September 9, 2009
Industry Report
RESTAURANTS
Lynne Collier (214) 702-4045
lcollier@ sterneagee.com
Philip May (214) 702-4004
pmay@ sterneagee.com
RESTAURANT MORSELS℠
We are initiating this publication to convey our thoughts following channels checks that we have conducted over the last few weeks. We also plan to discuss any themes that we are seeing in the restaurant space. Based on our checks, we believe that same-store sales (SSS) for casual dining have sequentially improved in August following the disappointing levels of -8.4% in July (as reported by Knapp Track). In making numerous contacts throughout the U.S., we do not believe that the swine flu has impacted results to-date for casual dining restaurants. Our channel checks also indicate that the promotional environment has not abated. For example, TGI Friday’s has recently reintroduced its $5 price point. Our best picks continue to be Darden Restaurants (DRI) and Brinker International (EAT). Darden is a best in class operator and we continue to recommend shares given the Company’s leadership position in the Italian and Seafood segments, strong value proposition, new menu initiative and upgrades at Red Lobster, solid management and attractive valuation (11.5x our 2010FY estimate). We also continue to recommend Brinker International given near-term sales catalysts, easier Y/Y sales comparisons, a 14% FCF yield and compelling valuation (11.9x our 2010FY estimate). Takeaways: Brinker International o Channel checks increase our confidence that the Chili’s “3 Courses for $20” stabilized comps. Channel checks point to good early response from the bounce-back promotion in September. Looking into October, we believe that Brinker may bring back a revised version of the “3 for $20.” The Cheesecake Factory o Company recently rolled out “Share the Spirit” bounce-back program for 4Q which is the Company’s fifth and final promotion in 2009. All checks point to a sales lift from the Company’s bounce-back initiative. BJ’s Restaurants o Channel checks point to comps tracking well above industry averages. We are maintaining our SSS assumption of -1.5% for 3Q PF Chang’s China Bistro o We believe that the turnaround at Pei Wei continues. However, we believe that August SSS for Pei Wei were negatively impacted by lapping the Olympics given the concept’s significant take-out business. Buffalo Wild Wings o Channel checks in certain Southern markets point to sequentially decelerating SSS in August. We believe that the Company’s lapping of the Olympics and one less week of Football may have affected BWLD’s August sales performance. Brinker International (EAT: $15.53 – BUY – TP: $18.00) Chili’s “3 Courses for $20” Officially Ends: Chili’s “3 Courses for $20,” which offers the customer one appetizer, 2 entrees, and one desert for a $20 price-point, launched in Mid-July and officially concluded on August 30. While we believe this promotion negatively affected margins, we believe that sales/traffic stabilized from the very soft early July level (down low-double digits). Customers may still get the “3 Courses for $20” if they were to ask their server. However, media has ended and the separate menu inserts are no longer being used. Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification, Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
Restaurants
September 9, 2009
Chili’s Bounce-back Promotion Begins: The Chili’s Perfect Play Scratch Cards were distributed from August 17 – 31 and can be redeemed upon a repeat visit to any Chili’s during the month of September. While the Company is not putting media behind the promotion and it is still very early, we believe that that the redemption rate has been respectable. In numerous visits to Chili’s, we received the following prizes: $5 off with the purchase of an entree, a free entrée with the purchase of an entrée, free dessert and a free starter. Bounce-back programs have historically been very successful for other restaurant companies including California Pizza Kitchen (CPKI - $13.93 – Neutral) and Cheesecake Factory. We believe that EAT’s program most closely resembles CPKI which we outline in Figure 1 below. 3 Courses for $20 – Coming Back in the Fall? We believe that EAT is fine-tuning its “3 for $20” promotion to possibly tweak the margins and will likely bring some variation of it back in the fall. Figure 1: Chili’s Bounce-back Comparison to CPK Quarter Promo Length Chili's Perfect Play Scratch Card 3Q09 Scratch cards distributed August 17 through 31; prizes redeemed in September California Pizza Kitchen Thank You Envelope 2Q09 2Q08 Envelopes distributed April 13 Envelopes distributed April 16 through May 30; prizes redeemed at through May 30; prizes redeemed at next visit through June 28 (two next visit through June 16 weeks longer than prior year) Approx. +1.5% in comps Approx. +2.4% in comps Guarantee prizes ranging from 10% Guaranteed prizes ranging from off a meal to a deluxe trip for two to 10% off a meal to a deluxe trip in up to $50,000 in cash - every card is US to $25,000 cash - every card is a a winner winner Envelope distributed by manager; Envelope distributed by manager; redeemed by manager redeemed by manager
Comp Benefit Prizes
Distribution/ Redemption
$50,000 cash, flat-screen TVs, Chili’s Tailgate Parties, or offers on Chili’s food or Coca-Cola – every card is a winner Scratch card distributed by manager; redeemed by manager
Source: Company reports and Sterne, Agee & Leach, Inc. estimates.
The Cheesecake Factory (CAKE: $18.94 – NEUTRAL – TP: NA) CAKE Launches Bounce-back Program for 4Q -“Share the Spirit”: In early September, Cheesecake Factory began distribution of “Share the Spirit” cards, a bounce-back type program. Upon a visit to a restaurant in September, patrons receive two cards for a complimentary slice of cheesecake, one valid from October 1 through November 22 and one valid from November 29 to December 31. While it is too early to read results from this recent promotion, contacts indicate that CAKE’s bounce-back program has historically driven comps. BJ’s Restaurants (BJRI: $16.89 – NEUTRAL – TP: NA) BJ’s Introduces its Version of “2 for $20”: In mid-August, BJ’s Restaurants introduced its version of the popular 2 for $20 promotion called “Party for 2.” For a price of $19.95, the deal includes two salads or soups, one medium pizza, and a Pizookie dessert. We believe that the promotion represents excellent value for the guest and should not impact margins to a large degree given that the entrée is pizza. Advertising consists of radio in some markets, internet and newspaper inserts. We found that the offer was not promoted in the restaurant. Separately, recent channel checks to BJ’s restaurants in CA and TX indicate that sales continue to well outpace industry averages. We continue to project SSS of -1.5% for BJRI for 3Q09. P.F. Chang’s (PFCB: $31.99 – NEUTRAL – TP: NA), Buffalo Wild Wings (BWLD: $40.92 – NEUTRAL – TP: NA) August Sales Potentially Impacted from Lapping the Olympics?: In general, we believe that the Olympics (Aug. 8-24, 2008) were a negative for the restaurant industry as many consumers stayed home to watch the events. We believe that the vast majority of restaurant companies saw a benefit to comps as they lapped this event in August 2009. However some companies with either a large take-out component to their business or companies with a sports-bar aspect to their business may have seen weakness in August as the lapping of the Olympics was not favorable. Based on our channel checks, we believe that two concepts (Buffalo Wild Wings and Pei Wei) on our coverage list were negatively affected as the Olympics were lapped in August 2009.
Page 2
Restaurants
September 9, 2009
Sterne Agee: Restaurant Universe
last Price Company Name BJ's Restaurants Inc. Brinker International Inc. Buffalo Wild Wings California Pizza Kitchen CEC Entertainment Inc. Cheesecake Factory Darden Restaurants Inc. PF Chang's China Bistro Red Robin Sonic Corp. Mean Median High Low *All EPS information is on a proforma basis & includes equity based compensation Sy mbol BJRI EAT BWLD CPKI CEC CAKE DRI PFCB RRGB SONC Rating N B N N B N B N S N 9/8/09 16.89 15.53 40.92 13.93 27.31 18.94 34.15 31.99 18.85 11.39 Market Cap. 458.2 1,600.4 739.4 336.4 634.0 1,137.7 4,808.3 752.6 291.9 697.2 Target Price N/A 18.00 N/A N/A 38.00 N/A 41.00 N/A 14.00 N/A ANNHIGH ANNLOW 52-Week High 18.14 21.62 44.98 17.44 39.59 20.04 41.21 36.25 31.18 18.19 Low 6.63 3.88 14.50 5.24 12.96 4.96 13.21 14.51 7.49 5.78 Price as % of 52-Wk. High 93.1% 71.8% 91.0% 79.9% 69.0% 94.5% 82.9% 88.2% 60.5% 62.6% Fiscal 0.43A 39.3x 1.41A 11.0x 1.36A 30.1x 0.68A 20.5x 2.49A 11.0x 0.85A 22.3x 2.74A 12.5x 1.45A 22.1x 1.81A 10.4x 0.97A 11.7x 14.7x 12.5x 39.3x 10.4x 2008 Calendar 0.43A 39.3x 1.22A 12.7x 1.36A 30.1x 0.68A 20.5x 2.49A 11.0x 0.85A 22.3x 2.68A 12.7x 1.45A 22.1x 1.81A 10.4x 0.87A 13.1x 14.9x 13.1x 39.3x 10.4x Fiscal 0.53 31.9x 1.44 10.8x 1.73 23.7x 0.76 18.3x 2.62 10.4x 0.92 20.6x 2.75 12.4x 1.77 18.1x 1.58 11.9x 0.69 16.5x 13.4x 16.5x 31.9x 10.4x Price/EPS 2009E Calendar 0.53 31.9x 1.36 11.4x 1.73 23.7x 0.76 18.3x 2.62 10.4x 0.92 20.6x 2.85 12.0x 1.77 18.1x 1.58 11.9x 0.72 15.8x 13.4x 15.8x 31.9x 10.4x 2010E Fiscal 0.63 26.8x 1.31 11.9x 2.07 19.8x 0.85 16.4x 2.83 9.7x 1.04 18.2x 2.97 11.5x 1.95 16.4x 1.60 11.8x 0.77 14.8x 12.1x 14.8x 26.8x 9.7x 18.5x 21.1x 7.0x 6.1x 10.3x 5.0x 17.2x 19.2x 8.8x 16.2x 19.7x 5.0x 21.4x 25.6x 5.6x 12.9x 14.0x 7.0x 17.8x 21.8x 7.6x 13.4x 14.2x 5.2x 20.5x 21.2x 6.0x 22.5x 24.0x 8.7x 13.2x 14.2x 6.1x Fw d P/E (Historical) 3 Yr Av g 30.3x 5 Yr Av g 37.3x Ent Value/ EBITDA 10.3x
Lynne Collier Philip May
CY09E Price/ Rev enue 1.1x 0.5x 1.3x 0.5x 0.8x 0.7x 0.7x 0.6x 0.3x 1.0x 0.8x 0.7x 1.3x 0.3x Ent Value/ Rev enue 1.1x 0.7x 1.3x 0.6x 1.2x 0.8x 0.9x 0.6x 0.6x 2.1x 1.0x 0.8x 2.1x 0.6x
214-702-4045 214-702-4004
lcollier@sterneagee.com pmay@sterneagee.com
Div idend Yield NM 2.8% NM NM NM NM 2.9% NM NM NM 2.9% 2.9% 2.9% 2.8%
FCF Yield NM 14.3% NM 9.9% 13.2% 8.9% 6.0% 9.4% 13.7% 6.5% 10.3% 9.6% 14.3% 6.0%
Book Val/ Share $8.96 $5.89 $10.51 $7.43 $7.39 $8.14 $11.41 $14.30 $18.18 NM $10.25 $8.96 $18.18 $5.89
Price/ Book 1.9x 2.6x 3.9x 1.9x 3.7x 2.3x 3.0x 2.2x 1.0x NM 2.5x 2.3x 3.9x 1.0x
EV/TTM EBITDA 11.4x 5.9x 10.0x 6.2x 5.3x 7.8x 7.1x 5.8x 4.9x 8.2x 7.3x 6.7x 11.4x 4.9x
Debt/ Equity 0.03x 1.28x NM 0.41x 2.09x 0.41x 1.15x 0.13x 0.74x NM 0.78x 0.58x 2.09x 0.03x
Source: Company reports and Sterne, Agee & Leach, Inc. estimates.
Page 3
Restaurants
September 9, 2009
APPENDIX SECTION
IMPORTANT DISCLOSURES: Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve Sterne, Agee & Leach, Inc. earnings estimates and/or book value estimates; unforeseen macroeconomic and/or industry events that adversely affect asset values, interest rates, or foreign currency rates; changes in investor sentiment regarding the specific company or industry; the company's ability to recruit and retain competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange Commission.
Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings multiples. Sterne, Agee & Leach, Inc., believes this accurately reflects the strong absolute value of earnings, the growth rate, the inherent profitability, and adjusted balance sheet factors. Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc.
Regulation Analyst Certification:
I, Lynne Collier, hereby certify the views expressed in this research report accurately reflect my personal views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this report.
Sterne, Agee & Leach, Inc. Disclosure Legend as of September 9, 2009:
Company BJ's Restaurants, Inc. (BJRI - NNM): Brinker International, Inc. (EAT - NYSE): Buffalo Wild Wings, Inc. (BWLD - NNM): CEC Entertainment, Inc. (CEC - NYSE): California Pizza Kitchen, Inc. (CPKI - NNM): P.F. Chang's China Bistro, Inc. (PFCB - NNM): Red Robin Gourmet Burgers, Inc. (RRGB - NNM): The Cheesecake Factory Incorporated (CAKE - NNM): Applicable Disclosure 1 None 1 None 1 1 1 1
Disclosure Legend 1. Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company. 2. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or provided other investment banking services for the subject company. 3. Sterne, Agee & Leach, Inc. has various security accounts open for the subject company. 4. Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company. 5. Sterne Agee Financial Services, Inc. has clearing agreements with the subject company. 6. The analyst who wrote this report owns a position in the subject company.
Appendix Section, Page I
Restaurants
September 9, 2009
Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.
Definition of Investment Ratings:
BUY: NEUTRAL: SELL: RESTRICTED: We expect this stock to outperform the industry over the next 12 months. We expect this stock to perform in line with the industry over the next 12 months. We expect this stock to underperform the industry over the next 12 months. Restricted list requirements preclude comment.
Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of June 30, 2009, 35.3% had a BUY rating, 55.8% had a NEUTRAL rating, 8.9% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY, 1.94% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee & Leach, Inc., within the 12 months preceding June 30, 2009.
ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731. Other Disclosures: Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein and may act as principal or agent to buy or sell such securities. Copyright © 2009 Sterne, Agee & Leach, Inc. All Rights Reserved. Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the current quarter, will not be displayed until the following quarter.
Price Chart(s):
Appendix Section, Page II
Restaurants
September 9, 2009
Appendix Section, Page III
STERNE, AGEE & LEACH, INC.
Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states including Alabama, Arkansas, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New York, North Carolina, Pennsylvania South Carolina, Tennessee, Texas, Virginia, and Wisconsin. Sterne Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial Services, Inc.—www.sterneagee.com
EQUITY CAPITAL MARKETS ADMINISTRATION
Ryan Medo Robert Lake Karen Bell Managing Dir., Eq. Cap. Mkts. Vice President Assistant Vice President (205) 949-3623 (205) 949-3624 (205) 380-1766 David Lee Chuck Carlisle Director, Equity Products Sr. Portfolio Analyst (205) 949-3689 (205) 949-3571
EQUITY RESEARCH
Robert Hoehn Director of Research (212) 338-4731
BASIC MATERIALS
Mark Connelly Ashish Gupta Jason Marcus Mng. Dir. Analyst Associate (212) 338-4712 (212) 338-4721 (212) 338-4746
FINANCIAL SERVICES Banks & Thrifts
James M. Schutz John Schutz Adam Barkstrom, CFA William R. Griffin, CFA Matthew Kelley Mike I. Shafir Matthew Breese Edward D. Timmons Brett Rabatin, CFA Kenneth James Peyton Green Michael Lipman Dir. of Fin. Ser. Associate Mng. Dir. Analyst Mng. Dir. VP, Sr. Analyst Analyst SVP, Sr. Analyst SVP, Sr. Analyst Analyst Mng. Dir. Analyst (864) 241-3384 (502) 420-4015 (800) 906-0577 (800) 621-8635 (207) 699-5800 (212) 763-8239 (207) 699-5800 (800) 203-5332 (877) 457-8625 (615) 760-1474 (877) 492-2663 (615) 269-7323
A
CHINA INTERNET & MEDIA
James Lee Jiawen Zhou Yan Chao SVP, Sr. Analyst Analyst Associate (617) 794-7851 (617) 281-6497 (205) 949-3622
CONSUMER Apparel Retailing & Toys
Margaret Whitfield Jennifer Milan SVP, Sr. Analyst VP, Analyst (973) 519-1019 (212) 763-8211
Educational Services / Interactive Entertainment
Arvind Bhatia, CFA Luke Shagets Mng. Dir. Analyst (214) 702-4001 (214) 702-4030
Life Insurance
John M. Nadel Jason Weyeneth, CFA Mng. Dir. Analyst (212) 338-4717 (212) 763-8293
Footwear & Apparel
Sam Poser Kenneth M. Stumphauzer SVP, Sr. Analyst Analyst (212) 763-8226 (212) 763-8287
Mortgage Finance & Specialty Finance
Henry J. Coffey, Jr., CFA John Sites, CFA SVP, Sr. Analyst Associate (615) 760-1472 (615) 760-1470
Leisure & Entertainment
David Bain Sherry Yin Mng. Dir. Associate (949) 721-6651 (949) 721-6651
GLOBAL INDUSTRIAL INFRASTRUCTURE (GII) Agriculture, Construction & Mining Equipment
Lawrence T. De Maria, CFA Ben Elias, CFA SVP, Sr. Analyst VP, Sr. Analyst (212) 338-4704 (212) 338-4706
Restaurants
Lynne Collier Philip May Mng. Dir. Analyst (214) 702-4045 (214) 702-4004
Building, Power & Water Infrastructure
Michael J. Coleman, CFA VP, Sr. Analyst (212) 338-4718
ENERGY Oilfield Services & Equipment
David S. Havens Karl Sowislo Mng. Dir. Analyst (212) 763-8238 (212) 338-4732
Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753
Multi-Industry
Nicholas P. Heymann Samuel H. Eisner Immacolata Arlia Jordan Calabrese Mng. Dir. Analyst Associate Associate (212) 338-4703 (212) 338-4705 (212) 338-4762 (212) 338-4729
Exploration & Production
J. David Anderson, PE, CFA Mng. Dir. Adam Aron VP, Analyst (212) 338-4749 (212) 338-4748
ADMINISTRATION
Carlo Francisco Marianne Pence Nathan Mitchell Supervisory Analyst Mgr., Res. Admin. Editor (212) 338-4726 (205) 949-3618 (205) 949-3635
Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)
SALES & TRADING
ATLANTA
Adam Aspes Adam Kramer Joe Maloney Jamie Pennington John T. Riley (404) 812-3068 (404) 814-3902 (404) 814-3942 (404) 814-3948 (404) 814-3966
DALLAS
Jennifer Elkins Dan Griffith Candace Martin Bob Nasi Steve Pokorny John Schwalenberg (214) 702-4050 (214) 702-4044 (214) 702-4033 (214) 702-4017 (214) 702-4020 (214) 702-4010
NEW YORK (cont.)
Rich Gallagher Brian Haise Jeff Hood Alex Jones Carey Kaufman Konrad Krill Robert McGuire Brian McIlravy Adam Merlo John Molster Jake Morton Matt O’Kelly David O’Shea Jon Palan Bruce Rae Jon Schenk Chuck Schroeder Jason Scott Miko Tam Scott Tashman Ray Wardell (212) 763-8260 (212) 763-8206 (212) 490-1453 (212) 338-4701 (212) 763-8274 (212) 763-8218 (212) 763-8236 (212) 763-8258 (212) 763-8232 (212) 763-8210 (212) 763-8261 (212) 763-8227 (212) 763-8260 (212) 763-8225 (212) 763-8271 (212) 763-8221 (212) 763-8264 (212) 763-8215 (212) 763-8252 (212) 763-8256 (212) 763-8272
BIRMINGHAM
Gary Hagstrom Sam Haskell Scott Hughen Claude Preston Amber Spitzer (205) 380-1782 (205) 380-1781 (205) 380-1764 (205) 380-1762 (205) 380-1761
MINNEAPOLIS
Randy Mason John Regan III (952) 820-4461 (952) 841-6408
NEW ORLEANS
Henry Corder Patrick Donnelly Cheryl Grabert John Regan, Jr. (504) 636-4921 (504) 636-4902 (504) 636-4911 (850) 650-5676
BOSTON
Richard Gill Tom Goode Ted Sheehan Mike Roncone Nicholas White (617) 478-5006 (617) 478-5008 (617) 478-5003 (617) 478-5001 (617) 478-5002
NEW YORK
Jason Barber Matt Boskin Adam Cavise Mike Cline Tom Criscoula Noel Cueto Enrico DeMatt Geri DeVito Eric Dusansky Mike Flanagan (212) 763-8219 (212) 763-8247 (212) 763-8292 (212) 763-8268 (212) 338-4719 (212) 763-8251 (212) 338-4724 (212) 763-8242 (212) 763-8231 (212) 763-8282
CHICAGO
Mark Burrier Scott Hallermann Scott Hootman Robert Hurley Vesna Radovic Dan Roesner Curt Thompson (312) 525-8425 (312) 525-8421 (312) 525-8426 (312) 525-8440 (312) 525-8429 (312) 525-8433 (312) 525-8427
SAN FRANCISCO
Tom Cervantez Brian Huerta Chris Larson (415) 954-7115 (415) 954-7121 (415) 954-7125
INVESTMENT BANKING
Mark Behrman, Mng Dir, Head of Inv Banking (212) 763-8286 Kimberlee Taylor, Admin. Asst. (212) 338-4715
FINANCIAL INSTITUTIONS GROUP
Michael J. O’Boyle, Mng. Dir. Michael Perry, Mng. Dir. Jeffrey W. Prochnow, CFA, SVP D. Timothy Speegle, SVP John McCrory, SVP Robert Toma, VP Horacio Barakat, VP Andrew Stager, Associate Nathan Strall, Associate Jung Lee, Associate Michael Stern, Analyst (205) 949-3592 (212) 338-4736 (402) 778-5054 (205) 380-1720 (205) 949-3664 (617) 478-5005 (212) 338-4768 (617) 478-5009 (617) 478-5010 (212) 338-4769 (212) 338-4756
NON-FINANCIALS
John Bolebruch, Mng. Dir. – Industrials Richard Cunniffe, SVP – Industrials Everett Titus III, Mng. Dir – Energy Will Brooke, Analyst - Industrials (212) 338-4716 (212) 338-4713 (908) 730-7882 (212) 763-8278
EQUITY SYNDICATE
Craig B. Jampol, Mng. Dir. (212) 338-4708
Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)
LOCATIONS
Corporate Headquarters 800 Shades Creek Parkway Suite 700 Birmingham, AL 35209 (205) 949-3500 (800) 239-2408 (205) 802-1414 fax 13727 Noel Road th 7 Floor Dallas, TX 75240 (972) 239-4806 (800) 404-2226 (972) 980-7125 fax 620 Newport Center Dr. Suite 1100 Newport Beach, CA 92660 (949) 721-6651 (949) 721-6652 fax
OTHER LOCATIONS
3475 Lenox Road Suite 800 Atlanta, GA 30326 (404) 365-9630 (404) 812-3097 fax
706 E. Washington Street Greenville, SC 29601 (864) 233-6630 (864) 233-6630 fax
2 Union Street Suite 403 Portland, ME 04101 (207) 699-5800 (207) 699-5888 fax
8400 Normandale Lake Boulevard Suite 920 Bloomington, MN 55437 (952) 841-6410 (800) 949-4102
3100 West End Avenue Suite 930 Nashville, TN 37203 (615) 269-7323 (615) 269-9223
5609 Patterson Avenue Suite B Richmond, VA 23226 (804) 521-3224 (804) 521-3199 fax
265 Franklin Street Suite 310 Boston, MA 02110 (617) 478-5000 (800) 836-4616 (617) 443-0310 fax
639 Loyola Ave Suite 200 New Orleans, LA 70113 (504) 299-1021 (888) 978-3763 (504) 299-0956 fax
1001 Craig Road Suite 330 St. Louis, MO 63146 (314) 872-2125 (314) 872-2126 fax
123 N. Wacker Drive Suite 1250 Chicago, IL 60606 (312) 525-8440 (800) 966-0815 (312) 525-8438 fax
2 Grand Central Tower 140 East 45th Street 18th Floor New York, NY 10017 (212) 763-8224 (800) 966-0814 (212) 763-8201 fax
1750 Montgomery Street Suite 134 San Francisco, CA 94111 (415) 954-7125 (415) 391-7784 fax
Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)