INDIANAPOLIS, Aug. 23 /PRNewswire-FirstCall/ -- The Steak 'n Shake Company 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.
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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.
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