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Jack in the Box board approves stock split
August 7, 2007
SAN DIEGO — Comparable-store sales at Jack in the Box Inc. restaurants rose 7.4 percent in the third quarter ended July 8, the company announced. Year-to-date comps were up 6.4 percent.
Comp sales at the company's Qdoba Mexican Grill restaurants increased 5 percent in the third quarter. Year-to-date comps at Qdoba were up 4.2 percent.
Revenues for the company were $680.2 million for the third quarter, up 6 percent compared with revenues of $643.3 million for the third quarter of 2006. Year-to-date revenues were $2.2 billion compared with revenues of $2.1 million for the first three months of 2006.
Net income for the company was $34.7 million for the third quarter, up 25 percent compared with net income of $27.8 million for the 2006 third quarter. Year-to-date net income was $99 million, up 32 percent compared with net income of $74.9 million for the first nine months of last year.
The board of directors of Jack in the Box has approved a 2-for-1 split of the company's common stock, to be effected in the form of a special 100 percent stock dividend. The split is subject to stockholder approval of a charter amendment to increase the number of shares of the company's common stock.
The company will hold a special meeting of stockholders, tentatively set for Sept. 21, to vote on the charter amendment.
Jack in the Box opened 10 new company and franchised restaurants in the third quarter, the same as last year, and Qdoba opened 18 company and franchised restaurants versus 14 last year. Qdoba purchased nine franchised restaurants in western Michigan during the quarter.
Year to date, Jack in the Box added 30 new restaurants, including 11 franchised locations, while Qdoba added 60 new company and franchised restaurants in the first three quarters of fiscal 2007.
As of July 8, the company's system total comprised 2,107 company and franchised Jack in the Box restaurants, including 58 with Quick Stuff convenience stores, and 371 company and franchised Qdoba restaurants.
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