LEBANON, Tenn.--(BUSINESS WIRE)--
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the
"Company") (Nasdaq: CBRL) announced today that preliminary results
provided by the Company's proxy solicitor indicate that shareholders
have elected, by a significant margin, all of the Company's nominees to
the Board of Directors at the Company's annual meeting.
In comments today after the annual meeting, Cracker Barrel President and
Chief Executive Officer Sandra B. Cochran said: "Over the past several
weeks, we have talked with many shareholders about our new leadership,
our new initiatives, and our growing momentum. Our reconstituted Board
and new management team are united in their resolve to continue driving
operational changes that are positively impacting our financial
performance and enhancing shareholder value.
"We appreciate the time our shareholders have taken to consider the
issues raised over the past several weeks. I have welcomed the
opportunity to meet with many of them, hear their concerns, and discuss
Cracker Barrel's future. We will continue to evaluate our performance
and look for additional areas of improvement.
"I also look forward to continuing a dialogue with all investors in the
months to come, as we recognize the importance of maintaining an open
line of communication with our shareholders."
IVS Associates, Inc., the independent inspector of election, will
tabulate and certify the election results, and final results will be
announced when they are certified complete.
Preliminary results indicate that the following eleven directors have
been elected: James W. Bradford; Sandra B. Cochran; Robert V. Dale;
Robert J. Dobkin; Charles E. Jones, Jr.; B. F. "Jack" Lowery; William W.
McCarten; Martha M. Mitchell; Coleman H. Peterson; Andrea M. Weiss, and
Michael A. Woodhouse.
On Proposal 2, the rights plan, the preliminary results indicate that
the plan did not receive enough votes to pass. If these preliminary
results hold, the rights plan will cease to be in effect following the
receipt of certified results from IVS Associates.
On Proposal 3, the preliminary results indicate that the advisory
proposal on executive compensation received a majority of the shares
On Proposal 4, the preliminary results indicate that "one year" was
selected by the highest number of shares voted as the frequency of
future votes on executive compensation.
On Proposal 5, the preliminary results indicate that a majority of the
Company's shareholders have voted to approve the Agreement and Plan of
Merger effecting an internal restructuring of the Company through a
merger of the Company with and into its wholly owned subsidiary, CBOCS,
On Proposal 6, preliminary results indicate that the majority of
shareholders have voted to ratify the Audit Committee's appointment of
Deloitte & Touche LLP as the Company's independent registered public
accounting firm for the fiscal year ending August 3, 2012.
Cracker Barrel said it would file with the SEC a Current Report on Form
8-K with the certified results promptly after they become available.
About Cracker Barrel
Cracker Barrel Old Country Store restaurants provide a friendly
home-away-from-home in their 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
restaurant serves up delicious, home-style country food such as meatloaf
and homemade chicken n' dumplins as well as its signature biscuits using
an old family recipe. The authentic old country retail store is fun to
shop and offers unique gifts and self-indulgences.
Headquartered in Lebanon, Tennessee, Cracker Barrel Old Country Store,
Inc. (Nasdaq: CBRL) was established in 1969 and operates 608
company-owned locations in 42 states. Every Cracker Barrel unit is open
seven days a week with hours Sunday through Thursday, 6 a.m. - 10 p.m.,
and Friday and Saturday, 6 a.m. - 11 p.m. For more information, visit: crackerbarrel.com.
Cracker Barrel Old Country Store, Inc.
E. Hyatt, Senior Vice President and Chief Financial Officer
Mark Harnett, 212-929-5877
Cracker Barrel Old Country Store, Inc.
Davis, Senior Director, Corporate Communications
Ruth Pachman, 212-521-4891
Source: Cracker Barrel Old Country Store, Inc.
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