CPI Corp. Stockholders Elect Company's Director Nominees at 2009 Annual Meeting
09 July 2009 - 12:35AM
PR Newswire (US)
ST. LOUIS, July 8 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE:CPY)
today announced that, based on a preliminary vote count, CPI
stockholders voted to elect all six of the board's nominees --
James Abel, Paul Finkelstein, Michael Glazer, Michael Koeneke,
David Meyer and Turner White -- at CPI's 2009 Annual Meeting of
Stockholders held today. The preliminary vote count confirms that
the nominees of Ramius Group, a dissident stockholder, were
defeated by a clear margin. "On behalf of CPI's board and
management team, we thank our stockholders for their strong
endorsement of the Company's slate of directors," said David Meyer,
Chairman of CPI. "We are confident that CPI has the right board and
management team in place and is executing the right strategic plan
to further enhance value for all of our stockholders. We are
focused on continuing to enhance CPI's operational efficiency,
customer service, and cash generation while developing new avenues
for profitable growth." Prior to the closing of the polls at the
Annual Meeting, all proxy cards received by the Company and Ramius
were turned over to the independent inspector of elections, IVS
Associates, Inc., for final tabulation and certification. Final
results will be announced once the votes have been tabulated and
certified, which CPI expects to occur within several weeks. About
CPI Corp. CPI Corp. has been dedicated to helping families
conveniently create cherished photography portrait keepsakes that
capture a lifetime of memories for more than 60 years. CPI Corp.
provides portrait photography services in approximately 3,000
locations, principally in Sears and Walmart stores. As the first in
the category to convert to a fully digital format, CPI Corp.
studios offer unique posing options, creative photography
selections, a wide variety of sizes and an unparalleled assortment
of enhancements to customize each portrait -- all for an affordable
price. CPI Corp. is based in St. Louis and traded on the New York
Stock Exchange (ticker: CPY). Forward-Looking Statements The
statements contained herein that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, and involve risks and
uncertainties. The Company identifies forward-looking statements by
using words such as "preliminary," "plan," "expect," "looking
ahead," "anticipate," "estimate," "believe," "should," "intend" and
other similar expressions. Management wishes to caution the reader
that these forward-looking statements, such as the Company's
outlook for portrait studios, net income, future cash requirements,
cost savings, compliance with debt covenants, valuation allowances,
reserves for charges and impairments and capital expenditures, are
only predictions or expectations; actual events or results may
differ materially as a result of risks facing the Company. Such
risks include, but are not limited to: the Company's dependence on
Sears and Walmart, the approval of the Company's business practices
and operations by Sears and Walmart, the termination, breach,
limitation or increase of the Company's expenses by Sears under the
license agreements, or Wal-Mart under the lease and license
agreements, customer demand for the Company's products and
services, the economic recession and resulting decrease in consumer
spending, compliance with the NYSE listing requirements,
manufacturing interruptions, dependence on certain suppliers,
competition, dependence on key personnel, fluctuations in operating
results, a significant increase in piracy of the Company's
photographs, widespread equipment failure, compliance with debt
covenants, high level of indebtedness, implementation of marketing
and operating strategies, outcome of litigation and other claims,
impact of declines in global equity markets to pension plans and
impact of foreign currency translation. The risks described above
do not include events that the Company does not currently
anticipate or that it currently deems immaterial, which may also
affect its results of operations and financial condition. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. DATASOURCE: CPI Corp. CONTACT: Matthew
Sherman or Eric Brielmann, both of Joele Frank, Wilkinson Brimmer
Katcher, +1-212-355-4449 Web Site: http://www.cpicorp.com/
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