CKE IPO watch: The restaurant operator CKE filed the IPO (initial public offering) registration statement with the U.S. Securities and Exchange Commission on May 17, 2012. The regulatory filing shows that the company intends to apply to list the common stock on the New York Stock Exchange under the symbol “CK,” and raise funds of as much as $100 million at most in the public offering.
CKE Inc. is one of the world’s largest operators and franchisors of quick service restaurants (“QSR”) with 3,243 owned or franchised locations operating in 42 states and 25 foreign countries primarily under Carl’s Jr.® and Hardee’s® brands. CKE is also the the fifth largest Hamburger QSR operator globally.
The company will not receive any proceeds from the sale of our common stock by the selling stockholder. The net proceeds from the sale of common shares in the CKE IPO will be used to repay notes and related early redemption premiums and accrued interest, to pay management services fees and for general corporate purposes.
The company booked $1.42 billion, $1.33 billion and $1.28 in revenues for the fiscal years ended January 31, 2010, 2011 and 2012, respectively. Operating incomes during this period were $79.50 million, $66.10 million and $68.89 million, respectively. The company posted a net inomce of $48.20 million, a net loss of $7.08 million and a net loss of $19.28 million for such three fiscal years, respectively.
The number of shares offered in the CKE IPO and issue price range and the list of underwriters on this deal have not been disclosed in the regulatory filing.
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