Jack in the Box Inc. Completes Sale of 25 Restaurants in Hawaii to Scanlan Management LLC
SAN DIEGO--(BUSINESS WIRE)--Sept. 12, 2006--Jack in the Box Inc. (NYSE:JBX) today announced that Scanlan Management, LLC has acquired its 25 company-operated Jack in the Box(R) restaurants in Hawaii for approximately $19 million in cash. Along with this transaction, which was completed on Sept. 11, Chris Scanlan, president and CEO of Scanlan Management, signed a development agreement to add new Jack in the Box restaurants in Hawaii, the first of which is expected to open by Oct. 1.
"We're pleased to welcome to the Jack in the Box family such an experienced and well-respected franchise operator who can build upon our longstanding success in Hawaii," said Linda A. Lang, chairman and chief executive officer. "This transaction represents the first sale of an entire market since we announced our strategic initiative to expand franchising in 2002. We believe there is tremendous potential to continue leveraging franchising to expand the Jack in the Box brand in existing and new markets."
About Jack in the Box Inc.
Jack in the Box Inc. (NYSE:JBX), based in San Diego, is a restaurant company that operates and franchises Jack in the Box(R) restaurants, one of the nation's largest hamburger chains, with more than 2,000 restaurants in 17 states. The company also operates a proprietary chain of convenience stores called Quick Stuff(R), with approximately 50 locations, each built adjacent to a full-size Jack in the Box restaurant and including a major-brand fuel station. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill(R), an emerging leader in fast-casual dining, with more than 300 restaurants in 40 states. For more information, visit www.jackinthebox.com.
Safe Harbor Statement
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that are subject to substantial risks and uncertainties. These statements may be identified by the use of words such as "believe," "expects," "plans," "will," and other words of similar meaning.
The following are some of the factors that could cause the company's actual results to differ materially from those expressed in the forward-looking statements: delays in the opening of new or remodeled restaurants; costs that exceed projections; the uncertainty whether test results for products or facility enhancements are predictive of successful results on a larger scale; loss of sales due to restaurant closures related to blackouts or adverse weather conditions in the regions in which restaurants are located; changes in laws, regulations and accounting rules and interpretations; adverse economic and other local, national and international conditions or events which affect consumer confidence and spending. Further information about factors that could affect the company's financial and other results is included in the company's annual report on Form 10-K and its periodic reports on Forms 10-Q filed with the Securities and Exchange Commission. The information in this press release is as of September 13, 2006. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.
CONTACT: Jack in the Box Inc. Brian Luscomb, 858-571-2229 email@example.com www.jackinthebox.com SOURCE: Jack in the Box Inc.