Steak n Shake Announces Creation of Board Committee and Previews Changes to Strategic Plan
August 23 2007 - 4:16PM
PR Newswire (US)
INDIANAPOLIS, Aug. 23 /PRNewswire-FirstCall/ -- The Steak 'n Shake
Company (NYSE:SNS) announced today that under the direction of Alan
Gilman, the Interim Chief Executive Officer, senior management has
begun to evolve the Company's strategic plan. The new plan is
premised on simplifying initiatives, intensifying focus on field
leadership, including the rigor of store level training and
critically reviewing the Company's cost structure. "Management
looks forward to sharing our evolved strategic plan with
shareholders in the near future," said Mr. Gilman. (Logo:
http://www.newscom.com/cgi-bin/prnh/20000606/STEAKLOGO ) To support
the foregoing efforts the Board of Directors recently appointed a
Special Committee of independent directors consisting of James
Williamson, Jr. (Chairman), J. Fred Risk and Edward W. Wilhelm. The
Special Committee will assist management in evolving the strategic
plan and examining potential opportunities. The Special Committee
has engaged Merrill Lynch & Co. as its financial advisor. The
Board has not set any deadlines for the Committee's deliberations.
Steak 'n Shake is a full service, casual dining restaurant serving
a core menu of its famous STEAKBURGER (TM) sandwiches, thin 'n
crispy French fries, old fashioned hand-dipped milk shakes, chili,
home style soups, fresh salads, a variety of desserts and
breakfast. All of the food is prepared to the guest's order and
served by friendly, well-trained associates. Steak 'n Shake
restaurants feature full-service dining areas, counter service and
drive-thru windows and are open 24 hours a day, seven days a week.
Risks Associated with Forward-Looking Statements Certain statements
contained in this press release represent forward- looking
statements. In general, forward-looking statements include
estimates of future revenues, cash flows, capital expenditures, or
other financial items, and assumptions underlying any of the
foregoing. Forward-looking statements reflect management's current
expectations regarding future events and use words such as
"anticipate", "believe", "expect", "may", "will", and other similar
terminology. These statements speak only as of the date they were
made and involve a number of risks and uncertainties that could
cause actual results to differ materially from those expressed in
forward-looking statements. Several factors, many beyond our
control, could cause actual results to differ significantly from
our expectations, such as the following: the effectiveness of our
revised strategic plans; the poor performance or closing of even a
small number of restaurants; our ability to attract and retain
guests; changes in guest preferences, tastes and dietary habits;
minimum wage rates; the availability and cost of qualified
personnel; fluctuations in food commodity prices and the
availability of food commodities; harsh weather conditions;
unfavorable publicity relating to food safety or food borne
illness; our ability to comply with existing and future
governmental regulations; our ability to adequately protect our
trademarks, service marks, and other components of our brand; and
the other risks identified in the periodic reports we file with the
SEC. Additional risks and uncertainties not currently known to us
or that are currently deemed immaterial may also become important
factors that may harm our business, financial condition, results of
operations or cash flows. We assume no obligation to update
forward-looking statements except as required in our periodic
reports. http://www.newscom.com/cgi-bin/prnh/20000606/STEAKLOGO
http://photoarchive.ap.org/ DATASOURCE: The Steak n Shake Company
CONTACT: Jeffrey A. Blade of The Steak n Shake Company,
+1-317-633-4100, Web site: http://www.steaknshake.com/
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