In conjunction with its annual analyst/investor meeting in Marina Del Rey, Calif., CKE Restaurants, Inc. (NYSE: CKR) announced May 9 estimated fiscal year 2001 earnings per share in the range of $0.19 to $0.23.
Additionally, the Company announced estimated earnings before interest, depreciation and amortization and income tax expense (EBITDA) of between $180.0 million and $200.0 million, depending on the success and timing of its previously announced refranchising strategy to sell approximately 500 Hardee’s restaurants during fiscal 2001 to new and existing franchisees. These amounts exclude an estimated $50.0 million of losses on the sales of approximately 500 restaurants.The estimated losses on the sale of restaurants will vary depending on the actual number and the specific locations sold.
The Company estimates that same-store sales for fiscal 2001 for its Carl’s Jr., Hardee’s and Taco Bueno restaurants will range from 0 percent to 1 percent, negative 2 percent to negative 4 percent, and 2 percent to 3 percent, respectively.
CKE Restaurants, Inc., through its subsidiaries, franchisees and licensees, operates more than 3,800 quick-service restaurants, including 942 Carl’s Jr. restaurants located in 13 Western states and Mexico; 2,779 Hardee’s restaurants in 37 states and 11 foreign countries; and 125 Taco Bueno restaurants in Texas and Oklahoma.