The Cheesecake Factory Approves Terms of Share Buyback with Jp Morgan; Plans to Repurchase $100M of Common Stock
On March 1, 2012, the Board of Directors of The Cheesecake Factory Incorporated (NASDAQ: CAKE) approved the terms of a share repurchase plan with J.P. Morgan Securities LLC pursuant to which the Company is authorized to repurchase shares of its common stock in open market transactions in accordance with Rule 10b-18 of the Exchange Act of 1934, such plan to be effective from March 6, 2012 through March 9, 2012.
The Company currently plans to repurchase up to $100 million of its common stock in fiscal 2012, which is reflected in the guidance the Company provided on February 21, 2012 of between $1.80 and $1.90 in diluted net income per share in fiscal 2012.
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