Attached files
| file | filename |
|---|---|
| 8-K - CRACKER BARREL FORM 8-K NOVEMBER 6, 2009 - CRACKER BARREL OLD COUNTRY STORE, INC | cbrl8knovember62009.htm |
| EX-99.1 - SECOND AMENDMENT TO CREDIT AGREEMENT, NOVEMBER 6, 2009 - CRACKER BARREL OLD COUNTRY STORE, INC | exhibit991.htm |
Exhibit 99.2
 |
POST OFFICE
BOX 787
LEBANON, TENNESSEE
37088-0787
|
| Investor Contact: | Barbara A. Gould |
| (615) 235-4124 | |
| Media Contact: | Julie K. Davis |
| (615) 443-9266 |
CRACKER
BARREL ANNOUNCES AMENDMENT OF CREDIT AGREEMENT
LEBANON, Tenn. – Nov. 6, 2009 –
Cracker Barrel Old Country Store, Inc. (the “Company”) (Nasdaq: CBRL)
today announced that it has entered into an amendment to its existing credit
facilities. The amendment extends the availability of $165 million of
the $250 million currently available under the Company's revolving credit
facility to January 2013 from April 2011. The maturity of $250
million of its existing $643 million term loans was extended by three years to
April 2016. The current interest rates on the term loans are Libor +
150 bps on the non-extended portion and Libor + 250 bps on the extended
portion.
Commenting
on the amendment, Executive Vice President and Chief Financial Officer Sandra B.
Cochran said, “We are pleased to successfully complete this amendment,
strengthening our capital structure by extending the maturities of our revolver
and a portion of our term loans. We will also be able to
appropriately size our revolver to a level consistent with our improved
inventory management and cash flow needs. We appreciate the response
from our lenders and their assistance in making these important enhancements to
our credit facilities.”
Estimated
Effect on Fiscal 2010 Outlook
The
Company noted that its prior outlook did not take into account the effects of
refinancings that take place during the year or the restructuring of
indebtedness that the Company announced today. Including the effects
from the restructuring announced today, the Company currently expects net
interest expense for fiscal 2010 to be between $48 and $50 million, compared
with a range of $46 to $48 million provided in the Company’s guidance on
September 15, 2009. The Company will update the remainder of its
outlook on November 24, 2009, when it announces its fiscal 2010 first quarter
earnings.
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Cracker
Barrel Announces Amendment of Credit Agreement
Page 2
Nov. 6, 2009
Fiscal
2010 First-Quarter Earnings and Conference Call
Cracker
Barrel will announce its fiscal 2010 first quarter earnings and comparable
restaurant and retail sales on Tuesday, November 24, 2009 before the market
opens. The live broadcast of Cracker Barrel’s quarterly conference
call will be available to the public on-line at investor.crackerbarrel.com on
November 24 beginning at 11:00 a.m. (ET). The on-line replay will be
available at 2:00 p.m. (ET) and continue through December 24, 2009.
About
Cracker Barrel
Cracker
Barrel Old Country Storeâ
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
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.
Cracker
Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in 1969 in
Lebanon, Tenn. and operates 593 company-owned locations in 41
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.
Except
for specific historical information, certain of the matters discussed in this
press release (e.g., expected interest costs during fiscal year 2010) 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
provided by the Company 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. Factors
which could materially affect actual results include, but are not limited
to: the effects of uncertain consumer confidence, higher costs for
energy, or general or regional economic weakness, or weather on sales and
customer travel, discretionary income or personal expenditure activity of
our
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Cracker
Barrel Announces Amendment of Credit Agreement
Page 3
Nov. 6, 2009
customers;
the ability of the Company to identify, acquire and sell successful new lines of
retail merchandise and new menu items at our restaurants; the ability of the
Company to sustain or the effects of 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; the effects of plans intended to promote or protect
the Company’s brands and products; commodity price increases; the ability of and
cost to the Company to recruit, train, and retain qualified hourly and
management employees in an escalating wage environment; the effects of increased
competition at Company 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 the Company’s 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 the Company’s financial and operating flexibility and
ability to execute or pursue its operating plans and objectives; changes in
interest rates or capital market conditions affecting the Company’s 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 ability of the Company to
retain key personnel; 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 the Company’s restaurant or retail
supply chain; changes in foreign exchange rates affecting the Company’s future
retail inventory purchases; implementation of new or changes in interpretation
of existing accounting principles generally accepted in the United States of
America (“GAAP”); and other factors described from time to time in the Company’s
filings with the Securities and Exchange Commission, press releases, and other
communications.
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