Institutional Analysts Praise Strong Momentum at Cracker Barrel
SunTrust Issues Report, "Why Investors Should Vote with Management," Echoing Endorsement from ISS
Other Analysts Laud Cracker Barrel's Management, Strategy and Progress
Analysts at
"What happens if
SunTrust also asked: "What is wrong with
Here's a sampling of other recent analyst commentary:
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Wells Fargo Securities (Dec. 13, 2011 ): "We were encouraged by CBRL's pre-release of November comparable sales results onDecember 1 , with sales continuing to show sequential monthly improvement and having now shifted in positive territory. We were particularly pleased with the solid comp growth at retail as we enter the key holiday sales period." -
Morgan Keegan (Nov. 29, 2011 ): "Cochran has challenged her team to improve its operating performance in the face of both stiff industry competition and higher commodity inflation which is projected to hit 5.5-6.5% this fiscal year. We believe this past quarter demonstrated encouraging progress, as both sales and traffic improved through Q1 and EPS handily beating previous Street and MK projections." -
KeyBanc Capital Markets (Nov. 22, 2011 ): "We remain very positive on our view into the 2H of FY12." -
Miller Tabak + Co. (Nov. 21, 2011 ): "We expect CBRL shares to outperform peers based on the news of improving November sales trends. We think the nascent turnaround should be a vote of confidence in new CEOSandra Cochran , as we argue the first fruits of CBRL's turnaround plan outlined on the September earnings call now are beginning to bear fruit."
ISS, the leading proxy advisory service, has already rendered its verdict: "In aggregate, the company's key performance trends, careful executive succession process, and current board renewal efforts strongly suggest that the dissident's arguments are poorly-founded, and that there is not a compelling need for shareholders to effect board change at this time. Shareholders should vote FOR the management slate of nominees on the WHITE card."
Unlike other proxy advisory firms, ISS directly engages with management teams and dissidents, providing the opportunity for ISS to meet and listen to their respective views, and better assess the credibility of their arguments. The Company believes that the Glass Lewis analysis, which did not have the benefit of direct company insight, lacks substantiation, and does not properly consider the ongoing progress Cracker Barrel has made under new leadership.
Cracker Barrel urges shareholders to vote the WHITE card they have
received from the Company and to vote FOR ALL eleven of the Company's
nominees to its Board of Directors. In order to insure that their vote
is received in time, shareholders are urged to vote by telephone or on
the Internet by following the instructions on the Company's WHITE card.
Cracker Barrel urges shareholders NOT to sign or vote following the
instructions on any gold proxy card sent to them by
If shareholders have any questions or require assistance with voting
their WHITE proxy card, they can contact
About Cracker Barrel
Headquartered in
Important Additional Information
Cracker Barrel, its directors and certain of its executive officers may
be deemed to be participants in the solicitation of proxies from Cracker
Barrel shareholders in connection with the matters to be considered at
Cracker Barrel's 2011 Annual Meeting. On
CBRL-F
1 Permission to use quotes in this press release was neither sought nor obtained.
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