Jack In The Box 2007 Annual Report Download

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JACK IN THE BOX INC.
|
2007 ANNUAL REPORT
DON'T BLAME THE CLEANERS. JACK'S BEEN GROWING.

Table of contents

  • Page 1
    DON'T BLAME THE CLEANERS. JACK'S BEEN GROWING. JACK IN THE BOX INC . | 2007 ANNUAL REPORT

  • Page 2

  • Page 3
    ... Box Inc. earnings grew to record levels in fiscal 2007 while the company achieved impressive sales and new unit growth for its Jack in the Box® and Qdoba Mexican Grill® concepts. Jack's strategic plan has the company - and its restaurant brands - positioned for continued growth in the years ahead...

  • Page 4
    ... fiscal 2007, with earnings climbing to $126.3 million, or $1.88 per diluted share. On the pages that follow, I'll discuss the four key initiatives that comprise that strategic plan: growing our business, reinventing the Jack in the Box brand, expanding franchising, and improving our business model...

  • Page 5
    ... in the Box and Qdoba Mexican Grill brands. In addition to reporting our third consecutive year of diluted EPS growth in excess of 20 percent, same-store sales at company-operated Jack in the Box restaurants - those locations open more than one year - increased 6.1 percent in fiscal 2007, with the...

  • Page 6
    ...also entered a new contiguous market - Corpus Christi, Texas - near the end of the year, and our first restaurant there set an opening-week sales record for the company. In 2008, approximately 35-45 new Jack in the Box restaurants are planned, about a third of which will be franchised, and we expect...

  • Page 7
    ... listen to the franchisees, value our opinions, and are open to change. What do you think the future holds for Jack in the Box? The senior management at Jack in the Box is implementing a well-conceived strategic plan and is committed to building a successful brand. Strong, experienced leadership...

  • Page 8
    ... and internal-service initiatives to raise the bar on guest service, and developed a comprehensive re-image program that is enhancing our restaurant facilities. Our goal is to differentiate Jack in the Box from the competition and deliver a restaurant experience superior to that typically found in...

  • Page 9
    ... enhancements. We've seen positive sales trends in markets that have been re-imaged, with guests rating the restaurants higher on attributes ranging from being trendy and a good dining destination to providing friendly, consistent customer service. The entire Jack in the Box system is expected to be...

  • Page 10
    ... company, while mitigating business-cost and investment risks. In fiscal 2007, we sold 76 company-operated Jack in the Box restaurants to franchisees. Additionally, franchisees developed 16 new Jack in the Box restaurants during the year and entered into development agreements to add more locations...

  • Page 11
    ...restaurant profitability and returns and increase the long-term value of the business. We'll also focus on profit improvement initiatives to reduce G&A and improve operating margins without negatively impacting our guests' experience. IN CLOSING ...I want to thank our hard-working employees as well...

  • Page 12
    ...QDOBA SYSTEM SAME-STORE SALES INCREASE 14.5% 11.4% 9.6% 5.9% 4.6% 2007 2003 2004 2005 2006 JACK IN THE BOX FRANCHISED RESTAURANTS, AS A PERCENTAGE OF THE SYSTEM TOTAL 33% 29% 20% 22% 25% 2003 1 2004 2005 2006 2007 All per share amounts reflect a 2-for-1 split of the company's common stock...

  • Page 13
    ... million. Number of shares of common stock, $.01 par value, outstanding as of the close of business November 15, 2007- 59,886,835. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement to be filed with the Securities and Exchange Commission in connection with the 2008 Annual Meeting of...

  • Page 14
    ..., Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships and Related Transactions, and Director Independence ...Principal Accountant Fees and Services ...PART IV...

  • Page 15
    ... franchising operations, and (iv) improve the business model. Strategic Plan - Growth Strategy. Our growth strategy includes increasing same-store sales and new unit growth at JACK IN THE BOX and Qdoba concepts. • JACK IN THE BOX Growth. Sales at company-operated JACK IN THE BOX restaurants open...

  • Page 16
    ... business-cost and investment risks. In fiscal 2007, we sold 76 company-operated JACK IN THE BOX restaurants to franchisees. Additionally, franchisees developed 16 new JACK IN THE BOX and 77 new Qdoba restaurants during the year and signed development agreements to expand the JACK IN THE BOX...

  • Page 17
    ... salads and specialty sandwiches, to appeal to a broader customer base, including more women and consumers older than the traditional QSR target market of 18-34 year old men. Furthermore, JACK IN THE BOX restaurants offer value-priced products, known as "Jack's Value Menu," to compete against price...

  • Page 18
    ...opened 58 new JACK IN THE BOX company-operated and franchised restaurants in fiscal 2007 and we plan to open 35-45 new JACK IN THE BOX restaurants, including franchised units in fiscal year 2008. Qdoba's growth is expected to come primarily from increasing the number of franchise-developed locations...

  • Page 19
    ... to pay property taxes, insurance and maintenance costs. We view our non-franchised JACK IN THE BOX restaurant businesses as a potential resource which, on a selected basis, can be sold to a franchisee, thereby providing current increased cash flows and gains while still generating future cash flows...

  • Page 20
    ...and credit cards at all locations and use back-of-the-restaurant software to control purchasing, inventory, food and labor costs. These software products have been customized to meet Qdoba's operating standards. Advertising and Promotion We build brand awareness through our marketing and advertising...

  • Page 21
    ... restaurant employees in improving their English skills. We expect these programs will further reduce turnover, as well as training costs and workers' compensation claims. Executive Officers The following table sets forth the name, age (as of September 30, 2007), position and years with the Company...

  • Page 22
    ... the type and quality of the food products offered, price, quality and speed of service, personnel, advertising, name identification, restaurant location and attractiveness of the facilities. Each JACK IN THE BOX and Qdoba restaurant competes directly and indirectly with a large number of national...

  • Page 23
    ... as minimum wages, exempt status classification, overtime and other working conditions. A significant number of our food service personnel are paid at rates related to the federal and state minimum wage, and accordingly, increases in the minimum wage increase our labor costs. Federal and state laws...

  • Page 24
    ... as inflation, increased cost of food, labor, fuel, utilities, technology, insurance and employee benefits (including increases in hourly wages, workers' compensation and other insurance costs and premiums), increases in the number and locations of competing restaurants, regional weather conditions...

  • Page 25
    ... for financial reporting purposes. The ultimate outcome of such positions could have an adverse impact on our effective tax rate. Risks Related to Achieving Increased Franchise Ownership and to Franchise Operations. At September 30, 2007, approximately 33% of the JACK IN THE BOX restaurants were...

  • Page 26
    ...that developers planning the opening of franchised restaurants will have the business abilities or sufficient access to financial resources necessary to open the restaurants required by their agreements. We cannot assure you that franchisees will successfully participate in our strategic initiatives...

  • Page 27
    ..., 2007, of our 2,132 JACK IN THE BOX and 395 Qdoba restaurants, we owned 817 restaurant buildings, including 606 located on leased land. In addition, we leased both the land and building for 1,291 restaurants, including 358 restaurants operated by franchisees. Also at that date, franchisees directly...

  • Page 28
    ...2007. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information. The following table sets forth the high and low sales prices for our common stock during the fiscal quarters indicated, as reported on the New York...

  • Page 29
    ... year 2008, which was announced September 21, 2005. The following table summarizes shares repurchased pursuant to this program during the quarter ended September 30, 2007: (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly...

  • Page 30
    ... stock may be issued as of September 30, 2007. Stockholders of the Company approved all plans. (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights(1) (b) WeightedAverage Exercise Price of Outstanding Options(1) (c) Number of Securities Remaining for Future...

  • Page 31
    ... includes the cumulative returns for both our old and new restaurant peer groups. The below comparison assumes $100 was invested on September 30, 2002 in the Company's common stock and in each of the comparison groups, and assumes reinvestment of dividends. The Company paid no dividends during these...

  • Page 32
    ... ...Diluted ...Weighted-average shares outstanding - Diluted(5) ...Market price at year-end ...Other Operating Data: JACK IN THE BOX change in same-store sales...Restaurant operating margin ...SG&A rate ...Capital expenditures ...Balance Sheet Data (at end of period): Total assets ...Long-term debt...

  • Page 33
    ...on our consolidated financial position or results of operations, if any. OVERVIEW As of September 30, 2007, Jack in the Box Inc. (the "Company") owned, operated, and franchised 2,132 JACK IN THE BOX quick-service restaurants and 395 Qdoba Mexican Grill ("Qdoba") fast-casual restaurants, primarily in...

  • Page 34
    .... To address these challenges and others, management has developed a strategic plan focused on four key initiatives. The first initiative is a growth strategy that includes opening new restaurants and increasing same-store sales. The second initiative is a holistic reinvention of the JACK IN THE BOX...

  • Page 35
    ... stock split. Effective fiscal 2007, we are reporting gains as a discrete line item within operating costs and expenses, rather than within revenues, as previously presented. Prior year's gains on sale of company-operated restaurants to franchisees have been reclassified to conform with the current...

  • Page 36
    ... franchised restaurants and PSA sales growth. The number of franchised restaurants increased to 1,001 at the end of the fiscal year from 852 in 2006 and 708 in 2005, reflecting the franchising of JACK IN THE BOX company-operated restaurants and new restaurant development by Qdoba and JACK IN THE BOX...

  • Page 37
    ... 2005, respectively. The change in gains relates to the number of restaurants sold and the specific sales and cash flows of those restaurants. In 2007, we sold 76 JACK IN THE BOX restaurants, compared with 82 in 2006, which included all 25 company-operated restaurants in Hawaii, and 58 in 2005. The...

  • Page 38
    ...new credit facility, cash flows provided by operating activities and proceeds from the issuance of common stock and from the sale of restaurants to franchisees. We generally reinvest available cash flows from operations to develop new restaurants or enhance existing restaurants, to repurchase shares...

  • Page 39
    ... costs related to the JACK IN THE BOX restaurant re-image program and kitchen enhancements. We plan to open approximately 22 - 28 new JACK IN THE BOX restaurants in 2008, and under our brand reinvention strategy, plan to re-image approximately 250 restaurants. Sale of Company-Operated Restaurants...

  • Page 40
    ... Offer and the additional repurchase program were funded through the new credit facility and available cash, and all shares repurchased were subsequently retired. In September 2005, the Board of Directors authorized the repurchase of $150.0 million of our outstanding common stock in the open market...

  • Page 41
    ..., forfeiture rates, and expected option life. If any of the assumptions used in the model change significantly, sharebased compensation expense may differ materially in the future from that recorded in the current period. Retirement Benefits - We sponsor pension and other retirement plans in various...

  • Page 42
    ... of time since a restaurant has been opened or remodeled, and the maturity of the related market. When indicators of impairment are present, we perform an impairment analysis on a restaurant-by-restaurant basis. If the sum of undiscounted future cash flows is less than the net carrying value of...

  • Page 43
    ... increase of $2.2 million in annual interest expense. Changes in interest rates also impact our pension expense, as do changes in the expected long-term rate of return on our pension plan assets. An assumed discount rate is used in determining the present value of future cash outflows currently...

  • Page 44
    ... 30, 2007, the Company's Chief Executive Officer and Chief Financial Officer (its principal executive officer and principal financial officer, respectively) have concluded that the Company's disclosure controls and procedures were effective. Changes in Internal Control Over Financial Reporting There...

  • Page 45
    ... Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Jack in the Box Inc. and subsidiaries as of September 30, 2007 and October 1, 2006, and the related consolidated statements of earnings, cash flows, and stockholders' equity for the fifty-two weeks ended...

  • Page 46
    ... 14Awithin 120 days after September 30, 2007 and to be used in connection with our 2008 Annual Meeting of Stockholders is hereby incorporated by reference. Information regarding executive officers is set forth in Item 1 of Part I of this Report under the caption "Executive Officers." That portion...

  • Page 47
    ... Statement appearing under the caption "Independent Registered Public Accountant Fees and Services" to be filed with the Commission pursuant to Regulation 14A within 120 days after September 30, 2007 and to be used in connection with our 2008 Annual Meeting of Stockholders is hereby incorporated by...

  • Page 48
    ...'s Annual Report on Form 10-K for the year ended October 1, 2006. Executive Retention Agreement between Jack in the Box Inc. and Gary J. Beisler, President and Chief Executive Officer of Qdoba Restaurant Corporation, which is incorporated herein by reference from the registrant's Quarterly Report on...

  • Page 49
    ... 32.2 Summary of Director Compensation effective fiscal 2007, which is incorporated herein by reference from the registrant's Annual Report on Form 10-K for the year ended October 1, 2006. Consent of Independent Registered Public Accounting Firm Certification of Chief Executive Officer pursuant to...

  • Page 50
    ...caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. JACK IN THE BOX INC. By: /s/ JERRY P. REBEL Jerry P. Rebel Executive Vice President and Chief Financial Officer (principal financial officer) (Duly Authorized Signatory) Date: November 20, 2007 Pursuant to...

  • Page 51
    ... FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm...Consolidated Balance Sheets ...Consolidated Statements of Earnings ...Consolidated Statements of Cash Flows...Consolidated Statements of Stockholders' Equity ...Notes to Consolidated Financial Statements...

  • Page 52
    ... its method of quantifying errors in fiscal year 2007. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Jack in the Box Inc.'s internal control over financial reporting as of September 30, 2007, based on criteria established in...

  • Page 53
    ...except per share data) September 30, 2007 October 1, 2006 ASSETS Current assets: Cash and cash equivalents (includes restricted cash of $47,655 at October 1, 2006) ...Accounts and other receivables, net ...Inventories ...Prepaid expenses ...Deferred income taxes...Assets held for sale and leaseback...

  • Page 54
    JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars in thousands, except per share data) 2007 Fiscal Year 2006 2005 Revenues: Restaurant sales ...$2,150,985 Distribution and other sales ...585,107 Franchised restaurant revenues ...139,886 2,875,978 Operating costs and...

  • Page 55
    ... income taxes ...Share-based compensation expense for equity classified awards ...Pension and postretirement expense ...Gains on cash surrender value of company-owned life insurance . . Gains on the sale of company-operated restaurants ...Losses on the disposition of property and equipment, net...

  • Page 56
    ...gains on interest rate swaps, net of taxes ...Additional minimum pension liability, net of taxes ...Total comprehensive income ...Balance at October 1, 2006 ...Shares issued under stock plans, including tax benefit ...Share-based compensation...Reclass of non-management director stock equivalents as...

  • Page 57
    ... POLICIES Nature of operations - Founded in 1951, Jack in the Box Inc. (the "Company") owns, operates, and franchises JACK IN THE BOX» quick-service restaurants and Qdoba Mexican Grill» ("Qdoba") fast-casual restaurants in 42 states. The Company also operates 60 proprietary convenience stores...

  • Page 58
    ... assets - Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired. The following table summarizes goodwill by operating segment (in thousands): Fiscal Year Ended Sept. 30, 2007 Oct. 1, 2006 JACK IN THE BOX ...Qdoba ...Total ... $67,868 28,797 $96,665...

  • Page 59
    ... market prices. Revenue recognition - Revenue from restaurant and fuel and convenience store sales are recognized when the food, beverage, convenience store and fuel products are sold. We provide purchasing, warehouse and distribution services for most of our franchise-operated restaurants. Revenue...

  • Page 60
    ...and 1% of sales at all company-operated JACK IN THE BOX and Qdoba restaurants, respectively, as well as contractual marketing fees paid monthly by franchisees. Production costs of commercials, programming and other marketing activities are charged to the marketing funds when the advertising is first...

  • Page 61
    ... are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Derivative instruments - From time to time, we use commodity derivatives to reduce the risk of price fluctuations related to raw...

  • Page 62
    ... 108 became effective during the fourth quarter of fiscal year 2007 but had no impact on our results of operations or financial position. In September 2006, the FASB issued SFAS 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements No...

  • Page 63
    JACK IN THE BOX INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) requirement to recognize over and under funding of our pension and post-retirement health plans. See Note 7, Retirement Plans, for additional information. 2. INTANGIBLE ASSETS, NET Intangible assets, net ...

  • Page 64
    ... Interbank Offered Rate ("LIBOR") plus 1.375%. At inception, we borrowed $475.0 million under the term loan facility and used the proceeds to repay all borrowings under the prior credit facility, to pay related transaction fees and expenses and to repurchase a portion of our outstanding stock. We...

  • Page 65
    ... the payment of property taxes, insurance and maintenance costs. We also lease certain restaurant, office and warehouse equipment, as well as various transportation equipment. Minimum rental obligations are accounted for on a straight-line basis over the term of the initial lease. The components of...

  • Page 66
    ... 131,810 3,109 160,900 (70,554) $ 90,346 In 2007, we closed five JACK IN THE BOX restaurants and recognized impairment charges of $1.1 million. We also recorded impairment charges of $0.2 million to write-down the carrying value of one JACK IN THE BOX restaurant which we continue to operate. F-16

  • Page 67
    ...based upon our estimates of future cash flows, we also recorded impairment charges of $2.5 million to write-down the carrying value of eight JACK IN THE BOX restaurants. In fiscal 2005, we incurred costs of approximately $3.0 million related to the cancellation of the Company's test of a fast-casual...

  • Page 68
    ...income or alternative tax strategies. From time to time, we may take positions for filing our tax returns, which may differ from the treatment of the same item for financial reporting purposes. The ultimate outcome of these items will not be known until the Internal Revenue Service has completed its...

  • Page 69
    ... to certain employees who meet minimum age and service requirements. The plans are contributory; with retiree contributions adjusted annually, and contain other cost-sharing features such as deductibles and coinsurance. New accounting policy - As discussed in Note 1, Organization and Summary of...

  • Page 70
    ... 30, 2007 are presented in the following table (in thousands): Before Application of SFAS 158 SFAS 158 Adjustments After Application of SFAS 158 Deferred income taxes ...Pension asset ...Total assets ...Current liability for pension and postretirement benefits ...Deferred income taxes ...Long-term...

  • Page 71
    ... Health Plans 2007 2006 Change in benefit obligation: Obligation at beginning of year . . Service cost ...Interest cost ...Participant contributions ...Actuarial loss (gain) ...Benefits paid ...Plan amendment and other ...Change in plan assets: Fair value at beginning of year Actual return on plan...

  • Page 72
    ... NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Additional year-end pension plan information - The pension benefit obligation ("PBO") is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The...

  • Page 73
    ... increases ...Non-qualified pension plan: Discount rate ...Rate of future compensation increases ...Postretirement health plans: Discount rate ...Assumptions used to determine net periodic benefit cost(2): Qualified pension plans: Discount rate ...Long-term rate of return on assets ...Rate of future...

  • Page 74
    ... the aggregate of the service and interest components of net periodic benefit cost for 2007 would decrease by $0.2 million. Plan assets - We regularly monitor our asset allocation and senior financial management and the Finance Committee of the Board of Directors review performance results at least...

  • Page 75
    ...estimated future employee service. 8. SHARE-BASED EMPLOYEE COMPENSATION Stock incentive plans - We offer share-based compensation plans to attract, retain, and motivate key officers, non-employee directors, and employees to work toward the financial success of the Company. Our stock incentive plans...

  • Page 76
    ... period. Options may vest sooner for employees meeting certain age and years of service thresholds. Options granted to non-management directors vest at six months. All option grants provide for an option exercise price equal to the closing market value of the common stock on the date of grant. The...

  • Page 77
    ... Company's history and expectations of dividend payouts. The expected stock price volatility in 2007, 2006 and the fourth quarter of 2005, represents an average of the implied volatility and the Company's historical volatility. In 2005, prior to using a binomial-based model, the expected stock price...

  • Page 78
    ...the then current market price of our stock, our liability was adjusted at the end of each reporting period to reflect the value of the directors' stock equivalents at the then market price of our common stock. Cash used to settle directors' deferred compensation upon a director's retirement from the...

  • Page 79
    JACK IN THE BOX INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Employee stock purchase plan - In fiscal year 2007, 11,248 shares were purchased through the ESPP at an average price of $32.51. The first offering period concluded in the first quarter of 2007, therefore ...

  • Page 80
    ...) related to cash flow hedges, net of taxes of ($556) and $382, respectively ...(891) Accumulated other comprehensive loss ...$(25,140) 10. AVERAGE SHARES OUTSTANDING $(2,393) - 597 $(1,796) Our basic earnings per share calculation is computed based on the weighted-average number of common shares...

  • Page 81
    ...thresholds, only JACK IN THE BOX is considered a reportable segment. Summarized financial information concerning our reportable segment is shown in the following table (in thousands): 2007 2006 2005 Revenues ...$2,781,505 Earnings from operations ...208,680 Cash flows used for purchases of property...

  • Page 82
    ... THE BOX INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 13. SUPPLEMENTAL CASH FLOW INFORMATION Additional information related to cash flows is as follows (in thousands): 2007 2006 2005 Cash paid during the year for: Interest, net of amounts capitalized ...Income tax...

  • Page 83
    JACK IN THE BOX INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 15. UNAUDITED QUARTERLY RESULTS OF OPERATIONS (in thousands, except per share data) 16 Weeks Ended Jan. 21, 2007 12 Weeks Ended July 8, 2007 Sept. 30, 2007 Fiscal Year 2007 Apr. 15, 2007 Revenues......

  • Page 84
    JACK IN THE BOX INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) obligations at the end of their fiscal year. The measurement provision of SFAS 158 is effective for fiscal years ending after December 15, 2008. In February 2007, the FASB issued SFAS 159, The Fair Value ...

  • Page 85
    ..., summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ LINDA A. LANG Linda A. Lang Chief Executive Officer and Chairman of...

  • Page 86
    ... and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /s/ JERRY P. REBEL Jerry P. Rebel Chief Financial Officer Date: November 20, 2007

  • Page 87
    ... of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. /s/ LINDA A. LANG Linda A. Lang Chief Executive Officer Dated: November 20, 2007

  • Page 88
    ... of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. /s/ JERRY P. REBEL Jerry P. Rebel Chief Financial Officer Dated: November 20, 2007

  • Page 89
    ... revise any forward-looking statement, whether as the result of new information or otherwise. Eric E. Tunquist Vice President of Operations, Division I Charles E. Watson Vice President and Chief Development Officer Gary J. Beisler Chief Executive Officer and President, Qdoba Restaurant Corporation

  • Page 90
    ... newspaper stock listings. The chief executive officer submitted her annual certification to the NYSE in 2007 stating that she was not aware of any violations by the company of the NYSE's corporate governance listing standards. DIVIDEND POLICY Jack in the Box Inc. has not paid any cash dividends...

  • Page 91
    J A C K I N T H E B O X I N C. 9 3 3 0 B A L B O A AV E N U E S A N D I E G O, C A 9 2 1 2 3 WWW.JACKINTHEBOX .COM