CPI Corp. Reports Preliminary Voting Results for 2009 Annual Meeting of Stockholders
14 July 2009 - 10:30PM
PR Newswire (US)
ST. LOUIS, July 14 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE:CPY)
today announced that IVS Associates, Inc., the independent
inspector of elections, has released preliminary voting results for
CPI's 2009 Annual Meeting of Stockholders held on July 8, 2009.
Based on the preliminary tabulation by IVS Associates, CPI
stockholders have voted to elect all six of the Company's director
nominees by a minimum margin of approximately 1.3 million votes,
representing approximately 20% of the total shares voted. With 93%
of the total eligible shares voted, the results as a percentage of
shares voted are as follows: Percentage of shares voted that voted
for the nominee Company Slate: James Abel 99.3% Paul Finkelstein
99.9% Michael Glazer 99.9% Michael Koeneke 60.2% David Meyer 99.9%
Turner White 59.5% Ramius Slate: Peter Feld 39.6% Joseph Izganics
39.6% 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 they have been certified. 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: Jane Nelson of CPI Corp.,
+1-314-231-1575 Web Site: http://www.cpicorp.com/
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