Jack in the Box (JACK) 10-K/A 2010 FY Annual report (amended)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

Amendment No. 1

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE FISCAL YEAR ENDED OCTOBER 3, 2010

COMMISSION FILE NUMBER 1-9390

JACK IN THE BOX INC.

(Exact name of registrant as specified in its charter)

Delaware	95-2698708
(State of Incorporation)	(I.R.S. Employer Identification No.)

9330 Balboa Avenue, San Diego, CA	92123
(Address of principal executive offices)	(Zip Code)

     Registrant’s telephone number, including area code (858) 571-2121

     Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, $0.01 par value	NASDAQ

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yesþ Noo

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.

Yeso Noþ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesþ Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 and Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yesþ Noo

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerþ	Accelerated filero	Non-accelerated filero	Smaller reporting companyo
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso Noþ

The aggregate market value of the common stock held by non-affiliates of the registrant, computed by reference to the closing price reported in the NASDAQ — Composite Transactions as of April 11, 2010, was approximately $1,302.3 million.

Number of shares of common stock, $0.01 par value, outstanding as of the close of business November 18, 2010 — 52,904,990.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement to be filed with the Securities and Exchange Commission in connection with the 2011 Annual Meeting of Stockholders are incorporated by reference into Part III hereof.

TABLE OF CONTENTS

	ITEM 2. PROPERTIES
	ITEM 6. SELECTED FINANCIAL DATA
SIGNATURES
EX-31.1
EX-31.2
EX-32.1
EX-32.2

Amendment No. 1 to the Annual Report on Form 10-K
For the Year Ended October 3, 2010

EXPLANATORY NOTE

Jack in the Box Inc. is filing this amendment to Form 10-K for the fiscal year ended October 3, 2010, as filed with the Securities and Exchange Commission on November 24, 2010 (the “Original Filing”). The purpose of the filing of this Amendment is solely to (1) correct the total number of company-owned and company-leased restaurant buildings noted in a table within Item 2. Properties and (2) correct the 2006 and 2007 selling, general and administrative expense rates noted in the table under Item 6. Selected Financial Data.

Except as described above, no other changes have been made to the Original Filing and this Form 10K/A does not amend, update or change the financial statements or any other items or disclosures in the Original Filing.

In addition, we have filed the following exhibits herewith:

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

ITEM 2.PROPERTIES

     The following table sets forth information regarding our Jack in the Box and Qdoba restaurant properties as of October 3, 2010:

	Company-
	Operated		Franchised		Total
Company-owned restaurant buildings:
On company-owned land		101		131		232
On leased land		312		330		642
Subtotal		413		461		874
Company-leased restaurant buildings on leased land		731		637		1,368
Franchise directly-owned or directly-leased restaurant buildings		—		489		489
Total restaurant buildings		1,144		1,587		2,731

     Our leases generally provide for fixed rental payments (with cost-of-living index adjustments) plus real estate taxes, insurance and other expenses. In addition, less than 20% of the leases provide for contingent rental payments between 1% and 11% of the restaurant’s gross sales once certain thresholds are met. We have generally been able to renew our restaurant leases as they expire at then-current market rates. The remaining terms of ground leases range from approximately one year to 58 years, including optional renewal periods. The remaining lease terms of our other leases range from approximately one year to 47 years, including optional renewal periods. At October 3, 2010, our restaurant leases had initial terms expiring as follows:

	Number of Restaurants
			Land and
	Ground		Building
Fiscal Year	Leases		Leases
2011 - 2015		157		377
2016 - 2020		176		580
2021 - 2025		176		306
2026 and later		133		105

     Our principal executive offices are located in San Diego, California in an owned facility of approximately 150,000 square feet. We also own our 70,000 square foot Innovation Center and approximately four acres of undeveloped land directly adjacent to it. Qdoba’s corporate support center is located in a leased facility in Wheat Ridge, Colorado. We also lease seven distribution centers, with remaining terms ranging from seven to 15 years, including optional renewal periods.

ITEM 6.SELECTED FINANCIAL DATA

     Our fiscal year is 52 or 53 weeks, ending the Sunday closest to September 30. All years presented include 52 weeks, except for 2010 which includes 53 weeks. The selected financial data reflects Quick Stuff as discontinued operations for fiscal years 2006 through 2009. The following selected financial data of Jack in the Box Inc. for each fiscal year was extracted or derived from our audited financial statements.

	Fiscal Year
	2010			2009			2008			2007			2006
				(in thousands, except per share data)
Statements of Earnings Data:
Total revenues	$	2,297,531		$	2,471,096		$	2,539,561		$	2,513,431		$	2,381,244
Total operating costs and expenses		2,230,609			2,318,470			2,390,022			2,334,526			2,244,383
Gains on the sale of company-operated restaurants, net		(54,988	)		(78,642	)		(66,349	)		(38,091	)		(40,464	)
Total operating costs and expenses, net		2,175,621			2,239,828			2,323,673			2,296,435			2,203,919
Earnings from operations		121,910			231,268			215,888			216,996			177,325
Interest expense, net		15,894			20,767			27,428			23,335			12,056
Income taxes		35,806			79,455			70,251			68,982			58,845
Earnings from continuing operations	$	70,210		$	131,046		$	118,209		$	124,679		$	106,424
Earnings per Share and Share Data:
Earnings per share from continuing operations:
Basic	$	1.27		$	2.31		$	2.03		$	1.91		$	1.52
Diluted	$	1.26		$	2.27		$	1.99		$	1.85		$	1.48
Weighted-average shares outstanding — Diluted (1)		55,843			57,733			59,445			67,263			71,834
Market price at year-end	$	21.47		$	20.07		$	22.06		$	32.42		$	26.09
Other Operating Data:
Jack in the Box restaurants:
Company-operated average unit volume (3)	$	1,297		$	1,420		$	1,439		$	1,430		$	1,358
Change in company-operated same-store sales (4)		(8.6	)%		(1.2	)%		0.2	%		6.1	%		4.8	%
Change in franchise-operated same-store sales (4)		(7.8	)%		(1.3	)%		0.1	%		5.3	%		3.5	%
Change in system same-store sales (4)		(8.2	)%		(1.3	)%		0.2	%		5.8	%		4.5	%
Qdoba restaurants:
System average unit volume (3)	$	923		$	905		$	946		$	953		$	933
Change in system same-store sales (4)		2.8	%		(2.3	)%		1.6	%		4.6	%		5.9	%
SG&A rate		10.6	%		10.5	%		10.4	%		10.8	%		11.8	%
Capital expenditures related to continuing operations	$	95,610		$	153,500		$	178,605		$	148,508		$	135,022
Balance Sheet Data (at end of period):
Total assets	$	1,407,092		$	1,455,910		$	1,498,418		$	1,374,690		$	1,513,499
Long-term debt		352,630			357,270			516,250			427,516			254,231
Stockholders’ equity (2)		520,463			524,489			457,111			409,585			706,633

(1)	Weighted-average shares reflect the impact of common stock repurchases under Board-approved programs.
(2)	Fiscal 2007 includes a reduction in stockholders’ equity of $363.4 million related to shares repurchased and retired during the year.
(3)	2010 average unit volume is adjusted to exclude the 53rd week for the purpose of comparison to prior years.
(4)	Same-store sales, sales growth and average unit volume presented on a system-wide basis include company and franchise restaurants. Franchise sales represent sales at all franchise restaurants and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues are calculated based on a percentage of franchise sales. We believe franchise and system sales growth information is useful to investors as a significant indicator of the overall strength of our business as it incorporates our significant revenue drivers which are company and franchise same-store sales as well as net unit development. Company, franchise and system same-store sales growth includes the results of all restaurants that have been open more than one year.

SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JACK IN THE BOX INC.
By:	/S/ JERRY P. REBEL
	Jerry P. Rebel
	Executive Vice President and Chief Financial Officer (principal financial officer) (Duly Authorized Signatory) Date: January 4, 2011