Chick-Fil-A, Inc. Tycoon S. Truett Cathy Named 2000 National Ernst & Young Master Entrepreneur of the Year.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 13, 2000

Long-time Atlanta Entrepreneur Receives Top Honors at

Prestigious 14th Annual Awards Conference

Recognizing Leaders of Tomorrow

S. Truett Cathy - founder and CEO of the hugely successful quick service restaurant enterprise known as Chick-fil-A(R), Inc. - has been named the 2000 National Ernst & Young Entrepreneur Of The Year(R) in the Master category for his hard work, unwavering principles, and fierce dedication to employees.

Chick-fil-A began in 1946 in Hapeville, Georgia as the Dwarf Grill - a small coffee house with four refurbished tables and 10 counter stools. It was open 24 hours a day, but only six days a week, since Cathy believed that Sundays should be reserved for worship, friends, and family. Today, Chick-fil-A is still closed on Sundays, but you wouldn't know it by looking at the company's sales and growth. Last year, the company announced system-wide sales of $946 million - an 18 percent increase from the previous year, far surpassing the industry's 4.6 percent projected growth for 1999. Combined with an unusually aggressive program of philanthropy targeting children and family, Chick-fil-A is poised to become one of the most admired companies of our time.

Cathy, along with national Ernst & Young Entrepreneur Of The Year award winners in eight other categories, was selected by an independent panel of judges from among nearly 500 regional award recipients. All of these recipients were acknowledged at an awards gala - the world's largest gathering of entrepreneurs - on Saturday, November 11 in Palm Springs, Calif. National and regional award recipients were culled from nearly 4,000 nominees from around the country.

"S. Truett Cathy had the courage to fulfill his dream long before the entrepreneurial phenomenon took hold in America," said Gregory K. Ericksen, National Director of Entrepreneurial Services for Ernst & Young. "He is a role model for future entrepreneurs to follow in this age where virtually anything is possible."

Building a Sandwich and a Dream

Cathy - who celebrated his 79th birthday earlier this year - grew up during the Great Depression and wasn't given the chance to attend college due to World War II. To get by, Cathy - in true entrepreneurial style - would buy six bottles of soda for 25 cents and sell them to borders taken in by his mother for a nickel apiece.

After the war, Cathy and his brother, Ben, scraped together $10,000 to start Chick-fil-A. At first, the restaurant served the most popular meal of the times - hamburgers and milkshakes. It wasn't long until Cathy added chicken to the menu, skinning and deboning it so that it wouldn't take too long to cook. He added a special blend of breading and seasonings, pressure fried it for four minutes, placed it on a toasted buttered bun, and inserted a pickle. Needless to say, the original Chick-fil-A chicken sandwich was an instant hit and became the foundation upon which Cathy built his empire.

According to many friends and colleagues, the creation of the original chicken sandwich was only the beginning for a man deeply committed to making a difference in the lives of those he cared a lot about: his customers, employees, and members of the community.

For his customers, Cathy meets the emotional needs of busy families who could use a break from cooking. He also makes nutrition a priority, offering a menu of natural ingredients with a number of entrees that have less than nine grams of fat.

For his employees, Cathy established the Chick-fil-A Leadership Scholarship Program, awarding almost $15 million in scholarships since 1973 to employees who have completed their high school education, have been with the company for two years, and have been accepted to a two- or four-year college.

For the community, Cathy has spent a tremendous amount of time and effort establishing the company's main philanthropy - the WinShape Centre Foundation. The foundation consists of: WinShape Homes, a long-term foster care program that provides a natural home environment for children who need a caring family environment; the WinShape Centre Scholarship Program at Berry College in Rome, Ga., a co-op program offering joint four-year scholarship funding to incoming freshmen; and Camp WinShape, a summer program at Berry College providing boys and girls with exciting opportunities like rock climbing, archery, and backpacking.

Cathy is also driven to succeed by his deep religious convictions, believing that biblical principles and good business practices are one and the same. In fact, on the wall in every Chick-fil-A restaurant is a plaque inscribed with the company's corporate purpose: "To glorify God by being a faithful steward of all that is entrusted to us. To have a positive influence on all who come in contact with Chick-fil-A."

National EOY Finalists

In the Master Entrepreneur Of The Year category, national finalists are: Richard F. Schiewetz, chairman, Primus, Inc., a management and business service company, Kettering, Ohio; and Ralph C. Stayer, CEO, Johnsonville Sausage, a premier sausage manufacturer, Kohler, Wis.

About The Ernst & Young Entrepreneur Of The Year Awards Program

The Entrepreneur Of The Year awards program was created and is produced by professional services firm Ernst & Young LLP to honor outstanding entrepreneurs whose ingenuity and perseverance have created and sustained successful growing business ventures. It is co-sponsored nationally by USA Today, The Nasdaq Stock Market, and the Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation. In addition to the Master award, award finalists and winners were honored in eight other national categories, including the following: e-Business Entrepreneur Of The Year; Manufacturing Entrepreneur Of The Year; Service Entrepreneur Of The Year; Real Estate/Construction Entrepreneur Of The Year; Technology/ Communications Entrepreneur Of The Year; Health Sciences Entrepreneur Of The Year; Retail Entrepreneur Of The Year; and Supporter of Entrepreneurship. Additionally, for the fourth year, Dr. Stephen R. Covey, co-chairman of Franklin Covey Co., presented the Ernst & Young Entrepreneur Of The Year award for Principle-Centered Leadership. The award, which recognizes entrepreneurs who have achieved outstanding business results in a deeply principled manner, went to Jack Lowe, Jr., CEO and chairman of the board, TDIndustries, an employee-owned construction and service company located in Dallas. Ernst & Young, a global leader in professional services, helps clients to quickly and confidently make financial decisions designed to enhance value. Its 77,000 people in more than 130 countries have the industry and financial experience to provide fresh perspectives on operating in the new economy. Ernst & Young offers traditional audit and tax services, as well as customized services in corporate finance, online security, risk management, the valuation of intangibles and e-business acceleration. In addition, legal services are available in various parts of the world where permitted. A collection of Ernst & Young's latest ideas on the new economy can be found at www.ey.com/thoughtcenter. Ernst & Young refers to the U.S. firm of Ernst & Young LLP and other members of the global Ernst & Young organization.

Digital photos of winners and video highlights from the 2000 EOY Annual Conference and Awards Gala are available online at www.ey.com/us/eoy.

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