jack in the box inc (JACK) Key Developments
Jack in the Box Inc. Enters Second Amended and Restated Credit Agreement
Mar 20 14
Jack in the Box Inc. (the 'company'), as borrower, entered into a second amended and restated credit agreement among the company, Wells Fargo Bank, National Association, as administrative agent, and certain lender parties. The new credit agreement consists of a revolving credit facility of $600 million with a five-year maturity, and a term loan facility of $200 million with a five-year maturity. The new credit agreement amends and restates the company's existing amended and restated credit agreement dated as of November 5, 2012, as amended from time to time, increasing the size of the company's revolving credit facility by $200 million. The Company borrowed the full $200 million available under the term loan facility under the new credit agreement and $220 million of the $600 million available under the revolving credit facility under the new credit agreement on March 19, 2014. Proceeds from the borrowings made on March 19, 2014, were used to repay all borrowings under the existing credit agreement and to pay related transaction fees and expenses, including transaction fees and expenses associated with the credit facility established under the new credit agreement. In addition, approximately $23 million in outstanding letters of credit under the existing credit agreement became outstanding under the new credit agreement at closing. Any future borrowings under the revolving credit facility will be used for permitted share repurchases, permitted dividends, permitted acquisitions, ongoing working capital requirements and other general corporate purposes. The term loan facility requires amortization in the form of quarterly installments in the amount of $2.5 million per quarter for the first eight full fiscal quarters after the closing date of the new credit agreement, $3.75 million for the eight full fiscal quarters thereafter, $5 million for the final three fiscal quarters prior to the maturity date of the term loan facility, and the balance due on such maturity date. The first such scheduled installment is required to be made on June 30, 2014. The maturity date of the term loan facility is March 19, 2019.
Jack in the Box Inc. Presents at UBS Global Consumer Conference, Mar-13-2014 11:20 AM
Feb 27 14
Jack in the Box Inc. Presents at UBS Global Consumer Conference, Mar-13-2014 11:20 AM. Venue: Four Seasons Hotel Boston, 200 Boylston Street, Boston, Massachusetts, United States. Speakers: Jerry P. Rebel, Chief Financial Officer, Principal Accounting Officer and Executive Vice President, Leonard A. Comma, Chairman, Chief Executive Officer, President and Chairman of Executive Committee.
Jack in the Box(R) Debuts New Monster Tacos(TM)
Feb 24 14
Taco fans, start engines and mash motors over to nearest Jack in the Box(R) restaurant, where Jack is revving up two new Monster Taco(TM) flavors: Bacon Ranch and Nacho. The all-new Bacon Ranch Monster Taco is just what customer need when running on fumes. The build features Jack's original Monster Taco, including shredded lettuce, then topped with cool ranch sauce and hickory smoked bacon.
Jack in the Box Inc. Reports Unaudited Consolidated Earnings Results for the Sixteen Weeks Ended January 19, 2014; Provides Earnings Guidance for the Second Quarter Ending April 13, 2014 and the Fiscal Year Ending September 28, 2014
Feb 19 14
Jack in the Box Inc. reported unaudited consolidated earnings results for the sixteen weeks ended January 19, 2014. For the sixteen weeks, the company reported revenues of USD 450.081 million compared to USD 454.335 million a year ago. Earnings from operations were USD 57.204 million compared to USD 43.174 million a year ago. Earnings from continuing operations and before income taxes were USD 52.662 million compared to USD 37.809 million a year ago. Earnings from continuing operations were USD 33.010 million compared to USD 26.109 million a year ago. Net earnings were USD 32.286 million compared to USD 20.689 million a year ago. Diluted net earnings per share from continuing operations was USD 0.75 compared to USD 0.59 a year ago. Diluted net earnings per share were USD 0.74 compared to USD 0.47 a year ago. Cash flows provided by operating activities were USD 23.652 million compared to USD 89.965 million a year ago. Purchases of property and equipment were USD 21.310 million compared to USD 21.394 million a year ago. Operating earnings per share non-GAAP was USD 0.75 compared to USD 0.59 a year ago.
The company's expectations for the second quarter ending April 13, 2014 and the fiscal year ending September 28, 2014. Fiscal 2014 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters. For the second quarter fiscal year 2014 same-store sales are expected to increase approximately 1.5% to 2.5% at Jack in the Box company restaurants versus a 0.9% increase in the year-ago quarter. Same-store sales are expected to increase approximately 2.0% to 3.0% at Qdoba company restaurants versus a 1.8% decrease in the year-ago quarter.
For the fiscal year 2014 same-store sales are expected to increase approximately 1.5% to 2.5% at Jack in the Box company restaurants. Same-store sales are expected to increase approximately 2.0% to 3.0% at Qdoba company restaurants. Impairment and other charges as a percentage of revenue are expected to be approximately 70 basis points, excluding restructuring charges. Capital expenditures are expected to be USD 75 million to USD 85 million. The tax rate is expected to be approximately 37% to 38%. Operating earnings per share, which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains from refranchising, are expected to range from USD 2.20 to USD 2.35 in fiscal 2014 as compared to operating earnings per share of USD 1.82 in fiscal 2013.
Jack in the Box Inc. to Report Q1, 2014 Results on Feb 19, 2014
Feb 12 14
Jack in the Box Inc. announced that they will report Q1, 2014 results at 5:00 PM, Eastern Standard Time on Feb 19, 2014