The Board of Directors at Jack in the Box (NASDAQ:JACK) have approved a $200 million stock buyback program. The company made the announcement of the program on Monday, which will start next year and run through November 2017.
Along with the announcement of the program, the company also stated that they repurchased 3.7 million shares during the 2015 Fiscal Year thus far. Over the fourth quarter alone, the fast food chain purchased $65.5 million in stock.The move was a part of a $100 million stock buyback program approved by the board in May.
CEO Lenny Comma stated that over the last five years, the company has demonstrated its commitment to returning its growing free cash flow back to the shareholders through the purchase of $1 billion in stock and a dividend in 2014. Comma went on to note that the amendment to the company’s credit facility provides Jack in the Box with an additional $400 million in borrowing capacity.
Just last month, the company reported third quarter earnings of $28.4 million from continuing operations. Jack in the Box reported earnings of $26.1 million during the same period in 2014. The company also reported strong same-store sales for its QdobaMexican Grill, which were up over 7.5% year-over-year.
Jack in the Box shares were up 1.32%, or 0.99, to 76.00.
