Cracker Barrel Old Country Store, Inc. Announces Executive Changes
Jun 11 15
Effective on June 8, 2015, Cracker Barrel Old Country Store, Inc. announced that Doug Couvillion resigned from his position as the principal accounting officer of the company, in connection with his appointment as the company's Vice President, Supply Chain & Quality Assurance. To fill the vacancy created by Mr. Couvillion's changed role, the Company has appointed Jeff Wilson to serve as Vice President, Corporate Controller and the principal accounting officer of the Company, effective June 29, 2015. Upon the effective date of his appointment, Mr. Wilson will assume the duties of the Company's principal accounting officer and will serve until such time as his successor is duly appointed, or until his earlier resignation or removal. Lawrence E. Hyatt, the Company's Senior Vice President and Chief Financial Officer, will assume the duties of principal accounting officer in an interim capacity in addition to his current duties until the appointment of Jeff Wilson becomes effective on June 29, 2015.
Cracker Barrel Old Country Store, Inc. Presents at Oppenheimer 15th Annual Global Consumer Conference, Jun-23-2015 01:05 PM
Jun 9 15
Cracker Barrel Old Country Store, Inc. Presents at Oppenheimer 15th Annual Global Consumer Conference, Jun-23-2015 01:05 PM. Venue: Four Seasons Hotel, 200 Boylston Street, Boston, Massachusetts, United States. Speakers: Lawrence E. Hyatt, Chief Financial Officer and Senior Vice President.
Cracker Barrel Old Country Store, Inc. Declares Quarterly Cash Dividend and Special Dividend for the Third Quarter of 2015, Payable on August 5, 2015; Reports Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended May 1, 2015; Raises Earnings Guidance for the Full Fiscal Year 2015
Jun 2 15
Cracker Barrel Old Country Store, Inc. announced that its Board of Directors increased the quarterly dividend to $1.10 per share on the company’s common stock, which represents a 10% increase over the company’s previous quarterly dividend of $1.00. The Board of Directors also declared a special dividend of $3.00 per share on the company’s common stock. Both the quarterly dividend and the special dividend are payable on August 5, 2015, to shareholders of record on July 17, 2015.
The company reported unaudited consolidated financial results for the third quarter and nine months ended May 1, 2015. For the quarter, total revenue was $683,705,000 compared to $643,298,000 a year ago. Operating income was $55,477,000 compared to $45,213,000 a year ago. Pretax income was $51,447,000 compared to $40,886,000 a year ago. Net income was $35,317,000 or $1.47 per diluted share compared to $28,728,000 or $1.20 per diluted share a year ago. Adjusted operating income was $56,246,000 compared to $46,326,000 a year ago. Adjusted pretax income was $52,216,000 compared to $41,999,000 a year ago. Adjusted net income was $35,847,000 or $1.49 per diluted share compared to $29,495,000 or $1.23 per diluted share a year ago. The company’s capital expenditures for the quarter were $22.4 million compared to $23.9 million in the prior year quarter.
For the nine months, total revenue was $2,123,099,000 compared to $1,990,930,000 a year ago. Operating income was $182,140,000 compared to $148,156,000 a year ago. Pretax income was $169,002,000 compared to $134,951,000 a year ago. Net income was $116,504,000 or $4.85 per diluted share compared to $92,943,000 or $3.88 per diluted share a year ago. Net cash provided by operating activities was $216,680,000 compared to $101,197,000 a year ago. Purchase of property and equipment, net of insurance recoveries was $60,055,000 compared to $62,337,000 a year ago. Adjusted operating income was $185,059,000 compared to $152,469,000 a year ago. Adjusted pretax income was $171,921,000 compared to $139,264,000 a year ago. Adjusted net income was $116,197,000 or $4.84 per diluted share compared to $95,913,000 or $4.00 per diluted share a year ago.
Based upon year-to-date financial performance, recent trends, and current estimates, the company raised its full-year earnings guidance. For fiscal 2015, the company now expects to report adjusted earnings per diluted share of between $6.60 and $6.70, which implies EPS for the fourth quarter of between $1.75 and $1.85. The company expects total revenue for the year between $2.8 billion and $2.85 billion and an adjusted operating income margin between 8.5% and 9.0% of total revenue. The revenue projection for fiscal 2015 reflects the expected opening of six new Cracker Barrel stores over the course of the year, projected increases in comparable store restaurant sales of between 4.5% and 5.0%, and comparable store retail sales of between 3.5% and 4.0%. The company’s projections are based upon expected food commodity inflation of approximately 3.0% for the year, and approximately flat for the fourth quarter. The company expects annual depreciation expense between $71 million and $73 million; net interest expense of approximately $17 million; and an effective tax rate of between 31% and 32%. The company expects capital expenditures for fiscal 2015 to be approximately $95 million. The company expects an effective tax rate for the year of between 31% and 32%.