Jack In The Box 2005 Annual Report Download - page 31

ITEM 6. SELECTED FINANCIAL DATA
Our fiscal year is 52 or 53 weeks, ending the Sunday closest to September 30. Fiscal year 2004 includes 53 weeks; all
other years include 52 weeks. The following selected financial data of Jack in the Box Inc. for each fiscal year was extracted or
derived from financial statements which have been audited by KPMG LLP, our independent registered public accountants.
Fiscal Year
2005 2004 2003(1) 2002 2001
Statement of Operations Data: (Dollars in thousands, except per share data)
Revenues:
Restaurant sales........................................... $ 2,045,400 $ 2,033,482 $ 1,864,180 $ 1,822,902 $ 1,714,126
Distribution and other sales......................... 348,482 197,762 108,738 77,445 66,565
Franchise rents and royalties....................... 80,390 66,653 54,371 45,936 43,825
Other ........................................................... 32,966 24,467 31,001 20,077 9,060
Total revenues........................................... 2,507,238 2,322,364 2,058,290 1,966,360 1,833,576
Costs of revenues............................................ 2,078,121 1,913,285 1,695,709 1,589,090 1,480,643
Selling, general and
administrative expenses (2).......................... 273,821
264,257 228,141 233,345 201,595
Earnings from operations................................ 155,296 144,822 134,440 143,925 151,338
Interest expense (3).......................................... 17,092 27,318 24,838 22,914 24,453
Earnings before income taxes and cumulative
effect of accounting change......................... 138,204 117,504 109,602 121,011 126,885
Income taxes (4) .............................................. 46,667 42,820 39,518 40,791 45,191
Earnings before cumulative effect of
accounting change (6) .................................. $ 91,537 $ 74,684 $ 70,084 $ 80,220 $ 81,694
Earnings per share before cumulative
effect of accounting change:
Basic.......................................................... $ 2.57 $ 2.06 $ 1.92 $ 2.04 $ 2.11
Diluted (5).................................................. $ 2.48 $ 2.02 $ 1.90 $ 2.00 $ 2.05
Balance Sheet Data (at end of period):
Total assets ..................................................... $ 1,337,986 $ 1,324,666 $ 1,142,481 $ 1,035,845 $ 1,006,952
Long-term debt ............................................... 290,213 297,092 290,746 143,364 279,719
Stockholders’ equity ....................................... 565,372 553,399 450,434 447,761 400,002
(1) Fiscal year 2003 includes Qdoba results of operations since January 21, 2003, representing approximately 36 weeks.
(2) Fiscal year 2005 includes a charge of approximately $3.0 million related to the cancellation of the Company’ s test of a fast-casual
concept called JBX Grill. Fiscal year 2003 includes $2.6 million related to lease-assumption obligations on five sites arising from the
bankruptcy of the Chi Chi’ s restaurant chain, previously owned by the Company. Fiscal year 2002 includes $9.3 million for costs
associated with the settlement of a class action lawsuit and $6.3 million for costs related to the closure of eight under-performing
restaurants.
(3) Fiscal year 2004 includes a $9.2 million charge related to the refinancing of the Company’ s term loan and the early redemption of its
senior subordinated notes.
(4) Fiscal year 2005 includes a $2.1 million benefit related to the resolution of a prior year’ s tax position.
(5) Fiscal year 2004 earnings per diluted share include approximately $0.03 per share related to an additional week.
(6) In 2001, we adopted Staff Accounting Bulletin (“SAB”) 101 which requires that we recognize certain franchise percentage rents,
which are contingent upon certain annual sales levels, in the period in which the contingency is met instead of being accrued for
ratably. As a result of adopting SAB 101, we recorded a one-time after-tax cumulative effect from this accounting change of $1.9
million related to the deferral of franchise percentage rents not yet earned as of the beginning of fiscal year 2001.
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