Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q2 2015 Earnings Conference Call - Final Transcript

Feb 24, 2015 • 11:00 am ET


Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q2 2015 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to today's program. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]. Please note this call may be recorded. I will be standing by should you need any assistance.

It is now my pleasure to turn the conference over to Ms. Jessica Hazel. You may begin, ma'am.

Jessica Hazel

Thank you, Steve. Good morning and welcome to Cracker Barrel's Second quarter fiscal 2015 conference call and webcast. This morning we issued a press release announcing our second quarter results and our updated guidance for the 2015 fiscal year. In this press release and on this call, we will refer to non-GAAP financial measures for the current quarter, adjusted to exclude a contingent liability accrual related to the previously disclosed Fair Labor Standards Act Litigation and a provision for taxes to exclude the prior year favorable impact of the retroactive reinstatement of the work opportunity tax credit.

We will also refer to non-GAAP financial measures for the prior fiscal year adjusted to exclude charges and tax effects related to proxy contest expenses. The company believes that excluding these charges and tax effects from its financial results provides information that may be more indicative of the company's ongoing operating performance, while improving comparability to prior periods. This information is not intended to be considered in isolation or as a substitute for financial information prepared in accordance with GAAP.

The last page of the press release includes a reconciliation from the non-GAAP information to the GAAP financials. The press release can be found in the Investors section of our website In that press release and during this call, statements may be made by management of their beliefs and expectations of the -- company's future operating results and expected future events. These are what are known as forward-looking statements, which involve risks and uncertainties, and in many cases are beyond management's control and may cause actual results to differ materially from expectations.

We urge caution to our listeners and readers in considering forward-looking statements and information. Many of the factors that could affect results are summarized in the cautionary description of risks and uncertainties found at the end of this morning's press release and are described in detail in our reports that we file with or furnish to the SEC. We urge you to read this information carefully. We also remind you that we do not comment on earnings estimates made by other parties.

In addition, any guidance or outlook we provide or statements we make regarding trends speak only as of the date they are given, and we do not update or express continuing comfort with our guidance, outlook, or trends except in broadly disseminated disclosures, such as this morning's press release, filings with SEC or as otherwise required by law.

On the call with me this morning are Cracker Barrel's President and CEO, Sandy Cochran; Senior Vice President and CFO, Larry Hyatt; and