full text:
CKE Restaurants, Inc. (NYSE:CKR) announced first quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the sixteen weeks ended May 21, 2007.

  First Quarter Highlights
  *  First quarter income before income taxes and discontinued operations
     was $26.3 million versus $27.0 million in the prior year quarter.
     However, this year's pretax income from continuing operations includes
     an increase of $1.3 million in non-cash share-based compensation
     expense to $3.1 million, compared to $1.8 million in the prior year
     quarter. In addition, this year's pretax income from continuing
     operations includes approximately $1.3 million in costs and startup
     inefficiencies associated with the recently completed relocation of the
     Carl's Jr. food distribution center and the simultaneous installation
     of a new overall distribution management system.

  *  First quarter net income was $15.4 million, or $0.23 per diluted share,
     versus $16.2 million, or $0.23 per diluted share in the prior year
     quarter.

  *  Same-store sales for the first fiscal quarter of fiscal 2008 were flat
     at Carl's Jr.(R) and increased 1.8 percent at Hardee's(R)
     company-operated restaurants.

  *  Restaurant operating costs at Carl's Jr. company-operated restaurants
     increased 240 basis points, compared to the prior year quarter, to
     77.5 percent of company-operated revenue.  The increase was primarily
     due to higher rent and depreciation expenses (50 and 60 basis point
     increases, respectively) as well as higher food and packaging costs
     (80 basis points) primarily related to relocation and system
     implementation costs at our distribution center.

  *  Restaurant operating costs at Hardee's company-operated restaurants
     were flat compared to the prior year quarter, at 82.0 percent of
     company-operated revenue. Reduced labor expense as a percent of
     company-operated revenue was offset by higher food and occupancy
     expense.

  *  Average unit volumes for the trailing thirteen periods increased to
     $1,461,000 and $923,000 at company-operated Carl's Jr. and Hardee's
     restaurants, respectively.

  *  Consolidated revenue for the current year quarter was $481.8 million, a
     1.6 percent increase from the prior year quarter.

  *  The Company returned approximately $86.0 million to its stockholders
     during the quarter through share repurchases and quarterly cash
     dividends, including the repurchase of 4,380,020 shares of common stock
     during the quarter at a total cost of $83.3 million and cash dividends
     paid of $2.7 million.

  *  For the sixteen weeks ended May 21, 2007, the Company generated
     earnings before interest, taxes, depreciation, amortization, facility
     action charges and share-based compensation ("Adjusted EBITDA") of
     $53.7 million.

  *  Fully diluted shares outstanding for the sixteen weeks ended May 21,
     2007, were 68.2 million.

For more information: http://www.ckr.com/

Share this content via:HTML: for your myspace, blog, or web site

' />
BB: for your bulletin boards or forums
URL: for your Email, IM, or link to this page