Third Quarter Surge Boosts CKE Shares to Yearly High

Driven by strong gains in its third-quarter financial results, CKE Restaurants Inc.’s shares rose by $2.625 to $34.50, a new yearly high.

The fast-food chain reported that net income for the third fiscal quarter rose 87% to $5.6 million, or 28 cents a share, from $3 million, or 16 cents a share, for the 1995 period. Revenue for the quarter ended Nov. 4 increased 44% to $162.3 million from $113.1 million.

Same-store sales at Carl’s Jr. restaurants, a key indicator, increased 8% in the third quarter.

Nine-month profit more than doubled to $16.1 million, or 83 cents a share, from $7.7 million, or 42 cents a share, for the corresponding three quarters last year. Revenue was up 24% to $358.7 million from $443.3 million.

The operating results for the current 40-week period include 18 weeks of operations for the 27 Rally’s Hamburgers Inc. restaurants that CKE began operating July 2; 14 weeks of the operations of Summit Family Restaurants Inc., which was acquired on July 15; and five weeks of operations of Casa Bonita Inc., acquired Oct. 1.