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Jack in the Box announces $200M share repurchase program

Jack in the Box's board of directors has authorized an additional $200 million stock buyback program commencing in fiscal year 2016 and expiring in November 2017.

September 24, 2015

Jack in the Box board of directors have authorized a  $200 million stock buyback program commencing in fiscal year 2016, ending in November 2017.

Over the past year, 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, according to a company press release. This completed a $100 million stock buyback program authorized by the company’s board of directors in May 2015.

"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," Jack in the Box Chairman and CEO Lenny Comma said. "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."

Jack in the Box owns and franchises more than 2,200 restaurants in 21 states and Guam. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill, with more than 600 restaurants in 47 states, the District of Columbia and Canada.