Restaurant operator CKE Restaurants (NYSE: CKR) reported first-quarter earnings of 26 cents per share after the closing bell yesterday. While the results were five cents shy of last year's results, they topped the consensus estimate by a penny per share. Quarterly revenue totaled $446.8 million, far better than the Street's estimate calling for $343.1 million.

The company also announced that same-store sales dropped 5.2% during the latest four-week period. At the company's Carl's Jr. restaurants, sales dropped 7.1%, while Hardee's saw a drop of 2.7%.

CKE Restaurants (NYSE: CKR), owner of the Carl's Jr. and Hardee's brands, reported earnings for the third quarter on Wednesday. The top line fell a little over 4%, coming in at $336.6 million. On a diluted basis, the bottom line cooked up $0.10 per share. That was a penny less than what was earned last year, but the company did manage to meet Wall Street's expectations.

Moving away from total sales and net income, let's look at the all-important same-store sales results. For the third quarter, comps for both CKE brands on a blended basis rose 0.9% according to the earnings release. An earlier press release focusing on same-store sales in November, had comps increasing by 0.3% on a blended basis. Year-to-date, blended comps moved 1.9% higher. When you compare these changes to their respective year-ago periods, you'll see that CKE isn't really doing gangbuster business.

I find neither the earnings numbers nor the sales figures particularly compelling. Management seems to think that the dreadful economic crisis we're facing is mostly responsible. Hey, it certainly isn't helping, and I sympathize with CKE's challenges during the credit crisis. Yet, I'd have to respectfully suggest that management get out there and get some hardcore marketing efforts going. When sales are down, you need to up the ante when it comes to branding and convincing patrons to come through your door. These comps are pretty weak and unattractive. They can be pushed higher with some innovative, creative campaigns.

CKE Restaurants Inc. (NYSE: CKR), owner of the Carls, Jr. and Hardee's fast food brands, is getting the call from an investor to slash costs and cut spending in order to put forth more free cash flow. The investor, Ramius LLC, has good reason to be asking for the cuts, too. It alleges that CKE continues blaming its performance on a downtrodden U.S. economy, when, in fact, it has not made the changes to ensure its cash flow has the means to grow.

CKE's annual shareholder's meeting is today, and there will probably be several calls to figure out what the company's board is doing to ensure the best return for its constituents. Ramius said, "It is unacceptable for management and the board to stay the course and continue to blame the company's poor operating performance on economic issues out of its control." With CKE's shares down 48% from its 52-week high, and with the most recent quarter having seen a 38% net income drop, the pressure is on.

Ramius went on to suggest that CKE consolidate its three headquarters buildings and figure out why the company's absolute G&A figure hasn't really changed since 2001. "In light of the current economic outlook, the company's $145 million capital-spending plan for fiscal 2009 is too aggressive and unwarranted," said Ramius. The investor plans to vote its shares against CEO Andrew Puzder and three other board members today at the annual shareholder's meeting.

I like examples of astute investors doing homework to make a case against an investment, and this qualifies. CKE responded by saying it welcomes a "more thorough dialogue" with Ramius. Of course it does, but today will see some fire from the audience ahead of CKE's next quarterly report on June 25.