Cracker Barrel tweaks debt deals
Posted on November 6, 2009 at 12:34 pm
CFO Sandy Cochran has renegotiated the maturity dates of Cracker Barrel’s revolving line of credit (while also shrinking it by a third) and long-term loans. About two-thirds of the revolver now won’t be due until 2013, about 40 percent of the term loans until 2016. The tweaks will add about $2 million in interest costs this fiscal year for Cracker Barrel, whose shares (Ticker: CBRL) are flat on the day.
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Why Cracker Barrel will do better than Buca
Posted on October 27, 2009 at 12:11 pmIt’s as simple as providing value and not getting greedy.
“Casual dining got awfully pricey for what it was delivering to consumers,” he said. “It also overbuilt lots of stores. That hasn’t happened in family dining. They haven’t seen the large number of closings like casual and fine dining have. The higher the price point or check average, the poorer the business has become.”
SEE ALSO: CBRL chief Mike Woodhouse on branding
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Economy freezes Cracker Barrel execs’ pay
Posted on October 23, 2009 at 2:30 pmThe compensation committee of Cracker Barrel’s board of directors in late July froze the salaries of the company’s top executives. It is more than likely they will not thaw out until 2011.
In response to the general economic downturn and upon the recommendation of management, the salaries of all Named Executive Officers were frozen effective July 29, 2009. The salary freeze remains in effect as of the date of this proxy statement. Accordingly, we expect that the base salaries of the Named Executive Officers during 2010 will be the same as those for 2009…
And in case you were wondering, yes, the execs’ bonus plans aren’t changing, either. Check out the full proxy here.
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Cracker Barrel’s Bonus Plan B
Posted on September 21, 2009 at 1:30 pm
The compensation committee of Cracker Barrel Old Country Store’s board recently scrapped the company’s Long-Term Performance Plan because of “the volatile operating and economic environment.” Instead, the restaurant chain’s top six execs received a total of almost $1.5 million in “interim discretionary awards.”
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Cracker Barrel CEO exercises options
Posted on September 15, 2009 at 7:52 amMike Woodhouse, president and CEO of Cracker Barrel Old Country Store, on Monday exercised his nearly expired option to buy almost 17,000 shares and then sold those shares (Ticker: CBRL) on the open market. The transactions netted him almost $300,000.
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Cracker Barrel jumps on upgrade
Posted on September 8, 2009 at 3:19 pm
Banc of America Securities-Merrill Lynch Research today upgraded shares of Cracker Barrel two notches to ‘buy’ because of the Lebanon-based chain’s relative outperformance of the industry. The move helped push up shares of Cracker Barrel (Ticker: CBRL) almost 5 percent to their highest levels since early June.
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If you have a young child, you know this is a big deal
Posted on September 3, 2009 at 2:44 pm
Cracker Barrel stores will next Friday become the exclusive retailer of the latest Webkinz stuffed animal, Opposum. Like his future virtual pals pictured here, the toy version Opposum will feature the soft fur, a cuddly faces and, ahem, “realistic detailing.”
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Happy birthday, Cracker Barrel – Here’s some CNBC love
Posted on August 31, 2009 at 6:47 am
Cracker Barrel marks its 40th birthday next month. That, along with a well-performing stock (Ticker: CBRL) this year, gave CNBC’s Fast Money crew an excuse to chat with Chairman, President and CEO Michael Woodhouse and praise his team’s work.
He’s got room to move prices up… I think they can continue to do that… They continue to do well because they offer value and that’s what the consumer wants.
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Country Classics series returning to Opry
Posted on August 25, 2009 at 2:47 pm
From our colleagues at Music Row comes word that Cracker Barrel has signed up to sponsor a follow-up season of Opry Country Classics, an eight-week series of themed shows.
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Doggone it, people still like us
Posted on August 18, 2009 at 11:46 am
Cracker Barrel has been named the best family restaurant by consumers around the country for the 19th straight year.
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A possum at Cracker Barrel
Posted on August 17, 2009 at 10:58 am
The next release from Cracker Barrel’s successful record label will come from George Jones at the end of this month.
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Cracker Barrel wraps up sale-leaseback
Posted on July 1, 2009 at 8:23 am
The restaurant chain (Ticker: CBRL) has raised more than $57 million from the sale of more than a dozen restaurants and a distribution center to unidentified buyers. Based on ‘08 numbers, the restaurants sold at about 0.75 times annual sales.
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Analysts: Cracker Barrel well placed to grow margins
Posted on June 3, 2009 at 6:37 pm
Morgan Keegan analyst Robert Derrington says Cracker Barrel is “in the right place at the right time” in part because it stands to benefit from Americans’ shift from aviation to road trips. At Keybanc Capital Markets, analyst Brad Ludington sees the company ramping up its margins as the economy solidifies.
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Cracker Barrel tops forecast
Posted on May 27, 2009 at 8:39 am
Cracker Barrel Old Country Store this morning said it earned almost $12 million in its fiscal third quarter, up 14 percent from a year ago. Sales were flat, and per-share earnings from continuing operations came in at 52 cents, 8 cents better than analysts had been expecting.
Slightly lower costs boosted operating income by 5 percent and lower interest expense added another bottom-line boost. Same-store restaurant sales were down 0.9 percent from a year ago, an improvement from the first two quarters of the Lebanon-based company’s fiscal year.
“We are making measurable progress in cost controls and improved profitability at the store level,” said Chairman, President and CEO Michael Woodhouse. “Longer term, the process improvements we are putting in place set the stage for greater operating leverage when the consumer environment improves.”
Woodhouse also narrowed his company’s full-year EPS forecast to somewhere between $2.70 and $2.90. Last quarter, those numbers were $2.65 and $3.
Shares of Cracker Barrel (Ticker: CBRL) opened down about 2 percent Wednesday morning. Year to date, they’re up more than 50 percent.
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Analyst action: Cracker Barrel, regional banks
Posted on April 20, 2009 at 1:58 pmMKM Partners analyst Steve Anderson has lifted his rating for Cracker Barrel shares (Ticker: CBRL) to ‘buy’ from ‘neutral.’ He’s also raised his price target from $24 to a whopping $41, a good 25 percent above the stock’s level today, which is itself almost double its price of two months ago. Anderson last month said CBRL is set for a strong couple of quarters.
The recent run in regional bank stocks has analysts at Sterne Agee saying we should cool our jets a bit. They’ve downgraded shares of First Horizon (Ticker: FHN) and SunTrust (Ticker: STI) to ‘neutral’ from ‘buy.’ Still, their price targets of $14 and $20, respectively, are about 30 percent above the stocks’ current levels.
And staying in regional bank country, Wunderlich Securities has trimmed its price target for Green Bankshares (Ticker: GRNB) from $11 to $9.5.
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