Jack In The Box 2005 Annual Report Download - page 33

• Pension Contributions. In the third quarter of 2005, based on an annual actuarial review of the Company’ s
qualified pension plans, we elected to utilize available cash to make discretionary contributions of $22.2 million to
our qualified pension plans.
• Effective Tax Rate. The resolution of a prior year’ s tax position and certain tax planning initiatives contributed to
the lower tax rate in 2005 compared with 2004.
The following table sets forth, unless otherwise indicated, the percentage relationship to total revenues of certain items
included in the Company’ s consolidated statements of earnings.
CONSOLIDATED STATEMENTS OF EARNINGS DATA
Fiscal Year
Oct. 2,
2005
Oct. 3,
2004
Sept. 28,
2003
Revenues:
Restaurant sales......................................................... 81.6% 87.6% 90.6%
Distribution and other sales....................................... 13.9 8.5 5.3
Franchised rents and royalties................................... 3.2 2.9 2.6
Other ......................................................................... 1.3 1.0 1.5
Total revenues........................................................ 100.0% 100.0% 100.0%
Costs of revenues:
Restaurant costs of sales (1)....................................... 31.6% 31.0% 30.8%
Restaurant operating costs (1).................................... 51.4 51.9 53.1
Costs of distribution and other sales (1)..................... 98.7 98.2 97.5
Franchised restaurant costs (1) .................................. 43.9 47.9 47.8
Total costs of revenues .......................................... 82.9 82.4 82.4
Selling, general and administrative................................ 10.9 11.4 11.1
Earnings from operations....................................... 6.2 6.2 6.5
(1) As a percentage of the related sales and/or revenues.
The following table summarizes the number of restaurants at each fiscal year-end:
SYSTEMWIDE RESTAURANT UNITS
Oct. 2,
2005
Oct. 3,
2004
Sept. 28,
2003
JACK IN THE BOX:
Company-operated.............................................................
.
1,534 1,558 1,553
Franchised..........................................................................
.
515 448 394
Total system.......................................................................
.
2,049 2,006 1,947
Qdoba:
Company-operated.............................................................
.
57 47 34
Franchised..........................................................................
.
193 130 77
Total system.......................................................................
.
250 177 111
Consolidated:
Company-operated.............................................................
.
1,591 1,605 1,587
Franchised..........................................................................
.
708 578 471
Total system.......................................................................
.
2,299 2,183 2,058
Revenues
Company-operated restaurant sales were $2,045.4 million, $2,033.5 million, and $1,864.2 million, in 2005, 2004, and
2003, respectively. In 2005, this sales growth primarily reflects an increase in per store average (“PSA”) sales at
JACK IN THE BOX and Qdoba company-operated restaurants, as well as an increase in the number of Qdoba company-operated
restaurants. Same-store sales at JACK IN THE BOX company-operated restaurants increased 2.4% in 2005 compared with 4.6% in
2004, primarily due to the success of new product introductions and promotional support. Same-store sales at Qdoba increased
11.8% in 2005 on top of a 9.3% increase in 2004. The PSA sales growth in 2005 was partially offset by a decrease in the number
of JACK IN THE BOX company-operated restaurants primarily reflecting the sale of company-operated restaurants to franchisees.
The sales growth in 2004 compared with 2003, primarily reflects an increase in PSA sales at JACK IN THE BOX and Qdoba
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