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Jack in the Box Issues Forecast

September 16, 2004|From Reuters

Jack in the Box Inc. on Wednesday forecast first-quarter and full-year sales and profit ahead of analysts' average estimates and said it might convert some of its hamburger chains into fast-casual restaurants.

The San Diego company forecast earnings of 69 cents a share on revenue of $745 million for its fiscal first quarter ending in December, and $2.43 a share on revenue of $2.5 billion for the fiscal year 2005.

Wall Street analysts, on average, were expecting earnings of 64 cents a share on revenue of $691 million for the first quarter, and $2.36 a share on revenue of $2.31 billion for the year, according to Reuters Estimates.

The company also said it might convert about 10% to 15% of its restaurants into a new fast-casual concept called JBX.

Jack in the Box now operates two JBX restaurants in the San Diego area and plans to open two more in other markets.

Before a one-time refinancing charge of 15 cents a share, the company forecast a profit of $2.18 for the current fiscal year.

On that basis, analysts, on average, had been expecting earnings per share of 50 cents for the fourth quarter and $2.19 for the current year, according to Reuters Estimates.

Jack in the Box shares rose 36 cents to $29.06 on the New York Stock Exchange.

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