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Restaurant Industry News
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Sunday June 11th, 2006 |
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BUCA, Inc. Responds to Governmental Actions Against Former Executives
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New Executive Team Moves Company Forward with Focus on Ethics |
The actions taken today by the U.S. Securities and Exchange Commission, U.S. Department of Justice and the Hennepin County Attorney's Office regarding former executives of BUCA, Inc. (Nasdaq:BUCA), is an important step in bringing that chapter of the Company's history to a close. The civil lawsuit brought by the Company against two of these former executives is also proceeding, and the Company intends to take additional appropriate action as more information becomes available.
"BUCA, Inc. today is led by an entirely new executive team, focused on managing the Company according to the highest ethical standards," said Wally Doolin, President, Chairman and Chief Executive Officer of BUCA, Inc.
The team, formed since early 2004, includes Doolin; Chief Operating Officer Modesto Alcala; Chief Marketing Officer Stephen Hickey; Chief Family Resource Officer Cindy Rodahl; General Counsel, Richard Erstad; Chief Accounting Officer Dennis Goetz; and Chief Financial Officer Kaye O'Leary. Under this leadership team, the Company has engaged the Center for Ethical Business Cultures to help move the Company toward becoming a "best in class" organization committed to the highest standards of ethical behavior and performance. In addition as previously disclosed, the Company is implementing a new financial accounting system to enhance internal controls.
As previously reported, in the Company's Annual Report on Form 10-K for the period ended December 26, 2004, the Company restated income before income taxes over fiscal years 2000 through 2003 and the first nine months of 2004 which had the effect of reducing income before income taxes by $19.8 million, that included $11.9 million related to errors in the capitalization of certain property, equipment and leasehold improvement transactions.
About BUCA, Inc.
BUCA, Inc., a public company headquartered in Minneapolis, owns and operates 104 highly acclaimed Italian restaurants under the names Buca di Beppo and Vinny T's of Boston in 28 states and the District of Columbia.
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| Last: |
5.24 |
| Time: |
6/9/2006 3:58pm |
| Change: |
-0.01 |
| Opened: |
5.26 |
| Day: |
5.35 - 5.24 |
| Volume: |
53041 |
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