Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BOB EVANS FARMS INC | d301032d8k.htm |
| EX-99.1 - EX-99.1 - BOB EVANS FARMS INC | d301032dex991.htm |
Exhibit 99.2
Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2012 – Quarter 3
Note: amounts are in thousands, except per share amounts
Third quarter (Q3), ended January 27, 2012, compared to the corresponding period a year ago:
| Consolidated Results | Restaurant | Foods | ||||||||||||||||||||||||||||||
| Q3 2012 | % of sales |
Q3 2011 | % of sales |
Q3 2012 | Q3 2011 | Q3 2012 | Q3 2011 | |||||||||||||||||||||||||
| Net sales |
$ | 428,339 | $ | 428,594 | $ | 337,308 | $ | 337,694 | $ | 91,031 | $ | 90,900 | ||||||||||||||||||||
| Cost of sales |
137,657 | 32.1 | % | 135,001 | 31.5 | % | 25.0 | % | 25.4 | % | 58.7 | % | 54.3 | % | ||||||||||||||||||
| Operating wages |
133,575 | 31.2 | % | 141,282 | 33.0 | % | 37.5 | % | 39.3 | % | 7.8 | % | 9.3 | % | ||||||||||||||||||
| Other operating |
69,906 | 16.3 | % | 68,840 | 16.1 | % | 19.1 | % | 19.1 | % | 5.7 | % | 4.4 | % | ||||||||||||||||||
| S,G&A |
36,634 | 8.6 | % | 37,460 | 8.7 | % | 6.2 | % | 6.4 | % | 17.3 | % | 17.4 | % | ||||||||||||||||||
| Depr. & amort. |
20,309 | 4.7 | % | 20,577 | 4.8 | % | 5.3 | % | 5.4 | % | 2.6 | % | 2.8 | % | ||||||||||||||||||
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| Operating income |
30,258 | 7.1 | % | 25,434 | 5.9 | % | 6.9 | % | 4.4 | % | 7.9 | % | 11.8 | % | ||||||||||||||||||
| Interest |
1,879 | 0.5 | % | 2,098 | 0.5 | % | ||||||||||||||||||||||||||
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| Pre-tax income |
28,379 | 6.6 | % | 23,336 | 5.4 | % | ||||||||||||||||||||||||||
| Income Taxes |
8,124 | 1.9 | % | 7,870 | 1.8 | % | ||||||||||||||||||||||||||
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| Net Income |
$ | 20,255 | 4.7 | % | $ | 15,466 | 3.6 | % | ||||||||||||||||||||||||
| EPS—basic |
$ | 0.69 | $ | 0.51 | ||||||||||||||||||||||||||||
| EPS—diluted |
$ | 0.69 | $ | 0.51 | ||||||||||||||||||||||||||||
| Dividends paid per share |
$ | 0.25 | $ | 0.20 | ||||||||||||||||||||||||||||
| Weighted average shares outstanding: |
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| Basic |
29,319 | 30,258 | ||||||||||||||||||||||||||||||
| Dilutive stock options |
96 | 146 | ||||||||||||||||||||||||||||||
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| Diluted |
29,415 | 30,404 | ||||||||||||||||||||||||||||||
| Shares outstanding at quarter end |
29,072 | 30,320 | ||||||||||||||||||||||||||||||
Income taxes, as a percentage of pre-tax income, were 28.6% vs.33.7%
Consolidated Q3 Review:
| • | Net sales decreased 0.1% ($428.3 million vs. $428.6 million). |
| • | Operating income increased 19.0% ($30.3 million vs. $25.4 million). |
| • | Pre-tax income increased 21.6% ($28.4 million vs. $23.3 million). |
| • | Effective tax rate was 28.6% compared to 33.7%. |
| • | Net income increased 31.0% ($20.3 million vs. $15.5 million). |
| • | Diluted EPS was $0.69 vs. $0.51. |
Restaurant Q3 Review:
| • | Overall restaurant sales decreased 0.1% ($337.3 million vs. $337.7 million). |
| • | Nominal same-store sales increased 1.6% at Bob Evans Restaurants and decreased 3.4% at Mimi’s Café. |
| • | Operating income increased 56.9% ($23.1 million vs. $14.7 million). |
| • | Operating margin was 6.9% compared to 4.4%. |
| • | Restaurants in operation at quarter end were: 564 Bob Evans Restaurants and 145 Mimi’s Café. 569 Bob Evans Restaurants and 145 Mimi’s Café were in operation a year ago. |
| • | Projected restaurant openings, by quarter: |
Bob Evans Restaurants:
| Fiscal Year |
Beginning Total |
Q1 | Q2 | Q3 | Q4* | Full Year* | Closings | Ending Total* |
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| 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 | ||||||||||||||||||||||||
Mimi’s Café:
| Fiscal Year |
Beginning Total |
Q1 | Q2 | Q3 | Q4* | Full Year* | Closings | Ending Total* |
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| 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:
| Fiscal Year |
Beginning Total |
Q1 | Q2 | Q3 | Q4* | Full Year* | Closings | Ending Total* |
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| 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. |
| • | 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 remodel openings, by quarter for fiscal year 2012: |
| Q1 | Q2 | Q3 | Q4* | Full Year* | ||||||||||||||||
| Bob Evans |
— | 32 | 15 | 43 | 90 | |||||||||||||||
| Mimi’s Café |
— | — | — | 3 | 3 | |||||||||||||||
| * | 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 | ) | |||||||||||||||||||||
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| 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 | ) | |||||||||||||||||||||
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| Q2 |
(1.5 | ) | 2.0 | (3.5 | ) | (0.9 | ) | 1.9 | (2.8 | ) | (2.8 | ) | 2.3 | (5.1 | ) | |||||||||||||||||||||
| November |
0.1 | 1.9 | (1.8 | ) | 6.1 | 1.9 | 4.2 | (5.0 | ) | 0.7 | (5.7 | ) | ||||||||||||||||||||||||
| December |
2.4 | 2.2 | 0.2 | (5.0 | ) | 1.9 | (6.9 | ) | (3.5 | ) | 0.7 | (4.2 | ) | |||||||||||||||||||||||
| January |
2.3 | 2.0 | 0.3 | (1.7 | ) | 1.4 | (3.1 | ) | (4.2 | ) | 1.3 | (5.5 | ) | |||||||||||||||||||||||
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| Q3 |
1.6 | 2.0 | (0.4 | ) | (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 | ) | |||||||||||||||||||||||||
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| Q4 |
— | — | — | 1.2 | 1.0 | 0.2 | (4.1 | ) | 1.9 | (6.0 | ) | |||||||||||||||||||||||||
| Fiscal year |
(0.6 | ) | 1.8 | (2.4 | ) | (1.0 | ) | 1.7 | (2.7 | ) | (3.5 | ) | 1.9 | (5.4 | ) | |||||||||||||||||||||
| • | Mimi’s Café 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 | ) | |||||||||||||||||||||
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| 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 | ) | |||||||||||||||||||||
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| Q2 |
(4.8 | ) | 4.2 | (9.0 | ) | (5.6 | ) | 2.6 | (8.2 | ) | (6.8 | ) | 2.2 | (9.0 | ) | |||||||||||||||||||||
| November |
(4.0 | ) | 4.2 | (8.2 | ) | 0.8 | 2.3 | (1.5 | ) | (8.1 | ) | 2.2 | (10.3 | ) | ||||||||||||||||||||||
| December |
(3.0 | ) | 4.2 | (7.2 | ) | (4.1 | ) | 2.3 | (6.4 | ) | (8.9 | ) | 2.2 | (11.1 | ) | |||||||||||||||||||||
| January |
(3.3 | ) | 4.0 | (7.3 | ) | (6.0 | ) | 1.7 | (7.7 | ) | (7.7 | ) | 2.2 | (9.9 | ) | |||||||||||||||||||||
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| Q3 |
(3.4 | ) | 4.1 | (7.5 | ) | (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 | ) | |||||||||||||||||||||||
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| Q4 |
— | — | — | (1.3 | ) | 4.5 | (5.8 | ) | (7.1 | ) | 2.3 | (9.4 | ) | |||||||||||||||||||||||
| Fiscal year |
(4.3 | ) | 4.2 | (8.5 | ) | (4.5 | ) | 2.9 | (7.4 | ) | (7.2 | ) | 2.2 | (9.4 | ) | |||||||||||||||||||||
| • | Key restaurant sales data (core restaurants only): |
| Bob Evans Restaurants |
Mimi’s Café | |||||||
| Average annual store sales ($) – FY11 |
$ | 1,723,000 | $ | 2,679,000 | ||||
| Q3 FY 2012 day part mix (%): |
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| Breakfast |
33 | % | 23 | % | ||||
| Lunch |
38 | % | 41 | % | ||||
| Dinner |
29 | % | 36 | % | ||||
| Q3 FY 2012 check average ($) |
$ | 8.63 | $ | 11.79 | ||||
| • | Quarterly restaurant sales by concept: |
| Q3 2012 | YTD 2012 | Q3 2011 | YTD 2011 | |||||||||||||
| Bob Evans Restaurants |
$ | 242,360 | $ | 728,949 | $ | 238,986 | $ | 735,359 | ||||||||
| Mimi’s Café |
94,948 | 270,385 | 98,708 | 283,499 | ||||||||||||
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| Total |
$ | 337,308 | $ | 999,334 | $ | 337,694 | $ | 1,018,858 | ||||||||
Foods Q3 Review:
| • | Net sales increased 0.1% ($91.0 million vs. $90.9 million). |
| • | We estimate that a $1.00 change in average cost per hundred weight of sows impacts the foods segment’s annual cost of sales by approximately $1.0 million. |
| • | Pounds sold increased 0.9%. |
| • | Operating income decreased 33.2% ($7.1 million vs. $10.7 million). |
| • | Operating margin was 7.9% compared to 11.8%. |
| • | Average sow cost increased 18.4% ($60.56 per cwt vs. $51.16 per cwt). |
Historical sow cost review (average cost per hundredweight):
| Fiscal Year |
Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
| 2012 |
$ | 57.06 | $ | 67.82 | $ | 60.56 | $ | $ | 61.94 | |||||||||||
| 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 | % | 0.9 | % | 0.3 | % | ||||||||||||
| 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): |
| Q3 2012 | YTD 2012 | Q3 2011 | YTD 2011 | |||||||||||||
| Gross sales |
$ | 106,599 | $ | 274,673 | $ | 106,780 | $ | 272,346 | ||||||||
| Less: promotions |
(14,780 | ) | (30,802 | ) | (15,007 | ) | (30,797 | ) | ||||||||
| Less: returns and slotting |
(788 | ) | (2,320 | ) | (873 | ) | (2,201 | ) | ||||||||
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| Net sales |
$ | 91,031 | $ | 241,551 | $ | 90,900 | $ | 239,348 | ||||||||
Balance Sheet Summary:
| (in thousands) |
Jan. 27, 2012 | Apr. 29, 2011 | ||||||
| Cash and equivalents |
$ | 47,943 | $ | 57,730 | ||||
| Other current assets |
66,105 | 61,875 | ||||||
| Net property, plant and equipment |
882,179 | 900,878 | ||||||
| Goodwill and other intangible assets |
41,649 | 42,264 | ||||||
| Other non-current assets |
35,427 | 31,574 | ||||||
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| Total assets |
$ | 1,073,303 | $ | 1,094,321 | ||||
| Current portion of long-term debt |
$ | 38,571 | $ | 13,571 | ||||
| Other current liabilities |
158,616 | 157,541 | ||||||
| Long-term debt |
97,145 | 135,716 | ||||||
| Other long-term liabilities |
120,699 | 123,383 | ||||||
| Stockholders’ equity |
658,272 | 664,110 | ||||||
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| Total liabilities and equity |
$ | 1,073,303 | $ | 1,094,321 | ||||