Cracker Barrel 2005 Annual Report Download - page 11

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9
over $1 billion in cash provided by operating activities,
reinvesting approximately $625 million back into
the business, and returning the rest, along with other
sources of cash, to shareholders through dividends
and share repurchases, all of this while maintaining
a strong balance sheet. Since adopting a quarterly
dividend policy in fiscal 2004 from a previous annual
dividend that paid just $0.02 per share, we have
increased the quarterly rate from an original $0.11 per
share to a just-announced $0.13 per share. We
enjoy a very strong balance sheet, owning nearly 70%
of our locations, where most in our industry lease
much of their property, and targeting a capital structure
to preserve our investment grade credit ratings.
This strength is particularly valuable in preserving
financial flexibility in such an uncertain consumer
and economic environment.
WE OWE OUR SUCCESS TO OUR PEOPLE
In conclusion, fiscal 2005 was a successful year in
spite of a number of unanticipated issues, and the
present environment is even more unsettled follow-
ing the unprecedented climb in gasoline prices,
the economic disruption of Hurricanes Katrina and
Rita, and the uncertain effects of energy costs
and pressures on consumer discretionary spending.
Truly some significant headwinds. But one thing is
certain. Every day some 75,000 dedicated employees
report to work at Cracker Barrel and Logan’s,
eager and proud to give our guests a great dining or
retail experience. Whether it’s engaging the
guests in the dining room, preparing the food in the
kitchen, or working behind the scenes at the
home offices, they share a commitment to continue
making our concepts special places, one meal at
a time, each and every time. I hope you will find the
stories about our special people and places shared
later in this annual report to be of interest and to
give you another perspective on your company.
Thank you for your continued support. We look
forward to reporting to you future successes and
accomplishments.
Sincerely,
Michael A. Woodhouse
Chairman, President and Chief Executive Officer
CBRL Group, Inc. Dividend Outlays
and Dividends Per Share
Dividends Declared per Share
$1.00
$0.50
$0.75
$0.25
$0.00
$25
$20
$15
$10
$5
$0
($ Millions)Dividends
Dividends on Common Stock
Dividends Declared per Share
2005
2001 2002 2003 2004
Fiscal Year