Jenny Craig Inc. Exploring Sale
SAN DIEGO (AP) _ Weight-loss company Jenny Craig Inc. announced Monday it is considering a possible sale.
The 18-year-old company, based in the La Jolla area of San Diego, has hired Koffler & Company, a Los Angeles investment banking firm, to advise it on its options.
With 20.7 million shares outstanding, Jenney Craig’s market capitalization is about $32 million.
``We are excited to work with them in exploring the company’s strategic alternatives, including a possible sale, to expand and capitalize further on Jenny Craig’s internationally recognized brand name and to enhance shareholder value,″ said Sid Craig, the chairman of Jenny Craig.
At Jenny Craig, clients get regimented programs, including one-on-one consultations with staff, at 656 weight-loss centers worldwide.
The company said Monday it posted a net loss of $477,000, or 2 cents a share, on revenues of $76.8 million for the quarter ending March 31. That compared to income of $1.7 million, or 8 cents a share, on revenues of $80.8 million for the same quarter of fiscal 2000.
Jenny Craig has weight-loss centers in the United States, Canada, Australia, New Zealand, and Puerto Rico.
Jenny Craig shares were up 21 cents to close at $1.58 on the New York Stock Exchange.
On the Net:
Jenny Craig site: http://www.jennycraig.com