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TheStreet Open House

Jack In The Box's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Jack in the Box (JACK)

Q4 2011 Earnings Call

November 22, 2011 11:30 am ET

Executives

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

Analysts

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

Presentation

Operator

[Audio Gap]

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.

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