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November 22, 2011 11:30 am ET
Jerry P. Rebel - Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Linda A. Lang - Chairman, Chief Executive Officer, President and Chairman of Executive Committee
Leonard A. Comma - Chief Operating Officer and Executive Vice President
Carol A. DiRaimo - Vice President of Investor Relations & Corporate Communications
Peter Saleh - Telsey Advisory Group LLC
Keith Siegner - Crédit Suisse AG, Research Division
Jake R. Bartlett - Susquehanna Financial Group, LLLP, Research Division
Bart Glenn - D.A. Davidson & Co., Research Division
Jeffrey F. Omohundro - Wells Fargo Securities, LLC, Research Division
John S. Glass - Morgan Stanley, Research Division
Brian J. Bittner - Oppenheimer & Co. Inc., Research Division
Jeffrey Andrew Bernstein - Barclays Capital, Research Division
Conrad Lyon - B. Riley & Co., LLC, Research Division
David E. Tarantino - Robert W. Baird & Co. Incorporated, Research Division
Christopher T. O'Cull - SunTrust Robinson Humphrey, Inc., Research Division
which we expect to be largely completed by the end of the calendar year.
On our refranchising strategy with the sale of 332 restaurants during 2011, the Jack in the Box system was 72% franchised at the end of the year, and we've achieved our original goal of increasing the percentage of franchise ownership to 70% to 80% 2 years ahead of the plan.
Over the last 6 years, we've refranchised more than 1,000 restaurants and expect to refranchise 150 to 200 restaurants over the next couple of years, which will bring our Jack in the Box franchise ownership to approximately 80% of the system.