Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $17.3 million, or $0.38 per diluted share, for the third quarter ended July 7, 2013, compared with earnings from continuing operations of $12.6 million, or $0.28 per diluted share, for the third quarter of fiscal 2012.
Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising, were $0.41 per share in the third quarter of fiscal 2013 compared with $0.39 per share in the prior year quarter.
A reconciliation of non-GAAP measurements to GAAP results is provided below, with additional information included in the attachment to this release. Figures may not add due to rounding.
|12 Weeks Ended||40 Weeks Ended|
|July 7,||July 8,||July 7,||July 8,|
|Diluted earnings per share from continuing operations – GAAP||$||0.38||$||0.28||$||1.30||$||1.09|
|(Gains)/losses from refranchising||0.02||(0.05||)||0.05||(0.28||)|
|Operating earnings per share – Non-GAAP||$||0.41||$||0.39||$||1.37||$||1.00|
In June 2013, following the completion of its previously disclosed review of market performance for its Qdoba Mexican Grill® brand, the company announced plans to close 67 of its company-operated Qdoba restaurants. In the third quarter of 2013, 62 of these restaurants were closed, and the results of operations, impairment charges, lease obligations and other exit costs for these restaurants are included in discontinued operations in the accompanying condensed consolidated statements of operations for all periods presented. Three of the restaurants were sold to an existing franchisee in the fourth quarter, and the remaining two restaurants are expected to close when their leases expire prior to the end of the calendar year. The results of operations and impairment charges related to these five restaurants have been included in continuing operations.
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