010651 CKE Restaurants 1st Quarter Loss Narrows

Anaheim, CA - CKE Restaurants Inc., which operates No. 4 U.S. hamburger chain Hardee's, reported a pro forma net loss of $2.5 million, or 5 cents a share, compared with a loss of $2.9 million, or 6 cents a share a year ago, as it closes stores and works to pay down debt.

Analysts estimates for CKE were not available.

CKE has been in the process of selling up to 500 Hardee's to franchisees after efforts at revamping many of them into its newer Star Hardee's format were unsuccessful. The company also agreed to sell its Taco Bueno chain to buyout firm Jackson Partners and focus its efforts on improving Hardee's sales.

Revenue at company owned and franchised restaurants fell to $471.5 million from $584.3 million behind larger competitors McDonald's Corp., Wendy's International Inc. and Burger King Corp., a unit of London-based Diageo Plc.

Shares of CKE, which owns or franchisees about 3,700 restaurants, have fallen about nearly 50% since a 52-week high of $4.75 in August 2000. They closed at $2.56 in Monday New York Stock Exchange trading.

RETURN TO HOME PAGE

E-mail: sflanagan@sprintmail.com