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Note: This is a *snip*. Please refer to link for full story. http://library.northernlight.com/FB20000405290000108.html?cb=200&dx=2006&sc=0#doc

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Title: CKE Restaurants, Inc. Announces Fourth Quarter And Fiscal Year-End Results

Story Filed: Wednesday, April 05, 2000 8:30 AM EST

ANAHEIM, Calif., Apr 5, 2000 /PRNewswire via COMTEX/ -- CKE Restaurants, Inc. (NYSE: CKR) ("CKE") today announced the results for the 13 and 53 weeks ended January 31, 2000. The fourth quarter and fiscal 2000 include one extra week of operating results. Operating results for the prior-year 52 weeks ending January 25, 1999 include 43 weeks of operations for the 557 Hardee's restaurants acquired from Advantica Restaurant Group, Inc. ("Advantica") on April 1, 1998. Operating results for Carl's Jr. for the 13- and 53-week periods ended January 31, 2000 include the results of the 63 Hardee's-to-Carl's Jr. conversions in Oklahoma, Texas and Kansas. These restaurants were included in Hardee's results for the corresponding prior-year periods.

Results for the quarter are as follows: -- Net loss for the 13 weeks ended January 31, 2000 was $61.8 million, or $(1.22) per share on a diluted basis, compared with net income, including the $0.5 million extraordinary gain on the early retirement of debt, of $13.5 million, or $0.26 per share on a diluted basis for the 12-week prior-year period. On a pro forma basis, after adjusting for the unusual and non-recurring items, net loss for the fourth quarter was $12.5 million, or $(0.25) per share on a diluted basis.

During the fourth quarter of fiscal 2000, the Company recorded pre-tax charges of $80.3 million. The charges, which were primarily non-cash in nature, consisted of: (a) establishing a $42.0 million store-closure reserve for approximately 105 Hardee's restaurants that the Company plans to close within the next 12 months; (b) recording an impairment charge and equity losses of $37.3 million to write-down the Company's various long-term investments in other restaurant concepts to fair market value; (c) recording $2.1 million of restructuring charges in connection with consolidating certain administrative functions from Rocky Mount, N.C. to Anaheim, Calif.; (d) writing off $3.6 million of deferred financing costs as of result of a commitment decrease in the Company's senior credit facility; (e) recording $2.6 million of Y2K expenses associated with restaurant computer systems; (f) writing off $6.6 million in capitalized software development that will not be utilized; (g) recording an additional $1.7 million in vacation expense in connection with a change in vacation policy; (h) recording a gain on the sale of Carl's Jr. and Hardee's restaurants of $19.5 million; and (i) other miscellaneous adjustments of $3.9 million.

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-- (Dee360Degree@aol.com), April 05, 2000