Jack In The Box Unveils New $200 Mln Stock Buyback Program

(RTTNews) - Jack in the Box Inc. (JACK) said Monday that its Board of Directors has authorized an additional $200 million stock buyback program commencing in fiscal year 2016 and expiring in November 2017.

During fiscal year 2015, the company repurchased about 3.7 million shares for $317.1 million, including $65.5 million in the fourth quarter of fiscal 2015. That completed a $100 million stock buyback program authorized by the company's Board of Directors in May.

Lenny Comma, chairman and chief executive officer of Jack in the Box, said, "Over the last five years, we have demonstrated our commitment to returning our growing free cash flow to shareholders through the purchase of $1 billion in stock and the initiation of a dividend in 2014. The additional authorization coupled with the 50 percent increase in our dividend announced in May underscores the confidence both the management team and our Board of Directors have in our business model and growth plans. The amendment to our credit facility that was announced in July also provides us with more than $400 million of additional borrowing capacity to support our strategic priorities and comfortably maintain leverage within a 2 to 3 times range."