Strategic Initiatives to Build Shareholder Value Key Focus of
Management, Not "Perpetual Proxy Fight"
LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) said today that it
is looking forward to providing shareholders with a comprehensive review
of the progress it is making on its strategic initiatives to build
shareholder value at its annual meeting for securities analysts and
institutional investors, scheduled for next Thursday, April 26.
Sandra B. Cochran, President and Chief Executive Officer, said, "We are
eager for the opportunity afforded by our investor day next week to
discuss with our shareholders our ongoing initiatives to enhance growth
in same store sales and traffic, reduce costs and expenses and grow
profitability in ways that are sustainable over the long term and will
preserve the strength of our brand and return increased value to our
shareholders.
"Although Sardar Biglari appears committed to a perpetual proxy fight,
we continue to focus and make progress on improving the business of
Cracker Barrel. We will discuss our successful initiatives and others to
come at our investor day next week, as we continue to work to enhance
long-term shareholder value."
Presentations at the meeting for analysts and investors are scheduled to
begin at 8:45 a.m. CDT (9:45 a.m. EDT). The Company expects the
presentations to conclude by approximately 12:15 p.m. CDT (1:15 p.m.
EDT). A live webcast of the presentation will be available on-line in
the Events area of the Company's website at investor.crackerbarrel.com.
An on-line replay of the webcast will be available until May 20.
About Cracker Barrel
Cracker Barrel Old Country Store restaurants provide a friendly
home-away-from-home in its old country stores and restaurants. Guests
are cared for like family while relaxing and enjoying real home-style
food and shopping that's surprisingly unique, genuinely fun and
reminiscent of America's country heritage…all at a fair price. The
restaurants serve up delicious, home-style country food such as meatloaf
and homemade chicken n' dumplins as well as our signature biscuits using
an old family recipe. The authentic old country retail store is fun to
shop and offers unique gifts and self-indulgences.
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in
1969 in Lebanon, Tenn. and operates 612 company-owned locations in 42
states. Every Cracker Barrel unit is open seven days a week with hours
Sunday through Thursday, 6:00 a.m. — 10:00 p.m., and Friday and
Saturday, 6:00 a.m. — 11:00 p.m. For more information, visit:
crackerbarrel.com.
CBRL-F
Except for specific historical information, certain of the matters
discussed in this press release may express or imply projections of
revenues or expenditures, statements of plans and objectives or future
operations or statements of future economic performance. These, and
similar statements are forward-looking statements concerning matters
that involve risks, uncertainties and other factors which may cause the
actual performance of Cracker Barrel Old Country Store, Inc. and its
subsidiaries to differ materially from those expressed or implied by
this discussion. All forward-looking information is subject to
completion of our financial procedures for Q3 FY12 and is provided
pursuant to the safe harbor established under the Private Securities
Litigation Reform Act of 1995 and should be evaluated in the context of
these factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends," "assumptions,"
"target," "guidance," "outlook," "opportunity," "future," "plans,"
"goals," "objectives," "expectations," "near-term," "long-term,"
"projection," "may," "will," "would," "could," "expect," "intend,"
"estimate," "anticipate," "believe," "potential," "regular," "should,"
"projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology and include
the expected effects of operational improvement initiatives, such as new
menu items and retail offerings. Factors which could materially affect
actual results include, but are not limited to: the effects of uncertain
consumer confidence, higher costs for energy, general or regional
economic weakness, weather on sales and customer travel, and
discretionary income or personal expenditure activity of our customers;
our ability to identify, acquire and sell successful new lines of retail
merchandise and new menu items at our restaurants; our ability
successfully implement or sustain plans intended to improve operational
or marketing execution and performance; changes in or implementation of
additional governmental or regulatory rules, regulations and
interpretations affecting tax, wage and hour matters, health and safety,
pensions, insurance or other undeterminable areas; our ability to
successfully implement plans intended to promote or protect our brands
and products; commodity price increases; the ability of and cost to us
to recruit, train, and retain qualified hourly and management employees
in an escalating wage environment; the effects of increased competition
at our locations on sales and on labor recruiting, cost, and retention;
workers' compensation, group health and utility price changes; consumer
behavior based on negative publicity or concerns over nutritional or
safety aspects of our food or products or those of the restaurant
industry in general, including concerns about pandemics, as well as the
possible effects of such events on the price or availability of
ingredients used in our restaurants; the effects of our substantial
indebtedness and associated restrictions on our financial and operating
flexibility and ability to execute or pursue our operating plans and
objectives; changes in interest rates or capital market conditions
affecting our financing costs and ability to refinance all or portions
of our indebtedness; the effects of business trends on the outlook for
individual restaurant locations and the effect on the carrying value of
those locations; the availability and cost of suitable sites for
restaurant development and our ability to identify those sites; changes
in land, building materials and construction costs; the actual results
of pending, future or threatened litigation or governmental
investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological effects of
natural disasters or terrorist acts or war and military or government
responses; disruptions to our restaurant or retail supply chain; changes
in foreign exchange rates affecting our future retail inventory
purchases; implementation of new or changes in interpretation of
existing accounting principles generally accepted in the United States
of America; and other factors described from time to time in our filings
with the Securities and Exchange Commission, press releases, and other
communications.
Any forward-looking statement made by us herein, or elsewhere, speaks
only as of the date on which made. We expressly disclaim any intent,
obligation or undertaking to update or revise any forward-looking
statements made herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances on
which any such statements are based.
Cracker Barrel Old Country Store, Inc.
Investors:
Lawrence
E. Hyatt, 615-235-4432
or
Media:
Julie K. Davis,
615-443-9266
Source: Cracker Barrel Old Country Store, Inc.
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