CARPINTERIA, Calif., Aug. 1 /PRNewswire-FirstCall/ -- CKE Restaurants,Inc. (NYSE: CKR) announced today that its Board of Directors has authorizeda further expansion of its stock repurchase program, raising the Company'srepurchase authority under its stock repurchase program by an additional$100 million, for a new limit of $350 million. The Company's stockrepurchase program was initially put into effect on April 13, 2004, with alimit of $20 million, which the Board increased to $50 million on July 24,2006, to $100 million on Oct. 11, 2006, to $150 million on Jan. 10, 2007,to $200 million on Jan. 23, 2007 and to $250 million on April 10, 2007. TheCompany has currently utilized approximately $210 million under thisprogram, leaving a balance available for future repurchases ofapproximately $140 million. The Company may make repurchases from time to time in the open marketor in privately negotiated transactions in compliance with Securities andExchange Commission Guidelines. As part of this repurchase program, theCompany currently has a $5 million per quarter non-discretionary Rule10(b)5-1 program in place. "Our share repurchase and quarterly cash dividend programs have provento be a very effective means by which we return capital to shareholders,"stated Andrew F. Puzder, the Company's president and chief executiveofficer. "We have repurchased more than 11.8 million shares representingapproximately 18.4% of our current fully diluted share count. We continueto believe that the repurchase of our shares represents an attractiveinvestment opportunity." As of the end of its fiscal 2008 first quarter ended May 21, 2007, CKERestaurants, Inc., through its subsidiaries, had a total of 3,022franchised, licensed or company-operated restaurants in 43 states and in 13countries, including 1,101 Carl's Jr. (R) restaurants and 1,905 Hardee's(R)restaurants. SAFE HARBOR DISCLOSURE Matters discussed in this news release contain forward-lookingstatements relating to future plans and developments, financial goals andoperating performance that are based on management's current beliefs andassumptions. Such statements are subject to risks and uncertainties thatare often difficult to predict, are beyond the Company's control and whichmay cause results to differ materially from expectations. Factors thatcould cause the Company's results to differ materially from those describedinclude, but are not limited to, whether or not restaurants will be closedand the number of restaurant closures, consumers' concerns or adversepublicity regarding the Company's products, the effectiveness of operatinginitiatives and advertising and promotional efforts (particularly at theHardee's brand), changes in economic conditions or prevailing interestrates, changes in the price or availability of commodities, availabilityand cost of energy, workers' compensation and general liability premiumsand claims experience, changes in the Company's suppliers' ability toprovide quality and timely products to the Company, delays in opening newrestaurants or completing remodels, severe weather conditions, theoperational and financial success of the Company's franchisees,franchisees' willingness to participate in the Company's strategies, theavailability of financing for the Company and its franchisees, unfavorableoutcomes in litigation, changes in accounting policies and practices,effectiveness of internal controls over financial reporting, newlegislation or government regulation (including environmental laws), theavailability of suitable locations and terms for the sites designated fordevelopment, and other factors as discussed in the Company's filings withthe Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. TheCompany undertakes no obligation to publicly update or revise anyforward-looking statement, whether as a result of new information, futureevents or otherwise, except as required by law or the rules of the New YorkStock Exchange.
