CKE: posts unaudited Q4 and FY Results 2013

Carpinteria / CA. (cke) CKE Restaurants Inc. announced its preliminary, unaudited financial results for the fourth quarter and full year fiscal 2013. The fourth quarter and full year fiscal 2013 financial results discussed here are unaudited, should be considered preliminary and are subject to change. The preliminary, unaudited financial results are pending the completion of the fourth quarter accounting and financial reporting close processes.

Fourth Quarter Results

The Company expects to report total revenue of 294 million USD for the fiscal 2013 fourth quarter, an increase of seven million USD or 2,4 percent compared to the fiscal 2012 fourth quarter.

Company-operated same-store sales increased by 2,0 percent in the fiscal 2013 fourth quarter. Carl´s Jr. same-store sales increased 2,9 percent and Hardee´s same-store sales increased 1,1 percent during the quarter.

For the fiscal 2013 fourth quarter, company-operated restaurant-level adjusted Ebitda margin is expected to be 17,9 percent to 18,3 percent, compared to 16,1 percent for the prior year fourth quarter.

Adjusted Ebitda for the fiscal 2013 fourth quarter is expected to be between 40 million USD and 42 million USD, compared to 35,7 million USD for the fiscal 2012 fourth quarter. Income before income taxes is expected to be between zero million USD and three million USD for the fiscal 2013 fourth quarter, compared to a loss before income taxes of 1,1 million USD in the fiscal 2012 fourth quarter. Adjusted Ebitda, as presented in this press release, represents income (loss) before income taxes, adjusted to exclude interest income and expense, asset impairments, facility action charges, depreciation and amortization, management fees, the effects of acquisition accounting adjustments, share-based compensation expense, losses on asset and other disposals and certain non-cash and unusual items.

Fiscal 2013 Results

The Company expects to report total revenue of 1’326 million USD for fiscal 2013, an increase of 46 million USD or 3,6 percent compared to fiscal 2012.

Company-operated same-store sales increased by 3,0 percent in fiscal 2013. Carl´s Jr. same-store sales increased 3,6 percent and Hardee´s same-store sales increased 2,3 percent.

Company-operated restaurant-level adjusted Ebitda margin for fiscal 2013 is expected to be 18,8 percent to 18,9 percent, compared to 16,8 percent the prior fiscal year.

Adjusted Ebitda for fiscal 2013 is expected to be between 195 million USD and 197 million USD, as compared to 165,9 million USD for fiscal 2012. Income before income taxes is expected to be between 20 million USD and 23 million USD for fiscal 2013, compared to a loss before income taxes of 11,3 million USD in fiscal 2012.

As of January 31, 2013, cash and cash equivalents were 126 million USD and the Company had 69 million USD available under its credit facility with no borrowings outstanding.

During fiscal 2013, the Company entered into agreements with independent third parties under which the Company sold and leased back 73 restaurant properties. The Company generated proceeds of 106 million USD in connection with these transactions. Interest expense related to financing method sale-leaseback transactions completed during fiscal 2012 and 2013 is expected to be eleven million USD for fiscal 2013. Subsequent to these sale-leaseback transactions and as of January 31, 2013, the Company had 224 owned restaurant properties.

Capital expenditures for fiscal 2013 are expected to be 63 million USD with 42 million USD relating to new store openings, restaurant remodelling and rebuild projects, dual-branding and strategic initiatives. For fiscal 2014, the Company expects capital expenditures to be between 60 million USD and 70 million USD.

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