Record Earnings of $17.4 Million Reported in Third Quarter At Foodmaker, Inc., Operator and Franchiser of Jack in the Box Restaurants.SAN DIEGO--(BUSINESS WIRE)--July 26, 1999-- Reporting the most profitable quarter in its history excluding unusual items in prior quarters, Foodmaker, Inc., operator and franchiser of Jack in the Box(R) restaurants, today announced earnings of $17.4 million, compared with $12.6 million reported in the third quarter a year ago. Earnings 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 improved 42 percent, reaching 44 cents compared with 31 cents in the third quarter of last year before an extraordinary item relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the early retirement of debt. "Our earnings demonstrate that our commitment to delivering an improved restaurant experience with better service and higher-quality products is working, and that we are continuing to benefit from the strength of our brand," 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:
Sales at company-operated restaurants improved nearly 23 percent to $324 million in the third quarter compared with a year ago, while systemwide sales grew 20 percent to $412 million. Total revenues reached $342 million, an increase of 22 percent compared with the third quarter last year. Per store average sales (PSAs) at comparable company restaurants increased for the 18th consecutive quarter. In the third quarter, PSAs improved 9.8 percent compared with a year ago. Of that amount, customer visits increased 6.4 percent, while average check amounts improved 3.4 percent. The company's restaurant operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 20.6 percent of sales during the quarter compared with 19.3 percent in the third quarter a year earlier. The company has announced that it will change its name from Foodmaker to Jack in the Box Inc. effective October October: see month. 4, the first day of its new fiscal year. Its New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. trading symbol Trading symbol See: Ticker symbol will also change, from FM to JBX JBX Jack-In-The-Box (stock symbol) . "With the growth in our number of restaurants, as well as the growth in the strength of our brand, it makes sense to 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. the Jack in the Box name," Nugent said. "Although the name Foodmaker served the company well for nearly 50 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time public today seeks powerful brands as a way of cutting through the clutter of choices, whether in selecting a product or an investment opportunity. By showcasing the Jack in the Box name, we are best serving the public's needs as well as our own." The company also announced that, in the next several months, it will increase its regional restaurant organization from seven regions to 10 regions in an effort to enhance customer service while meeting the needs of its growing number of restaurants. Since the current structure was established, company-operated restaurants have increased from about 700 units to more than 1,150. Said Nugent: "As we grow, we are ensuring that the wants and needs of customers come first. Our new structure will help us focus on meeting these goals, as well as positioning ourselves for future growth." During the quarter, Foodmaker added 25 new company-operated units for a total of 1,159 company restaurants. Foodmaker operates and franchises about 1,500 Jack in the Box restaurants, and has systemwide sales of $1.7 billion. 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. , the company has 37,000 employees. -0-
FOODMAKER, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
Twelve Weeks Ended Forty Weeks Ended
---------------------------------------------
July 4, July 5, July 4, July 5,
1999 1998 1999 1998
----------------------------------------------------------------------
Revenues:
Restaurant sales......$323,727 $263,668 $1,011,833 $838,506
Distribution
and other sales...... 9,175 6,634 28,365 18,985
Franchise
rents and
royalties............ 9,086 8,285 29,686 27,248
Other................. 460 1,979 1,671 49,510
------- ------- --------- -------
342,448 280,566 1,071,555 934,249
------- ------- --------- -------
Costs and expenses:
Costs of revenues:
Restaurant costs
of sales............ 100,133 83,085 320,906 267,661
Restaurant
operating costs..... 156,779 129,779 473,372 412,406
Costs of
distribution
and other sales..... 9,038 6,460 27,919 18,517
Franchised
restaurant costs.... 5,003 5,365 17,943 17,820
Selling, general
and administrative... 37,574 29,544 117,385 104,685
Interest expense...... 6,344 7,707 21,815 26,913
------- ------- ------- -------
314,871 261,940 979,340 848,002
------- ------- --------- -------
Earnings before
income taxes.......... 27,577 18,626 92,215 86,247
Income taxes........... 10,200 6,000 34,100 27,600
------ ------ ------ ------
Earnings before
extraordinary item.... 17,377 12,626 58,115 58,647
Extraordinary item --
loss on early
extinguishment of
debt, net of taxes.... -- (4,378) -- (4,378)
------ ------- ------- -------
Net earnings........... $17,377 $ 8,248 $58,115 $54,269
======= ======= ======= =======
Earnings per share -- basic:
Earnings before
extraordinary item... $ .45 $ .32 $ 1.53 $ 1.49
Extraordinary item.... -- .11 -- .11
------ ------- ------- -------
Net earnings
per share............ $ .45 $ .21 $ 1.53 $ 1.38
======= ======= ======= =======
Earnings per share -- diluted:
Earnings before
extraordinary item... $ .44 $ .31 $ 1.48 $ 1.46
Extraordinary item.... -- .11 -- .11
------ ------- ------- -------
Net earnings
per share............ $ .44 $ .20 $ 1.48 $ 1.35
======= ======= ======= =======
Weighted average shares outstanding:
Basic................. 38,209 39,300 38,104 39,214
Diluted............... 39,446 40,348 39,229 40,281
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