franchised restaurant costs . . . . . . 7,154 6,975
Selling, general and administrative . . . . 44,905 37,735
Interest expense. . . . . . . . . . . . . . 9,017 11,046
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382,183 326,600
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Earnings before income taxes. . . . . . . . 24,951 17,174
Income taxes. . . . . . . . . . . . . . . . 9,200 5,500
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Net earnings. . . . . . . . . . . . . . . . $ 15,751 $ 11,674
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Net earnings per share:
Basic . . . . . . . . . . . . . . . . . . $ 0.41 $ 0.30
Diluted . . . . . . . . . . . . . . . . . $ 0.40 $ 0.29
Weighted average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . 38,000 39,142
Diluted . . . . . . . . . . . . . . . . . 38,991 40,197
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