BOB EVANS FARMS INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

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8-K - FORM 8-K - BOB EVANS FARMS INC	c21602e8vk.htm
EX-99.1 - EXHIBIT 99.1 - BOB EVANS FARMS INC	c21602exv99w1.htm

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2012 — Quarter 1

Note: amounts are in thousands, except per share amounts

First quarter (Q1), ended July 29, 2011, compared to the corresponding period a year ago:


	Consolidated Results										Restaurant						Foods
			% of					% of
	Q1 2012		sales			Q1 2011		sales			Q1 2012			Q1 2011			Q1 2012			Q1 2011
Net sales	$	405,361				$	412,566				$	333,153		$	343,085		$	72,208		$	69,481

Cost of sales		121,087		29.9	%		122,169		29.6	%		24.5	%		24.0	%		54.4	%		57.3	%
Operating wages		133,423		32.9	%		144,098		34.9	%		37.9	%		39.4	%		10.0	%		13.2	%
Other operating		67,251		16.6	%		68,374		16.6	%		18.8	%		18.8	%		6.3	%		5.5	%
S,G&A		35,726		8.8	%		35,763		8.7	%		6.7	%		6.3	%		18.6	%		20.4	%
Depr. & amort.		20,379		5.0	%		20,776		5.0	%		5.5	%		5.3	%		2.9	%		3.6	%


Operating income		27,495		6.8	%		21,386		5.2	%		6.6	%		6.2	%		7.8	%		0.0	%

Interest		2,111		0.5	%		2,498		0.6	%


Pre-tax income		25,384		6.3	%		18,888		4.6	%

Income Taxes		7,572		1.9	%		6,339		1.6	%


Net Income	$	17,812		4.4	%	$	12,549		3.0	%

EPS — basic	$	0.59				$	0.41
EPS — diluted	$	0.59				$	0.41

Dividends paid per share	$	0.20				$	0.18

Weighted average shares outstanding:

Basic		30,318					30,445
Dilutive stock options		119					61

Diluted		30,437					30,506

Shares outstanding at quarter end		30,472					30,471

Income taxes, as a percentage of pre-tax income, were 29.8% vs. 33.6%

Fiscal 2012 — Quarter 1 p 1

Consolidated Q1 Review:

•

Net sales decreased 1.7% ($405.4 million vs. $412.6 million).

•

Operating income increased 28.6% ($27.5 million vs. $21.4 million).

•

Pre-tax income increased 34.4% ($25.4 million vs. $18.9 million).

•

Effective tax rate was 29.8% compared to 33.6%.

•

Net income increased 41.9% ($17.8 million vs. $12.5 million).

•

Diluted EPS was $0.59 vs. $0.41.

Fiscal 2012 — Quarter 1 p 2

Restaurant Q1 Review:

•

Overall restaurant sales decreased 2.9% ($333.2 million vs. $343.1 million).

•

Nominal same-store sales decreased 1.8% at Bob Evans Restaurants and decreased 4.8% at Mimi’s.

•

Operating income increased 2.3% ($21.9 million vs. $21.4 million).

•

Operating margin was 6.6% compared to 6.2%.

•

Restaurants in operation at quarter end were: 563 Bob Evans Restaurants and 145 Mimi’s. 569 Bob Evans Restaurants and 145 Mimi’s 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*

2012		563		—		2		—		4		6		—		569
2011		569		—		—		—		2		2		8		563
2010		570		—		—		—		—		—		1		569
2009		571		—		—		—		1		1		2		570
2008		579		—		—		1		1		2		10		571

Mimi’s Cafes:


	Beginning														Ending
Fiscal Year	Total		Q1		Q2*		Q3*		Q4*		Full Year*		Closings		Total*

2012		145		—		—		—		—		—		—		145
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

Consolidated Restaurants:


	Beginning														Ending
Fiscal Year	Total		Q1		Q2*		Q3*		Q4*		Full Year*		Closings		Total*

2012		708		—		2		—		4		6		—		714
2011		715		—		—		—		2		2		9		708
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


*		Future quarters represent estimates for fiscal year 2012.

Fiscal 2012 — Quarter 1 p 3

• Projected rebuilt restaurant openings, by quarter:


Fiscal Year	Q1		Q2*		Q3*		Q4*		Full Year*

2012		—		2		1		—		3
2011		—		—		1		1		2
2010		1		1		—		—		2
2009		1		3		—		—		4
2008		2		2		1		3		8


*		Future quarters represent estimates for fiscal year 2012.

• Bob Evans Restaurants same-store sales analysis (24-month core; 558 restaurants):


	Fiscal 2012								Fiscal 2011								Fiscal 2010
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(1.5	)		0.8		(2.3	)		(3.5	)		1.8		(5.3	)		(2.8	)		2.7		(5.5	)
June		(2.0	)		1.0		(3.0	)		(3.1	)		2.0		(5.1	)		(2.5	)		2.2		(4.7	)
July		(1.8	)		2.0		(3.8	)		(3.7	)		2.0		(5.7	)		(3.7	)		2.3		(6.0	)

Q1		(1.8	)		1.3		(3.1	)		(3.5	)		1.9		(5.4	)		(3.0	)		2.4		(5.4	)

August		—			—		—			(1.8	)		2.0		(3.8	)		(3.0	)		2.3		(5.3	)
September		—			—		—			(0.6	)		1.8		(2.4	)		(3.5	)		2.4		(5.9	)
October		—			—		—			(0.5	)		1.8		(2.3	)		(2.0	)		2.4		(4.4	)

Q2		—			—		—			(0.9	)		1.9		(2.8	)		(2.8	)		2.3		(5.1	)

November		—			—		—			6.1			1.9		4.2			(5.0	)		0.7		(5.7	)
December		—			—		—			(5.0	)		1.9		(6.9	)		(3.5	)		0.7		(4.2	)
January		—			—		—			(1.7	)		1.4		(3.1	)		(4.2	)		1.3		(5.5	)

Q3		—			—		—			(0.5	)		1.8		(2.3	)		(4.2	)		0.9		(5.1	)

February		—			—		—			3.2			1.0		2.2			(7.3	)		1.9		(9.2	)
March		—			—		—			(0.9	)		1.0		(1.9	)		(0.4	)		1.9		(2.3	)
April		—			—		—			1.3			1.0		0.3			(4.6	)		1.9		(6.5	)

Q4		—			—		—			1.2			1.0		0.2			(4.1	)		1.9		(6.0	)

Fiscal year		(1.8	)		1.3		(3.1	)		(1.0	)		1.7		(2.7	)		(3.5	)		1.9		(5.4	)

Fiscal 2012 — Quarter 1 p 4

• Mimi’s Cafe same-store sales analysis (24-month core;143 restaurants):


	Fiscal 2012								Fiscal 2011								Fiscal 2010
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(1.8	)		4.2		(6.0	)		(8.4	)		2.4		(10.8	)		(6.9	)		2.4		(9.3	)
June		(6.1	)		4.2		(10.3	)		(8.2	)		2.7		(10.9	)		(5.0	)		2.3		(7.3	)
July		(6.1	)		4.2		(10.3	)		(6.5	)		2.7		(9.2	)		(7.2	)		2.3		(9.5	)

Q1		(4.8	)		4.2		(9.0	)		(7.6	)		2.6		(10.2	)		(6.4	)		2.3		(8.7	)

August		—			—		—			(6.2	)		2.7		(8.9	)		(5.2	)		2.2		(7.4	)
September		—			—		—			(4.8	)		2.7		(7.5	)		(8.1	)		2.2		(10.3	)
October		—			—		—			(5.8	)		2.2		(8.0	)		(7.2	)		2.2		(9.4	)

Q2		—			—		—			(5.6	)		2.6		(8.2	)		(6.8	)		2.2		(9.0	)

November		—			—		—			0.8			2.3		(1.5	)		(8.1	)		2.2		(10.3	)
December		—			—		—			(4.1	)		2.3		(6.4	)		(8.9	)		2.2		(11.1	)
January		—			—		—			(6.0	)		1.7		(7.7	)		(7.7	)		2.2		(9.9	)

Q3		—			—		—			(3.2	)		2.1		(5.3	)		(8.3	)		2.2		(10.5	)

February		—			—		—			(1.3	)		1.7		(3.0	)		(7.9	)		2.3		(10.2	)
March		—			—		—			(2.0	)		5.7		(7.7	)		(5.5	)		2.3		(7.8	)
April		—			—		—			(0.8	)		5.7		(6.5	)		(7.9	)		2.3		(10.2	)

Q4		—			—		—			(1.3	)		4.5		(5.8	)		(7.1	)		2.3		(9.4	)

Fiscal year		(4.8	)		4.2		(9.0	)		(4.5	)		2.9		(7.4	)		(7.2	)		2.2		(9.4	)

• Key restaurant sales data (core restaurants only):


	Bob Evans
	Restaurants			Mimi’s

Average annual store sales ($) — FY11	$	1,723,000		$	2,679,000

Q1 FY 2012 day part mix (%):
Breakfast		34	%		23	%
Lunch		36	%		40	%
Dinner		30	%		37	%

Q1 FY 2012 check average ($)	$	8.62		$	11.79

• Quarterly restaurant sales by concept:


	Q1 2012		Q1 2011

Bob Evans Restaurants	$	243,786	$	248,862
Mimi’s Café		89,367		94,223


Total	$	333,153	$	343,085

Fiscal 2012 — Quarter 1 p 5

Foods Q1 Review:

•

Net sales increased 3.9% ($72.2 million vs. $69.5 million).

•

Comparable pounds sold decreased 4%.

•

Operating income increased significantly ($5,643,000 vs. $29,000).

•

Operating margin was 7.8% compared to 0.0%.

•

Average sow cost decreased 4.1% ($57.06 per cwt vs. $59.52 per cwt).

Historical sow cost review (average cost per hundredweight):


Fiscal Year	Q1		Q2		Q3		Q4		Average
2012	$	57.06	$		$		$		$	57.06
2011	$	59.52	$	60.47	$	51.16	$	59.05	$	57.17
2010	$	43.24	$	32.88	$	40.14	$	55.91	$	42.18
2009	$	28.69	$	51.19	$	49.03	$	50.65	$	44.93

Comparable pounds sold review:


Fiscal Year	Q1			Q2			Q3			Q4			Average
2012		-4	%											-4	%
2011		-2	%		-16	%		-9	%		-6	%		-8	%
2010		-3	%		10	%		20	%		4	%		7	%
2009		13	%		11	%		-6	%		3	%		6	%

• Net sales review (dollars in thousands):


	Q1 2012			Q1 2011
Gross sales	$	80,040		$	78,969

Less: promotions		(7,097	)		(8,728	)

Less: returns and slotting		(735	)		(760	)


Net sales	$	72,208		$	69,481

Fiscal 2012 — Quarter 1 p 6

Balance Sheet Summary:


(in thousands)	Jul. 29, 2011		Apr. 29, 2011

Cash and equivalents	$	59,937	$	57,730
Other current assets		59,223		61,875
Net property, plant and equipment		889,667		900,878
Goodwill and other intangible assets		42,059		42,264
Other non-current assets		30,384		31,574

Total assets	$	1,081,270	$	1,094,321

Current portion of long-term debt	$	38,571	$	13,571
Other current liabilities		140,521		157,541
Long-term debt		97,145		135,716
Other long-term liabilities		124,323		123,383
Stockholders’ equity		680,710		664,110

Total liabilities and equity	$	1,081,270	$	1,094,321

Fiscal 2012 — Quarter 1 p 7

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