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CKE Restaurants (CKR)
CKE Restaurants today announced two franchise agreements that will bring an additional 31 Carl's Jr.(R) restaurants to Texas over the next nine years. Frontera Star Foods has committed to opening 20 units in the Laredo, Brownsville, McAllen, and Harlingen areas in Southeast Texas. The second franchisee, Burger Barons, has agreed to open 11 units throughout the Waco, Killeen, Temple, College Station and Bryan, Texas communities. Both franchisees are new members of the Carl's Jr. franchise community.
As of the end of its fiscal 2010 third quarter, CKE Restaurants, Inc., through its subsidiaries, had a total of 3,147 franchised, licensed or company-operated restaurants in 42 states and in 14 countries, including 1,221 Carl's Jr. restaurants and 1,913 Hardee's(R) restaurants.
Jan 12 · 2:58:00 PM · Source: Company Press Release
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by Rich Pike
Tiffany (TIF)
Tiffany & Co. Tuesday said worldwide sales during the two months holiday season -- the two months ended December 31, 2009 -- were up a healthy 17 percent vs. last year. Tiffany's management said it now believes net sales and earnings for the fiscal year ending January 31st will exceed its previous expectations.
Jan 12 · 11:08:00 AM · Source: Company News Release
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by Larry Etter
KB Home (KBH)
KB Home, the Los Angeles-based homebuilder, said Tuesday that it had posted quarterly net income of $100.7 million, or $1.31 a share, compared with a net loss of $307.3 million, or $3.96 a share, in the year-earlier quarter. KB said the latest quarter included an income tax benefit of $191.7 million. Revenue for the quarter fell 27% to $674.6 million. The company said average selling prices of a home fell 12% from the fourth quarter of 2008, while deliveries decreased 22%.
Revenues topped analyst estimates.
Jan 12 · 10:59:00 AM · Source: Company News Release
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by Larry Etter
Kona Grill (KONA)
Kona announced that for the fourth quarter 2009, sales increased 7.7% to $20.0 million from $18.6 million a year-ago, while comparable restaurant sales decreased approximately 8.1%. During its third quarter conference call in October, the Company had previously forecasted an approximate 9.0% decrease in comparable restaurant sales for the period. The Company will release and comment on these results during its next quarterly earnings call, scheduled for February 10, 2010.
SSS down 8.1%, ouch. Sure, that's better than their initial forecast of a 9.0% decline, but still not pretty.
Jan 12 · 7:47:00 AM · Source: Company Press Release
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by Rich Pike
Jamba (JMBA)
Jamba Juice announced today the official launch of hot beverages will occur on March 1, 2010, in over 340 stores. The launch includes 10 new high quality, great tasting hot beverage items including four "uniquely Jamba" hot blended offerings called Hot Blends(TM) beverages and six organic Mighty Leaf (R) Tea whole leaf tea pouches. Jamba Juice will also be introducing additional baked goods and a new beverage, the Chill-icious Chai(TM) smoothie.
Hot Blends(TM) beverages will be launched in over 340 Jamba Juice locations across markets in California, New York, Seattle, Minnesota, Florida, Chicago, Portland, Texas, and Hawaii. As of October 6, 2009, Jamba Juice had 742 locations consisting of 488 company-owned and operated stores and 254 franchise stores.
Jan 12 · 7:41:00 AM · Source: Company Press Release
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by Rich Pike
Cosi (COSI)
Restaurant News reports that Cosi completed last week a shareholder rights offering that will raise about $5 million. Cosi will issue 10 million shares. Shareholders were given one-to-one subscription rights to acquire 0.2447 shares of common stock at a subscription price of 50 cents per full share. Shares closed at 75 cents per share on Monday.
Read more: http://www.nrn.com/breakingNews.aspx?id=377994#ixzz0cOsKOPUp
Seems like good timing for the rights offer. They go from 40 million to 50 million shares outstanding (a 25% dilution) and with the current market environment the stock price didn't go down at all.
Jan 12 · 7:28:00 AM · Source: Restaurant News
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by Rich Pike
Burger King Holdings Inc. (BKC)
Deutsche Bank downgraded Burger King Holdings Inc. from Buy to Hold.
Deutsche's analyst said "For fiscal 2Q10 (Dec qtr.), we have trimmed our SSS forecast to -3.4% from -2.7% previously. While this is not a huge reduction, the bigger concern is the current (Mar) quarter. We’re currently at -3.5% SSS, but the Dec/Jan trend suggests this could be too optimistic. We are lowering our FY10E EPS to $1.37 from $1.43 on lower sales and margin assumptions. FY11E goes to $1.58 from $1.66."
Jan 12 · 7:14:00 AM · Source: StreetInsider.com
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by Rich Pike
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