Jack In The Box Inc. Reports Fourth Quarter FY 2013 Earnings; Issues Guidance For FY 2014; Updates Long-term Goals

Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $24.1 million, or $0.54 per diluted share, for the fourth quarter ended September 29, 2013, compared with earnings from continuing operations of $19.2 million, or $0.42 per diluted share, for the fourth quarter of fiscal 2012.

Fiscal 2013 earnings from continuing operations totaled $82.6 million, or $1.84 per diluted share, compared with $68.1 million, or $1.52 per diluted share in 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 $0.45 in the fourth quarter of fiscal 2013 compared with $0.31 in the prior year quarter. For fiscal year 2013, operating earnings per share were $1.82 compared with $1.31 last year.

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   52 Weeks Ended
Sept. 29,2013   Sept. 30,2012 Sept. 29,2013   Sept. 30,2012
Diluted earnings per share fromcontinuing operations – GAAP

$

0.54
 

$

0.42

$

1.84
 

$

1.52
Restructuring charges 0.03 0.04 0.05 0.23
Gains from refranchising   (0.13 )     (0.16 )   (0.07 )     (0.44 )
Operating earnings per share – Non-GAAP $ 0.45     $ 0.31   $ 1.82     $ 1.31  
 

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 consolidated statements of earnings for all periods presented. Of the remaining five restaurants closing, three were sold to an existing franchisee in the fourth quarter, one closed in the fourth quarter when its lease expired, and the final restaurant will close when its lease expires 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.

Discontinued operations for the fourth quarter and fiscal 2013 include after-tax charges related to the Qdoba restaurant closures of approximately $0.02 and $0.61 per diluted share, respectively, as compared to $0.03 and $0.11 for the fourth quarter and fiscal 2012, respectively.

Discontinued operations also include charges related to the previously announced outsourcing of the company’s distribution business, which was completed in the first quarter of fiscal 2013. As a result of the outsourcing, the company recorded after-tax charges which reduced diluted net earnings per share by approximately $0.01 in the fourth quarter of 2013, $0.09 in fiscal 2013, and $0.12 in both the fourth quarter and fiscal 2012. These charges 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.

The company is continuing its efforts to improve its cost structure and identify opportunities to reduce G&A as well as improve restaurant profitability across both brands. As a result, restructuring charges of $2.2 million, or approximately $0.03 per diluted share, were recorded during the fourth quarter of 2013 as compared to $2.7 million, or approximately $0.04 per diluted share, during the fourth quarter of 2012. For fiscal year 2013, restructuring charges totaled $3.5 million, or approximately $0.05 per diluted share, as compared to $15.5 million, or approximately $0.23 per diluted share, during fiscal 2012. These charges are included in “Impairment and other charges, net” in the accompanying consolidated statements of earnings.

Gains from refranchising were $7.8 million in the fourth quarter, or approximately $0.13 per diluted share, compared with $10.2 million, or approximately $0.16 per diluted share, in the prior year quarter. For fiscal year 2013, gains from refranchising contributed approximately $0.07 per diluted share as compared with approximately $0.44 for fiscal year 2012.

Increase (decrease) in same-store sales:
    12 Weeks Ended Sept. 29, 2013       12 Weeks Ended Sept. 30, 2012       52 Weeks Ended Sept. 29, 2013       52 Weeks Ended Sept. 30, 2012
Jack in the Box®:
Company (0.2%) 3.1% 1.0% 4.6%
Franchise (1.7%) 3.0% 0.1% 3.0%
System (1.4%) 3.1% 0.3% 3.4%
Qdoba®:
Company 1.3% 1.2% 0.5% 3.2%
Franchise 2.8% 0.0% 1.1% 1.9%
System 2.0% 0.5% 0.8% 2.5%
 

Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box company same-store sales decreased 0.2 percent for the quarter. After a slow start, however, sales accelerated and were positive for each of the last six weeks of the quarter. We are pleased that same-store sales have strengthened even further in the first seven weeks of the current quarter. Qdoba same-store sales in the fourth quarter increased 1.3 percent for company restaurants and 2.0 percent system-wide, showing sequential improvement from our third quarter results.

“We refranchised 78 Jack in the Box restaurants in fiscal 2013, including 56 in the fourth quarter. Our system is now approximately 79 percent franchised, and we’re near our goal of franchise ownership in the 80 to 85 percent range.”

Consolidated restaurant operating margin decreased by 10 basis points to 16.1 percent of sales in the fourth quarter of 2013, compared with 16.2 percent of sales in the year-ago quarter. Restaurant operating margin for Jack in the Box restaurants increased 80 basis points to 15.7 percent of sales. The improvement was due primarily to the benefit of refranchising, which was partially offset by higher food and packaging costs and sales deleverage as compared to last year. The increase in food and packaging costs as a percentage of sales resulted from commodity inflation of approximately 4.6 percent, which was partially offset by the benefit of price increases. Restaurant operating margin for Qdoba restaurants decreased 310 basis points to 17.2 percent of sales, due primarily to increased rent and staffing levels related to new restaurant openings, higher credit card fees, product mix changes, and commodity inflation of approximately 1.5 percent.

SG&A expense for the fourth quarter decreased by $4.3 million and was 14.6 percent of revenues as compared to 15.4 percent in the prior year quarter. The benefit of the company’s restructuring activities, lower overhead costs resulting from the Jack in the Box refranchising strategy, and decreases in pre-opening costs and incentive and share-based compensation were partially offset by higher pension costs and a legal judgment that negatively impacted SG&A by approximately $1.0 million in the fourth quarter of 2013. Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $2.0 million in the fourth quarters of both 2013 and 2012.

The tax rate for the fourth quarter of 2013 was 28.0 percent versus 29.4 percent for the fourth quarter of 2012, and 32.8 percent in fiscal 2013 as compared to 33.2 percent in fiscal 2012. The tax rate for fiscal 2013 was lower than the company’s most recent guidance due primarily to the market performance of insurance investment products used to fund certain non-qualified retirement plans. Changes in the cash value of the insurance products are not deductible or taxable.

The company repurchased approximately 1,198,000 shares of its common stock in the fourth quarter of 2013 at an average price of $40.04 per share for an aggregate cost of $48.0 million. During fiscal year 2013, the company repurchased approximately 3,971,000 shares at an average price of $35.29 per share, for an aggregate cost of $140.1 million. This leaves $36.8 million remaining under a $100 million stock-buyback program that expires in November 2014, and an additional $100 million remaining under a stock-buyback program that expires in November 2015, both of which were previously authorized by the company’s board of directors.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the first quarter ending January 19, 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.

First quarter fiscal year 2014 guidance
  • Same-store sales are expected to increase approximately 1.5 to 2.5 percent at Jack in the Box company restaurants versus a 2.1 percent increase in the year-ago quarter.
  • Same-store sales are expected to increase approximately 1.5 to 2.5 percent at Qdoba company restaurants versus a 1.7 percent increase in the year-ago quarter.

Fiscal year 2014 guidance
  • Same-store sales are expected to increase approximately 1.5 to 2.5 percent at Jack in the Box company restaurants.
  • Same-store sales are expected to increase approximately 2.0 to 3.0 percent at Qdoba company restaurants.
  • Overall commodity costs are expected to increase by approximately 1 percent for the full year, with higher inflation in the first quarter.
  • Restaurant operating margin for the full year, which reflects an approximate 20 basis points impact from the July 2014 minimum wage increase in California, is expected to be approximately 17.7 to 18.1 percent, depending on same-store sales and commodity inflation.
  • SG&A as a percentage of revenue is expected to be approximately 13.5 to 14.0 percent as compared to 14.8 percent in fiscal 2013. G&A as a percentage of system-wide sales is expected to decline to approximately 3.8 percent in fiscal 2014 from 4.3 percent in fiscal 2013.
  • Impairment and other charges as a percentage of revenue are expected to be approximately 70 basis points, excluding restructuring charges.
  • Approximately 10 new Jack in the Box restaurants are expected to open, including approximately 3 company locations.
  • 60 to 70 new Qdoba restaurants are expected to open, of which approximately half are expected to be company locations.
  • Capital expenditures are expected to be $80 to $90 million.
  • The tax rate is expected to be approximately 37 to 38 percent.
  • 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 $2.15 to $2.30 in fiscal 2014 as compared to operating earnings per share of $1.82 in fiscal 2013.

Long-term goals (2015 to 2017)

The company today updated its long-term goals for fiscal 2015 to 2017. The company expects:
  • Same-store sales growth of 2 to 3 percent annually at Jack in the Box company restaurants and 3 to 4 percent annually at Qdoba company restaurants.
  • Restaurant operating margin of 18.5 to 19.5 percent.
  • G&A of 3.5 to 4.0 percent of consolidated system-wide sales.
  • Jack in the Box system new unit growth of approximately 1 to 2 percent per year.
  • Qdoba company new unit growth of approximately 40 to 70 restaurants per year and franchise unit growth of 30 to 40 restaurants per year.

Conference call

The company will host a conference call for financial analysts and investors on Thursday, November 21, 2013, beginning at 8:30 a.m. PT (11:30 a.m. ET). The conference call will be broadcast live over the Internet via the Jack in the Box Inc. corporate website. To access the live call through the Internet, log onto the Investors section of the Jack in the Box Inc. website at http://investors.jackinthebox.com at least 15 minutes prior to the event in order to download and install any necessary audio software. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days, beginning at approximately 11:30 a.m. PT on November 21.

About Jack in the Box Inc.

Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box ® restaurants, one of the nation’s largest hamburger chains, with more than 2,250 restaurants in 21 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill ®, a leader in fast-casual dining, with over 600 restaurants in 46 states, the District of Columbia and Canada. For more information on Jack in the Box and Qdoba, including franchising opportunities, visit www.jackinthebox.com or www.qdoba.com.

Safe harbor statement

This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to substantial risks and uncertainties. A variety of factors could cause the company’s actual results to differ materially from those expressed in the forward-looking statements, including the following: the success of new products and marketing initiatives; the impact of competition, unemployment, trends in consumer spending patterns and commodity costs; the company’s ability to achieve and manage its planned growth, which is affected by the availability of a sufficient number of suitable new restaurant sites, the performance of new restaurants, and risks relating to expansion into new markets; and stock market volatility. These and other factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission which are available online at http://investors.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.

JACK IN THE BOX INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS (Unaudited)

Operating earnings per share, a non-GAAP measure, is defined by the company as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising. Management believes this non-GAAP financial measure provides important supplemental information to assist investors in analyzing the performance of the company’s core business. In addition, the company uses operating earnings per share in establishing performance goals for purposes of executive compensation. The company encourages investors to rely upon its GAAP numbers but includes this non-GAAP financial measure as a supplemental metric to assist investors. This non-GAAP financial measure should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, this non-GAAP financial measure used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Below is a reconciliation of non-GAAP operating earnings per share to the most directly comparable GAAP measure, diluted earnings per share from continuing operations. Figures may not add due to rounding.

12 Weeks Ended       52 Weeks Ended
Sept. 29,2013 Sept. 30,2012 Sept. 29,2013 Sept. 30,2012
Diluted earnings per share fromcontinuing operations – GAAP

$0.54

$0.42

$1.84

$1.52
Restructuring charges 0.03 0.04 0.05 0.23
Gains from refranchising (0.13) (0.16) (0.07) (0.44)
Operating earnings per share – Non-GAAP $0.45 $0.31 $1.82 $1.31
 

 
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
 
 
  Quarter     Year-to-Date
September 29,

2013
  September 30,

2012
September 29,

2013
  September 30,

2012
Revenues:
Company restaurant sales $ 255,215 $ 270,190 $ 1,143,780 $

1,183,483
Franchise revenues  

82,766
    78,707     346,087     325,812  
  337,981     348,897     1,489,867    

1,509,295
 
Operating costs and expenses, net:
Company restaurant costs:
Food and packaging 83,426 88,168 372,685 389,235
Payroll and employee benefits 70,378 75,539 320,384 338,210
Occupancy and other   60,215     62,760     255,586     266,440  
Total company restaurant costs 214,019 226,467 948,655 993,885
Franchise costs 41,303 39,619 173,567 166,078
Selling, general and administrative expenses 49,394 53,657 220,641 224,852
Impairment and other charges, net 4,385 8,254 13,439 32,809
Gains on the sale of company-operated restaurants   (7,819 )   (10,212 )   (4,640 )   (29,145 )
  301,282     317,785     1,351,662     1,388,479  
Earnings from operations 36,699 31,112 138,205

120,816
Interest expense, net   3,190     3,912     15,251    

18,874
 
Earnings from continuing operations and before income taxes 33,509 27,200 122,954 101,942
Income taxes   9,392     7,984     40,346     33,838  
Earnings from continuing operations 24,117 19,216 82,608 68,104
Losses from discontinued operations, net of income tax benefit   (1,289 )   (6,739 )   (31,456 )  

(10,453
)
Net earnings $ 22,828   $ 12,477   $ 51,152   $

57,651
 
 
Net earnings per share - basic:
Earnings from continuing operations $ 0.56 $ 0.44 $ 1.91 $ 1.55
Losses from discontinued operations   (0.03 )   (0.15 )   (0.73 )   (0.24 )
Net earnings per share (1) $ 0.53   $ 0.28   $ 1.18   $ 1.31  
Net earnings per share - diluted:
Earnings from continuing operations $ 0.54 $ 0.42 $ 1.84 $ 1.52
Losses from discontinued operations   (0.03 )   (0.15 )   (0.70 )   (0.23 )
Net earnings per share (1) $ 0.51   $ 0.27   $ 1.14   $ 1.28  
 
Weighted-average shares outstanding:
Basic 43,069 44,069 43,351 43,999
Diluted 44,532 45,411 44,899 44,948
 
(1) Earnings per share may not add due to rounding

   
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)
 
September 29,

2013
September 30,

2012
ASSETS
Current assets:
Cash and cash equivalents $ 9,644 $ 8,469
Accounts and other receivables, net 41,749 78,798
Inventories 7,181 7,752
Prepaid expenses 19,970 32,821
Deferred income taxes 26,685 26,932
Assets held for sale 11,875 45,443
Assets of discontinued operations held for sale 30,591
Other current assets   108     375  
Total current assets   117,212     231,181  
Property and equipment, at cost:
Land 112,673 109,295
Buildings 1,068,405 1,054,967
Restaurant and other equipment 305,769 328,031
Construction in progress   30,066     37,357  
1,516,913 1,529,650
Less accumulated depreciation and amortization   (746,054 )   (708,858 )
Property and equipment, net   770,859     820,792  
Intangible assets, net 16,390 17,206
Goodwill 148,988 140,622
Other assets, net   265,760     253,924  
$ 1,319,209   $ 1,463,725  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt $ 20,889 $ 15,952
Accounts payable 36,899 94,713
Accrued liabilities   153,886     164,637  
Total current liabilities   211,674     275,302  
Long-term debt, net of current maturities 349,393 405,276
Other long-term liabilities

286,124
371,202
Stockholders’ equity:
Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued

Common stock $0.01 par value, 175,000,000 shares authorized, 78,515,171 and 75,827,894 issued, respectively
785 758
Capital in excess of par value 296,764 221,100
Retained earnings

1,171,823
1,120,671
Accumulated other comprehensive loss (62,662 ) (136,013 )

Treasury stock, at cost, 35,926,269 and 31,955,606 shares, respectively
  (934,692 )   (794,571 )
Total stockholders’ equity  

472,018
    411,945  
$ 1,319,209   $ 1,463,725  
 

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
  Year-to-Date
September 29,

2013
  September 30,

2012
Cash flows from operating activities:
Net earnings $ 51,152 $ 57,651
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 96,219 97,958
Deferred finance cost amortization 2,277 2,695
Deferred income taxes (18,604 ) (6,615 )
Share-based compensation expense 11,392 6,883
Pension and postretirement expense 31,147 33,526
Gains on cash surrender value of company-owned life insurance (8,998 ) (12,137 )
Gains on the sale of company-operated restaurants (4,640 ) (29,145 )
Losses on the disposition of property and equipment 3,344 6,281
Impairment charges and other 28,230 9,403
Loss on early retirement of debt 939
Changes in assets and liabilities, excluding acquisitions and dispositions:
Accounts and other receivables 33,994 3,497
Inventories 27,415 4,334
Prepaid expenses and other current assets 13,117 (12,849 )
Accounts payable (26,945 ) (3,264 )
Accrued liabilities (10,560 ) 247
Pension and postretirement contributions (23,886 ) (20,318 )
Other   (6,721 )   (1,417 )
Cash flows provided by operating activities   198,872     136,730  
Cash flows from investing activities:
Purchases of property and equipment (84,690 ) (80,200 )
Purchases of assets intended for sale and leaseback (26,058 ) (35,927 )
Proceeds from sale and leaseback of assets 47,431 27,844
Proceeds from the sale of company-operated restaurants 30,619 47,115
Collections on notes receivable 6,448 12,230
Disbursements for loans to franchisees (3,977 )
Acquisitions of franchise-operated restaurants (12,064 ) (48,945 )
Other   4,375     344  
Cash flows used in investing activities   (33,939 )   (81,516 )
Cash flows from financing activities:
Borrowings on revolving credit facilities 646,000 576,380
Repayments of borrowings on revolving credit facilities (721,000 ) (602,540 )
Proceeds from issuance of debt 200,000
Principal repayments on debt (175,946 ) (21,110 )
Debt issuance costs (4,392 ) (741 )
Proceeds from issuance of common stock 61,993 10,167
Repurchases of common stock (132,833 ) (30,013 )
Excess tax benefits from share-based compensation arrangements 2,094 1,115
Change in book overdraft   (39,678 )   8,573  
Cash flows used in financing activities   (163,762 )   (58,169 )
 
Effect of exchange rate changes on cash and cash equivalents 4
   
Net increase (decrease) in cash and cash equivalents 1,175 (2,955 )
Cash and cash equivalents at beginning of period   8,469     11,424  
Cash and cash equivalents at end of period $ 9,644   $ 8,469  

 
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
       
The following table presents certain income and expense items included in our consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding.
 
CONSOLIDATED STATEMENTS OF EARNINGS DATA
 
Quarter Year-to-Date
September 29,

2013
September 30,

2012
September 29,

2013
September 30,

2012
Revenues:
Company restaurant sales 75.5 % 77.4 % 76.8 % 78.4 %
Franchise revenues 24.5 % 22.6 % 23.2 % 21.6 %
Total revenues 100.0 % 100.0 % 100.0 % 100.0 %
Operating costs and expenses, net:
Company restaurant costs:
Food and packaging (1) 32.7 % 32.6 % 32.6 % 32.9 %
Payroll and employee benefits (1) 27.6 % 28.0 % 28.0 % 28.6 %
Occupancy and other (1) 23.6 % 23.2 % 22.3 % 22.5 %
Total company restaurant costs (1) 83.9 % 83.8 % 82.9 % 84.0 %
Franchise costs (1) 49.9 % 50.3 % 50.2 % 51.0 %
Selling, general and administrative expenses 14.6 % 15.4 % 14.8 % 14.9 %
Impairment and other charges, net 1.3 % 2.4 % 0.9 % 2.2 %
Gains on the sale of company-operated restaurants (2.3 )% (2.9 )% (0.3 )% (1.9 )%
Earnings from operations 10.9 % 8.9 % 9.3 % 8.0 %
Income tax rate (2) 28.0 % 29.4 % 32.8 % 33.2 %
 
(1) As a percentage of the related sales and/or revenues.
(2) As a percentage of earnings from continuing operations and before income taxes.
 
The following table presents Jack in the Box and Qdoba company restaurant sales, costs and costs as a percentage of the related sales. Percentages may not add due to rounding.
               
SUPPLEMENTAL COMPANY-OPERATED RESTAURANTS STATEMENTS OF OPERATIONS DATA
(Dollars in thousands)
 
Quarter Year-to-Date
September 29, 2013 September 30, 2012 September 29, 2013 September 30, 2012
Jack in the Box:
Company restaurant sales $ 182,657 $ 207,130 $ 850,512 $ 943,990
Company restaurant costs:
Food and packaging 61,675 33.8 % 69,735 33.7 % 284,221 33.4 % 319,415 33.8 %
Payroll and employee benefits 51,020 27.9 % 59,208 28.6 % 241,149 28.4 % 275,678 29.2 %
Occupancy and other   41,226 22.6 %   47,289 22.8 %   182,493 21.5 %   207,920 22.0 %
Total company restaurant costs $ 153,921 84.3 % $ 176,232 85.1 % $ 707,863 83.2 % $ 803,013 85.1 %
Qdoba:
Company restaurant sales $ 72,558 $ 63,060 $

293,268
$ 239,493
Company restaurant costs:
Food and packaging 21,751 30.0 % 18,433 29.2 % 88,464 30.2 % 69,820 29.2 %
Payroll and employee benefits 19,358 26.7 % 16,331 25.9 % 79,235 27.0 % 62,532 26.1 %
Occupancy and other   18,989 26.2 %  

15,471
24.5 %   73,093 24.9 %   58,520 24.4 %
Total company restaurant costs $ 60,098 82.8 % $

50,235
79.7 % $ 240,792 82.1 % $ 190,872 79.7 %
 

 
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
 
           
The following table summarizes the changes in the number and mix of Jack in the Box and Qdoba company and franchise restaurants in each fiscal year:
 
September 29, 2013 September 30, 2012
Company Franchise Total Company Franchise Total
Jack in the Box:
Beginning of year 547 1,703 2,250 629 1,592 2,221
New 6 11 17 19 18 37
Refranchised (78 ) 78 (97 ) 97
Acquired from franchisees 1 (1 )
Closed (11 ) (5 ) (16 ) (4 ) (4 ) (8 )
End of period 465   1,786   2,251   547   1,703   2,250  
% of Jack in the Box system 21 % 79 % 100 % 24 % 76 % 100 %
% of consolidated system 61 % 85 % 79 % 63 % 85 % 78 %
Qdoba:
Beginning of year 316 311 627 245 338 583
New 34 34 68 26 32 58
Refranchised (3 ) 3
Acquired from franchisees 13 (13 ) 46 (46 )
Closed (64 ) (16 ) (80 ) (1 ) (13 ) (14 )
End of period 296   319   615   316   311   627  
% of Qdoba system 48 % 52 % 100 % 50 % 50 % 100 %
% of consolidated system 39 % 15 % 21 % 37 % 15 % 22 %
Consolidated:            
Total system 761   2,105   2,866   863   2,014   2,877  
% of consolidated system 27 % 73 % 100 % 30 % 70 % 100 %

Copyright Business Wire 2010

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