CEO Sandra Cochran Provides Cracker Barrel (CBRL) Shareholders Updated Success Under New Leadership
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Sandra B. Cochran, president and chief executive officer of Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) today, in a letter mailed to shareholders, provided an update on the early success of the Company’s recently launched strategic initiatives begun under the new leadership at the management and Board levels of the Company.
“As I outlined on our year-end fiscal 2011 earnings call, Cracker Barrel has implemented six key strategic initiatives for 2012 and beyond,” Ms. Cochran wrote. “These initiatives are specifically designed to capitalize on our brand franchise, accelerate improvements in our business model and maximize returns to you, our shareholders. I am pleased to report that during each month of the first fiscal quarter, we saw clear indications that our efforts are paying off with consecutive improvements in traffic as well as strong sales for the quarter. In addition, we have seen these trends continuing through the first three weeks of November.
“In the face of challenging and uncertain economic times, we believe Cracker Barrel must capitalize on current opportunities while remaining focused on the longer-term success of the Company,” Ms. Cochran stated. “The substantial changes in our senior management and Board of Directors underscore our commitment to this endeavor. We are always open to constructive feedback and new ideas – that’s why in August of this year we offered Sardar Biglari the opportunity to name two independent directors to the Cracker Barrel Board, an offer he refused. As your next generation of leadership, we are dedicated to successfully leading Cracker Barrel into a new era, leveraging our strong consumer brand and loyalty and delivering even greater value to shareholders.”
The letter also calls for shareholders to reject what it calls Mr. Biglari’s “highly problematic” attempt to get elected to the Cracker Barrel Board.
“Sardar Biglari’s dealings with us to date as well as his previous actions as a new member of other boards lead us to believe that his election to Cracker Barrel’s Board would result in the alienation of the Board and management team, negatively impacting the strategic efforts already underway and eroding shareholder value,” Ms. Cochran writes. “Indeed, in my view, his recent 11-page manifesto of all-things-wrong with Cracker Barrel dating back to 2000 is both misdirected and misinformed.”
Cracker Barrel will issue its first-quarter earnings tomorrow, November 22, before the market opens. The live broadcast of Cracker Barrel’s quarterly conference call will be available to investors online in the News and Events section on the Company’s website at investor.crackerbarrel.com on November 22, 2011, beginning at 11:00 a.m. Eastern. An online replay will be available at 2:00 p.m. Eastern.
Cracker Barrel urges shareholders to vote the WHITE proxy card today to elect the Cracker Barrel nominees.
“As I outlined on our year-end fiscal 2011 earnings call, Cracker Barrel has implemented six key strategic initiatives for 2012 and beyond,” Ms. Cochran wrote. “These initiatives are specifically designed to capitalize on our brand franchise, accelerate improvements in our business model and maximize returns to you, our shareholders. I am pleased to report that during each month of the first fiscal quarter, we saw clear indications that our efforts are paying off with consecutive improvements in traffic as well as strong sales for the quarter. In addition, we have seen these trends continuing through the first three weeks of November.
“In the face of challenging and uncertain economic times, we believe Cracker Barrel must capitalize on current opportunities while remaining focused on the longer-term success of the Company,” Ms. Cochran stated. “The substantial changes in our senior management and Board of Directors underscore our commitment to this endeavor. We are always open to constructive feedback and new ideas – that’s why in August of this year we offered Sardar Biglari the opportunity to name two independent directors to the Cracker Barrel Board, an offer he refused. As your next generation of leadership, we are dedicated to successfully leading Cracker Barrel into a new era, leveraging our strong consumer brand and loyalty and delivering even greater value to shareholders.”
The letter also calls for shareholders to reject what it calls Mr. Biglari’s “highly problematic” attempt to get elected to the Cracker Barrel Board.
“Sardar Biglari’s dealings with us to date as well as his previous actions as a new member of other boards lead us to believe that his election to Cracker Barrel’s Board would result in the alienation of the Board and management team, negatively impacting the strategic efforts already underway and eroding shareholder value,” Ms. Cochran writes. “Indeed, in my view, his recent 11-page manifesto of all-things-wrong with Cracker Barrel dating back to 2000 is both misdirected and misinformed.”
Cracker Barrel will issue its first-quarter earnings tomorrow, November 22, before the market opens. The live broadcast of Cracker Barrel’s quarterly conference call will be available to investors online in the News and Events section on the Company’s website at investor.crackerbarrel.com on November 22, 2011, beginning at 11:00 a.m. Eastern. An online replay will be available at 2:00 p.m. Eastern.
Cracker Barrel urges shareholders to vote the WHITE proxy card today to elect the Cracker Barrel nominees.
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