UPDATE: Cracker Barrel Reports 36% Decline In Q4 Profit, Lifts Dividend

Cracker Barrel Old Country Store Inc CBRL reported a 36% drop in its fourth-quarter profit. Cracker Barrel's quarterly profit dropped to $17.5 million, or $0.75 per share, from $27.4 million, or $1.14 per share, in the year-earlier period. Excluding one-time charges, Cracker Barrel's profit came in at $1 per share. Its revenue came in at $613 million. However, analysts were expecting earnings of $0.94 per share on revenue of $619.9 million. Cracker Barrel lifted its quarterly dividend by 14% to $0.25 per share. Cracker Barrel projects 2012 earnings of $4.05 to $4.20 per share, versus analysts' estimates of $4.25 per share. Cracker Barrel shares gained 4.92% to close at $39.86 yesterday.