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Fact Book

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Title: Fact Book


1
  • Fact Book
  • May 27, 2009

2
Safe-Harbor Statement
The company uses caution in considering its
current trends and the earnings disclosed in this
Fact Book. The restaurant industry is highly
competitive, and trends and guidance are subject
to numerous factors and influences, some of which
are discussed in the cautionary language other
than its periodic filings on Forms 10-K, 10-Q,
and 8-K (and any amendments to those forms)
filed with the Securities and Exchange Commission
(SEC). Except for specific historical
information, many of the matters discussed in
this document may express or imply projections of
revenues or expenditures, plans and objectives
for future operations, growth or initiatives,
expected future economic performance, or the
expected outcome or impact of pending or
threatened litigation. These and similar
statements regarding events or results that
Cracker Barrel Old Country Store, Inc.. (the
Company) expects will or may occur in the
future, are forward-looking statements that
involve risks, uncertainties and other factors
which may cause actual results and performance of
the Company to differ materially from those
expressed or implied by those statements. All
forward-looking information is provided pursuant
to the safe harbor established under the Private
Securities Litigation Reform Act of 1995 and
should be evaluated in the context of these
risks, uncertainties and other 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, or continue
(or the negative or other derivatives of each of
these terms) or similar terminology. The Company
believes the assumptions underlying these
forward-looking statements are reasonable
however, any of the assumptions could be
inaccurate, and therefore, actual results may
differ materially from those projected in or
implied by the forward-looking statements.
Factors and risks that may result in actual
results differing from this forward-looking
information include, but are not limited to,
those listed in Part I, Item 1A of the 2008
Annual Report on Form 10-K, as well as other
factors including, without limitation, the
factors described under Critical Accounting
Estimates in that portion of the 2008 Annual
Report that is incorporated by reference into
Part II, Item 7 or, from time to time, in the
Companys filings with the SEC, press releases
and other communications. Readers are cautioned
not to place undue reliance on forward-looking
statements made in this document, since the
statements speak only as of the documents date.
 The Company has no obligation, and does not
intend, to publicly update or revise any of these
forward-looking statements to reflect events or
circumstances occurring after the date of this
document or to reflect the occurrence of
unanticipated events.  Readers are advised,
however, to consult any future public disclosures
the Company may make on subjects related to those
discussed in this document.
3
Financial Data
  • Financial information and data reported herein
    may include audited data or data extracted from
    audited financial statements, but readers should
    not rely on such data as being audited unless so
    designated. For audited financial information or
    more detailed footnote disclosure, the reader is
    directed to the Companys periodic reports, which
    can be found at the SECs website, sec.gov, or
    the Companys website at crackerbarrel.com.
  • Non-GAAP financial measures, as that term is
    defined by the SEC in regulation G, are included
    in this document. The reconciliations to GAAP
    measures are reflected in the Appendix at the end
    of this document and are also available on our
    web site, crackerbarrel.com. Certain numbers in
    this supplement are from the Companys audited
    financial statements, but readers should refer
    only to the audited financial statements
    themselves to rely on audited results.

4
Corporate Profile
  • Corporate Profile
  • The principal activity of Cracker Barrel Old
    Country Store, Inc. (Cracker Barrel, our, and
    we) (Nasdaq CBRL) is to operate and develop
    the Cracker Barrel Old Country Store restaurant
    and retail concept. Cracker Barrel operates more
    than 580 Cracker Barrel Old Country Store
    restaurants and gift shops located in 41 states.
    The restaurants serve breakfast, lunch and
    dinner. The retail area offers a variety of
    decorative and functional items specializing in
    rocking chairs, holiday gifts and toys, apparel
    and foods.
  • The Cracker Barrel Brand
  • In 1969, Cracker Barrels founder, Dan Evins,
    recognized the potential to offer interstate
    highway travelers quality food, service and value
    consistently and conveniently by focusing on a
    mission of pleasing people. The initial
    success of the concept drove continued expansion
    along the interstate system, and today Cracker
    Barrel has evolved into an indelible part of the
    automotive travel experience. It is now one of
    the leading and most highly differentiated
    restaurant chains in the United States. Cracker
    Barrel welcomes 7,350 people each week in each
    restaurant, serving meals for three day-parts and
    offering breakfast all day through its more than
    580 stores. Each location also has one of our
    unique retail shops that generated in fiscal 2008
    an average of more than 900,000 in retail sales
    on a 52 week basis, or 428 per square foot of
    retail selling space, driven primarily by the
    high level of restaurant guest traffic.
  • Cracker Barrel is a recognized guest favorite,
    having been named Best in Family Dining by
    Restaurants and Institutions magazines Choice
    in Chains consumer survey for the 18th
    consecutive year. The Good Sam Club named Cracker
    Barrel the Most RV Friendly Sit-Down Restaurant
    in America for the 8th year in a row.

5
Awards Accolades
  • Best Family Dining Restaurant 18 yrs
  • - Restaurants and Institutions Choice in Chains
  • One of Two Casual Dining Chains that had scores
    above 30 for favorable perceptions of value among
    consumers compared with average of 10.8 for 29
    other casual dining chains
  • October 2008 Study by YougovPolimetrixs
    BrandIndex
  • Most RV Friendly Sit Down Restaurant in America
    8 yrs
  • - The Good Sam Club

6
Fun Facts
  • How many CDs have Cracker Barrel Old Country
    Store retail shops sold?
  • What is the best selling retail product?
  • How many miles of thin stick candy do we sell
    every year?
  • How many did we serve last year--approximately?
  • Bacon?
  • 72 million slices
  • 102 million slices
  • 122 million slices
  • Eggs?
  • 111 million
  • 151 million
  • 181 million
  • Chicken N Dumplins?
  • 6 million
  • 11 million
  • 17 million
  • Where did Moon Pies originate?
  • How much pancake mix did we sell?

7
Answers
  • Over 3 million CDs sold
  • Rockers 170,000 in fiscal 2008
  • If laid end-to-end, the thin sticks would stretch
    940 miles.
  • 122 million slices of bacon 151 million eggs,
    and 11 million orders of Chicken N Dumplins
  • Moon Pies were first made to fill miners lunch
    pails in 1917. They are made by the Chattanooga
    Bakery in Chattanooga, TN.
  • We sold enough pancake mix to make 8.7 million
    pancakesa stack 34 miles high.
  • 85 percent of our locations are on the interstate

8
Our Vision To be the best restaurant company
in America
Our Mission Pleasing People
9
Our Familiar Brand Crosses the Nation with 588
Restaurants in 41 States
1
2
1
4
1
1
5
8
1
1
16
3
21
2
2
31
27
22
4
6
10
4
4
29
17
29
1
34
50
13
7
5
4
11
22
42
28
11
40
9
59
areas under development
As of May 27, 2009
10
We serve multi-generation families--Travelers and
neighbors alike
Our mix of age groups
Our mix of travelers and neighbors
Source 2008 Full Service Restaurant National
Awareness Usage Survey conducted by Marketing
Workshop and 2008 Guest Loyalty Program conducted
by Service Management Group
11
Opportunities in all 3 day-parts
Breakfast
Lunch
8.59
8.84
3.4
3.1
8.31
1.4
Dinner
FY 07
FY 08
3QFY09
Avg. check increase
12
Deep Industry Experience
  • Retail

13
Historical Perspective Retail Sales
14
Cracker Barrel Old Country Store Restaurant
Comparable Stores Sales Growth
FY 06
FY 07
FY 08
FY 09
15
Consolidated Financial Highlights- Continuing
Operations
2,385
2,352
2,219
2,191
2,060
in millions
Includes 46 million sales from 53rd week
  • Includes 0.14 per share from 53rd week

All Numbers exclude Logans Roadhouse, Inc.
16
Consolidated Financial Highlights-- Continuing
Operations
Includes 4 million from 53rd week
in millions
Million shares
All Numbers exclude Logans Roadhouse, Inc.
17
Return to Shareholders
in millions
Year-end share price
18
Free Cash Flow
Net cash provided by operating activities
Cash used to purchase property and equipment
Includes 94 million of cash used on Logans
disposition taxes/expenses for LYONs redemption
Cash used for dividends
  • Free Cash Flow is a non-GAAP financial measure
    derived from indicated GAAP components found on
    Statement of Cash Flow

19
Operating Metrics
Return on Invested Capital
Operating Margin
Dividends Paid/Share
Total Long-Term Debt
Debt Maturity Schedule
See Reconciliation Table on Last Page
20
Quarterly ResultsFY2009
in millions
FY2009
Q3
Q2
Q1
Q4
456.0
Restaurant
468.9
466.6
117.0
Retail
161.3
101.0
573.9
Total revenue
630.2
567.6
181.4
Cost of goods sold
222.5
176.3
Labor other related expenses
222.4
234.1
230.0
106.0
105.7
104.2
Other store operating expenses
--
--
--
Store operating income
Impairment store closing costs
57.0
64.2
67.8
General administrative expense
31.6
28.5
28.0
32.6
Operating income
39.3
29.0
13.3
12.7
14.0
Net Interest expense
18.5
Pretax income
26.0
16.3
7.6
4.3
5.7
Provision for income taxes
12.8
18.4
Income from continuing operations
11.9
Diluted EPS from continuing operations
0.57
0.81
0.52
22.67
Weighted average shares
22.60
22.83
Ratios
Restaurant, of total
79.4
74.4
82.2
Retail of total sales
20.6
25.6
17.8
100.0
100.0
100.0
Total revenue
31.1
31.6
Cost of goods sold
35.3
68.4
Gross margin
64.7
68.9
Labor other related expenses
40.5
38.7
37.1
18.5
16.8
18.4
Other store operating expenses
--
Impairment store closing costs
--
--
11.2
Store operating income
10.8
10.0
General administrative expense
5.5
4.6
4.9
5.7
Operating margin
6.2
5.1
2.2
2.5
Net Interest expense
2.1
Pretax income
3.2
4.1
2.9
30.7
29.4
26.6
Tax rateprovision for income tax/pretax income
Income from continuing operations
2.2
2.9
2.1
21
Quarterly ResultsFY2008
in millions
FY2008
Q3
Q2
Q1
Q4
460.4
483.4
1,872.1
462.8
Restaurant
465.1
118.4
Retail
169.3
106.7
512.4
117.9
581.2
Total revenue
634.4
567.1
601.8
2,384.5
180.6
189.2
773.8
180.2
Cost of goods sold
223.7
Labor other related expenses
225.7
229.1
226.9
227.9
909.5
105.2
106.5
103.2
107.4
422.3
Other store operating expenses
0.8
0.1
-
--
0.9
Store operating income
Impairment store closing costs
69.2
75.0
56.5
77.2
278.0
35.6
127.3
33.2
29.6
28.8
General administrative expense
36.0
Operating income
45.4
27.7
41.6
150.8
Net Interest expense
14.9
14.3
14.2
13.9
57.3
21.2
Pretax income
31.1
13.5
27.7
93.5
7.2
Provision for income taxes
10.9
3.0
7.1
28.2
14.0
20.2
10.5
20.6
65.3
Income from continuing operations
0.57
0.85
0.46
0.91
2.79
Diluted EPS from continuing operations
Weighted average shares
22.61
23.41
24.44
23.76
22.81
Ratios
Restaurant, of total
79.6
73.3
81.2
80.4
78.5
19.6
21.5
20.4
26.7
18.8
Retail of total sales
100.0
100.0
100.0
100.0
100.0
Total revenue
31.0
Cost of goods sold
35.3
31.8
31.4
32.4
69.0
Gross margin
64.7
68.2
67.6
68.6
Labor other related expenses
37.9
38.2
38.8
36.1
40.0
Other store operating expenses
18.2
17.7
17.9
18.1
16.8
---
0.2
Impairment store closing costs
---
---
---
Store operating income
11.9
11.8
10.0
12.8
11.7
General administrative expense
5.7
4.6
5.1
5.4
5.9
6.2
Operating margin
7.2
4.9
6.9
6.3
2.4
2.3
2.6
Net Interest expense
2.3
2.5
3.6
Pretax income
4.9
2.4
4.6
3.9
25.7
34.9
22.5
30.2
33.9
Tax rateprovision for income tax/pretax income
Income from continuing operations
2.4
3.2
1.8
3.4
2.7
22
Quarterly ResultsFY2007
Retail
FY2007
Q3
Q2
Q1
Q4
in millions
Restaurant
1,844.8
509.8
444.9
447.8
442.3
Retail
506.8
122.4
104.1
164.4
115.9
2,351.6
632.1
549.1
612.1
558.3
Total revenue
Cost of goods sold
744.3
193.1
167.9
210.4
172.9
Labor other related expenses
892.8
242.1
219.0
219.6
212.2
Other store operating expenses
410.1
106.0
100.5
105.9
97.7
-
-
-
-
-
Store operating income
Impairment store closing costs
304.3
91.0
61.6
76.3
75.5
136.2
33.4
31.5
34.0
37.3
General administrative expense
168.1
57.6
30.1
42.2
38.3
Operating income
51.7
14.7
11.6
10.8
14.6
Net Interest expense
116.5
42.9
18.5
31.5
23.7
Pretax income
40.5
14.7
6.4
11.0
8.5
Provision for income taxes
76.0
28.2
12.1
20.5
15.2
Income from continuing operations
2.52
1.15
0.44
0.60
0.45
Diluted EPS from continuing operations
31.76
25.06
30.18
36.02
36.01
Weighted average shares
Ratios
Restaurant, of total sales
73.2
79.2
81.0
80.6
78.4
19.0
19.4
21.6
20.8
26.8
Retail of total sales
100.0
100.0
100.0
100.0
100.0
Total revenue
31.0
Cost of goods sold
34.4
30.6
30.6
31.7
69.0
Gross margin
65.6
69.4
69.4
68.3
Labor other related expenses
38.0
35.8
39.9
38.3
38.0
Other store operating expenses
17.5
17.3
18.3
16.7
17.4
0.0
0.0
0.0
0.0
Impairment store closing costs
0.0
Store operating income
12.9
13.5
12.5
11.2
14.4
General administrative expense
6.6
5.6
5.7
5.3
5.7
Operating Margin
7.2
9.1
5.5
6.9
6.9
2.7
Net Interest expense
1.8
2.1
2.3
2.2
6.8
4.2
Pretax income
5.1
3.4
5.0
35.9
34.4
34.2
34.8
34.9
Tax rateprovision for income tax/pretax income
2.7
3.3
2.2
4.4
3.2
Income from continuing operations
Includes 53rd week which increased Total
revenues by 46.3 million, Operating Income by
7.8 million, and Income from continuing
operations by 4.4 million.
23
Quarterly ResultsFY2006
FY2006
Q4
Q3
Q2
Q1
in millions
1,748.2
455.1
432.1
434.4
426.6
Restaurant
471.3
108.2
101.9
152.3
108.8
Retail
2,219.5
563.3
534.0
586.7
535.5
Total revenue
Cost of goods sold
Labor other related expenses
706.1
173.5
165.8
200.2
166.6
832.9
210.9
209.4
208.2
204.4
384.4
95.0
94.3
99.9
95.2
Other store operating expenses
Impairment store closing costs
5.4
(1.5)
3.2
3.7
-
290.6
85.3
61.4
74.6
69.3
Store operating income
General administrative expense
128.8
32.8
31.1
31.9
33.1
161.8
52.6
30.3
42.7
36.2
Operating income
21.4
14.1
2.7
2.2
2.5
Net Interest expense
140.4
38.5
27.6
40.5
33.7
Pretax income
44.9
10.1
9.3
13.8
11.7
Provision for income taxes
Income from continuing operations
95.5
28.4
18.3
26.7
22.1
2.07
0.82
0.37
0.53
0.44
Diluted EPS
Weighted average shares
48.04
35.97
51.84
51.84
52.52
Ratios
74.0
79.7
Restaurant, of total
80.9
80.8
78.8
Retail of total sales
19.1
19.2
21.2
20.3
26.0
100.0
100.0
100.0
100.0
100.0
Total revenue
31.1
Cost of goods sold
34.1
31.0
30.8
31.8
68.9
65.9
69.0
69.2
68.2
Gross margin
Labor other related expenses
38.2
35.5
39.2
37.4
37.5
Other store operating expenses
17.3
17.8
17.1
17.7
16.9
Impairment store closing costs
0.6
0.3
0.3
0.0
0.6
13.1
12.9
Store operating income
12.7
11.5
15.2
General administrative expense
5.9
6.1
5.4
5.8
5.8
7.3
9.3
5.7
7.3
6.8
Operating Margin
0.5
Net Interest expense
0.4
0.5
2.5
1.0
6.3
Pretax income
6.9
5.2
6.8
6.3
33.6
Tax rateprovision for income tax/pretax income
34.6
26.3
32.0
34.1
Income from continuing operations
4.1
4.6
3.4
5.0
4.3
24
Strategic Initiatives
  • Fiscal 2006
  • Established 1.25 billion credit facility
  • Acquired 16.75 million shares in Dutch Auction
    Tender Offer (42.00 per share)
  • Fiscal 2007
  • Divested Logans Roadhouse (485 million total
    consideration)
  • Reduced debt by 75 million
  • Completed 2nd Dutch Auction Tender Offer
    acquiring 5.43 million shares (46.00 per share)
  • Redeemed Senior Convertible Notes (405 million
    principal amount at maturity)
  • Purchased 3.33 million shares for 155.4 million
  • Fiscal 2008
  • Purchased 1.6 million shares for 52 million

25
Restaurant Data
  • FY2008
  • Store size 10,000 sq. ft on approximately 2.5
    acres of land
  • Seats per restaurant 200
  • Average number of employees per store 104
  • Average unit volume 3.28 million
  • Average weekly traffic 7,350
  • Meal mix
  • Breakfast23
  • Lunch--37
  • Dinner40
  • Commodity breakdown in FY08
  • Dairy (including eggs) 15
  • Beef 12
  • Poultry 11
  • Pork 10
  • gt90 of purchases contracted for remainder of
    fiscal year as of 5/1/2009
  • 3Q09
  • Average check per guest 8.93
  • Leased vs owned 413 locations owned, 70.2

26
Retail Data Fiscal 2008
  • Size of retail
  • 21.5 of sales
  • 22 of square feet
  • 3,200 SKUs
  • 428/sq. ft.
  • Average unit volume .90 million
  • Sales categories
  • Apparel 20
  • Seasonal 16
  • Food 16
  • Home 15
  • Toys 13
  • 32 of customers purchase retail
  • Second quarter highest retail sales due to
    Christmas holiday shopping

27
Unit Growth
Units
28
Fiscal 2009 Outlook (As of May 27, 2009 Press
Release)
  • Comparable store restaurant sales growth
    (1.5-2)
  • Comparable store retail sales growth (6-7)
  • 11 new stores opened in FY09 FY10 7 new
    stores
  • Revenue growth flat to (0.5)
  • Q4 commodity cost inflation flat to 0.5
  • gt90 of products contracted through remainder of
    FY09
  • Depreciation 60 million
  • Operating margin 5.8 to 6.1 compared with
    6.3 in FY08
  • Net interest expense 52 to 52.5 million
  • Annual effective tax rate 26 to 27
  • Diluted EPS 2.70 to 2.90
  • Diluted shares 22.5-23 million
  • Capital expenditures 65 million

29
Reconciliation Table
FY07
FY06
FY05
FY04
Continuing operations
FY08
in millions
2,219.5
2,190.9
2,060.5
2,384.5
2,351.6
Total sales
161.8
154.0
Operating Income
168.1
168.8
150.8
51.7
21.5
8.6
8.4
57.3
Net Interest
116.5
140.3
160.2
145.6
Income before income taxes
93.5
44.9
40.5
55.4
52.3
28.2
Provision for income taxes
76.0
95.5
104.8
93.3
Net Income
65.3
7.2
7.3
7.7
7.5
Operating margin operating income/total sales
6.3
34.8
32.0
34.6
35.9
Tax Rate
30.2
109.7
110.1
110.4
98.7
Net Operating Profit After Tax
105.3
104
302
870
873
Total shareholders' equity
93
Long-term debt
756
912
212
185
779
1,152
860
1,214
1,082
1,058
872
Invested capital equity debt
1,071
1,020
Average invested capital
1,045
866
10.6
9.6
10.3
9.7
Return on invested capital net operating income
after tax /average invested capital
12.2
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