FM Acquisition Corp., a corporation formed by...
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FM Acquisition Corp., a corporation formed by Foodmaker management and New York-based Gibbons, Green, van Amerongen to conduct a leveraged buyout of Foodmaker, on Thursday extended a $19.425-a-share tender offer until midnight Dec. 1. The offer was previously scheduled to expire Nov. 22.
Foodmaker, which operates the Jack in the Box and Chi-Chi’s restaurant chains, Thursday reported that net income rose 16% to $5.1 million for the fourth quarter ended Oct. 2, up from $4.4 million during the like quarter the year before. Revenue rose 72% to $251.6 million, up from $146.5 million the previous year. The most recent quarterly figures included operating results of the Chi-Chi’s chain, which Foodmaker acquired in April.
Net income for the year ended Oct. 2 fell to $8.1 million, down from $13.9 million during the previous fiscal year. Foodmaker blamed the drop on a $10.6-million extraordinary charge generated by a debt restructuring. Revenue for the year rose 39%, to $831.7 million, up from $597.5 million.
Current-year results included third- and fourth-quarter operating results from the Chi-Chi’s chain.
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