Cracker Barrel 2004 Annual Report Download - page 11

transitions occur. A few years ago we established an
Executive Team (the ET) at Cracker Barrel to guide the
business both strategically and operationally. Don,
of course, has been a member of that team, as have I,
and I will continue as the CEO of both Cracker Barrel
and CBRL Group. The ET also has several other key
leaders, representing a cross-section of functions
and experience. The succession plan for replacing Don
involved both the ET and consideration of possible
outside sources of talent. We are extremely pleased to
have announced the successful completion of this
process by naming a member of the ET and 26-year
Cracker Barrel veteran, Cy Taylor, to become Don’s
successor. Cy started at Cracker Barrel as an associate
manager and has worked his way up through a
variety of increasing responsibilities and exposure to
new experiences. He is highly respected throughout
theCracker Barrel organization for his integrity and
values, and for his ability to translate the corporate
culture and philosophy into business results. We all
thank Don Turner for his critical contribution to
Cracker Barrel, not just over these last five very success-
ful years, but over a long and fruitful career. And we
welcomeCy to his new role and are confident of the
many years of continued successful leadership that
he will bring. Finally, we will remember fiscal 2004 as
theyear in which our long-time Board member,
Dr. Gordon Miller, passed away. Gordon was one of the
earliest investors in Cracker Barrel, joining the Board
in 1974, and we miss him and wish his family and many
friends our continued condolences.
CBRL Group, Inc., and our two key operating
subsidiaries, Cracker Barrel and Logan’s, are successful
for many reasons, but none more important than
our people. In this Annual Report, we’ve tried to tell
afew stories that you might not otherwise hear
about how our people strive daily to make things
better for our guests, for their fellow employees,
and for their communities. We are approaching 70,000
employees, almost 3,800 more than a year ago, who
are working hard every day to deliver the experiences
that make us successful. On our cover you will see
aselection of names of some of our most important
people at Cracker Barrel and Logan’s. These are real
people who have been employed with us for twenty
years or more, or who have been singled out by
our guests for special service or a great experience.
Whether they are “Pleasing People” at Cracker Barrel
or making“Life-LongFriends” at Logan’s, we are
grateful for the day-in and day-out contributions of
these and so many other of our dedicated employees.
Aswe reach our 35th anniversary at Cracker Barrel,
we believe that we are well positioned to continue
to grow the company profitably. We believe that we
have two quality concepts led by two strong leader-
ship teams. In both cases the leadership teams combine
in-depth experience of the business and talents
and experience of newcomers from the outside. We
have a commitment to strong and clear brand posi-
tioning, backed up with a consistently high standards
of execution. This is the foundation on which our
long-term success will be built.
Welook forward to more successes in 2005 and
beyond, and we thank you for your continued interest
andparticipation as an owner of CBRL Group, Inc.
Sincerely,
Michael A. Woodhouse
President and Chief Executive Officer
9
CBRL Group, Inc.Diluted Net Income
Per Share (“EPS”)
$2.50
$2.00
$1.50
$1.00
$0.50
$0
$ EPS
2000 2001 2002 2003 2004
Fiscal Year
ªEPS
ªEPS Excluding Charges*
*Excludes effects of charges in 2000, 2001 and 2004
(see notes to Selected Financial Data table)