- Fourth quarter net sales from continuing operations*
totals $99.9 million, an increase of 4.9 percent from 13 week
comparable fiscal 2016 (excludes 53rd week); consolidated GAAP net
income of $5.39 per diluted share compared to $0.03 in the prior
year and non-GAAP net income of $0.61 per diluted share, an
increase of 27.1% from $0.48 in the prior year;
- Fiscal year 2017 net sales from continuing operations
totals $394.8 million, an increase of 3.8 percent from the 52 week
comparable fiscal 2016 (excludes 53rd week); consolidated GAAP net
income of $6.28 per diluted share compared to $1.13 in the prior
year and non-GAAP net income of $2.38 per diluted share, an
increase of 17.8% from $2.02 in the prior year;
- Fourth quarter retail side-dish and sausage pounds sold
increased 11.5 percent and 9.2 percent, respectively, when compared
on a 13 week vs. 13 week basis. Q4 food service volume
increased 5.7 percent, also on a 13 week vs. 13 week
comparison;
- On May 1, 2017, the Company completed the previously
announced acquisition of Pineland Farms Potato
Company;
- On April 28, 2017, the Company completed the sale of
the Bob Evans Restaurants segment and completed a new $300 million
credit facility;
- Company reiterates fiscal year 2018 guidance for net
sales of $470 million at the midpoint of its range and EBITDA of
$105 million at the midpoint of its range; and initiates guidance
for diluted EPS of $2.06 to $2.24;
- Quarterly dividend of $0.34 per share payable on June
26, 2017, to stockholders of record at the close of business on
June 12, 2017. Special dividend of $7.50 per share is payable
June 16, 2017. $100 million share repurchase authorization
remains in place through December 31, 2017.
* On April 28, 2017, the Company completed the sale
of Bob Evans Restaurants to Golden Gate Capital. As a result,
the results of operations of Bob Evans Restaurants (“BER”) have
been reported as discontinued operations and all financial
statement items for the current and prior periods reflect BER as a
discontinued business. Adjusted, or non-GAAP, results
presented herein include both continuing and discontinued
operations and exclude certain items for comparability.
Descriptions of measures excluding these items are provided in
non-GAAP financial measures and reconciliations of such non-GAAP
measures to the most comparable GAAP measure are provided in the
tables at the end of this release.
Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced its financial
results for the fiscal 2017 fourth quarter ended Friday, April 28,
2017. On a GAAP basis, the Company reported consolidated net
income of $108.9 million, or $5.39 per diluted share, compared with
net income of $0.6 million, or $0.03 per diluted share, in the
corresponding period last year. Non-GAAP consolidated net
income was $12.2 million, or $0.61 per diluted share, compared with
non-GAAP net income of $9.5 million, or $0.48 per diluted share, in
the corresponding period last year.
- Net sales from continuing operations in the fourth quarter were
$99.9 million, a decrease of $2.5 million, or 2.4 percent, compared
to $102.4 million in the corresponding period last year. Excluding
the impact of an extra week in the fourth quarter of fiscal 2016,
net sales increased 4.9 percent. The fourth quarter of fiscal
2017 included 13 weeks compared to 14 weeks in fiscal
2016.
- GAAP net income in the fourth quarter of $108.9 million
consists of $6.8 million from continuing operations and $102.1
million from discontinued operations. GAAP net income in the prior
year period of $0.6 million consisted of $5.9 million from
continuing operations and a $5.3 million loss from discontinued
operations. Non-GAAP net income in the fourth quarter of $12.2
million includes $11.7 million from continuing operations and $0.5
million from discontinued operations. Non-GAAP net income in
the prior year period of $9.5 million included $6.5 million from
continuing operations and $3.0 million from discontinued
operations.
- GAAP diluted earnings per share in the fourth quarter of $5.39
consists of $0.33 from continuing operations and $5.06 from
discontinued operations. GAAP diluted earnings per share of
$0.03 for the prior-year period consisted of $0.30 from continuing
operations and a loss of $0.27 from discontinued operations.
Non-GAAP diluted earnings per share in the fourth quarter of $0.61
consists of $0.58 from continuing operations and $0.03 from
discontinued operations. Non-GAAP diluted earnings per share
of $0.48 for the prior-year period consisted of $0.32 from
continuing operations and $0.16 from discontinued operations.
The impact of the 53rd week on Q4 2016 and fiscal 2016 diluted
earnings per share was $0.13.
Fourth-quarter fiscal 2017
commentaryPresident and Chief Executive Officer Mike
Townsley said, “We closed the fiscal year with strong fourth
quarter earnings, exceeding our full year guidance, and completed
the strategic transactions that have reshaped Bob Evans into a
higher growth and higher margin, pure-play packaged foods company.
We are now focusing our attention on capitalizing on the growth
opportunities in our refrigerated side-dish business while
completing the integration of Pineland Farms Potato Company. The
Pineland acquisition provides the added production capacity as well
as the product and channel opportunities to support our
growth.”
“Fourth quarter net sales from continuing
operations increased 4.9 percent as compared to the comparable 13
week period in the prior year, driven by the continuation of double
digit growth in our high margin refrigerated side-dish business.
With the sale of BER complete, we can strategically expand our food
service sales effort, leveraging Pineland Farms’ strength in this
large channel of distribution.”
Fourth-quarter fiscal 2017 summary -
continuing operationsNet sales from continuing operations
were $99.9 million, a decrease of $2.5 million, or 2.4 percent,
compared to $102.4 million in the corresponding period last
year. Excluding the 14th week in the prior year period, net
sales from continuing operations increased 4.9 percent. Pounds sold
for the fourth quarter, adjusted for a 13 week vs. 13 week
comparison, increased 7.0 percent while average net selling price
per pound declined 2.3 percent compared to the corresponding period
last year. The decline in average net selling price reflects
an increased sales mix of lower-priced, although higher-margin,
side-dish products relative to sausage, as well as reduced net
sausage pricing. From a net sales perspective, an 11.5 percent
increase in side-dish pounds sold, a 9.2 percent increase in
sausage pounds sold, and a 11.5 percent increase in food service
pounds sold were partially offset by a 5.1 percent increase in
trade spending and a 17.0 percent decline in frozen product pounds
sold, all compared to the comparable 13 week period in the prior
year.
GAAP operating income from continuing operations
was $9.5 million, compared to $10.3 million in the corresponding
period last year. Non-GAAP operating income from continuing
operations was $13.8 million, compared to $11.3 million in the
corresponding period last year, an improvement of $2.5
million. The improvement was due primarily to the
aforementioned increase in pounds sold and the favorable sales mix
of higher-margin side-dish items; partially offset by higher
production costs, and increased freight expense resulting from
increased pounds sold. S,G&A expenses totaling $6.2
million, previously identified as “corporate and other” costs, are
now included within continuing operations. Of these costs,
$0.7 million represent costs primarily related to wages and
benefits for terminated employees that will no longer be in the
Company's expense base in fiscal 2018.
Fourth-quarter fiscal 2017 summary -
discontinued operationsNet sales from discontinued
operations were $213.5 million, a decline of $29.7 million, or 12.2
percent, compared to net sales of $243.2 million in the
corresponding period last year. The sales decline was primarily the
result of a 3.9 percent decline in same store sales as well as
closing 26 stores.
GAAP income before taxes from discontinued
operations was $160.7 million, compared to GAAP loss before taxes
from discontinued operations of $12.2 million last year. The
increase primarily reflects a $155.7 million gain on the sale of
BER. Non-GAAP income before taxes from discontinued
operations was $3.1 million, compared to $2.3 million last year, an
increase of $0.8 million.
Fourth-quarter fiscal 2017 net interest
expenseGAAP net interest expense was $4.3 million in the
fourth quarter, an increase of $1.7 million, compared to $2.6
million in the corresponding period last year. Non-GAAP net
interest expense was $2.2 million in the fourth quarter, a decrease
of $0.4 million, compared to $2.6 million in the corresponding
period last year. Net interest expense on all revolving
credit borrowings are included in continuing operations, while net
interest expense related to the headquarters mortgage is included
within discontinued operations.
Fourth-quarter fiscal 2017
taxesThe Company recognized a GAAP tax benefit for
continuing operations of 28.6 percent for the fourth quarter of
fiscal 2017, as compared to tax expense of 23.6 percent for the
prior year period. On a non-GAAP basis, the Company recognized a
tax benefit of 1.1 percent for the fourth quarter of fiscal 2017,
as compared to tax expense of 25.8 percent for the prior year
period. The change in the tax rate was driven primarily by the sale
of the Bob Evans Restaurant business.
Fiscal-year 2017 summary - continuing
operationsNet sales for the full year from continuing
operations were $394.8 million, an increase of $7.2 million, or 1.9
percent, compared to $387.6 million in the prior year.
Excluding the 53rd week during fiscal 2016, net sales from
continuing operations increased 3.8 percent. Pounds sold for
fiscal 2017, on a 52 week vs. 52 week basis, increased 7.0 percent
while average net selling price per pound declined 3.4 percent
compared to the prior year. The decline in average net
selling price reflects an increased sales mix of lower-priced,
although higher-margin, side-dish products relative to sausage, as
well as reduced net sausage pricing through increased trade
spending. From a net sales perspective, a 12.7 percent
increase in side-dish pounds sold, a 5.9 percent increase in
sausage pounds sold, and a 1.6 percent increase in food service
pounds sold were partially offset by a 12.0 percent increase in
trade spending and an 11.9 percent decline in frozen product pounds
sold, all compared to the comparable 52 week period in the prior
year.
For fiscal year 2017, GAAP operating income from
continuing operations was $30.1 million, compared to $33.1 million
in the prior year. Non-GAAP operating income from continuing
operations was $53.0 million, compared to $37.7 million in the
prior year, an improvement of $15.3 million. The improvement
was due primarily to the aforementioned increase in pounds sold and
the favorable sales mix of higher-margin side-dish items, partially
offset by a $4.9 million increase in trade spending net of lower
sow costs, lower average net selling prices and higher production
costs and increased freight expense resulting from increased pounds
sold. S,G&A expenses totaling $23.4 million, previously
identified as “corporate and other” costs, are now included within
continuing operations. Of these costs, $6.4 million represent
costs primarily related to wages and benefits for terminated
employees that will no longer be in the Company's expense base in
fiscal 2018.
Fiscal-year 2017 summary - discontinued
operationsFor the fiscal year ended April 28, 2017, net
sales from discontinued operations were $876.8 million, a decline
of $74.4 million, or 7.8 percent, compared to net sales of $951.2
million in the prior year. The decline in sales was primarily the
result of a 3.2 percent decrease in same store sales and 26 store
closings.
For the fiscal year ended April 28, 2017, GAAP
income before taxes from discontinued operations was $167.0
million, compared to GAAP income before taxes from discontinued
operations of $2.8 million in the prior year. The increase
primarily reflects a $150.2 million gain on the sale of BER.
Non-GAAP income before taxes from discontinued operations was $17.3
million, compared to $28.2 million in the prior year, a decline of
$10.9 million.
Fiscal-year 2017 net interest
expenseGAAP net interest expense was $9.2 million for
fiscal year 2017, a decrease of $1.2 million, compared to $10.4
million in the prior year. Non-GAAP net interest expense was
$8.3 million for fiscal year 2017, a decrease of $1.6 million,
compared to $9.9 million in the prior year. Net interest
expense on all revolving credit borrowings are included in
continuing operations, while net interest expense related to the
headquarters mortgage is included within discontinued
operations.
Fiscal-year 2017 taxesThe Company
recognized GAAP tax expense for continuing operations of 18.5
percent for fiscal year 2017, as compared to 28.4 percent for the
prior year. The change in the tax rate was driven primarily
by officer’s life insurance and discrete items. On a non-GAAP
basis, the tax rate was 25.9 percent for continuing
operations. Discontinued operations are presented net of
income tax expense or benefit.
Fiscal-year 2017 balance sheet
highlightsThe Company’s cash balance and outstanding debt
at April 28, 2017 were $210.9 million and $2.7 million,
respectively, compared to $12.9 million and $339.1 million at the
end of the prior year. The decrease in borrowings and
increase in cash balance were the result of proceeds associated
with the sale of BER.
Fiscal year 2018 outlookChief
Administrative and Chief Financial Officer Mark Hood said, “We are
initiating fiscal 2018 GAAP diluted earnings per share guidance in
a range of $2.06 to $2.24. Additionally, we are providing
fiscal 2018 guidance ranges for both net sales and EBITDA that are
consistent with the preliminary fiscal 2018 guidance of $470
million and $105 million, respectively, that we issued on January
24. 2017.”
Guidance Metric |
|
|
|
|
FY ‘18 |
Net sales |
|
|
|
|
$464
to $476 million |
EBITDA |
|
|
|
|
$102
to $108 million |
GAAP diluted earnings
per share |
|
|
|
|
$2.06
to $2.24 |
Sow cost (per
hundredweight) |
|
|
|
|
$43 to
$46 |
Capital
expenditures |
|
|
|
|
$25 to
$30 million |
Net interest
expense |
|
|
|
|
$3.8
to $4.3 million |
GAAP tax rate |
|
|
|
|
34.5%
to 35.5% |
Diluted
weighted-average share count |
|
|
|
|
approximately 20.4 million shares |
Share repurchase
authorization |
|
|
|
|
$100
million |
This outlook is subject to a number of factors
beyond the Company’s control, including the risk factors discussed
in the Company’s fiscal 2017 Annual Report on Form 10‑K and its
other subsequent filings with the Securities and Exchange
Commission.
Investor Conference CallThe
Company will host a conference call today, Thursday, June 15, 2017
to discuss its fourth quarter and fiscal year 2017 results at 8:30
a.m. Eastern Time.
The call can be accessed live over the telephone by
dialing (855) 468-0551, or for international callers (484)
756-4323, access code 5876489. A replay will be available
shortly after the call and can be accessed by dialing (855)
859-2056, or for international callers (404) 537-3406, access code
5876489.
Interested parties may also listen to a
simultaneous webcast available on the Company’s website at
http://investors.bobevans.com/events.cfm. The webcast will be
archived in the same location for approximately 90 days following
the call.
(1) EBITDA and other
non-GAAP financial measuresWe define EBITDA as earnings
before interest, taxes, depreciation and amortization including
stock compensation. Management uses EBITDA and the other non-GAAP
measures included in this release as key metrics in the
evaluation of underlying Company performance and in making
financial, operating and planning decisions. The Company believes
these measures are useful to investors because they increase
transparency, assist investors in understanding the underlying
performance of the Company and assist in the analysis of ongoing
operating trends. We believe EBITDA is frequently used by analysts,
investors and other interested parties in their evaluation of the
Company’s performance as compared to our competitors, many of which
present EBITDA measures when reporting their results. We
believe the non-GAAP measures used in this release provide
meaningful supplemental information regarding financial performance
by excluding certain expenses and benefits that may not be
indicative of core business operating results. We believe these
non-GAAP measures, when viewed in conjunction with U.S. GAAP
results and the accompanying reconciliations, enhance the
comparability of results against prior periods and allow for
greater transparency of financial results and business outlook. The
presentation of EBITDA and other non-GAAP measures included in this
release should not be considered as an alternative to net income,
determined in accordance with U.S. GAAP, as an indicator of the
Company’s operating performance, as an indicator of cash flows, or
as a measure of liquidity. While EBITDA and our other non-GAAP
measures are frequently used as measures of operations, they are
not necessarily comparable to other similarly titled captions of
other companies due to the potential inconsistencies in the method
of calculation.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995Certain statements
in this news release that are not historical facts are
forward-looking statements. Forward-looking statements involve
various important assumptions, risks and uncertainties. Actual
results may differ materially from those predicted by the
forward-looking statements because of various factors and possible
events. Additional information about the factors and events
that could cause actual results to differ materially from those
predicted by the forward looking statements, along with certain
other risks, uncertainties and assumptions related to the Company
and its business, may be found in our Annual Report on Form 10-K
for the fiscal year ended April 28, 2017, and in our other filings
with the Securities and Exchange Commission. We note these factors
for investors as contemplated by the Private Securities Litigation
Reform Act of 1995. Predicting or identifying all such risk factors
is impossible. Consequently, investors should not consider any such
list to be a complete set of all potential risks and
uncertainties. Forward-looking statements speak only as of
the date on which they are made, and we undertake no obligation to
update any forward-looking statement to reflect circumstances or
events that occur after the date of the statement to reflect
unanticipated events. All subsequent written and oral
forward-looking statements attributable to us or any person acting
on behalf of the Company are qualified by the cautionary statements
in this section.
About Bob Evans Farms, Inc.Bob
Evans Farms, Inc. is a leading producer and distributor of
refrigerated potato, pasta and vegetable-based side dishes, pork
sausage, and a variety of refrigerated and frozen convenience food
items under the Bob Evans and Owens brand names. For more
information about Bob Evans Farms, Inc., visit
www.bobevansgrocery.com.
BOBE-E
Source: Bob Evans Farms, Inc.
Bob Evans Farms, Inc. |
Earnings
Release Fact Sheet (unaudited) |
Fourth quarter Fiscal 2017 compared to the corresponding
period a year ago: |
|
(in thousands, except
per share amounts) |
|
|
|
|
Basic EPS |
|
Diluted EPS |
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
|
April 28, 2017 |
|
April 29, 2016 |
|
April 28, 2017 |
|
April 29, 2016 |
|
April 28, 2017 |
|
April 29, 2016 |
Operating Income (Loss)
as Reported |
|
|
|
|
|
|
|
|
|
|
|
Operating
Income from Continuing Operations |
$ |
9,508 |
|
|
$ |
10,334 |
|
|
|
|
|
|
|
|
|
Net
Interest Expense |
4,254 |
|
|
2,571 |
|
|
|
|
|
|
|
|
|
Income Before
Taxes from Continuing Operations |
5,254 |
|
|
7,763 |
|
|
|
|
|
|
|
|
|
(Benefit)
Provision for Income Taxes from Continuing Operations |
(1,503 |
) |
|
1,831 |
|
|
|
|
|
|
|
|
|
Net Income as
Reported from Continuing Operations |
6,757 |
|
|
5,932 |
|
|
$ |
0.34 |
|
|
$ |
0.30 |
|
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before
Taxes from Discontinued Operations |
160,662 |
|
|
(12,242 |
) |
|
|
|
|
|
|
|
|
Provision
(Benefit) for Income Taxes from Discontinued Operations |
58,552 |
|
|
(6,891 |
) |
|
|
|
|
|
|
|
|
Income (Loss)
from Discontinued Operations as Reported |
102,110 |
|
|
(5,351 |
) |
|
$ |
5.13 |
|
|
$ |
(0.27 |
) |
|
$ |
5.06 |
|
|
$ |
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income as
Reported |
108,867 |
|
|
581 |
|
|
$ |
5.47 |
|
|
$ |
0.03 |
|
|
$ |
5.39 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
Accelerated stock compensation |
3,992 |
|
|
— |
|
|
|
|
|
|
|
|
|
Legal and
professional fees |
646 |
|
|
— |
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
(305 |
) |
|
972 |
|
|
|
|
|
|
|
|
|
Write off
of unamortized debt costs |
2,005 |
|
|
— |
|
|
|
|
|
|
|
|
|
Total
Adjustments to Continuing Operations |
6,338 |
|
|
972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
Gain on
sale of restaurants |
(155,698 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Restaurant depreciation |
(11,846 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Accelerated stock compensation |
6,513 |
|
|
— |
|
|
|
|
|
|
|
|
|
Severance |
2,464 |
|
|
193 |
|
|
|
|
|
|
|
|
|
Impairment |
— |
|
|
6,710 |
|
|
|
|
|
|
|
|
|
Sale
leaseback |
— |
|
|
9,560 |
|
|
|
|
|
|
|
|
|
Litigation settlement |
— |
|
|
(3,344 |
) |
|
|
|
|
|
|
|
|
Store
closure costs |
— |
|
|
1,441 |
|
|
|
|
|
|
|
|
|
Write off
of unamortized debt costs |
973 |
|
|
— |
|
|
|
|
|
|
|
|
|
Total
Adjustments to Discontinued Operations |
(157,594 |
) |
|
14,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Operating Income from Continuing Operations |
13,841 |
|
|
11,306 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net Interest
Expense |
2,249 |
|
|
2,571 |
|
|
|
|
|
|
|
|
|
Non-GAAP Income
Before Taxes from Continuing Operations |
11,592 |
|
|
8,735 |
|
|
|
|
|
|
|
|
|
Adjustments to Tax
Expense from Continuing Operations |
1,378 |
|
|
421 |
|
|
|
|
|
|
|
|
|
Non-GAAP Provision for
Income Taxes from Continuing Operations |
(125 |
) |
|
2,252 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income from Continuing Operations |
11,717 |
|
|
6,483 |
|
|
$ |
0.59 |
|
|
$ |
0.33 |
|
|
$ |
0.58 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
before taxes from Discontinued Operations |
3,068 |
|
|
2,318 |
|
|
|
|
|
|
|
|
|
Adjustments to Tax
Expense from Discontinued Operations |
(55,985 |
) |
|
6,161 |
|
|
|
|
|
|
|
|
|
Non-GAAP Provision for
Income Taxes from Discontinued Operations |
2,567 |
|
|
(730 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Net
Income from Discontinued Operations |
501 |
|
|
3,048 |
|
|
$ |
0.02 |
|
|
$ |
0.15 |
|
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income |
$ |
12,218 |
|
|
$ |
9,531 |
|
|
$ |
0.61 |
|
|
$ |
0.48 |
|
|
$ |
0.61 |
|
|
$ |
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
19,896 |
|
|
19,854 |
|
|
20,188 |
|
|
19,995 |
|
Fourth quarter Fiscal 2017 compared to the corresponding
period a year ago: |
|
(in thousands) |
|
Consolidated Results |
|
|
Three Months Ended |
|
Three Months Ended |
|
|
April 28, 2017 |
|
% of Sales |
|
April 29, 2016 |
|
% of Sales |
Operating Income from
Continuing Operations as Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
$ |
99,923 |
|
|
|
|
$ |
102,394 |
|
|
|
Cost of
sales |
|
43,649 |
|
|
43.7 |
% |
|
44,810 |
|
|
43.8 |
% |
Operating
wage and fringe benefit expenses |
|
8,832 |
|
|
8.8 |
% |
|
10,991 |
|
|
10.7 |
% |
Other
operating expenses |
|
14,030 |
|
|
14.0 |
% |
|
14,746 |
|
|
14.4 |
% |
Selling,
general and administrative expenses |
|
17,064 |
|
|
17.2 |
% |
|
16,436 |
|
|
16.0 |
% |
Depreciation and amortization expense |
|
6,840 |
|
|
6.8 |
% |
|
5,077 |
|
|
5.0 |
% |
Impairments |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
Total
Operating Income as Reported |
|
9,508 |
|
|
9.5 |
% |
|
10,334 |
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments to
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
— |
|
|
|
|
|
— |
|
|
|
|
Cost of
sales |
|
— |
|
|
|
|
|
— |
|
|
|
|
Operating
wage and fringe benefit expenses |
|
— |
|
|
|
|
|
— |
|
|
|
|
Other
operating expenses |
|
— |
|
|
|
|
|
— |
|
|
|
|
Selling,
general and administrative expenses |
|
(4,333 |
) |
|
|
|
|
(972 |
) |
|
|
|
Depreciation and amortization expense |
|
— |
|
|
|
|
|
— |
|
|
|
|
Impairments |
|
— |
|
|
|
|
|
— |
|
|
|
|
Total
Adjustments |
|
4,333 |
|
|
|
|
|
972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
|
99,923 |
|
|
|
|
|
102,394 |
|
|
|
|
Cost of
sales |
|
43,649 |
|
|
43.7 |
% |
|
44,810 |
|
|
43.8 |
% |
Operating
wage and fringe benefit expenses |
|
8,832 |
|
|
8.8 |
% |
|
10,991 |
|
|
10.7 |
% |
Other
operating expenses |
|
14,030 |
|
|
14.0 |
% |
|
14,746 |
|
|
14.4 |
% |
Selling,
general and administrative expenses |
|
12,731 |
|
|
12.8 |
% |
|
15,464 |
|
|
15.1 |
% |
Depreciation and amortization expense |
|
6,840 |
|
|
6.8 |
% |
|
5,077 |
|
|
5.0 |
% |
Impairments |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
Total
Non-GAAP Operating Income |
|
$ |
13,841 |
|
|
13.9 |
% |
|
$ |
11,306 |
|
|
11.0 |
% |
Bob Evans Farms, Inc. |
Earnings
Release Fact Sheet (unaudited) |
Fiscal 2017 compared to the corresponding period a year
ago: |
|
(in thousands, except
per share amounts) |
|
|
|
|
Basic EPS |
|
Diluted EPS |
|
Twelve Months Ended |
|
Twelve Months Ended |
|
Twelve Months Ended |
|
April 28, 2017 |
|
April 29, 2016 |
|
April 28, 2017 |
|
April 29, 2016 |
|
April 28, 2017 |
|
April 29, 2016 |
Operating Income (Loss)
as Reported |
|
|
|
|
|
|
|
|
|
|
|
Operating
Income |
$ |
30,126 |
|
|
$ |
33,074 |
|
|
|
|
|
|
|
|
|
Net
Interest Expense |
9,216 |
|
|
10,427 |
|
|
|
|
|
|
|
|
|
Income Before
Taxes from Continuing Operations |
20,910 |
|
|
22,647 |
|
|
|
|
|
|
|
|
|
Provision
for Income Taxes from Continuing Operations |
3,874 |
|
|
6,439 |
|
|
|
|
|
|
|
|
|
Net Income as
Reported from Continuing Operations |
17,036 |
|
|
16,208 |
|
|
$ |
0.86 |
|
|
$ |
0.76 |
|
|
$ |
0.85 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before
Taxes from Discontinued Operations |
166,952 |
|
|
2,774 |
|
|
|
|
|
|
|
|
|
Provision
(Benefit) for Income Taxes from Discontinued Operations |
57,521 |
|
|
(5,240 |
) |
|
|
|
|
|
|
|
|
Income (Loss)
from Discontinued Operations as Reported |
109,431 |
|
|
8,014 |
|
|
$ |
5.51 |
|
|
$ |
0.38 |
|
|
$ |
5.43 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income as
Reported |
126,467 |
|
|
24,222 |
|
|
$ |
6.37 |
|
|
$ |
1.14 |
|
|
$ |
6.28 |
|
|
$ |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
Accelerated stock compensation |
4,467 |
|
|
— |
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
1,948 |
|
|
972 |
|
|
|
|
|
|
|
|
|
Legal and
professional fees |
1,217 |
|
|
— |
|
|
|
|
|
|
|
|
|
Sale
leaseback (plants) |
— |
|
|
4,085 |
|
|
|
|
|
|
|
|
|
Impairment of note receivable |
15,256 |
|
|
— |
|
|
|
|
|
|
|
|
|
Write off
of unamortized debt costs |
2,005 |
|
|
— |
|
|
|
|
|
|
|
|
|
Accretion
income on note receivable |
(1,133 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Total
Adjustments to Continuing Operations |
23,760 |
|
|
5,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
Gain on
sale of restaurants, net of transaction costs |
(150,167 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Restaurant depreciation |
(11,846 |
) |
|
— |
|
|
|
|
|
|
|
|
|
Accelerated stock compensation |
6,855 |
|
|
— |
|
|
|
|
|
|
|
|
|
Severance |
3,964 |
|
|
512 |
|
|
|
|
|
|
|
|
|
Impairment |
— |
|
|
6,710 |
|
|
|
|
|
|
|
|
|
Sale
leaseback (restaurants) |
— |
|
|
9,562 |
|
|
|
|
|
|
|
|
|
Litigation settlement |
(278 |
) |
|
7,155 |
|
|
|
|
|
|
|
|
|
Store
closure costs |
807 |
|
|
1,441 |
|
|
|
|
|
|
|
|
|
Write off
of unamortized debt costs |
973 |
|
|
— |
|
|
|
|
|
|
|
|
|
Total
Adjustments to Discontinued Operations |
(149,692 |
) |
|
25,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Operating Income from Continuing Operations |
53,014 |
|
|
37,652 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net Interest
Expense |
8,344 |
|
|
9,948 |
|
|
|
|
|
|
|
|
|
Non-GAAP Income
Before Taxes from Continuing Operations |
44,670 |
|
|
27,704 |
|
|
|
|
|
|
|
|
|
Adjustments to Tax
Expense from Continuing Operations |
7,713 |
|
|
1,922 |
|
|
|
|
|
|
|
|
|
Non-GAAP Provision for
Income Taxes from Continuing Operations |
11,587 |
|
|
8,361 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income from Continuing Operations |
33,083 |
|
|
19,343 |
|
|
$ |
1.67 |
|
|
$ |
0.91 |
|
|
$ |
1.64 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
before Taxes from Discontinued Operations |
17,260 |
|
|
28,154 |
|
|
|
|
|
|
|
|
|
Adjustments to Tax
Expense from Discontinued Operations |
(55,125 |
) |
|
9,371 |
|
|
|
|
|
|
|
|
|
Non-GAAP Provision for
Income Taxes from Discontinued Operations |
2,396 |
|
|
4,131 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income from Discontinued Operations |
14,864 |
|
|
24,023 |
|
|
$ |
0.75 |
|
|
$ |
1.12 |
|
|
$ |
0.74 |
|
|
$ |
1.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income |
$ |
47,947 |
|
|
$ |
43,366 |
|
|
$ |
2.42 |
|
|
$ |
2.03 |
|
|
$ |
2.38 |
|
|
$ |
2.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
19,839 |
|
|
21,336 |
|
|
20,132 |
|
|
21,494 |
|
Fiscal 2017 compared to the corresponding period a year
ago: |
|
(in thousands) |
Consolidated Results |
|
Twelve Months Ended |
|
April 28, 2017 |
|
% of Sales |
|
April 29, 2016 |
|
% of Sales |
Operating Income from
Continuing Operations as Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
$ |
394,842 |
|
|
|
|
$ |
387,616 |
|
|
|
Cost of
sales |
170,820 |
|
|
43.3 |
% |
|
172,973 |
|
|
44.6 |
% |
Operating
wage and fringe benefit expenses |
39,964 |
|
|
10.1 |
% |
|
42,189 |
|
|
10.9 |
% |
Other
operating expenses |
58,402 |
|
|
14.8 |
% |
|
52,387 |
|
|
13.5 |
% |
Selling,
general and administrative expenses |
56,243 |
|
|
14.2 |
% |
|
65,949 |
|
|
17.1 |
% |
Depreciation and amortization expense |
24,031 |
|
|
6.1 |
% |
|
21,044 |
|
|
5.4 |
% |
Impairments |
15,256 |
|
|
3.9 |
% |
|
— |
|
|
— |
% |
Total
Operating Income as Reported |
30,126 |
|
|
7.6 |
% |
|
33,074 |
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments to
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
— |
|
|
|
|
|
— |
|
|
|
|
Cost of
sales |
— |
|
|
|
|
|
— |
|
|
|
|
Operating
wage and fringe benefit expenses |
— |
|
|
|
|
|
— |
|
|
|
|
Other
operating expenses |
— |
|
|
|
|
|
— |
|
|
|
|
Selling,
general and administrative expenses |
(7,632 |
) |
|
|
|
|
(4,577 |
) |
|
|
|
Depreciation and amortization expense |
— |
|
|
|
|
|
— |
|
|
|
|
Impairments |
(15,256 |
) |
|
|
|
|
— |
|
|
|
|
Total
Adjustments |
22,888 |
|
|
|
|
|
4,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
Income from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Sales |
394,842 |
|
|
|
|
|
387,616 |
|
|
|
|
Cost of
sales |
170,820 |
|
|
43.3 |
% |
|
172,973 |
|
|
44.6 |
% |
Operating
wage and fringe benefit expenses |
39,964 |
|
|
10.1 |
% |
|
42,189 |
|
|
10.9 |
% |
Other
operating expenses |
58,402 |
|
|
14.8 |
% |
|
52,387 |
|
|
13.5 |
% |
Selling,
general and administrative expenses |
48,611 |
|
|
12.3 |
% |
|
61,372 |
|
|
15.9 |
% |
Depreciation and amortization expense |
24,031 |
|
|
6.1 |
% |
|
21,044 |
|
|
5.4 |
% |
Impairments |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
Total
Non-GAAP Operating Income |
$ |
53,014 |
|
|
13.4 |
% |
|
$ |
37,651 |
|
|
9.7 |
% |
Consolidated Statements of Net Income |
|
|
2017 |
|
2016 |
|
2015 |
Net
Sales |
$ |
394,842 |
|
|
$ |
387,616 |
|
|
$ |
379,313 |
|
Cost of
sales |
170,820 |
|
|
172,973 |
|
|
199,067 |
|
Operating
wage and fringe benefit expenses |
39,964 |
|
|
42,189 |
|
|
41,717 |
|
Other
operating expenses |
58,402 |
|
|
52,387 |
|
|
49,381 |
|
Selling,
general and administrative expenses |
56,243 |
|
|
65,949 |
|
|
73,380 |
|
Depreciation and amortization expense |
24,031 |
|
|
21,044 |
|
|
18,364 |
|
Impairments |
15,256 |
|
|
— |
|
|
2,761 |
|
Operating
Income (Loss) |
30,126 |
|
|
33,074 |
|
|
(5,357 |
) |
Net
interest expense |
9,216 |
|
|
10,427 |
|
|
8,649 |
|
Income (Loss)
from Continuing Operations Before Income Taxes |
20,910 |
|
|
22,647 |
|
|
(14,006 |
) |
Provision
(Benefit) for income taxes |
3,874 |
|
|
6,439 |
|
|
(8,626 |
) |
Income (Loss)
from Continuing Operations |
17,036 |
|
|
16,208 |
|
|
(5,380 |
) |
Income from
Discontinued Operations, Net of Income Taxes |
109,431 |
|
|
8,014 |
|
|
21,933 |
|
Net
Income |
$ |
126,467 |
|
|
$ |
24,222 |
|
|
$ |
16,553 |
|
|
|
|
|
|
|
Earnings (Loss)
Per Share - Income from Continuing Operations |
|
|
|
|
|
Basic |
$ |
0.86 |
|
|
$ |
0.76 |
|
|
$ |
(0.23 |
) |
Diluted |
$ |
0.85 |
|
|
$ |
0.75 |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
Earnings Per
Share - Income from Discontinued Operations |
|
|
|
|
|
Basic |
$ |
5.51 |
|
|
$ |
0.38 |
|
|
$ |
0.93 |
|
Diluted |
$ |
5.43 |
|
|
$ |
0.38 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
Earnings Per
Share - Net Income |
|
|
|
|
|
Basic |
$ |
6.37 |
|
|
$ |
1.14 |
|
|
$ |
0.70 |
|
Diluted |
$ |
6.28 |
|
|
$ |
1.13 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
Cash Dividends
Paid Per Share |
$ |
1.36 |
|
|
$ |
1.30 |
|
|
$ |
1.24 |
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
|
Basic |
19,839 |
|
|
21,336 |
|
|
23,489 |
|
Dilutive
Shares |
293 |
|
|
158 |
|
|
160 |
|
Diluted |
20,132 |
|
|
21,494 |
|
|
23,649 |
|
Consolidated Balance Sheets |
|
|
April 28, 2017 |
|
April 29, 2016 |
Assets |
Current
Assets |
|
|
|
Cash and
equivalents |
$ |
210,886 |
|
|
$ |
11,609 |
|
Accounts receivable,
net |
28,071 |
|
|
24,613 |
|
Inventories |
17,210 |
|
|
17,093 |
|
Federal and state
income taxes receivable |
2,895 |
|
|
— |
|
Prepaid expenses and
other current assets |
6,833 |
|
|
5,716 |
|
Current assets held for
sale |
3,334 |
|
|
48,707 |
|
Total Current Assets |
269,229 |
|
|
107,738 |
|
Land |
291 |
|
|
330 |
|
Buildings and
improvements |
25,351 |
|
|
21,203 |
|
Machinery and
equipment |
214,366 |
|
|
176,611 |
|
Construction in
process |
4,546 |
|
|
20,959 |
|
Total
Property, Plant and Equipment |
244,554 |
|
|
219,103 |
|
Less accumulated
depreciation |
113,814 |
|
|
89,851 |
|
Net Property, Plant and Equipment |
130,740 |
|
|
129,252 |
|
Other
Assets |
|
|
|
Deposits and other |
2,118 |
|
|
3,841 |
|
Notes receivable |
— |
|
|
20,886 |
|
Rabbi trust assets |
22,353 |
|
|
20,662 |
|
Goodwill and other
intangible assets |
19,673 |
|
|
19,829 |
|
Deferred income tax
assets |
5,131 |
|
|
29,002 |
|
Non-current assets held
for sale |
— |
|
|
469,164 |
|
Total Other Assets |
49,275 |
|
|
563,384 |
|
Total
Assets |
$ |
449,244 |
|
|
$ |
800,374 |
|
Liabilities and Stockholders’
Equity |
Current
Liabilities |
|
|
|
Current portion of
long-term debt |
$ |
428 |
|
|
$ |
3,419 |
|
Accounts payable |
13,424 |
|
|
15,841 |
|
Accrued property, plant
and equipment purchases |
1,283 |
|
|
4,024 |
|
Accrued non-income
taxes |
3,353 |
|
|
890 |
|
Accrued wages and
related liabilities |
16,404 |
|
|
16,370 |
|
Self-insurance
reserves |
10,692 |
|
|
11,288 |
|
Current taxes
payable |
27,954 |
|
|
9,473 |
|
Current reserve for
uncertain tax positions |
1,481 |
|
|
1,481 |
|
Other accrued
expenses |
17,905 |
|
|
13,614 |
|
Current liabilities
held for sale |
— |
|
|
89,157 |
|
Total Current Liabilities |
92,924 |
|
|
165,557 |
|
Non-Current
Liabilities |
|
|
|
Deferred
compensation |
17,277 |
|
|
17,761 |
|
Reserve for uncertain
tax positions |
1,795 |
|
|
2,752 |
|
Deferred income tax
liabilities |
50 |
|
|
— |
|
Deferred rent and
other |
1,091 |
|
|
377 |
|
Deferred gain on sale
leaseback transactions |
2,192 |
|
|
2,432 |
|
Credit facility
borrowings and other long-term debt |
2,267 |
|
|
335,638 |
|
Non-current liabilities held for sale |
— |
|
|
59,413 |
|
Total Non-Current Liabilities |
24,672 |
|
|
418,373 |
|
Stockholders’
Equity |
|
|
|
Common stock, $.01 par
value; authorized 100,000 shares; issued 42,638 shares at April 28,
2017, and April 29, 2016 |
426 |
|
|
426 |
|
Capital in excess of
par value |
260,619 |
|
|
244,304 |
|
Retained earnings |
931,315 |
|
|
832,323 |
|
Treasury stock, 22,842
shares at April 28, 2017, and 22,881 shares at April 29, 2016,
at cost |
(860,712 |
) |
|
(860,609 |
) |
Total Stockholders’ Equity |
331,648 |
|
|
216,444 |
|
Total
Liabilities and Stockholders' Equity |
$ |
449,244 |
|
|
$ |
800,374 |
|
Consolidated Statements of Cash Flows |
|
|
2017 |
|
2016 |
|
2015 |
Operating
activities: |
|
|
|
|
|
Net
income |
$ |
126,467 |
|
|
$ |
24,222 |
|
|
$ |
16,553 |
|
|
|
|
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation and amortization |
60,090 |
|
|
79,607 |
|
|
80,074 |
|
Impairments |
15,256 |
|
|
8,384 |
|
|
8,861 |
|
(Gain)
Loss on disposal of fixed assets |
(168,859 |
) |
|
4,532 |
|
|
2,204 |
|
(Gain)
Loss on rabbi trust assets |
(1,691 |
) |
|
1,640 |
|
|
(742 |
) |
Loss
(Gain) on deferred compensation |
2,514 |
|
|
(765 |
) |
|
2,013 |
|
Share-based compensation |
17,197 |
|
|
6,127 |
|
|
2,967 |
|
Accretion
of non-current note receivable |
(1,133 |
) |
|
(2,082 |
) |
|
(1,859 |
) |
Deferred
income taxes |
23,921 |
|
|
(28,384 |
) |
|
(14,791 |
) |
Amortization of deferred financing costs |
4,201 |
|
|
2,188 |
|
|
1,099 |
|
Cash
provided by (used for) assets and liabilities: |
|
|
|
|
|
Accounts
receivable |
(2,700 |
) |
|
(2,793 |
) |
|
4,588 |
|
Inventories |
(751 |
) |
|
(377 |
) |
|
623 |
|
Prepaid
expenses and other current assets |
(1,377 |
) |
|
483 |
|
|
(563 |
) |
Accounts
payable |
(10,281 |
) |
|
7,499 |
|
|
955 |
|
Federal
and state income taxes |
14,629 |
|
|
33,067 |
|
|
1,504 |
|
Accrued
wages and related liabilities |
(1,160 |
) |
|
(3,101 |
) |
|
11,005 |
|
Self-insurance |
(1,474 |
) |
|
1,269 |
|
|
(974 |
) |
Accrued
non-income taxes |
(756 |
) |
|
745 |
|
|
(2,892 |
) |
Deferred
revenue |
(337 |
) |
|
433 |
|
|
747 |
|
Other
assets and liabilities |
(198 |
) |
|
(9,058 |
) |
|
(8,267 |
) |
Net cash provided by operating activities |
73,558 |
|
|
123,636 |
|
|
103,105 |
|
Investing
activities: |
|
|
|
|
|
Purchase of property,
plant and equipment |
(65,768 |
) |
|
(65,694 |
) |
|
(74,517 |
) |
Proceeds from sale of
property, plant and equipment |
557,061 |
|
|
257,246 |
|
|
10,036 |
|
Proceeds from
liquidation of rabbi trust assets |
— |
|
|
5,245 |
|
|
— |
|
Deposits and other |
330 |
|
|
(537 |
) |
|
(135 |
) |
Net cash provided by (used in) investing
activities |
491,623 |
|
|
196,260 |
|
|
(64,616 |
) |
Financing
activities: |
|
|
|
|
|
Cash dividends
paid |
(26,915 |
) |
|
(27,861 |
) |
|
(29,056 |
) |
Gross proceeds from
credit facility borrowings and other long-term debt |
413,268 |
|
|
672,349 |
|
|
579,895 |
|
Gross repayments of
credit facility borrowings and other long-term debt |
(750,668 |
) |
|
(783,339 |
) |
|
(588,541 |
) |
Payments of debt
issuance costs |
(1,542 |
) |
|
(3,555 |
) |
|
(1,279 |
) |
Purchase of treasury
stock |
— |
|
|
(171,513 |
) |
|
— |
|
Proceeds from
share-based compensation |
518 |
|
|
214 |
|
|
534 |
|
Cash paid for taxes on
share-based compensation |
(1,353 |
) |
|
(1,314 |
) |
|
(1,738 |
) |
Excess tax benefits
from share-based compensation |
(499 |
) |
|
1,661 |
|
|
228 |
|
Net cash (used in) financing activities |
(367,191 |
) |
|
(313,358 |
) |
|
(39,957 |
) |
Net cash
provided by (used in) operations |
197,990 |
|
|
6,538 |
|
|
(1,468 |
) |
Cash and
equivalents at the beginning of the period |
12,896 |
|
|
6,358 |
|
|
7,826 |
|
Cash and
equivalents at the end of the period |
$ |
210,886 |
|
|
$ |
12,896 |
|
|
$ |
6,358 |
|
Results from continuing and discontinued
operations |
|
(in
thousands except earnings per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
GAAP
Consolidated Results |
|
April 28, 2017 |
|
April 29, 2016 |
|
% Change |
|
April 28, 2017 |
|
April 29, 2016 |
|
% Change |
Net Sales from
Continuing Operations |
|
$ |
99,923 |
|
|
$ |
102,394 |
|
|
(2.4 |
)% |
|
$ |
394,842 |
|
|
$ |
387,616 |
|
|
1.9 |
% |
Net Sales
from Discontinued Operations |
|
213,479 |
|
|
243,193 |
|
|
(12.2 |
)% |
|
876,786 |
|
|
951,211 |
|
|
(7.8 |
)% |
Total Net Sales |
|
$ |
313,402 |
|
|
$ |
345,587 |
|
|
(9.3 |
)% |
|
$ |
1,271,628 |
|
|
$ |
1,338,827 |
|
|
(5.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin from
Continuing Operations |
|
9.5 |
% |
|
10.1 |
% |
|
(60 bps) |
|
7.6 |
% |
|
8.5 |
% |
|
(90 bps) |
Operating Margin from
Discontinued Operations |
|
2.8 |
% |
|
(4.9 |
)% |
|
770 bps |
|
2.2 |
% |
|
0.3 |
% |
|
180 bps |
Total Operating
Margin |
|
4.9 |
% |
|
(0.4 |
)% |
|
530 bps |
|
3.9 |
% |
|
2.7 |
% |
|
120 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from
Continuing Operations |
|
$ |
0.33 |
|
|
$ |
0.30 |
|
|
10.0 |
% |
|
$ |
0.85 |
|
|
$ |
0.75 |
|
|
13.3 |
% |
Diluted
EPS from Discontinued Operations |
|
$ |
5.06 |
|
|
$ |
(0.27 |
) |
|
(1,974.1 |
)% |
|
$ |
5.43 |
|
|
$ |
0.38 |
|
|
1,328.9 |
% |
Diluted EPS |
|
$ |
5.39 |
|
|
$ |
0.03 |
|
|
17,866.7 |
% |
|
$ |
6.28 |
|
|
$ |
1.13 |
|
|
455.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales from
Continuing Operations |
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
Net Sales
from Discontinued Operations |
|
— |
|
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
|
— |
% |
Total Net Sales |
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
$ |
— |
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin from
Continuing Operations |
|
4.3 |
% |
|
0.9 |
% |
|
340 bps |
|
5.8 |
% |
|
1.2 |
% |
|
460 bps |
Operating Margin from
Discontinued Operations |
|
(1.3 |
)% |
|
6.0 |
% |
|
(730 bps) |
|
(0.1 |
)% |
|
2.7 |
% |
|
(280 bps) |
Total Operating
Margin |
|
0.5 |
% |
|
4.5 |
% |
|
(400 bps) |
|
1.8 |
% |
|
2.2 |
% |
|
(40 bps) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from
Continuing Operations |
|
$ |
0.25 |
|
|
$ |
0.02 |
|
|
1,150.0 |
% |
|
$ |
0.79 |
|
|
$ |
0.15 |
|
|
426.7 |
% |
Diluted
EPS from Discontinued Operations |
|
$ |
(5.03 |
) |
|
$ |
0.43 |
|
|
(1,269.8 |
)% |
|
$ |
(4.69 |
) |
|
$ |
0.74 |
|
|
(733.8 |
)% |
Diluted EPS |
|
$ |
(4.78 |
) |
|
$ |
0.45 |
|
|
(1,162.2 |
)% |
|
$ |
(3.90 |
) |
|
$ |
0.89 |
|
|
(538.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Consolidated Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales from
Continuing Operations |
|
$ |
99,923 |
|
|
$ |
102,394 |
|
|
(2.4 |
)% |
|
$ |
394,842 |
|
|
$ |
387,616 |
|
|
1.9 |
% |
Net Sales
from Discontinued Operations |
|
213,479 |
|
|
243,193 |
|
|
(12.2 |
)% |
|
876,786 |
|
|
951,211 |
|
|
(7.8 |
)% |
Total Net Sales |
|
$ |
313,402 |
|
|
$ |
345,587 |
|
|
(9.3 |
)% |
|
$ |
1,271,628 |
|
|
$ |
1,338,827 |
|
|
(5.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Margin from
Continuing Operations |
|
13.9 |
% |
|
11.0 |
% |
|
290 bps |
|
13.4 |
% |
|
9.7 |
% |
|
370 bps |
Operating Margin from
Discontinued Operations |
|
1.4 |
% |
|
1.1 |
% |
|
30 bps |
|
2.1 |
% |
|
3.0 |
% |
|
(90 bps) |
Total Operating
Margin |
|
5.4 |
% |
|
4.1 |
% |
|
130 bps |
|
5.6 |
% |
|
4.9 |
% |
|
70 bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS from
Continuing Operations |
|
$ |
0.58 |
|
|
$ |
0.32 |
|
|
81.3 |
% |
|
$ |
1.64 |
|
|
$ |
0.90 |
|
|
82.2 |
% |
Diluted
EPS from Discontinued Operations |
|
$ |
0.03 |
|
|
$ |
0.16 |
|
|
(81.3 |
)% |
|
$ |
0.74 |
|
|
$ |
1.12 |
|
|
(33.9 |
)% |
Diluted EPS |
|
$ |
0.61 |
|
|
$ |
0.48 |
|
|
27.1 |
% |
|
$ |
2.38 |
|
|
$ |
2.02 |
|
|
17.8 |
% |
Net sales from
continuing operations |
|
|
|
|
|
|
|
|
Reconciliation
of 52 vs 53 weeks |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
(in
thousands) |
|
April 28, 2017 |
|
April 29, 2016 |
|
April 28, 2017 |
|
April 29, 2016 |
Net Sales |
|
$ |
99,923 |
|
$ |
102,394 |
|
$ |
394,842 |
|
$ |
387,616 |
53rd week |
|
|
— |
|
|
7,120 |
|
|
— |
|
|
7,120 |
Adjusted Net Sales |
|
$ |
99,923 |
|
$ |
95,274 |
|
$ |
394,842 |
|
$ |
380,496 |
Total pounds sold, by category |
|
|
|
|
|
|
Fiscal
2017 |
|
|
|
|
|
|
|
|
|
|
Category |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
YTD |
Sides |
|
51.4 |
% |
|
52.5 |
% |
|
52.5 |
% |
|
54.0 |
% |
|
52.6 |
% |
Sausage |
|
21.2 |
% |
|
21.9 |
% |
|
24.9 |
% |
|
22.3 |
% |
|
22.7 |
% |
Food Service -
External |
|
11.6 |
% |
|
10.7 |
% |
|
10.1 |
% |
|
11.1 |
% |
|
10.8 |
% |
Food Service - Sales to
discontinued operations |
|
8.3 |
% |
|
9.0 |
% |
|
7.7 |
% |
|
7.7 |
% |
|
8.1 |
% |
Frozen |
|
3.9 |
% |
|
3.4 |
% |
|
2.7 |
% |
|
3.0 |
% |
|
3.2 |
% |
Other |
|
3.6 |
% |
|
2.5 |
% |
|
2.1 |
% |
|
1.9 |
% |
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Fiscal
2016 |
|
|
|
|
|
|
|
|
|
|
Category |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
FY 2016 |
Sides |
|
49.6 |
% |
|
50.7 |
% |
|
50.9 |
% |
|
51.4 |
% |
|
50.7 |
% |
Sausage |
|
22.0 |
% |
|
22.3 |
% |
|
26.6 |
% |
|
21.7 |
% |
|
23.3 |
% |
Food Service -
External |
|
14.1 |
% |
|
12.5 |
% |
|
10.4 |
% |
|
11.4 |
% |
|
11.9 |
% |
Food Service - Sales to
discontinued operations |
|
6.2 |
% |
|
6.6 |
% |
|
6.0 |
% |
|
8.1 |
% |
|
6.7 |
% |
Frozen |
|
4.6 |
% |
|
4.5 |
% |
|
3.1 |
% |
|
3.9 |
% |
|
4.0 |
% |
Other |
|
3.5 |
% |
|
3.4 |
% |
|
3.0 |
% |
|
3.5 |
% |
|
3.4 |
% |
Contact:
Scott Van Winkle
Managing Director, ICR
(617) 956-6736
scott.vanwinkle@icrinc.com
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