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CKE Restaurants Feasts on Record Quarterly Earnings

September 10, 1997|Times Staff and Wire Services

ANAHEIM — CKE Restaurants Inc. stock rose 10% Tuesday after the restaurant operator posted record second-quarter earnings that exceeded analysts' projections.

The company, which operates Carl's Jr. and Hardee's restaurants among others, said net income for the three months ended Aug. 11 more than doubled to $10.5 million, or 28 cents a share, from $5.2 million, or 18 cents a share, a year ago.

The company said operating results for the recent quarter include four weeks of operations for Hardee's Food Systems Inc., which was acquired July 15.

CKE was expected to earn 24 cents a share, according to a survey of six analysts by IBES International Inc.

Revenue increased 89% to $242.3 million from $128.1 million.

The stock climbed $3.38 to $37 in heavy trading on the New York Stock Exchange. Earlier in the session, shares hit a 52-week high of $38.

First-half net income rose to $21.1 million, or 58 cents a share, from $10.5 million, or 37 cents a share, for the first six months a year ago. Revenue was up 70% to $477.7 million from $281.1 million.

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