Thank you for standing by and welcome to the Cracker Barrel fourth quarter 2009 conference call. Today’s conference is being recorded and will be available for replay beginning at 2:00 PM Eastern Time through September 29 by dialing 719-457-0820 and entering a pass code of 8525545. Now at this time I’d like to turn the conference over to Barb Gould.

Thank you, [Dwayne]. Welcome to our fourth quarter 2009 conference call and webcast this morning. Our press release announcing our fiscal 2009 fourth quarter results and outlook for fiscal 2010 was released before the market opened this morning. In our press release and during this call statements may be made by management of their beliefs and expectations as to the company’s future operating results. These are what are known as forward-looking statements which involve risks and uncertainties that in many cases are beyond the control of the company and may cause actual results to differ materially from management’s expectations. We urge caution to our listeners and readers in considering forward-looking statements for information. Many of the factors that can 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 annual and quarterly reports that we file with the SEC and we urge you to read this information carefully. We also remind you that we don’t review or comment on earnings estimates made by other parties. In addition, any guidance that we give speaks only as of the date it is given and we do not update our own guidance or express continuing comfort with it except as required by law and in broadly disseminated disclosures such as this morning’s press release and call. The company disclaims any obligation to update disclosed information on trends or guidance, and should we provide any updates after today, they will be made only by broad dissemination such as press releases or in our filings with the SEC. On the call with me this morning are Cracker Barrel’s Chairman, President and CEO, Mike Woodhouse and our Executive Vice President and CFO, Sandy Cochran. Mike will begin with a review of the business. Sandy will review the financials and outlook and then Mike will return to close. We will then respond to your questions. Mike?

Thanks, Barb. Good morning everyone. Thanks for joining us today. We have a lot of good news to share with you. On Saturday, Cracker Barrel Country Store will be 40 years old. And while I’m certain that there were some challenging times in the early days, I’m also certain that this last fiscal year presented more challenges than most of us have ever seen and so I look at our year-end results as a major win for everyone working here in Lebanon and everyone working at our 590 Cracker Barrel restaurants. A year ago we established an initial guidance range of $2.80 to $3.00 in EPS for fiscal 2009. Today, despite the headwinds that we encountered all year long, we’re reporting EPS of $2.89. And along the way, we were able to beat expectations in each of the four quarters. Of course the sudden and unexpected slowdown in industry traffic in late September and early October caused our initial sales outlook to turn out to be optimistic, but we kept our focus on driving sales, controlling store operating costs and controlling G&A expenses and also tightly managing cash to insure that we would have no risk of violating our debt covenants. The sales efforts were three-fold. First, insuring the best possible guest experience with our weekend execution initiative to make certain that we’re executing at the highest possible standard at the busiest times of the week; second, developing and rolling out a series of strong new product offerings and supporting these first with radio and then with targeted radio and TV advertising in key markets. The positive impact from these efforts can clearly be seen in our performance compared with the Knapp-Track index. In the 42 weeks from the third week of October, 2008 to the end of the fiscal…

Thanks Mike. I’d like to review the financials in more detail. Overall for the fourth quarter of 2009 we reported a 9% increase in diluted earnings per share of $0.99 compared with $0.91 per diluted share in the fourth quarter of last year. Revenues during the fourth quarter decreased slightly to $596 million, reflecting top-line growth in restaurant revenues which was driven by store growth, offset by a year-over-year decline in retail. Comparable store restaurant sales declined 1.4%. Our average check increased 2.4% including a menu price increase of approximately 2.9%, which was partially offset by negative mix. Our average check was negatively affected by lower incidents of beverages and add-ons. Guest traffic was down 8% for the quarter. We have outperformed the Knapp Track index since the last quarter of fiscal ’06 and the gap has widened to more than 3 percentage points in the fourth quarter. Cracker Barrel comparable store retail sales were down 7% in the fourth quarter of 2009. Growth in our media category could not offset the softness in toys and apparel. Media includes the exclusive CD’s by Montgomery Gentry and Dolly Parton that Mike mentioned as well as books, gifts and stationery items which were not available last year. Gross margin for the quarter improved 40 basis points compared to last year. On the restaurant side, cost of sales as a percentage of sales was lower than last year because of higher menu pricing and favorable menu mix. This year’s summer promotion featuring Campfire Chicken and Beef and the Grilled Chicken Pineapple Salad contributed to the higher gross margin. Food cost inflation in the quarter was only 0.1%. Increases in produce and poultry were offset by lower dairy and egg costs. Higher retail cost of sales partially offset the favorable restaurant cost of sales.…

Thanks, Sandy. And at this point I’d like to open up the call for questions.

Very good. (Operator Instructions) Your first question comes from Stephen Anderson - MKM Partners LLC.

A very quick question on the labor cost line that’s been coming up the last couple of quarters, primarily on the health cost side, but as the costs related to the increased enrollment in the new healthcare program start to roll off in January, can you give any guidance in terms of where you see labor costs head for the fiscal year?

We don’t want to, Steve, give any more guidance beyond what we’ve given although we do anticipate making some changes to our health plan and those are built into our guidance for next year.

Your next question comes from Joseph Buckley - BAS-ML.

Given that it’s your fourth quarter you’re obviously reporting pretty far into your quarter, the Street is anticipating that casual dining sales or you know got better or less bad I guess you know since the end of your fiscal year. I was wondering if you’d be willing to comment on the quarter to date, what kind of sales progression you’re seeing.

Joe, we would love to do that but our protocol is obviously quarterly reporting and on the fourth quarter as you correctly say we’re further into the year than we normally are. So I really can’t comment. I will point back to how pleased we were with our fourth quarter sales and also that in our guidance we’re not anticipating any major turnaround in the economy to drive sales. I think that you know there are a number of factors going on that are pretty obvious. Again I think this is consumer sentiment may have improved a little bit but on the other side unemployment and therefore ability to spend is getting worse so we want to be cautious with our numbers.

And then just a question on the CapEx numbers, you made reference to some portion of it being related to Seat to Eat. And could you walk through that in a little bit more detail?

There are several things going on in CapEx and the Seat to Eat piece as I said in my remarks we are satisfied with our test. We are going to start rolling out in October but it’s going to be an extended roll out continuing into 2011. But from a CapEx point of view we will be spending more than half the capital for that whole project during 2010, but relatively late in the year. So that’s driving our capital up. I think that the total expenditures for this year, Sandy, for Seat to Eat are?

In the CapEx?

In the CapEx, yes.

Oh about $13.

For the whole program. Right. But we won’t be spending all of that in 2010 but we will be spending more than half of it.

And is that to reconfigure the kitchen layouts primarily?

The kitchen and the pass through window.

Your next question comes from Robert Derrington - Morgan, Keegan & Company, Inc. Robert Derrington - Morgan, Keegan & Company, Inc.: Mike, if you could help me understand for a second you know the company’s view on restaurant sales, you know the guidance you provided, you know we’ve watched you know obviously this past fiscal year was a difficult year and I guess it’s now five quarters in a row in which restaurant same-store sales have been negative, yet your guidance is for down 0.5 to up 1.5. And in addition you’ve also lost I guess 0.6% of menu pricing with the menu price lap on the new pricing. So I guess I’m just trying to understand what are the components that you see giving you comfort that comps will be kind of a better trend than what we’ve seen for a while now?

Well I think you know obviously we are in this fiscal year going to be lapping some very negative numbers for last year. In my answer to a previous question I was trying to point out that we’re not looking for a lot of pick up from the economy but we’re not looking for obviously much further down in terms of traffic. So if the same people who were coming last year when the industry was down 6 and 8% come this year, adjusted maybe for unemployment, we expect to see the kind of numbers that we’re going to see. The other thing that is really important is the reason that I in my remarks chose the middle of October was that was when we really started separating from Knapp Track and that was when the three things I mentioned kicked in, the weekend execution, we started seeing improved traffic on the weekends as a result; it was when the pipeline of our new promotional products really kicked in and as I said we’re seeing very difficult to measure traffic lift from those because we’re running them in the whole system, but we are seeing a bit of sales mix from those promotions than we’ve seen in the past. And then we have the TV and radio advertising in about a quarter of the system against us. So those three things together kicked in just at the time when we saw our gap improve. And I believe that’s no coincidence. I think that those things had a direct affect. So as we go forward I would expect us to continue to be able to perform at that kind of level. Robert Derrington - Morgan, Keegan & Company, Inc.: Well, if I could follow up real quickly, you know inside your stores right now you have a very different free standing insert than what you typically use. I’m just curious, is that one of the things that’s benefiting that mix that you just mentioned?

I’m glad you pointed that out. We changed earlier in the year, in fact when we introduced Skillets we had a different kind of free standing insert instead of one that was stapled into the menu. And then in the most recent promotion we’ve developed that to a wrap that goes around the menu when it’s presented. So there’s a lot more attention given to the promotional products. We’ve got more photography, we’ve got more descriptives and the other piece we haven’t talked about is we think our price points are pretty attractive. We’re offering a range of price points. For instance the new Yogurt and Fruit and Granola Breakfast is at $5.99 for the platter and for $1 you can add two eggs and bacon or sausage or whatever. So all of that is, and you know I can’t say too much about execution. The focus on execution around these promotions is really the thing that’s delivering the results. Robert Derrington - Morgan, Keegan & Company, Inc.: You know likely you tested that before you rolled it out. Any kind of color on what that test showed? Obviously you know something positive, otherwise you wouldn’t roll it out.

You’re right in your conclusion.

Your next question comes from Michael [Woolbed] – Sidoti and Company. Michael [Woolbed] – Sidoti and Company: I was wondering if you could just comment here on the uses of cash. I know you said you’re going to likely purchase some stock back to offset dilution. Is there any interest here in retiring any more of that debt that you guys have?

We will use our cash for our capital expenditures. As I mentioned the stock repurchases to offset dilution, we’ll pay our dividend and then the balance we’ll intend to continue to reduce our debt as we go through the year. Michael [Woolbed] – Sidoti and Company: I know you said two stores have already opened. Do you have kind of a guideline on when those other five will be coming online?

They are front end loaded. Sandy’s going to give us the detail.

Yes, with the next ones coming on will be in the next couple of months. We’ve got two more here in November and then the balance of them will be next summer.

Your next question comes from Brad Ludington - Keybanc Capital Markets.

You know I wanted to ask you a question building on the debt question. The last couple of years in the first quarter we’ve seen that you needed to draw some on the revolver just because the first quarter’s seasonally slower. Should we expect that we see debt added on to the revolver here in the first quarter of fiscal ’10?

We will use the revolver in the first quarter but we’re anticipating maybe lower usage. We’ve done a good job of managing our inventories and our payables, but I don’t think it will be significantly different than prior years.

And then related to that we saw here in the fourth quarter a working capital gain of I think about $42 million. I know a lot of that was related to the better inventory levels and rolling off some of that that’s held for sale. But should we expect to see some of that reverse itself in the first quarter as well?

Yes. A little bit will. We won’t have as big an improvement in the inventory levels as we did last year.

And then just finally on your interest line and your interest guidance, are you assuming that there are any charges related to the swap built in beyond just the higher interest rate that we factor into those levels?

No. There’s nothing additional built into the guidance.

Your next question comes from Bryan Elliott - Raymond James.

I wanted to get a little more color on sort of the advertising marketing efforts. I know you mentioned, Mike that was one of the things that seemed to kick in last fall. But maybe more broadly just discuss sort of the findings and what seems to be working and any plans for 2010 on maybe altering the mix a bit or just a discussion on that would be helpful. Thanks.

Okay. Well, as a reminder our business model is to sustain about 2% of that on advertising and about half of that goes on our outdoor. So starting with the outdoor which is our biggest spend, we’re in the middle of rolling out some new creative. We ultimately felt that the previous campaign where we went with more pictorial representation of products didn’t work as well as we would have liked because one of the strengths of our billboard strategy has always been that we have so many billboards out there, we have about 1,500, that the reputation and the awareness building is an important component. So having billboards that are immediately from a distance recognizable as Cracker Barrel is an important factor. So our new campaign is going back to that goal and we have about two-thirds of them rolled out right now. We’ll be finished by the end of October. So that’s one piece of kind of the update and the focus. On the broadcast media because of our geographic distribution, we’re not able to be efficient in a lot of our markets and especially in some of the larger markets. We are efficient at the kind of spending levels that tie into our 2% overall spend in about 25% of our markets with a combination of radio and TV that seems to work best. And they’re both brand campaigns but with a stronger promotional product focus in ’09 and we’re going to continue that in ’10. So that combination seems to be working well and one of the factors in this brand that is really critical is that our conversion of awareness is very high, awareness to trial. So building our awareness and doing it within the constraints of our 2% spending level is critical. And I think the changes we’ve made on billboards and the new radio and TV campaign should be helping us build our awareness which had frankly slipped for a couple or three years before last year.

And with that there are no further questions. I’d like to turn the call then to Michael Woodhouse for any additional or closing comments.

Thanks, Dwayne. Well we’ve covered a lot of ground this morning reviewing last year, talking about what’s new at Cracker Barrel for the new year. We’re very pleased with how we’ve done in these very difficult times and we’re very proud of what we have to offer our guests. So as I just discussed in the last question, we’re going to be focusing on getting our message out with the new billboard creative and with the continued TV and radio advertising. And internally we’re going to be focused on doing things that will improve our business model while at the same time improve the experience from the guests point of view. And we’ve talked about some of those things so we think we had a pretty good quarter. We’re looking forward to reporting on the first quarter when we get to the end of that. And just finally a commercial for our Investor Day which is on October the 13th. We’re starting at 11:00 AM with lunch and we’re going to be showcasing a number of our products and touring our new test kitchen that we’ve talked about before. And we’ll have presentations from our management team on the plans for 2010 and then we have a new retail facility with training and a new mock shop here on campus. We’re going to do a tour of that. So if you would like to attend and you haven’t signed up at this point please call or email Barb Gould. And with that, thank you for joining us and we’ll talk to you next time. Thanks.