Kansas City, Mo. Casual dining chain Applebee's International Inc. said Tuesday it is exploring its strategic options, including a possible sale of the company. The company's shares soared more than 10 percent.
The company, based in Overland Park, Kan., said it is withdrawing its fiscal guidance as a result of the review, which could be affected by certain strategic decisions.
Applebee's had projected 2007 earnings of between $1.15 and $1.20 per share and analysts surveyed by Thomson Financial had expected $1.17 per share.
The company said there is no guarantee a transaction will occur, and it does not plan to disclose further developments until its review is complete.
Shares of Applebee's reached a new 52-week high of $26.32, gaining $2.09 in trading Tuesday on the Nasdaq Stock Exchange.
The company said it has formed a committee of independent directors to consider its options.
The casual dining sector has struggled for the past year as high fuel prices have forced its customers to cut back on dining out.