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Cheesecake Factory Ups Buyback

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Cheesecake Factory Inc. said late Thursday that it has approved a 10 million share increase in its stock repurchase authorization.


The Calabasas-based casual dining restaurant chain operator said it expects to spend $80 million to $90 million in fiscal 2008 on share repurchases. Cheesecake Factory also said it’s in discussions with lenders to increase its revolving credit facility by roughly $50 million to $100 million to further support its plan.


The company also said its board has increased its size to eight directors from six, and unanimously elected Allen Bernstein and Alexander Cappello to fill the newly created vacancies, effective Feb 12.


Shares in Cheesecake Factory were up 1.2 percent to $20.57 in early trading Friday on the Nasdaq.

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