Cracker Barrel 2011 Annual Report Download - page 8

Download and view the complete annual report

Please find page 8 of the 2011 Cracker Barrel annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 56

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

*#%*# R,%0( 0.101.!
! !./$%, .*/%0%+*
B1DUUDWLYHLQGG $0
6
corporate stawhich positions us to leverage continued
success. As we move through scal 2012, we will
continue to look for ways to improve our cost structure.
We anticipate that our strong cash flow will fund all of
our capital needs including new store growth, continued
debt repayment, share repurchases and a competitive
dividend. Duringscal 2011, we entered into a new
ve-year $750 million bank credit facility comprised of a
$250 million term loan and $500 million revolving
line of credit. Simplifying and extending the maturities of
our debt with this new credit facility provides greater
nancial flexibility and stability for the nextve years.
We expect to increase our capital expenditures in
scal 2012 to a range of $90 million to $100 million to
support increased new store growth. We are taking
a balanced approach of investing in the business while
increasing the return of capital to our shareholders. In
September, our Board of Directors approved a dividend
increase of 13.6 percent for scal 2012 and a new share
repurchase program for up to $65 million.
As part of the succession planning process that began
two years ago, Sandra Cochran was promoted to
President and Chief Executive Ocer and Michael
Woodhouse became Executive Chairman of the Board
in September 2011. Ms. Cochran’s experience in executive
leadership,nance and retailing makes her the perfect t
to direct our future growth.ese promotions capped
a year of important changes to the Company’s leadership
structure. In November 2010, Ms. Cochran was promoted
to President and Chief Operating Ocer. At that time,
Douglas Barber took on the new position of
Chief People Ocer and Nicholas Flanagan was promoted
to Senior Vice President of Restaurant Operations. In
January 2011, Lawrence Hyajoined Cracker Barrel as
Chief Financial Ocer, coming from O’Charley’s
where he had been Chief Financial Ocer and Treasurer
since 2004. He also had served as interim Chief
Executive Officer of O’Charley’s from February
through June 2009.
We have also added four new board members. As
President and Chief Executive Ocer, Ms. Cochran is
now a member of the Board. Coleman Peterson,
who joined the Board in June, is President and Chief
Executive Ocer of Hollis Enterprises, LLC.
Mr. Peterson served as Executive
Vice President of People
for Wal-Mart Stores, Inc.