CKE Restaurants Tumbles to Loss on Charges
CKE Restaurants Tumbles to a Loss on Charges for Settlement Reserves, Debt Refinancing
CKE Restaurants Inc., the parent of Hardee's and Carl Jr.'s, fell to a loss in its latest quarter as charges for settlement reserves and debt refinancing hurt its bottom line.
Following the news, shares of the company fell $1.55, or 13 percent, to $10.83 Monday morning on the New York Stock Exchange.
Carpinteria-based CKE reported a loss of $11.4 million, or 20 cents a share, for the second quarter ended Aug. 9, compared with earnings of $6.3 million, or 11 cents a share, in the same quarter a year ago.
Its loss from continuing operations totaled $11.1 million, or 19 cents a share, for the quarter. Excluding items, CKE earned $10.8 million, or 17 cents a share.
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Following the news, shares of the company fell $1.55, or 13 percent, to $10.83 Monday morning on the New York Stock Exchange.
Carpinteria-based CKE reported a loss of $11.4 million, or 20 cents a share, for the second quarter ended Aug. 9, compared with earnings of $6.3 million, or 11 cents a share, in the same quarter a year ago.
Its loss from continuing operations totaled $11.1 million, or 19 cents a share, for the quarter. Excluding items, CKE earned $10.8 million, or 17 cents a share.
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