News
Profits soar for CKE Restaurants thanks to tax benefit
April 6, 2006
CARPINTERIA, Calif. — CKE Restaurants Inc. said its fiscal fourth-quarter and fiscal 2005 profit surged thanks to a reduction in deferred tax.
The California-based restaurant operator reported net income for the fourth quarter of $154.3 million, up from $7 million in the comparable period. The net income for the fourth quarter included an income tax benefit of $139 million on a reduction in deferred tax valuation allowance, according to a news release.
Company-owned Carl's Jr. same-store sales increased 5.3 percent for the quarter, while company-owned Hardee's same-store sales rose 2.9 percent.
For full-year 2005, CKE' net income grew to $194.6 million, an increase of $176.6 million over the prior year. Full-year Same-store sales increased 2.2 percent at company-operated Carl's Jr. and decreased 0.2 percent at company-operated Hardee's, compared to the prior year.
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