Perkins Announces Appointment of Piper Jaffray
MEMPHIS, TN, MONDAY, MARCH 21, 2005 The Restaurant Company today announced the appointment of Piper Jaffray to assist the Company in exploring and evaluating a variety of financial and strategic alternatives for the Perkins Restaurant & Bakery chain.
In making the announcement, Chairman and Chief Executive Officer Donald N. Smith commented that this move is consistent with Perkins' commitment to continuous improvement. "Perkins is one of the most respected restaurant companies in the industry. Our management team, our corporate employees and franchisees, and our heritage in the family-dining segment distinguish us from the competition. Now is the time to explore the alternatives for the company which best allow it to take advantage of its full potential."
The Restaurant Company is a leading operator and franchisor of mid-scale restaurants located in 34 states and five Canadian provinces. As of December 31, 2004, the Company owned and operated 153 corporate stores and franchised 333 Perkins Restaurants. Both the Company-operated and franchised Perkins Restaurants operate under the names "Perkins Restaurant and Bakery," "Perkins Family Restaurant," "Perkins Family Restaurant and Bakery," or "Perkins Restaurant" and the mark "Perkins." The Company's manufacturing division offers cookie dough, muffin batters, pancake mixes, pies and other food products for sale to its Company-operated and franchised restaurants as well as to third-party and bakery and food service distributors. Perkins was founded in 1958, and since then Perkins has continued to adapt its menu, product offerings, building designs and décor to meet changing consumer preferences. Perkins is a highly recognized brand in the geographic area it serves.
This press release contains various forward-looking statements and information that are based on management's belief as well as assumptions made by and information currently available to management. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Such statements contain certain risks, uncertainty and assumptions. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. For a discussion of risks, investors are urged to refer to the Company's reports filed under the Securities and Exchange Act of 1934.
