Jack in the Box reports a very good fiscal 2006

SAN DIEGO — Jack in the Box Inc. reported a solid fiscal 2006, which ended Oct. 1.

 

Same-store sales at company restaurants increased 5.9 percent in the fourth quarter ended. Oct. 1, while annual comps increased 4.8 percent.

 

Fourth-quarter net income jumped 54 percent to $33.2 million, while revenue grew 12 percent to $670.7 million. Revenue for the year was $2.7 billion up from $2.5 billion  last year.  

 

"Throughout fiscal 2006 Jack in the Box continued to improve in several key areas of operation, which contributed to a record year of earnings," said Linda A. Lang, chairman and chief executive officer. "The addition of several innovative, high-quality products to our menu, as well as improvement in guest-service execution, contributed to an increase in both average check and transactions, which drove the increase in same-store sales for fiscal 2006 to our highest level in seven years."

 

For the year, 36 company and franchised Jack in the Box restaurants opened, as well as 11 Quick Stuff (convenience) stores. At Oct. 1, the company's system total included 2,079 company and franchised Jack in the Box restaurants, including 55 with Quick Stuff convenience stores, and 318 company and franchised Qdoba restaurants.

 

In another release, Jack in the Box announced that it will commence a modified "Dutch auction" tender offer for up to 5.5 million shares of its outstanding common stock at a price per share range of $55 to $61, for a maximum aggregate purchase price of $335.5 million.