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8-K - FORM 8-K - BOB EVANS FARMS INC | l41884e8vk.htm |
EX-99.1 - EX-99.1 - BOB EVANS FARMS INC | l41884exv99w1.htm |
Exhibit 99.2
Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2011 Quarter 3
Earnings Release Fact Sheet (unaudited)
Fiscal 2011 Quarter 3
Note: amounts are in thousands, except per share amounts
Third quarter (Q3), ended January 28, 2011, compared to the corresponding period a year ago:
Consolidated Results | Restaurant | Food Products | ||||||||||||||||||||||||||||||
% of | % of | |||||||||||||||||||||||||||||||
Q3 2011 | sales | Q3 2010 | sales | Q3 2011 | Q3 2010 | Q3 2011 | Q3 2010 | |||||||||||||||||||||||||
Net sales |
$ | 428,594 | $ | 429,823 | $ | 337,694 | $ | 343,037 | $ | 90,900 | $ | 86,786 | ||||||||||||||||||||
Cost of sales |
135,001 | 31.5 | % | 134,241 | 31.2 | % | 25.4 | % | 24.4 | % | 54.3 | % | 58.3 | % | ||||||||||||||||||
Operating wages |
141,282 | 33.0 | % | 146,046 | 34.0 | % | 39.3 | % | 39.5 | % | 9.3 | % | 12.3 | % | ||||||||||||||||||
Other operating |
68,840 | 16.1 | % | 68,020 | 15.8 | % | 19.1 | % | 18.4 | % | 4.4 | % | 5.5 | % | ||||||||||||||||||
S,G&A |
37,460 | 8.7 | % | 32,011 | 7.5 | % | 6.4 | % | 5.0 | % | 17.4 | % | 17.0 | % | ||||||||||||||||||
Depr. & amort. |
20,577 | 4.8 | % | 21,112 | 4.9 | % | 5.4 | % | 5.4 | % | 2.8 | % | 2.9 | % | ||||||||||||||||||
Operating income |
25,434 | 5.9 | % | 28,393 | 6.6 | % | 4.4 | % | 7.3 | % | 11.8 | % | 4.0 | % | ||||||||||||||||||
Interest |
2,098 | 0.5 | % | 2,511 | 0.6 | % | ||||||||||||||||||||||||||
Pre-tax income |
23,336 | 5.4 | % | 25,882 | 6.0 | % | ||||||||||||||||||||||||||
Income Taxes |
7,870 | 1.8 | % | 7,915 | 1.8 | % | ||||||||||||||||||||||||||
Net Income |
$ | 15,466 | 3.6 | % | $ | 17,967 | 4.2 | % | ||||||||||||||||||||||||
EPS basic |
$ | 0.51 | $ | 0.58 | ||||||||||||||||||||||||||||
EPS diluted |
$ | 0.51 | $ | 0.58 | ||||||||||||||||||||||||||||
Dividends paid per
share |
$ | 0.20 | $ | 0.18 | ||||||||||||||||||||||||||||
Weighted average
shares outstanding: |
||||||||||||||||||||||||||||||||
Basic |
30,258 | 30,843 | ||||||||||||||||||||||||||||||
Dilutive stock options |
146 | 93 | ||||||||||||||||||||||||||||||
Diluted |
30,404 | 30,936 | ||||||||||||||||||||||||||||||
Shares outstanding
at quarter end |
30,320 | 30,478 |
Income taxes, as a percentage of pre-tax
income, were 33.7% vs.30.6%
Consolidated Q3 Review:
| Net sales decreased 0.3% ($428.6 million vs. $429.8 million). | ||
| Operating income decreased 10.4% ($25.4 million vs. $28.4 million). | ||
| Pre-tax income decreased 9.8% ($23.3 million vs. $25.9 million). | ||
| Effective tax rate was 33.7% compared to 30.6%. | ||
| Net income decreased 13.9% ($15.5 million vs. $18.0 million). | ||
| Diluted EPS was $0.51 vs. $0.58. |
Fiscal 2011 Quarter 3 p 2
Restaurant Q3 Review:
| Overall restaurant sales decreased 1.6% ($337.7 million vs. $343.0 million). | ||
| Nominal same-store sales decreased 0.5% at Bob Evans Restaurants and decreased 3.2% at Mimis. | ||
| Operating income decreased 40.8% ($14.7 million vs. $24.9 million). | ||
| Operating margin was 4.4% compared to 7.3%. | ||
| Restaurants in operation at quarter end were: 569 Bob Evans Restaurants and 145 Mimis. 569 Bob Evans Restaurants and 146 Mimis were in operation a year ago. | ||
| Projected restaurant openings, by quarter: |
Bob Evans Restaurants:
Beginning | Ending | |||||||||||||||||||||||||||||||
Fiscal Year | Total | Q1 | Q2 | Q3 | Q4* | Full Year* | Closings | Total* | ||||||||||||||||||||||||
2011 |
569 | | | | 2 | 2 | | 571 | ||||||||||||||||||||||||
2010 |
570 | | | | | | 1 | 569 | ||||||||||||||||||||||||
2009 |
571 | | | | 1 | 1 | 2 | 570 | ||||||||||||||||||||||||
2008 |
579 | | | 1 | 1 | 2 | 10 | 571 | ||||||||||||||||||||||||
2007 |
587 | 4 | 1 | 3 | 2 | 10 | 18 | 579 |
Mimis Cafes:
Beginning | Ending | |||||||||||||||||||||||||||||||
Fiscal Year | Total | Q1 | Q2 | Q3 | Q4* | Full Year* | Closings | Total* | ||||||||||||||||||||||||
2011 |
146 | | | | | | 1 | 145 | ||||||||||||||||||||||||
2010 |
144 | | 1 | 1 | | 2 | | 146 | ||||||||||||||||||||||||
2009 |
132 | 3 | 4 | 2 | 3 | 12 | | 144 | ||||||||||||||||||||||||
2008 |
115 | 1 | 2 | 8 | 6 | 17 | | 132 | ||||||||||||||||||||||||
2007 |
102 | 2 | 1 | 3 | 7 | 13 | | 115 |
Consolidated Restaurants:
Beginning | Ending | |||||||||||||||||||||||||||||||
Fiscal Year | Total | Q1 | Q2 | Q3 | Q4* | Full Year* | Closings | Total* | ||||||||||||||||||||||||
2011 |
715 | | | | 2 | 2 | 1 | 716 | ||||||||||||||||||||||||
2010 |
714 | | 1 | 1 | | 2 | 1 | 715 | ||||||||||||||||||||||||
2009 |
703 | 3 | 4 | 2 | 4 | 13 | 2 | 714 | ||||||||||||||||||||||||
2008 |
694 | 1 | 2 | 9 | 7 | 19 | 10 | 703 | ||||||||||||||||||||||||
2007 |
689 | 6 | 2 | 6 | 9 | 23 | 18 | 694 |
* | Future quarters represent estimates for fiscal year 2011. |
Fiscal 2011 Quarter 3 p 3
| Projected rebuilt restaurant openings, by quarter: |
Fiscal Year | Q1 | Q2 | Q3 | Q4* | Full Year* | |||||||||||||||
2011 |
| | 1 | 1 | 2 | |||||||||||||||
2010 |
1 | 1 | | | 2 | |||||||||||||||
2009 |
1 | 3 | | | 4 | |||||||||||||||
2008 |
2 | 2 | 1 | 3 | 8 | |||||||||||||||
2007 |
1 | 1 | 1 | 1 | 4 |
* | Future quarters represent estimates for fiscal year 2011. |
| Bob Evans Restaurants same-store sales analysis (24-month core; 564 restaurants): |
Fiscal 2011 | Fiscal 2010 | Fiscal 2009 | ||||||||||||||||||||||||||||||||||
Nominal | Menu | Real | Nominal | Menu | Real | Nominal | Menu | Real | ||||||||||||||||||||||||||||
May |
(3.5 | ) | 1.8 | (5.3 | ) | (2.8 | ) | 2.7 | (5.5 | ) | 4.4 | 2.8 | 1.6 | |||||||||||||||||||||||
June |
(3.1 | ) | 2.0 | (5.1 | ) | (2.5 | ) | 2.2 | (4.7 | ) | 0.9 | 2.9 | (2.0 | ) | ||||||||||||||||||||||
July |
(3.7 | ) | 2.0 | (5.7 | ) | (3.7 | ) | 2.3 | (6.0 | ) | 1.1 | 2.9 | (1.8 | ) | ||||||||||||||||||||||
Q1 |
(3.5 | ) | 1.9 | (5.4 | ) | (3.0 | ) | 2.4 | (5.4 | ) | 2.0 | 2.9 | (0.9 | ) | ||||||||||||||||||||||
August |
(1.8 | ) | 2.0 | (3.8 | ) | (3.0 | ) | 2.3 | (5.3 | ) | (0.6 | ) | 2.9 | (3.5 | ) | |||||||||||||||||||||
September |
(0.6 | ) | 1.8 | (2.4 | ) | (3.5 | ) | 2.4 | (5.9 | ) | 0.1 | 2.9 | (2.8 | ) | ||||||||||||||||||||||
October |
(0.5 | ) | 1.8 | (2.3 | ) | (2.0 | ) | 2.4 | (4.4 | ) | (0.9 | ) | 2.9 | (3.8 | ) | |||||||||||||||||||||
Q2 |
(0.9 | ) | 1.9 | (2.8 | ) | (2.8 | ) | 2.3 | (5.1 | ) | (0.5 | ) | 2.9 | (3.4 | ) | |||||||||||||||||||||
November |
6.1 | 1.9 | 4.2 | (5.0 | ) | 0.7 | (5.7 | ) | (3.1 | ) | 3.5 | (6.6 | ) | |||||||||||||||||||||||
December |
(5.0 | ) | 1.9 | (6.9 | ) | (3.5 | ) | 0.7 | (4.2 | ) | 3.8 | 3.2 | 0.6 | |||||||||||||||||||||||
January |
(1.7 | ) | 1.4 | (3.1 | ) | (4.2 | ) | 1.3 | (5.5 | ) | (5.7 | ) | 3.0 | (8.7 | ) | |||||||||||||||||||||
Q3 |
(0.5 | ) | 1.8 | (2.3 | ) | (4.2 | ) | 0.9 | (5.1 | ) | (1.3 | ) | 3.3 | (4.6 | ) | |||||||||||||||||||||
February |
| | | (7.3 | ) | 1.9 | (9.2 | ) | (1.5 | ) | 3.2 | (4.7 | ) | |||||||||||||||||||||||
March |
| | | (0.4 | ) | 1.9 | (2.3 | ) | (1.9 | ) | 3.2 | (5.1 | ) | |||||||||||||||||||||||
April |
| | | (4.6 | ) | 1.9 | (6.5 | ) | (1.6 | ) | 3.2 | (4.8 | ) | |||||||||||||||||||||||
Q4 |
| | | (4.1 | ) | 1.9 | (6.0 | ) | (1.6 | ) | 3.2 | (4.8 | ) | |||||||||||||||||||||||
Fiscal
year |
(1.7 | ) | 1.9 | (3.6 | ) | (3.5 | ) | 1.9 | (5.4 | ) | (0.3 | ) | 3.1 | (3.4 | ) |
Fiscal 2011 Quarter 3 p 4
| Mimis Cafe same-store sales analysis (24-month core;131 restaurants): |
Fiscal 2011 | Fiscal 2010 | Fiscal 2009 | ||||||||||||||||||||||||||||||||||
Nominal | Menu | Real | Nominal | Menu | Real | Nominal | Menu | Real | ||||||||||||||||||||||||||||
May |
(8.4 | ) | 2.4 | (10.8 | ) | (6.9 | ) | 2.4 | (9.3 | ) | (5.0 | ) | 2.6 | (7.6 | ) | |||||||||||||||||||||
June |
(8.2 | ) | 2.7 | (10.9 | ) | (5.0 | ) | 2.3 | (7.3 | ) | (6.0 | ) | 2.7 | (8.7 | ) | |||||||||||||||||||||
July |
(6.5 | ) | 2.7 | (9.2 | ) | (7.2 | ) | 2.3 | (9.5 | ) | (8.1 | ) | 2.7 | (10.8 | ) | |||||||||||||||||||||
Q1 |
(7.6 | ) | 2.6 | (10.2 | ) | (6.4 | ) | 2.3 | (8.7 | ) | (6.5 | ) | 2.7 | (9.2 | ) | |||||||||||||||||||||
August |
(6.2 | ) | 2.7 | (8.9 | ) | (5.2 | ) | 2.2 | (7.4 | ) | (7.2 | ) | 2.7 | (9.9 | ) | |||||||||||||||||||||
September |
(4.8 | ) | 2.7 | (7.5 | ) | (8.1 | ) | 2.2 | (10.3 | ) | (8.2 | ) | 2.7 | (10.9 | ) | |||||||||||||||||||||
October |
(5.8 | ) | 2.2 | (8.0 | ) | (7.2 | ) | 2.2 | (9.4 | ) | (9.3 | ) | 2.8 | (12.1 | ) | |||||||||||||||||||||
Q2 |
(5.6 | ) | 2.6 | (8.2 | ) | (6.8 | ) | 2.2 | (9.0 | ) | (8.3 | ) | 2.7 | (11.0 | ) | |||||||||||||||||||||
November |
0.8 | 2.3 | (1.5 | ) | (8.1 | ) | 2.2 | (10.3 | ) | (10.4 | ) | 3.0 | (13.4 | ) | ||||||||||||||||||||||
December |
(4.1 | ) | 2.3 | (6.4 | ) | (8.9 | ) | 2.2 | (11.1 | ) | (2.0 | ) | 2.8 | (4.8 | ) | |||||||||||||||||||||
January |
(6.0 | ) | 1.7 | (7.7 | ) | (7.7 | ) | 2.2 | (9.9 | ) | (9.6 | ) | 2.2 | (11.8 | ) | |||||||||||||||||||||
Q3 |
(3.2 | ) | 2.1 | (5.3 | ) | (8.3 | ) | 2.2 | (10.5 | ) | (6.8 | ) | 2.7 | (9.5 | ) | |||||||||||||||||||||
February |
| | | (7.9 | ) | 2.3 | (10.2 | ) | (7.9 | ) | 2.2 | (10.1 | ) | |||||||||||||||||||||||
March |
| | | (5.5 | ) | 2.3 | (7.8 | ) | (7.2 | ) | 1.2 | (8.4 | ) | |||||||||||||||||||||||
April |
| | | (7.9 | ) | 2.3 | (10.2 | ) | (6.4 | ) | 1.2 | (7.6 | ) | |||||||||||||||||||||||
Q4 |
| | | (7.1 | ) | 2.3 | (9.4 | ) | (7.1 | ) | 1.5 | (8.6 | ) | |||||||||||||||||||||||
Fiscal
year |
(5.5 | ) | 2.4 | (7.9 | ) | (7.2 | ) | 2.2 | (9.4 | ) | (7.2 | ) | 2.4 | (9.6 | ) |
| Key restaurant sales data (core restaurants only): |
Bob Evans | ||||||||
Restaurants | Mimis | |||||||
Average annual store sales ($) FY10 |
$ | 1,726,000 | $ | 2,859,000 | ||||
Q3 FY 2011 day part mix (%): |
||||||||
Breakfast |
34 | % | 22 | % | ||||
Lunch |
37 | % | 41 | % | ||||
Dinner |
29 | % | 37 | % | ||||
Q3 FY 2011 check average ($) |
$ | $8.41 | $ | $11.13 |
Quarterly restaurant sales by concept:
Q3 2011 | YTD 2011 | Q3 2010 | YTD 2010 | |||||||||||||
Bob Evans Restaurants |
$ | 238,986 | $ | 735,359 | $ | 240,074 | $ | 747,964 | ||||||||
Mimis Cafes |
98,708 | 283,499 | 102,963 | 300,273 | ||||||||||||
Total |
$ | 337,694 | $ | 1,018,858 | $ | 343,037 | $ | 1,048,237 |
Fiscal 2011 Quarter 3 p 5
Food Products Q3 Review:
| Net sales increased 4.7% ($90.9 million vs. $86.8 million). | ||
| Comparable pounds sold decreased 9%. | ||
| Operating income increased significantly ($10.7 million vs. $3.5 million). | ||
| Operating margin was 11.8% compared to 4.0%. | ||
| Average sow cost increased 27.5% ($51.16 per cwt vs. $40.14 per cwt). |
| Historical sow cost review (average cost per hundredweight): |
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||||||
2011 | $ | 59.52 | $ | 60.47 | $ | 51.16 | $ | | $ | 56.60 | ||||||||||||||
2010 | $ | 43.24 | $ | 32.88 | $ | 40.14 | $ | 55.91 | $ | 42.18 | ||||||||||||||
2009 | $ | 28.69 | $ | 51.19 | $ | 49.03 | $ | 50.65 | $ | 44.93 | ||||||||||||||
2008 | $ | 41.53 | $ | 40.29 | $ | 30.81 | $ | 27.48 | $ | 34.79 |
| Comparable pounds sold review: |
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||||||
2011 | -2 | % | -16 | % | -9 | % | -9 | % | ||||||||||||||||
2010 | -3 | % | 10 | % | 20 | % | 4 | % | 7 | % | ||||||||||||||
2009 | 13 | % | 11 | % | -6 | % | 3 | % | 6 | % | ||||||||||||||
2008 | 4 | % | 2 | % | 8 | % | 5 | % | 5 | % |
| Net sales review (dollars in thousands): |
Q3 2011 | YTD 2011 | Q3 2010 | YTD 2010 | |||||||||||||
Gross sales |
$ | 106,780 | $ | 272,346 | $ | 112,974 | $ | 293,132 | ||||||||
Less: promotions |
(15,007 | ) | (30,797 | ) | (25,401 | ) | (55,083 | ) | ||||||||
Less: returns and slotting |
(873 | ) | (2,201 | ) | (787 | ) | (2,136 | ) | ||||||||
Net sales |
$ | 90,900 | $ | 239,348 | $ | 86,786 | $ | 235,913 |
Fiscal 2011 Quarter 3 p 6
Balance Sheet Summary:
(in thousands) | Jan. 28, 2011 | Apr. 30, 2010 | ||||||
Cash and equivalents |
$ | 29,417 | $ | 17,803 | ||||
Other current assets |
64,032 | 59,121 | ||||||
Net property, plant and equipment |
917,736 | 961,974 | ||||||
Goodwill and other intangible assets |
42,469 | 43,084 | ||||||
Other non-current assets |
30,398 | 27,175 | ||||||
Total assets |
$ | 1,084,052 | $ | 1,109,157 | ||||
Current portion of long-term debt |
$ | 13,571 | $ | 26,905 | ||||
Line of credit |
| 14,000 | ||||||
Other current liabilities |
149,204 | 152,551 | ||||||
Long-term debt |
135,716 | 149,287 | ||||||
Other long-term liabilities |
131,827 | 128,257 | ||||||
Stockholders equity |
653,734 | 638,157 | ||||||
Total liabilities and equity |
$ | 1,084,052 | $ | 1,109,157 |
Fiscal 2011 Quarter 3 p 7