Jack in the Box Inc. Reports Second Quarter FY 2013 Earnings; Updates Guidance for FY 2013

SAN DIEGO - May 16, 2013 - (BUSINESS WIRE) - Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $13.4 million, or $0.30 per diluted share, for the second quarter ended April 14, 2013, compared with earnings from continuing operations of $21.6 million, or $0.48 per diluted share, for the second 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 $0.33 per share in the second quarter of fiscal 2013 compared with $0.30 per share in the prior year quarter.

During the second quarter of fiscal 2013, the company recognized a pre-tax loss of $2.7 million, or approximately 4 cents per diluted share, related to the expected sale of 16 restaurants in one market that is anticipated to be completed by the end of the fiscal year. The company also refranchised four Jack in the Box® restaurants, which generated a gain of approximately $0.01 per diluted share. The resulting loss from refranchising of approximately $0.03 per diluted share for the quarter compares with a gain from refranchising of approximately $0.21 per diluted 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   28 Weeks Ended
    April 14,
2013
April 15,
2012
  April 14,
2013
April 15,
2012
Diluted earnings per share from
continuing operations – GAAP
 

$

0.30

$

0.48

   

$

0.84

$

0.75

 
Plus: Restructuring charges     -   0.02       0.02   0.02  
Less: (Gains)/losses from refranchising     0.03   (0.21 )     0.03   (0.22 )
Operating earnings per share – Non-GAAP   $ 0.33 $ 0.30     $ 0.88 $ 0.55  

The company is continuing its efforts to lower 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 $0.3 million were recorded during the second quarter of 2013 as compared to $1.5 million, or approximately $0.02 per diluted share in the prior year quarter. These charges are included in “impairment and other charges, net” in the accompanying condensed consolidated statements of earnings. The company expects to incur additional restructuring charges in fiscal 2013 relating to this review.

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 an after-tax charge of $0.1 million in the second quarter and $3.3 million in the first quarter of fiscal 2013, which reduced year-to-date diluted net earnings per share by approximately $0.08. This charge and the results of operations for the distribution business are included in discontinued operations in the accompanying condensed consolidated statements of earnings for all periods presented.

Increase (decrease) in same-store sales:

     

12 Weeks Ended
April 14, 2013

 

12 Weeks Ended
April 15, 2012

 

28 Weeks Ended
April 14, 2013

 

28 Weeks Ended
April 15, 2012

Jack in the Box®:                
  Company   0.9 %   5.6 %   1.6 %   5.5 %
  Franchise   (0.2 %)   3.6 %   0.9 %   3.1 %
  System   0.1 %   4.2 %   1.1 %   3.8 %
Qdoba®:                
  Company   (2.0 %)   3.8 %   (0.1 %)   3.7 %
  Franchise   (0.9 %)   2.2 %   (0.1 %)   3.2 %
  System   (1.5 %)   3.0 %   (0.1 %)   3.4 %
                           

Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box company same-store sales increased 0.9 percent during the quarter, accelerating in the last two months of the quarter after a slow start which we attributed to pressures on consumer spending due to higher payroll taxes, delayed tax refunds and the rapid increase in gas prices in the last part of January and first half of February. Jack in the Box system same-store sales growth for the quarter exceeded that of the QSR sandwich segment by 1.9 percentage points for the comparable period, according to The NPD Group’s SalesTrack® Weekly for the 12-week time period ended April 14, 2013. Included in this segment are 15 of the top QSR sandwich and burger chains in the US. And on a weekly basis, the brand outperformed the segment for 11 out of the 12 weeks.

“Qdoba same-store sales in the second quarter decreased 2.0 percent for company restaurants, and were adversely affected by more severe winter weather in the quarter than last year, which we believe resulted in approximately 150 basis points of unfavorable impact,” Lang said.

Consolidated restaurant operating margin improved by 30 basis points to 15.8 percent of sales in the second quarter of 2013, compared with 15.5 percent of sales in the year-ago quarter.

Restaurant operating margin increased 160 basis points to 17.1% of sales for Jack in the Box. The improvement was due primarily to leverage from same-store sales increases and the benefit of refranchising, as well as slightly lower food and packaging costs. The decrease in food and packaging costs as a percentage of sales was due primarily to the benefit of price increases and favorable product mix which were partially offset by commodity inflation of approximately 2.6 percent.

Restaurant operating margin decreased 340 basis points to 12.2% of sales for Qdoba, due primarily to sales deleverage and greater promotional activity, as well as commodity inflation of approximately 1.8 percent.

SG&A expense for the second quarter decreased by $1.5 million and was 14.9 percent of revenues, the same percentage as the prior year quarter. The decrease in SG&A costs was due, in part, to the benefit of the company’s restructuring activities, lower advertising and overhead costs resulting from the Jack in the Box refranchising strategy, and a decrease in pre-opening costs. These decreases were partially offset by higher incentive and share-based compensation, increased advertising and G&A related to Qdoba growth, and higher pension costs. Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $1.4 million in the second quarter as compared to a positive impact of $1.1 million in last year’s second quarter, resulting in a year-over-year decrease in SG&A of $0.3 million.

Impairment and other charges decreased $2.7 million in the quarter compared to a year ago, including a $1.2 million decrease in restructuring charges.

The tax rate for the second quarter of 2013 was 37.1 percent versus 34.1 percent for the second quarter of 2012. The tax rate in the second quarter of fiscal 2013 was affected by the timing of Work Opportunity Tax Credits.

The company repurchased approximately 421,000 shares of its common stock in the second quarter at an average price of $34.28 per share for an aggregate cost of $14.4 million. This leaves $35.6 million remaining under a $100 million stock-buyback program authorized by the company’s board of directors that expires in November 2013, and $100 million remaining under a subsequent authorization that expires in November 2014.

Restaurant openings

Three new franchised Jack in the Box restaurants opened in the second quarter of fiscal 2013, compared with 7 new restaurants opened system-wide during the same quarter last year, of which 3 were franchised.

In the second quarter, 15 Qdoba restaurants opened, including 6 franchised locations, versus 8 new restaurants in the year-ago quarter, of which 6 were franchised. The company also acquired 6 Qdoba restaurants from franchisees in the quarter, compared with 25 in the prior year quarter.

At April 14, 2013, the company’s system total comprised 2,256 Jack in the Box restaurants, including 1,710 franchised locations, and 647 Qdoba restaurants, including 307 franchised locations.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the third quarter ending July 7, 2013, and the fiscal year ending September 29, 2013. Fiscal 2013 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.

Third quarter fiscal year 2013 guidance

  • Same-store sales are expected to increase approximately 1 to 3 percent at Jack in the Box company restaurants versus a 3.4 percent increase in the year-ago quarter.
  • Same-store sales are expected to be approximately flat at Qdoba company restaurants versus a 3.3 percent increase in the year-ago quarter.

Fiscal year 2013 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 be approximately flat to up 1.0 percent at Qdoba company restaurants.
  • Overall commodity costs are expected to increase by approximately 2 to 2.5 percent for the full year.
  • Restaurant operating margin for the full year is expected to be approximately 16.0 percent, depending on same-store sales and commodity inflation.
  • SG&A as a percentage of revenue is expected to be in the high-14 percent range as compared to 14.7% in fiscal 2012. G&A as a percentage of system-wide sales is expected to decline to approximately 4.4% in fiscal 2013 from 4.6% in fiscal 2012. The increase in expected SG&A costs as compared to the company’s previous guidance is due primarily to higher anticipated incentive compensation.
  • Impairment and other charges as a percentage of revenue are expected to be approximately 70 basis points, excluding restructuring charges.
  • The company no longer provides guidance with respect to refranchising gains or proceeds.
  • Approximately 20 new Jack in the Box restaurants are expected to open, including approximately 6 company locations.
  • 70 to 75 new Qdoba restaurants are expected to open, of which approximately 40 are expected to be company locations.
  • Capital expenditures are expected to be $95 to $105 million.
  • The tax rate is expected to be approximately 35 to 36 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 now expected to range from $1.55 to $1.65 in fiscal 2013 as compared to operating earnings per share of $1.20 in fiscal 2012.
  • Diluted earnings per share includes approximately $0.03 of incentive payments to Jack in the Box franchisees in fiscal 2013 to complete the installation of new signage as compared to $0.11 in fiscal 2012 to complete the re-image program.
  • Diluted weighted-average shares outstanding for the full year are expected to be approximately the same as last year.

Conference call

The company will host a conference call for financial analysts and investors on Thursday, May 16, 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 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 May 16.

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 2,200 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 more than 600 restaurants in 44 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   28 Weeks Ended
    April 14,
2013
April 15,
2012
  April 14,
2013
April 15,
2012
Diluted earnings per share from
continuing operations – GAAP
 

$

0.30

$

0.48

   

$

0.84

$

0.75

 
Plus: Restructuring charges     -   0.02       0.02   0.02  
Less: (Gains)/losses from refranchising     0.03   (0.21 )     0.03   (0.22 )
Operating earnings per share – Non-GAAP   $ 0.33 $ 0.30     $ 0.88 $ 0.55  

 

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
 
    Quarter   Year-to-Date
    April 14,

2013

  April 15,

2012

  April 14,

2013

  April 15,

2012

Revenues:                
Company restaurant sales   $ 277,197     $ 290,803     $ 637,291     $ 654,905  
Franchise revenues     78,426       75,681       183,855       169,500  
      355,623       366,484       821,146       824,405  
Operating costs and expenses, net:                
Company restaurant costs:                
Food and packaging     90,688       94,910       206,789       217,017  
Payroll and employee benefits     79,620       84,566       183,684       191,377  
Occupancy and other     63,152       66,184       146,506       152,127  
Total company restaurant costs     233,460       245,660       536,979       560,521  
Franchise costs     39,661       37,996       92,149       87,855  
Selling, general and administrative expenses     52,972       54,497       120,308       120,214  
Impairment and other charges, net     2,382       5,074       5,645       9,425  
Losses (gains) on the sale of company-operated restaurants     2,418       (14,078 )     1,670       (15,200 )
      330,893       329,149       756,751       762,815  
Earnings from operations     24,730       37,335       64,395       61,590  
Interest expense, net     3,426       4,534       8,791       10,591  
Earnings from continuing operations and before income taxes     21,304       32,801       55,604       50,999  
Income taxes     7,894       11,169       18,250       17,417  
Earnings from continuing operations     13,410       21,632       37,354       33,582  
Losses from discontinued operations, net of income tax benefit     (120 )     -       (3,375 )     -  
Net earnings   $ 13,290     $ 21,632     $ 33,979     $ 33,582  
                 
Net earnings per share - basic:                
Earnings from continuing operations   $ 0.31     $ 0.49     $ 0.86     $ 0.77  
Losses from discontinued operations                 (0.08 )      
Net earnings per share (1)   $ 0.30     $ 0.49     $ 0.78     $ 0.77  
Net earnings per share - diluted:                
Earnings from continuing operations   $ 0.30     $ 0.48     $ 0.84     $ 0.75  
Losses from discontinued operations                 (0.08 )      
Net earnings per share (1)   $ 0.29     $ 0.48     $ 0.76     $ 0.75  
                 
Weighted-average shares outstanding:                
Basic     43,747       43,937       43,319       43,896  
Diluted     45,274       44,911       44,736       44,775  
                 
(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)
 
    April 14,

2013

  September 30,

2012

ASSETS        
Current assets:        
Cash and cash equivalents   $ 10,202     $ 8,469  
Accounts and other receivables, net     52,185       78,798  
Inventories     8,713       7,752  
Prepaid expenses     31,992       32,821  
Deferred income taxes     26,931       26,932  
Assets held for sale and leaseback     39,569       45,443  
Assets of discontinued operations held for sale           30,591  
Other current assets     452       375  
Total current assets     170,044       231,181  
Property and equipment, at cost     1,543,068       1,529,650  
Less accumulated depreciation and amortization     (736,854 )     (708,858 )
Property and equipment, net     806,214       820,792  
Goodwill     148,935       140,622  
Other assets, net     276,544       271,130  
    $ 1,401,737     $ 1,463,725  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Current maturities of long-term debt   $ 20,960     $ 15,952  
Accounts payable     24,123       94,713  
Accrued liabilities     160,581       164,637  
Total current liabilities     205,664       275,302  
Long-term debt, net of current maturities     369,728       405,276  
Other long-term liabilities     369,667       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, 77,559,191 and 75,827,894

issued, respectively

    776       758  
Capital in excess of par value     266,500       221,100  
Retained earnings     1,154,650       1,120,671  
Accumulated other comprehensive loss     (129,344 )     (136,013 )
Treasury stock, at cost, 33,362,162 and 31,955,606 shares, respectively     (835,904 )     (794,571 )
Total stockholders’ equity     456,678       411,945  
    $ 1,401,737     $ 1,463,725  

 

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
    Year-to-Date
    April 14,

2013

  April 15,

2012

Cash flows from operating activities:        
Net earnings   $ 33,979     $ 33,582  
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization     52,590       51,874  
Deferred finance cost amortization     1,249       1,431  
Deferred income taxes     2,536       (2,560 )
Share-based compensation expense     7,599       3,562  
Pension and postretirement expense     16,772       14,372  
Gains on cash surrender value of company-owned life insurance     (5,669 )     (8,427 )

Losses (gains) on the sale of company-operated restaurants

    1,670       (15,200 )
Losses on the disposition of property and equipment     416       2,858  
Impairment charges and other     4,828       2,109  
Loss on early retirement of debt     939        
Changes in assets and liabilities, excluding acquisitions and dispositions:        
Accounts and other receivables     25,227       (8,680 )
Inventories     25,883       5,213  
Prepaid expenses and other current assets     751       (4,627 )
Accounts payable     (32,036 )     (6,178 )
Accrued liabilities     (4,256 )     6,237  
Pension and postretirement contributions     (7,052 )     (6,573 )
Other     (3,821 )     595  
Cash flows provided by operating activities     121,605       69,588  
Cash flows from investing activities:        
Purchases of property and equipment     (41,754 )     (40,609 )
Purchases of assets intended for sale and leaseback     (25,165 )     (22,000 )
Proceeds from sale and leaseback of assets     22,892       9,312  
Proceeds from the sale of company-operated restaurants     2,866       21,964  
Collections on notes receivable     2,987       9,669  
Disbursements for loans to franchisees           (3,977 )
Acquisitions of franchise-operated restaurants     (11,014 )     (39,195 )
Other     3,694       244  
Cash flows used in investing activities     (45,494 )     (64,592 )
Cash flows from financing activities:        
Borrowings on revolving credit facilities     479,000       333,020  
Repayments of borrowings on revolving credit facilities     (539,000 )     (308,324 )
Proceeds from issuance of debt     200,000        
Principal repayments on debt     (170,540 )     (10,662 )
Debt issuance costs     (4,392 )     (741 )
Proceeds from issuance of common stock     37,113       2,015  
Repurchases of common stock     (40,465 )     (6,901 )
Excess tax benefits from share-based compensation arrangements     599       287  
Change in book overdraft     (36,693 )     (13,806 )
Cash flows used in financing activities     (74,378 )     (5,112 )
Net increase (decrease) in cash and cash equivalents     1,733       (116 )
Cash and cash equivalents at beginning of period     8,469       11,424  
Cash and cash equivalents at end of period   $ 10,202     $ 11,308  

 

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
  April 14,

2013

  April 15,

2012

  April 14,

2013

  April 15,

2012

Revenues:              
Company restaurant sales 77.9 %   79.3 %   77.6 %   79.4 %
Franchise revenues 22.1 %   20.7 %   22.4 %   20.6 %
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 %   32.4 %   33.1 %
Payroll and employee benefits (1) 28.7 %   29.1 %   28.8 %   29.2 %
Occupancy and other (1) 22.8 %   22.8 %   23.0 %   23.2 %
Total company restaurant costs (1) 84.2 %   84.5 %   84.3 %   85.6 %
Franchise costs (1) 50.6 %   50.2 %   50.1 %   51.8 %
Selling, general and administrative expenses 14.9 %   14.9 %   14.7 %   14.6 %
Impairment and other charges, net 0.7 %   1.4 %   0.7 %   1.1 %
Gains on the sale of company-operated restaurants 0.7 %   (3.8 )%   0.2 %   (1.8 )%
Earnings from operations 7.0 %   10.2 %   7.8 %   7.5 %
Income tax rate (2) 37.1 %   34.1 %   32.8 %   34.2 %
               
(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 EARNINGS DATA
(Dollars in thousands)
 
  Quarter   Year-to-Date
  April 14, 2013   April 15, 2012   April 14, 2013   April 15, 2012

Jack in the Box:

                             
Company restaurant sales $ 203,439       $ 227,828       $ 470,615       $ 522,181    
Company restaurant costs:                              
Food and packaging   68,195   33.5 %     76,508   33.6 %     155,993   33.1 %     178,098   34.1 %
Payroll and employee benefits   58,108   28.6 %     67,128   29.5 %     135,110   28.7 %     153,697   29.4 %
Occupancy and other   42,421   20.9 %     48,900   21.5 %     99,009   21.0 %     114,191   21.9 %
Total company restaurant costs $ 168,724   82.9 %   $ 192,536   84.5 %   $ 390,112   82.9 %   $ 445,986   85.4 %
Qdoba:                              
Company restaurant sales $ 73,758       $ 62,975       $ 166,676       $ 132,724    
Company restaurant costs:                              
Food and packaging   22,493   30.5 %     18,402   29.2 %     50,796   30.5 %     38,919   29.3 %
Payroll and employee benefits   21,512   29.2 %     17,438   27.7 %     48,574   29.1 %     37,680   28.4 %
Occupancy and other   20,731   28.1 %     17,284   27.4 %     47,497   28.5 %     37,936   28.6 %
Total company restaurant costs $ 64,736   87.8 %   $ 53,124   84.4 %   $ 146,867   88.1 %   $ 114,535   86.3 %

 

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:
 
    April 14, 2013   April 15, 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   3     9     12     9     14     23  

Refranchised

 

(4

)

 

4

   

   

(37

)

 

37

   

 
Acquired from franchisees   1     (1 )                
Closed   (1 )   (5 )   (6 )       (2 )   (2 )
End of period   546     1,710     2,256     601     1,641     2,242  
% of Jack in the Box system   24 %   76 %   100 %   27 %   73 %   100 %
% of consolidated system   62 %   85 %   78 %   68 %   84 %   79 %
Qdoba:                        
Beginning of year   316     311     627     245     338     583  
New   12     20     32     8     15     23  
Acquired from franchisees   12     (12 )       36     (36 )    
Closed       (12 )   (12 )       (1 )   (1 )
End of period   340     307     647     289     316     605  
% of Qdoba system   53 %   47 %   100 %   48 %   52 %   100 %
% of consolidated system   38 %   15 %   22 %   32 %   16 %   21 %
Consolidated:                        
Total system   886     2,017     2,903     890     1,957     2,847  
% of consolidated system   31 %   69 %   100 %   31 %   69 %   100 %

Contacts:

Jack in the Box Inc.

Investor
Carol DiRaimo
(858) 571-2407

Media
Brian Luscomb
(858) 571-2291

###

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