Post Office Box 787
Lebanon, Tennessee
37088-0787
Phone 616.443.9869
[Logo of CBRL Group, Inc.]
Contact: Julie Davis
Communications Director
615-443-9266
CEO MICHAEL A. WOODHOUSE TO BECOME CBRL GROUP, INC. CHAIRMAN
Evins' Successor to Maintain Direction and Leadership
LEBANON, Tenn. (September 28, 2004) - CBRL Group, Inc. (Nasdaq: CBRL)
today announced that its Board of Directors has elected its current President
and Chief Executive Officer, Michael A. Woodhouse as Chairman of the Board
effective November 23, 2004. Current Chairman Dan W. Evins has notified the
Company of his decision not to stand for re-election to the Company's Board at
that time. The Company's Board of Directors also named Evins, effective November
23, 2004, as its Chairman Emeritus in recognition of his unique role in the
development and growth of the Cracker Barrel Old Country Store(R) ("Cracker
Barrel") concept. In this new role, Evins will continue to be available from
time to time to provide advice to the Company's Board and senior executives.
Evins founded the Cracker Barrel concept in 1969 and has served as the
Company' s Chairman since 1970. He was President of Cracker Barrel for 27 years,
and Chief Executive Officer until July 2001, when Woodhouse was elected to that
position. Evins, who turns 69 in October 2004, established Cracker Barrel as a
stopping place for travelers back when the interstate highway system was new. He
realized that people would return to his restaurants if they were welcomed with
courtesy and could get good food and quality retail products. Evins' approach to
business led to the company's mission statement of "pleasing people", and he
frequently says that this mission statement applies to all people - guests,
employees, suppliers, and shareholders. "Cracker Barrel has grown over the
years, to state the obvious," said Evins, "but I am pleased to know that the
principles I set as the foundation for the business remain strong."
Woodhouse has over 23 years of experience as an officer in the
restaurant and retail industries. He has been responsible for the strategic
direction of CBRL Group and its subsidiaries since August of 2001 when he was
elected President and CEO of CBRL, and CEO of Cracker Barrel. Previously, he was
President and Chief Operating Officer of CBRL and COO of Cracker Barrel. He
joined the organization as Senior Vice President of Finance and CFO for Cracker
Barrel Old Country Store, Inc. in 1995. Woodhouse worked closely with the rest
of Cracker Barrel's senior management during its successful turnaround in 2000,
and has led the establishment of a team-based leadership style at both Cracker
Barrel and CBRL's other subsidiary, the Logan's Roadhouse(R) casual dining
concept, which it acquired in 1999. In announcing these changes, Robert V. Dale,
the Company's lead independent director, commented, "Mike has built strong
leadership teams in both of our operating businesses and we expect as he takes
on the additional responsibilities of Chairman, that Mike will continue to
provide the steady presence and solid leadership required to meet the challenges
of today's restaurant industry."
"While Danny stepped away from the day-to-day aspects of running the
business several years ago, we continue to value his perspective and
commitment," said Woodhouse. "I think it's safe to say that what Danny started
will continue, and that the people at Cracker Barrel will always strive to
reflect the values Danny defined in our mission statement of `pleasing people'.
We are pleased that he will continue to be available for advice into the
future."
Headquartered in Lebanon, Tennessee, CBRL Group, Inc., through its
subsidiaries, presently operates 506 Cracker Barrel Old Country Store(R)
restaurants and gift shops located in 41 states and 113 company-operated and 20
franchised Logan's Roadhouse(R) restaurants in 18 states.
Except for specific historical information, many of the matters
discussed in this press release 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 CBRL Group, 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 "assumptions," "target," "guidance,"
"outlook," "plans," "projection," "may," "will," "would," "expect," "intend,"
"estimate," "anticipate," "believe," "potential" 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:
changes in or implementation of additional governmental or regulatory rules,
regulations and interpretations affecting accounting (including but not limited
to, accounting for convertible debt under EITF Issue Abstract No. 04-08), tax,
wage and hour matters, health and safety, pensions, insurance or other
undeterminable areas; the effects of uncertain consumer confidence or general or
regional economic weakness on sales and customer travel activity; the ability of
the Company to identify, acquire and sell successful new lines of retail
merchandise; commodity, workers' compensation, group health and utility price
changes; consumer behavior based on concerns over nutritional or safety aspects
of the Company's products or restaurant food in general; competitive marketing
and operational initiatives; the effects of plans intended to improve
operational execution and performance; the actual results of pending or
threatened litigation or governmental investigations or charges and the costs
and effects of negative publicity associated with these activities; practical or
psychological effects of terrorist acts or war and military or government
responses; the effects of increased competition at Company locations on sales
and on labor recruiting, cost, and retention; the ability of and cost to the
Company to recruit, train, and retain qualified restaurant hourly and management
employees; disruptions to the company's restaurant or retail supply chain;
changes in foreign exchange rates affecting the Company's future retail
inventory purchases; the availability and cost of acceptable sites for
development and the Company's ability to identify such sites; changes in
generally accepted accounting principles in the United States of America or
changes in capital market conditions that could affect valuations of restaurant
companies in general or the Company's goodwill in particular; increases in
construction costs; changes in interest rates affecting the Company's financing
costs; and other factors described from time to time in the Company's filings
with the SEC, press releases, and other communications.
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