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The company will not begin to repurchase any stock prior to Dec. 7, 1999. The stock buyback is authorized to take place from time to time, subject to prevailing market conditions and to the terms of the company's credit facility and debt instruments.
The repurchase comes on the heels of the restaurant chain's November announcement of record fourth-quarter earnings and its third consecutive year of record profits.
"This action by the Board of Directors demonstrates our confidence in the outlook for Jack in the Box Inc.," said President and CEO Robert J. Nugent. "We continue to build momentum with a strategy that focuses on quality food and service, which we believe will pay off for our guests and our shareholders."
Jack in the Box Inc. operates and franchises more than 1,500 Jack in the Box restaurants with systemwide sales of $1.8 billion. The company has 37,000 employees and is headquartered in San Diego.