CPI Corp. Files Investor Presentation
June 24 2009 - 7:34AM
PR Newswire (US)
Recommends Stockholders Vote FOR CPI's Highly-Qualified,
Experienced Nominees on the WHITE Proxy Card ST. LOUIS, June 24
/PRNewswire-FirstCall/ -- CPI Corp. (NYSE:CPY) today announced that
it has filed an investor presentation with the Securities and
Exchange Commission ("SEC") in connection with the Company's 2009
Annual Meeting of Stockholders to be held on July 8, 2009. CPI's
board of directors recommends that stockholders vote FOR the
Company's highly-qualified, experienced nominees -- James Abel,
Paul Finkelstein, Michael Glazer, Michael Koeneke, David Meyer and
Turner White -- by telephone, Internet or by signing, dating and
returning the WHITE proxy card today. The investor presentation is
available under the "investor" section of the Company's website at:
http://www.cpicorp.com/ and at the SEC's website at
http://www.sec.gov/. Highlights of the presentation include: --
CPI's board, whose interests are closely aligned with those of all
stockholders, has nominated six experienced and highly-qualified
director nominees. -- CPI's board and management team have
undertaken a series of actions to drive significant gains in
operating margins, earnings and cash flow, including: -- Developed
and executed a groundbreaking digital transition strategy; --
Jettisoned diversionary and loss-making ventures and sharpened
focus on the core Sears business; -- Completed acquisition of
PictureMe Portrait Studio(R) operations out of bankruptcy in June
2007; -- Extended CPI's cost leadership through the generation of
$30 million in annualized cost savings; and -- Strengthened
relationships with CPI's retail hosts, Sears and Walmart, and
executed a new six year agreement with Sears. -- CPI's board has in
place a strategic plan to address industry and economic challenges
through a focus on operational efficiency, customer service and
cash generation while developing new avenues for profitable growth.
-- CPI has a record of strong corporate governance, including:
separate Chairman and CEO; all directors are independent; and
compensation practices closely align the interests of employees,
management and the board with those of stockholders. -- Ramius's
nominees have not communicated any new ideas, plans or strategies.
-- Ramius's nominees lack relevant qualifications for board service
and have no significant experience in corporate governance,
corporate finance and executive management. The Ramius nominees
also lack any relevant industry experience. -- Ramius's interests
are not aligned with the interests of other CPI stockholders and we
believe that its nominees, if elected, would seek to advance
Ramius's own interests, not those of all CPI stockholders. -- As a
member of the CPI board and as evidenced by its proxy contest with
respect to the election of the board, Ramius has engaged in a range
of disruptive behaviors, which CPI believes, if continued, will
divert management from the execution of the Company's strategic
plan. If you have any questions, require assistance with voting
your WHITE proxy card, or need additional copies of the proxy
materials, please contact: MacKenzie Partners, Inc. 105 Madison
Avenue New York, NY 10016 (212) 929-5500 (Call Collect) Or
TOLL-FREE (800) 322-2885 Important Information CPI Corp. has filed
a definitive Proxy Statement with the Securities and Exchange
Commission ("SEC") and has furnished to its stockholders a Proxy
Statement in connection with the solicitation of proxies for the
2009 Annual Meeting of Stockholders. The Company advises its
stockholders to read the Proxy Statement relating to the 2009
Annual Meeting because it contains important information.
Stockholders may obtain a free copy of the Proxy Statement and
other documents that CPI files with the SEC at the SEC's website at
http://www.sec.gov/. The Proxy Statement and these other documents
may also be obtained for free from CPI by directing a request to
CPI Corp., 1706 Washington Avenue, St. Louis, Missouri 63103-1717,
Attn: Corporate Secretary, calling (314) 231-1575, or by contacting
MacKenzie Partners, Inc., by toll-free telephone at 800-322-2885 or
by e-mail at . Certain Information Concerning Participants CPI
Corp. and its directors and executive officers (other than Peter
Feld) may be deemed to be participants in the solicitation of
proxies from stockholders in connection with the Company's 2009
Annual Meeting. Information concerning persons who may be
considered participants in the solicitation of the Company's
stockholders under the rules of the SEC is set forth in public
filings by the Company with the SEC, including the proxy statement
relating to the 2009 Annual Meeting of Stockholders.
Forward-Looking Statements The statements contained herein that are
not historical facts are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
and involve risks and uncertainties. The Company identifies
forward-looking statements by using words such as "preliminary,"
"plan," "expect," "looking ahead," "anticipate," "estimate,"
"believe," "should," "intend" and other similar expressions.
Management wishes to caution the reader that these forward-looking
statements, such as the Company's outlook for portrait studios, net
income, future cash requirements, cost savings, compliance with
debt covenants, valuation allowances, reserves for charges and
impairments and capital expenditures, are only predictions or
expectations; actual events or results may differ materially as a
result of risks facing the Company. Such risks include, but are not
limited to: the Company's dependence on Sears and Walmart, the
approval of the Company's business practices and operations by
Sears and Walmart, the termination, breach, limitation or increase
of the Company's expenses by Sears under the license agreements, or
Walmart under the lease and license agreements, customer demand for
the Company's products and services, the economic recession and
resulting decrease in consumer spending, compliance with the NYSE
listing requirements, manufacturing interruptions, dependence on
certain suppliers, competition, dependence on key personnel,
fluctuations in operating results, a significant increase in piracy
of the Company's photographs, widespread equipment failure,
compliance with debt covenants, high level of indebtedness,
implementation of marketing and operating strategies, outcome of
litigation and other claims, impact of declines in global equity
markets to pension plans and impact of foreign currency
translation. The risks described above do not include events that
the Company does not currently anticipate or that it currently
deems immaterial, which may also affect its results of operations
and financial condition. The Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise. About
CPI Corp. CPI Corp. has been dedicated to helping families
conveniently create cherished photography portrait keepsakes that
capture a lifetime of memories for more than 60 years. CPI Corp.
provides portrait photography services in approximately 3,000
locations, principally in Sears and Walmart stores. As the first in
the category to convert to a fully digital format, CPI Corp.
studios offer unique posing options, creative photography
selections, a wide variety of sizes and an unparalleled assortment
of enhancements to customize each portrait - all for an affordable
price. CPI Corp. is based in St. Louis and traded on the New York
Stock Exchange (ticker: CPY). Contact: Matthew Sherman / Eric
Brielmann Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
DATASOURCE: CPI Corp. CONTACT: Matthew Sherman, or Eric Brielmann,
Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449 Web Site:
http://www.cpicorp.com/
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