CKE Restaurants, Inc. Announces Agreement to Be Acquired by Affiliates of Apollo Management VII, L.P

CARPINTERIA, Calif.--(BUSINESS WIRE)--CKE Restaurants, Inc. (NYSE: CKR) (the “Company”) announced today that, as a result of the takeover proposal submitted to the Company on April 19, 2010 by Columbia Lake Acquisition Holdings, Inc., an affiliate of Apollo Management VII, L.P. (“Apollo”), the Company has terminated the merger agreement previously entered into with affiliates of Thomas H. Lee Partners, L.P. and entered into a new merger agreement with Apollo, pursuant to which Apollo has agreed to acquire the Company for $12.55 per share in cash.

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CKE Restaurants Says New Takeover Bid Is Better

CKE Restaurants, the operator of Carl’s Jr. and Hardee’s restaurants said Tuesday that a rival buyout offer from an unnamed bidder is better than the one it already has from a private equity firm, The Associated Press reported.


While the company didn’t name the mystery bidder, DealBook reported earlier this month that the unnamed suitor was Apollo Management.

The news sent shares of CKE Restaurants up 82 cents, or 6.8 percent, to $12.81 in midday trading.

CKE said the $12.55 per share each stockholder would receive from the bidder is superior to a prior offer from Thomas H. Lee Partners, the buyout shop that was part of a consortium that bought Dunkin’ Brands in 2006.

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Rival bidder for Hardee’s parent CKE Restaurants is Apollo

New York private equity firm Apollo Management is the alternative bidder for Hardee’s parent CKE Restaurants Inc., rivaling an existing $928 million bid by Boston private equity from Thomas H. Lee Partners, Reuters reports.


Apollo owns AMC Entertainment, Noranda Aluminum, Harrah’s Entertainment and Claire’s, among other companies.

Carpinteria, Calif.-based CKE, which also owns Carl’s Jr., said Wednesday it had a second takeover offer but didn’t name the bidder. The fast-food chain agreed to THL’s offer in February but had 40 days to seek superior offers. That “go-shop” period expired at the end of Tuesday.

Hardee’s is based in St. Louis. Andy Puzder, CKE’s chief executive, is a graduate of Washington University’s law school, worked as a lawyer here, and splits his time between St. Louis and a home near Santa Barbara, Calif.

CKE Restaurants(R) Announces Fourth Quarter and Full Year Fiscal 2010 Results

"Blended same-store sales decreased 3.9% for our fiscal year and decreased 6.0% in the fourth fiscal quarter with poor end of year weather impacting our results. Even though we saw weakness in the overall economy, high unemployment rates and deep-discount burger wars, I'm proud to say that for the year we maintained market share, our premium branding and remarkably constant levels of profitability," said Andrew F. Puzder, chief executive officer. "We will stay on course as we enter Fiscal 2011 with our focus on big, juicy premium burgers for hungry guys and as we grow our company stores and quickly expand our franchisee presence. To grow same-store sales we will continue with our aggressive new product launches, cutting edge advertising, dual branding and remodeling; all the while looking for ways to increase profitability."

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Thomas H. Lee Partners to Acquire CKE Restaurants

CARPINTERIA, Calif., Feb 26, 2010 (BUSINESS WIRE) -- CKE Restaurants, Inc. ("CKE"), owner of Carl's Jr. and Hardee's quick-service restaurant chains, and Thomas H. Lee Partners ("THL") today announced that they have entered into a definitive merger agreement under which THL will acquire CKE for approximately $928 million, including the assumption of approximately $309 million of net debt.
Under the terms of the agreement, CKE stockholders will receive $11.05 in cash for each share of CKE common stock they hold, representing a 24% premium to the Company's closing share price on February 25, 2010 and a 29% premium to the Company's volume weighted average closing share price of approximately $8.60 during the 30 trading days ended February 25, 2010.

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CKE Restaurants(R), Inc. Reports Period Thirteen Same-Store Sales

"Same-store sales remained weak in the final period of our fiscal 2010 with no real improvement in the overall economy or the unemployment rates in the markets we serve and with the deep-discount burger wars continuing during the traditionally slow winter months," said Andrew F. Puzder, chief executive officer. "Both brands' sales results were also significantly impacted by worse weather this year than in the prior year. Carl's Jr., experienced severe rain in its core West Coast markets for most of the final week of the period and Hardee's experienced severe winter weather in several of its core mid-west and southeast markets. Regardless of when the overall economy turns around, we remain steadfastly focused on protecting our brand image for the long run while trying to grow same-store sales in the short run. Given the state of the economy, I'm proud of our profitability and we will continue to focus on the excellent value-for-the money of our premium products and new initiatives to improve same-store sales and increase market share.

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CKE Restaurants(R), Inc. Reports Period Twelve Same-Store Sales

"Blended same-store sales decreased 6.5% for period 12 of our 13 period fiscal 2010. We believe the ongoing weakness in the overall economy coupled with poor weather conditions negatively impacted both brands' sales results during period 12," said Andrew F. Puzder, chief executive officer. "In this environment, we will continue to focus on profitability, the excellent value-for-the-money of our premium products and new initiatives to improve same-store sales and increase market share.

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CKE Restaurants(R), Inc. Reports Period Eleven Same-Store Sales

CKE Restaurants(R) Announces Third Quarter Fiscal 2010 Results

CARPINTERIA, Calif., Dec 08, 2009 (BUSINESS WIRE) -- CKE Restaurants, Inc. (NYSE:CKR) announced today third quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended November 2, 2009.

Company-operated restaurant-level margin increased 20 basis points to 18.1% of company-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 basis point increase in labor costs and the increase in depreciation costs.

Operating income was $16.3 million, or 5.0% of total revenue compared to $17.8 million, or 5.3% of revenue in the same quarter of the prior year.

The Company's Adjusted EBITDA remained strong at $36.0 million, or 11.1% of total revenue, compared to $37.3 million, or 11.1% in the prior year quarter. For the trailing 13 periods ended November 2, 2009, the Company generated Adjusted EBITDA of $168.1 million.

Total quarterly revenue was $324.2 million, a decline of 3.7%.

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CKE Restaurants(R), Inc. Reports Period Ten and Third Fiscal Quarter Same-Store Sales and Gives Guidance

“Unemployment rates have continued to worsen while our competitors have escalated the deep discount burger wars. Both of these events are having an adverse impact on same-store sales results for everyone including us,” said Andrew F. Puzder, Chief Executive Officer. “We remain focused on same-store sales while maintaining our brand positioning and improving our restaurant operating margins. In this respect, and as discussed more fully below, we are forecasting that our company operated restaurant level margins will improve from 17.9% in the third quarter of fiscal 2009 to between 18.0% and 18.3% for the third quarter of fiscal 2010 despite an increase of approximately 80 basis points in depreciation expense, primarily related to our ongoing remodel program.”

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CKE Restaurants(R), Inc. Reports Period Nine Same-Store Sales

CARPINTERIA, Calif.--(BUSINESS WIRE)--Oct. 14, 2009-- CKE Restaurants, Inc. (NYSE: CKR) announced today period nine company-operated same-store sales for the period ended October 5, 2009, for Carl’s Jr.® and Hardee’s®.
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S&P affirms junk debt rating for CKE Restaurants

NEW YORK (AP) -- Standard & Poor's on Wednesday affirmed a junk rating on the corporate debt of CKE Restaurants Inc., which owns and operates the Carl's Jr. and Hardee's fast food chains.
S&P also revised its outlook to stable from negative.
S&P has a "BB-" rating on CKE's debt, which is three notches into junk territory, or non-investment grade

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CKE RESTAURANTS® MAINTAINS PROFITABILITY DESPITE CHALLENGING ENVIRONMENT AND SOFTNESS IN SAME-STORE SALES

CARPINTERIA, Calif. — September 16, 2009 — CKE Restaurants, Inc. (NYSE:CKR) announced today second quarter results and the filing of its Report on Form 10-Q with the Securities and Exchange Commission ("SEC") for the twelve weeks ended August 10, 2009.

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CKE Restaurants®, Inc. Reports Period Eight Same-Store Sales

“The troubled economy and the extremely competitive landscape continued to put pressure on same-store sales during the period. However, the impact moderated a bit in period 8 and showed the smallest decline we have seen in five periods,” said Andrew F. Puzder, Chief Executive Officer. “We are determined to bring both brands back to positive sales territory, but to do so without demeaning our brand image or consumer perceptions with respect to the taste and quality of our products

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CKE Restaurants, Inc. Reports Period Seven and Second Fiscal Quarter Same-Store Sales and Gives Guidance on Restaurant Operating Costs

“Our management team’s focus on stemming the decline in same-store sales looks to have gained some traction in period seven,” said Andrew F. Puzder, chief executive officer. “During period seven, we continued to see the benefit of our popular Teriyaki Burgers at Carl’s Jr. supported with an ad starring Audrina Patridge from ‘The Hills’ television show. Since we rolled out this product mid-way into period six, the Teriyaki Burgers have been among the best selling premium burgers on our menu. We offer it on all three of our burger platforms starting at approximately $2.89.

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CKE Restaurants, Inc. Reports Period Six Same-Store Sales

“The decline in our same-store sales remains our management team’s primary focus,” said Andrew F. Puzder, chief executive officer. “Period six was a particularly difficult period from a same-store sales perspective as both brands were rolling over strong prior year sales due, in part, to last year’s government stimulus checks. However, we are encouraged by the results of some of our recent sales-building initiatives.

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CKE Restaurants releases first quarter operating results

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CKE Restaurants, Inc. Reports Period Four and First Fiscal Quarter Same-Store Sales and Gives Guidance on Restaurant Operating Costs

CKE Restaurants, Inc. Reports Fiscal 2009 Net Income of $37.0 Million, an 18.9 Percent Increase over Prior Year

Fiscal 2009 Financial Highlights
The Company increased its income from continuing operations $1.9 million to $37.0 million, or $0.69 per diluted share, versus $35.1 million, or $0.57 per diluted share, in the prior year.

The Company increased its net income $5.9 million to $37.0 million, or $0.69 per diluted share, versus $31.1 million, or $0.50 per diluted share, in the prior year.

The Company recorded $9.0 million in interest expense resulting from mark-to-market adjustments related to our interest rate swap agreements versus $11.4 million in the prior year. Absent these adjustments, diluted earnings per share in fiscal 2009 would have been $0.79 versus $0.62 in the prior year.

Company-operated restaurants increased their blended same-store sales 1.7 percent. Carl’s Jr.® and Hardee’s® company-operated restaurants increased their same-store sales 2.1 and 1.2 percent, respectively.

Company-operated restaurants increased their blended average unit volume for the trailing-13 periods to $1,232,000. Carl’s Jr. and Hardee’s company-operated restaurants increased their average unit volumes to $1,528,000 and $993,000, respectively, for the trailing-13 periods.

The Company increased earnings before interest, income taxes, depreciation and amortization, facility action charges and share-based compensation expense (“Adjusted EBITDA”) by $2.3 million, to $167.3 million, versus $164.9 million in the prior year.

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