Andrew F. Puzder, president and chief executive officer of CKE Restaurants, Inc., said, "We are very pleased to be able to execute this transaction, which represents nearly three percent of our outstanding common shares. Our improved operating results and reduced debt balance have given us the financial flexibility to execute such a transaction. As was the case with the recent conversions of over 85% of our convertible notes into equity, we remain poised to take advantage of opportunities to increase shareholder value."
During fiscal 2007, CKE has repurchased over 4.5 million shares under its stock repurchase program at a cost of approximately $79.3 million or approximately $17.56 per share.
As of the third fiscal quarter ended Nov. 6, 2006, CKE Restaurants, Inc., through its subsidiaries, had a total of 3,113 franchised, licensed or company-operated restaurants in 43 states and in 14 countries, including 1,079 Carl's Jr. restaurants, 1,923 Hardee's restaurants and 95 La Salsa Fresh Mexican Grill restaurants.
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