During fiscal 2012, the company engaged in a comprehensive review of its organization structure, including evaluating opportunities for outsourcing, restructuring of certain functions and workforce reductions. As a result, restructuring charges of $2.7 million, or approximately $0.04 per diluted share, were recorded during the fourth quarter, and $15.5 million, or approximately $0.23 per diluted share, were recorded during fiscal 2012. These charges relate primarily to severance costs for positions that were eliminated or employees who elected to participate in the company’s voluntary early retirement program. These charges are also included in “impairment and other charges, net” in the accompanying consolidated statements of earnings, which increased in the fourth quarter to $8.3 million from $2.5 million a year ago.
Gains from refranchising contributed approximately $0.16 per diluted share for the fourth quarter of fiscal 2012 as compared with approximately $0.30 per diluted share in the prior year quarter. For fiscal year 2012, gains from refranchising contributed approximately $0.44 per diluted share as compared with approximately $0.78 for fiscal year 2011.
As previously announced, during the fourth quarter of 2012, the company began outsourcing its distribution business, and the transition was completed in the first quarter of fiscal 2013. As a result of the outsourcing, the company recorded after-tax charges totaling $5.3 million in the fourth quarter of fiscal 2012, which reduced diluted net earnings per share by approximately $0.12. This charge and the results of operations for the distribution business are included in discontinued operations in the accompanying consolidated statements of earnings for all periods presented.
Increase in same-store sales:
12 Weeks Ended Sept. 30, 2012
12 Weeks Ended Oct. 2, 2011
52 Weeks Ended Sept. 30, 2012
52 Weeks Ended Oct. 2, 2011
|Jack in the Box ®:|
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV