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8-K - FORM 8-K - BOB EVANS FARMS INC | c25045e8vk.htm |
EX-99.1 - EX-99.1 - BOB EVANS FARMS INC | c25045exv99w1.htm |
Exhibit 99.2
Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2012 Quarter 2
Earnings Release Fact Sheet (unaudited)
Fiscal 2012 Quarter 2
Note: amounts are in thousands, except per share amounts
second quarter (Q2), ended October 28, 2011, compared to the corresponding period a year ago:
Consolidated Results | Restaurant | Foods | ||||||||||||||||||||||||||||||
% of | % of | |||||||||||||||||||||||||||||||
Q2 2012 | sales | Q2 2011 | sales | Q2 2012 | Q2 2011 | Q2 2012 | Q2 2011 | |||||||||||||||||||||||||
Net sales |
$ | 407,185 | $ | 417,046 | $ | 328,873 | $ | 338,079 | $ | 78,312 | $ | 78,967 | ||||||||||||||||||||
Cost of sales |
125,842 | 30.9 | % | 124,131 | 29.8 | % | 24.3 | % | 24.3 | % | 58.8 | % | 53.1 | % | ||||||||||||||||||
Operating wages |
132,424 | 32.5 | % | 140,083 | 33.6 | % | 38.1 | % | 38.9 | % | 9.2 | % | 10.8 | % | ||||||||||||||||||
Other operating |
69,185 | 17.0 | % | 68,339 | 16.4 | % | 19.7 | % | 19.1 | % | 5.4 | % | 4.8 | % | ||||||||||||||||||
S,G&A |
38,165 | 9.4 | % | 49,661 | 11.9 | % | 7.2 | % | 9.6 | % | 18.4 | % | 22.0 | % | ||||||||||||||||||
Depr. & amort. |
20,239 | 5.0 | % | 20,922 | 5.0 | % | 5.4 | % | 5.4 | % | 3.1 | % | 3.3 | % | ||||||||||||||||||
Operating income |
21,330 | 5.2 | % | 13,910 | 3.3 | % | 5.3 | % | 2.7 | % | 5.1 | % | 6.0 | % | ||||||||||||||||||
Interest |
1,985 | 0.5 | % | 2,204 | 0.5 | % | ||||||||||||||||||||||||||
Pre-tax income |
19,345 | 4.7 | % | 11,706 | 2.8 | % | ||||||||||||||||||||||||||
Income Taxes |
6,598 | 1.6 | % | 3,916 | 0.9 | % | ||||||||||||||||||||||||||
Net Income |
$ | 12,747 | 3.1 | % | $ | 7,790 | 1.9 | % | ||||||||||||||||||||||||
EPS basic |
$ | 0.42 | $ | 0.26 | ||||||||||||||||||||||||||||
EPS diluted |
$ | 0.42 | $ | 0.26 | ||||||||||||||||||||||||||||
Dividends paid per
share |
$ | 0.25 | $ | 0.20 | ||||||||||||||||||||||||||||
Weighted average
shares outstanding: |
||||||||||||||||||||||||||||||||
Basic |
30,090 | 30,341 | ||||||||||||||||||||||||||||||
Dilutive stock options |
51 | 62 | ||||||||||||||||||||||||||||||
Diluted |
30,141 | 30,403 | ||||||||||||||||||||||||||||||
Shares outstanding
at quarter end |
29,615 | 30,197 |
Income taxes, as a percentage of pre-tax income, were 34.1% vs.33.5%
Fiscal 2012 Quarter 2 p 1
Consolidated Q2 Review:
| Net sales decreased 2.4% ($407.2 million vs. $417.0 million). |
| Operating income increased 53.3% ($21.3 million vs. $13.9 million). |
| Pre-tax income increased 65.3% ($19.3 million vs. $11.7 million). |
| Effective tax rate was 34.1% compared to 33.5%. |
| Net income increased 63.6% ($12.7 million vs. $7.8 million). |
| Diluted EPS was $0.42 vs. $0.26. |
| The second quarter results of fiscal 2012 included the impact of the following: |
| Consolidated and restaurant results for the second quarter of fiscal 2012 included store-level and non-operating location impairments, severance charges and gain on sale of non-operating assets of $2.8 million, $0.3 million and $0.4 million, respectively. Impairment charges and gain on sale of non-operating locations are reflected in S,G&A. Severance charges are reflected in operating wages and fringe benefits. |
| Consolidated and foods results for the second quarter of fiscal 2012 included gain on sale of assets and impairment of non-operating locations of $0.7 million and $0.1 million, respectively, that are reflected in S,G&A. |
| The second quarter results of fiscal 2011 included the impact of the following: |
| Consolidated and restaurant results for the second quarter of fiscal 2011 included store-level impairments and severance /retirement charges of $10.3 million and $0.8 million, respectively, that are reflected in S,G&A. |
| Consolidated and food products results for the second quarter of fiscal 2011 included a charge for manufacturing productivity initiatives of $2.8 million that is reflected in S,G&A. |
Fiscal 2012 Quarter 2 p 2
Restaurant Q2 Review:
| Overall restaurant sales decreased 2.7% ($328.9 million vs. $338.1 million). |
| Nominal same-store sales decreased 1.5% at Bob Evans Restaurants and decreased 4.8% at Mimis. |
| Operating income increased 88.6% ($17.4 million vs. $9.2 million). |
| Operating margin was 5.3% compared to 2.7%. |
| Restaurants in operation at quarter end were: 564 Bob Evans Restaurants and 145 Mimis. 569 Bob Evans Restaurants and 145 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* | ||||||||||||||||||||||||
2012 |
563 | | 2 | | 4 | 6 | 1 | 568 | ||||||||||||||||||||||||
2011 |
569 | | | | 2 | 2 | 8 | 563 | ||||||||||||||||||||||||
2010 |
570 | | | | | | 1 | 569 | ||||||||||||||||||||||||
2009 |
571 | | | | 1 | 1 | 2 | 570 | ||||||||||||||||||||||||
2008 |
579 | | | 1 | 1 | 2 | 10 | 571 |
Mimis 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 | 1 | 713 | ||||||||||||||||||||||||
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 2 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. |
| Projected Bob Evans Restaurant reimages, refreshes and remodels openings, by quarter: |
Q1 | Q2 | Q3* | Q4* | Full Year* | ||||||||||||||||
Reimages |
| 4 | 5 | 11 | 20 | |||||||||||||||
Refreshes |
| 1 | | 30 | 31 | |||||||||||||||
Remodels |
| 27 | 12 | | 39 | |||||||||||||||
| 32 | 17 | 41 | 90 |
* | Future quarters represent estimates for fiscal year 2012. |
| Bob Evans Restaurants same-store sales analysis (24-month core; 555 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 |
(2.6 | ) | 2.0 | (4.6 | ) | (1.8 | ) | 2.0 | (3.8 | ) | (3.0 | ) | 2.3 | (5.3 | ) | |||||||||||||||||||||
September |
(1.9 | ) | 2.0 | (3.9 | ) | (0.6 | ) | 1.8 | (2.4 | ) | (3.5 | ) | 2.4 | (5.9 | ) | |||||||||||||||||||||
October |
(0.3 | ) | 2.0 | (2.3 | ) | (0.5 | ) | 1.8 | (2.3 | ) | (2.0 | ) | 2.4 | (4.4 | ) | |||||||||||||||||||||
Q2 |
(1.5 | ) | 2.0 | (3.5 | ) | (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 |
(1.7 | ) | 1.6 | (3.3 | ) | (1.0 | ) | 1.7 | (2.7 | ) | (3.5 | ) | 1.9 | (5.4 | ) |
Fiscal 2012 Quarter 2 p 4
| Mimis 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 |
(5.6 | ) | 4.2 | (9.8 | ) | (6.2 | ) | 2.7 | (8.9 | ) | (5.2 | ) | 2.2 | (7.4 | ) | |||||||||||||||||||||
September |
(4.8 | ) | 4.2 | (9.0 | ) | (4.8 | ) | 2.7 | (7.5 | ) | (8.1 | ) | 2.2 | (10.3 | ) | |||||||||||||||||||||
October |
(4.1 | ) | 4.2 | (8.3 | ) | (5.8 | ) | 2.2 | (8.0 | ) | (7.2 | ) | 2.2 | (9.4 | ) | |||||||||||||||||||||
Q2 |
(4.8 | ) | 4.2 | (9.0 | ) | (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 | Mimis | |||||||
Average annual store sales ($) FY11 |
$ | 1,723,000 | $ | 2,679,000 | ||||
Q2 FY 2012 day part mix (%): |
||||||||
Breakfast |
33 | % | 23 | % | ||||
Lunch |
37 | % | 40 | % | ||||
Dinner |
30 | % | 37 | % | ||||
Q2 FY 2012 check average ($) |
$ | 8.62 | $ | 11.67 |
| Quarterly restaurant sales by concept: |
Q2 2012 | YTD 2012 | Q2 2011 | YTD 2011 | |||||||||||||
Bob Evans Restaurants |
$ | 242,803 | $ | 486,588 | $ | 247,511 | $ | 496,373 | ||||||||
Mimis Café |
86,070 | 175,437 | 90,568 | 184,791 | ||||||||||||
Total |
$ | 328,873 | $ | 662,025 | $ | 338,079 | $ | 681,164 |
Fiscal 2012 Quarter 2 p 5
Foods Q2 Review:
| Net sales decreased 0.8% ($78.3 million vs. $79.0 million). |
| We estimate that a $1.00 change in average cost per hundredweight of sows impacts the foods segments annual cost of sales by approximately $1.0 million. |
| Pounds sold increased 3.1%. |
| Operating income decreased 15.7% ($4.0 million vs. $4.7 million). |
| Operating margin was 5.1% compared to 6.0%. |
| Average sow cost increased 12.2% ($67.82 per cwt vs. $60.47 per cwt). |
Historical sow cost review (average cost per hundredweight):
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
2012 |
$ | 57.06 | $ | 67.82 | $ | $ | $ | 62.72 | ||||||||||||
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 |
Pounds sold review:
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
2012 |
-2.7 | % | 3.1 | % | 0.2 | % | ||||||||||||||
2011 |
-1.1 | % | -14.7 | % | -7.9 | % | -4.6 | % | -7.1 | % | ||||||||||
2010 |
-2.9 | % | 10.1 | % | 20.9 | % | 4.5 | % | 8.2 | % | ||||||||||
2009 |
16.4 | % | 13.6 | % | -4.8 | % | 2.4 | % | 6.9 | % |
| Net sales review (dollars in thousands): |
Q2 2012 | YTD 2012 | Q2 2011 | YTD 2011 | |||||||||||||
Gross sales |
$ | 88,034 | $ | 168,074 | $ | 86,597 | $ | 165,566 | ||||||||
Less: promotions |
(8,926 | ) | (16,022 | ) | (7,062 | ) | (15,790 | ) | ||||||||
Less: returns and slotting |
(796 | ) | (1,532 | ) | (568 | ) | (1,328 | ) | ||||||||
Net sales |
$ | 78,312 | $ | 150,520 | $ | 78,967 | $ | 148,448 |
Fiscal 2012 Quarter 2 p 6
Balance Sheet Summary:
(in thousands) | Oct. 28, 2011 | Apr. 29, 2011 | ||||||
Cash and equivalents |
$ | 38,231 | $ | 57,730 | ||||
Other current assets |
73,746 | 61,875 | ||||||
Net property, plant and equipment |
872,218 | 900,878 | ||||||
Goodwill and other intangible assets |
41,854 | 42,264 | ||||||
Other non-current assets |
34,720 | 31,574 | ||||||
Total assets |
$ | 1,060,769 | $ | 1,094,321 | ||||
Current portion of long-term debt |
$ | 38,571 | $ | 13,571 | ||||
Other current liabilities |
141,533 | 157,541 | ||||||
Long-term debt |
97,145 | 135,716 | ||||||
Other long-term liabilities |
121,863 | 123,383 | ||||||
Stockholders equity |
661,657 | 664,110 | ||||||
Total liabilities and equity |
$ | 1,060,769 | $ | 1,094,321 |
Fiscal 2012 Quarter 2 p 7