Key Developments For O'Charley's Inc.
O'Charley's Inc. (CHUX.O) (Nasdaq)
O'Charley's Inc. Reaffirms Q4 2009 Guidance
O'Charley's Inc. reaffirmed its fourth quarter 2009 guidance. and expects revenue to be in the range of $190-$195 million and a loss from operations to be in the range of $1-$4 million. According to Reuters Estimates, analysts are expecting the Company to report revenues of $193 million for the same period.
O'Charley's Inc. Issues Q3, Q4 2009 Revenue Guidance Below Analysts' Estimates
O'Charley's Inc. announced that for internal planning purposes it is forecasting total revenue of between $190 and $195 million for each of the third and fourth quarters of 2009. According to Reuters Estimates, analysts were expecting the Company to report revenue of $205 for third quarter of 2009; revenue of $202 for fourth quarter of 2009.
O'Charley's Inc. Announces Agreement To Outsource Distribution For Its Ninety Nine Restaurants Concept and Sell Related Assets
O'Charley's Inc. announced that it has entered into an agreement with Reinhart FoodService, L.L.C. (Reinhart) to outsource food and supply distribution for Ninety Nine Restaurants, and to sell related assets at its distribution facility in Bellingham, Massachusetts. The Company reported that it expects the transactions to reduce its investment in non-restaurant assets and to reduce its ongoing expenses. The transactions are expected to close in mid-August.
O'Charley's Inc. Announces Senior Management Changes
O'Charley's Inc. announced that it has named Jeffrey D. Warne as its President and Chief Executive Officer, effective immediately. Warne, who served as president of the O`Charley`s concept, was also appointed to the Board of Directors. The Company also announced that Philip J. Hickey, a member of the Board of Directors since January 2009, has been elected Chairman of the Board.
O'Charley's Inc. Announces Retirment Of Gregory L. Burns As Chairman, President And CEO-Form 8K
O'Charley's Inc. announced in its Form 8K that on February 12, 2009, the Company entered into a transition agreement and General Release (the Transition Agreement) with Gregory L. Burns. Pursuant to the Transition Agreement, Mr. Burns retired effective as of the adjournment of the Board of DirectorsÂ’ regularly scheduled meeting held on February 12, 2009 (the Retirement Date) as the Chairman of the Company's Board of Directors, President and Chief Executive Officer, from all committees of the Board, and from all positions with subsidiaries of the Company. Upon the Retirement Date, Lawrence E. Hyatt, the Company's Chief Financial Officer, Secretary and Treasurer, became the Company's Interim President and Chief Executive Officer, in addition to his current positions with the Company.
