Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced its
financial results for the fiscal 2016 second quarter ended Friday,
October 23, 2015. On a GAAP basis, the Company reported net
income of $6.4 million, or $0.29 per diluted share, compared with
net income of $6.0 million, or $0.25 per diluted share, in the
corresponding period last year. On an adjusted basis(1),
non-GAAP net income was $9.2 million, or $0.41 per diluted share,
compared with net income of $8.6 million, or $0.36 per diluted
share, in the corresponding period last year.
Second quarter fiscal 2016 commentary Executive
Chairman Doug Benham said, “Our teams continue focusing their
efforts on improvements in both of our businesses and execution of
strategic initiatives. BEF Foods had another successful
quarter with double-digit pounds sold percentage gains in both
refrigerated dinner side dishes and sausage and is poised for a
strong holiday selling season.
“At Bob Evans Restaurants, second-quarter same-store sales
performance did not meet our expectations. Turnarounds are often
choppy, and our second quarter restaurant sales results reflect
that. We continue testing and evaluating promotional and menu
strategies to drive sustainable and profitable sales growth.
We are committed to the overall strategy we outlined last
quarter: improving the quality of our food offerings;
lowering overall discounting that was historically used to drive
transactions; and optimizing our menu design and investments in
labor to deliver a better guest experience. We recently
relaunched a more profitable three-course dinner platform
system-wide to address weakness at dinner; began rolling out
further product enhancements to our breakfast menu, including a new
coffee blend and improved hot cakes and omelets; and introduced
Broasted® Chicken Tenders in our restaurant locations where the
Broasted Chicken platform has been rolled out (55% of
system). All of these actions are designed to drive increased
transactions and sales gains by elevating our food quality and
guest experience.
“At the corporate level, we identified an additional $5 million
of cost savings opportunities during the second quarter; bringing
expected fiscal 2016 savings to nearly $20 million, equating to an
annual savings rate of $28 million. We also completed a $51.6
million sale-leaseback transaction of two BEF Foods manufacturing
facilities and are progressing with the previously announced
initiatives to monetize our corporate headquarters and up to $200
million of restaurant properties. During the quarter, we also
amended our credit facility to enable the sale-leaseback of the
restaurant properties and eliminate the $150 million limit on
fiscal 2016 share repurchases.
Benham concluded, “We remain confident in the continued success
of BEF Foods and our expectations for a turnaround of Bob Evans
Restaurants. This confidence is reflected not only in our
reaffirmation of fiscal 2016 earnings guidance, but by recent board
approval of a $100 million increase in the Company’s share
repurchase authorization and a 9.7% increase in the quarterly
dividend. We were also pleased to announce two weeks ago that
effective January 1, 2016, Saed Mohseni will join Bob Evans Farms
to assume the role of president and chief executive officer. Saed
brings a strong track record as a restaurant operator with an
intense focus on raising the quality of the overall guest
experience. Saed’s passion and more than 30 years of
experience in these areas will be critical enablers of Bob Evans
Restaurants’ turnaround and continued profitable growth at BEF
Foods. On behalf of Bob Evans’ board, management, and team
members, I welcome Saed to Bob Evans.”
Chief Administrative Officer and Chief Financial Officer Mark
Hood said, “We posted strong operating results at BEF Foods for the
fourth consecutive quarter. BEF Foods’ non-GAAP operating
income increased 176 percent to $17.6 million. This increase
is a result of a 12.6 percent increase in retail pounds sold, with
double-digit growth in both our refrigerated side dish and sausage
categories, combined with lower sow costs net of trade ($3.4
million) and improved plant operating efficiencies. We are on
track with our key initiatives in fiscal 2016, including ERP
implementation in our plants and the expansion of our refrigerated
side-dish manufacturing facility. We look forward to further
leveraging the momentum we have created at BEF Foods.
“Bob Evans Restaurants remains in the early innings of its
turnaround as we continue to focus on opportunities to drive
profitable transaction growth. Our teams continue to better
manage food, labor, and other operating costs. We believe
continued evolution of our discounting practices and value
positioning through an improved menu and new product news, along
with a shift in marketing spend from broadcast media to local and
digital media, will improve sales and profits.”
Second-quarter fiscal 2016 Bob Evans
Restaurants segment summaryBob Evans Restaurants’ net
sales were $230.7 million, a decline of $10.4 million, or 4.3
percent, compared to net sales of $241.2 million in the
corresponding period last year. Same-store sales declined 3.2
percent in the quarter, with the balance of the net sales decline
due to net restaurant closures. Bob Evans closed two
restaurants during the second quarter, for a total of 20 fiscal
2016 restaurant closures year-to-date.
Same-Store Sales (SSS) Restaurants |
August |
September |
October |
2Q FY
’16 |
540 |
|
-1.3 |
% |
|
-3.8 |
% |
|
-4.4 |
% |
|
-3.2 |
% |
Bob Evans Restaurants’ GAAP operating income was $13.3 million,
compared to $20.6 million in the corresponding period last
year. Bob Evans Restaurants’ non-GAAP operating income was
$13.6 million, compared to $20.8 million in the prior year, a
decline of $7.1 million. The decline resulted from
approximately $3.6 million of sales deleverage combined with the
net impact of a $0.3 million increase in food cost rate, primarily
as a result of higher egg prices (an approximate $2 million
impact); a $2.7 million increase in labor and
benefit cost rate driven primarily by increased average wage rates
and health insurance costs, net of direct labor hours savings; a
$0.8 million increase in other operating expenses driven by
increased repair and maintenance and service contract expenses, net
of lower occupancy and utility costs; a $0.5 million decline in
S,G&A; a $0.1 million decline in depreciation expense; and $0.3
million of costs related to restaurant impairment.
Second-quarter fiscal 2016 BEF Foods
segment summaryBEF Foods’ net sales were $94.3 million, an
increase of $2.2 million, or 2.3 percent, compared to $92.1 million
in the corresponding period last year. Overall, total pounds sold
increased 5.1 percent compared to the prior-year period. From
a net sales perspective, a 15.1 percent increase in sausage pounds
sold and a 14.2 percent increase in side-dish pounds sold were
partially offset by a $3.2 million increase in trade spending
(reduces net sales), as well as a 26.8 percent decline in
foodservice pounds sold.
BEF Foods’ GAAP operating income was $14.0 million, compared to
$6.4 million in the year ago period. BEF Foods’ non-GAAP
operating income was $17.6 million, compared to $6.4 million in the
prior year, an improvement of $11.2 million. The improvement
resulted from approximately $6.5 million of favorable sales mix,
$3.4 million of net sow cost favorability, and $1.3 million
resulting from sales leverage and plant efficiencies partially
offset by increased advertising and S,G&A.
Second-quarter fiscal 2016 Corporate
and Other summaryCorporate and Other’s GAAP operating
costs were $15.9 million, compared to $18.0 million in the year ago
period. Corporate and Other’s non-GAAP operating costs were
$15.9 million, compared to $14.2 million in the prior year, an
increase of $1.6 million due to $0.7 million of increased S,G&A
costs associated primarily with losses related to deferred
compensation plan investments and ERP support costs, partially
offset by cost savings initiatives; and $0.9 million resulting from
increased depreciation and amortization expense related primarily
to ERP capital expenditures.
Second-quarter fiscal 2016 net interest expense
– The Company’s non-GAAP net interest expense was $2.4 million in
the second quarter, a decline of $0.3 million, compared to $2.7
million in the corresponding period last year. The borrowing
rate on the Company’s outstanding debt was 1.95 percent at the end
of the second quarter, compared to 2.16 percent at the end of the
comparable prior-year period.
Second-quarter fiscal 2016
taxes – The Company’s provision for
income taxes is based on a current estimate of the annual effective
income tax rate adjusted to reflect the impact of discrete items.
The Company recognized GAAP tax expense of 24.8 percent for the
second quarter, as compared to 11.3 percent for the prior-year
period. The increase in the tax rate was driven primarily by
discrete items booked in the second quarter of fiscal year 2015
related to the work opportunity tax credit and officers life
insurance proceeds. This increase impacted second-quarter
diluted non-GAAP earnings per share by approximately $0.08.
Year-to-date, the Company recognized GAAP tax expense of 24.6
percent, as compared to 4.5 percent for the prior-year, equating to
a diluted non-GAAP earnings per share impact of approximately
$0.14. The non-GAAP tax rate was approximately 28 percent for the
second quarter, reflecting the Company’s annual non-GAAP estimated
tax rate.
Second-quarter fiscal 2016 balance
sheet highlights – The Company’s cash balance and revolver
borrowings at the end of the second quarter of fiscal 2016 were
$5.4 million and $471.4 million, respectively, compared to $3.7
million and $465.0 million, respectively, in the prior year.
The Company was in compliance with its debt covenants at the end of
the second quarter. The increase in borrowings was primarily
the result of the Company’s $44.4 million share repurchase activity
during the second quarter, partially offset by increased net
income, lower capital expenditures, and other changes in operating
cash flow. The Company’s leverage ratio as defined in its
credit agreement was 3.12 at the end of the quarter, down from 3.22
in the prior quarter, and 3.81 in the prior-year period.
Fiscal year 2016 outlookChief Administrative
Officer and Chief Financial Officer Mark Hood said, "While we are
reaffirming our fiscal 2016 diluted non-GAAP EPS guidance range of
$1.85 to $2.00, our underlying assumptions have changed. BEF
Foods’ expected performance has increased, and we have identified
additional fiscal 2016 cost savings opportunities. However,
favorability in those areas is offset by lower than expected
same-store sales performance at Bob Evans Restaurants as we
continue to execute the turnaround in a macroeconomic environment
where consumer spending appears to have slowed and competitive
promotional activity is becoming more prevalent.
“As noted previously, our guidance includes the estimated impact
of monetization of our headquarters building and select industrial
properties, but does not include the impact of a potential
restaurant real estate transaction.”
Summary of performance drivers: fiscal 2016
guidance versus fiscal 2015
|
1Q (actual) |
2Q (actual) |
3Q |
4Q |
FullYear |
sss% 2016 (guidance) |
|
-0.3 |
% |
|
-3.2 |
% |
negative low-single digits |
negative low-single digits |
-2.5% to -1.0% |
sss% 2015 (actual) |
|
-2.0 |
% |
|
0.0 |
% |
|
3.8 |
% |
|
2.1 |
% |
|
0.9 |
% |
sow costs (per hundredweight) 2016 (guidance) |
$ |
38.75 |
|
$ |
53.31 |
|
$ |
57 |
|
$ |
60 |
|
$ |
53 |
|
sow costs (per hundredweight) 2015 (actual) |
$ |
87.87 |
|
$ |
78.82 |
|
$ |
67.79 |
|
$ |
43.02 |
|
$ |
69.41 |
|
|
|
Guidance Metric |
FY ‘16 |
Consolidated net
sales |
approximately $1.35 billion |
Bob Evans Restaurants
same-store sales |
-2.5% to -1.0 percent |
Bob Evans Restaurants
commodity pricing |
approximately 3.5% (including
eggs) |
BEF Foods net
sales |
$380 to $390 million |
Capital
expenditures |
$78 to $82 million |
ERP implementation
(included in S,G&A) |
$2.0 to $2.5 million |
Depreciation and
amortization |
$81 to $84 million |
Net interest
expense |
$11 to $12 million |
Tax rate |
27.5% to 28.5% |
Diluted
weighted-average share count |
21.8 million shares |
Non-GAAP earnings per
diluted share |
$1.85 to $2.00 |
|
|
This outlook is subject to a number of factors beyond the
Company’s control, including the risk factors discussed in the
Company’s fiscal 2015 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 to discuss its second-quarter fiscal 2016 results
at 10 a.m. (ET) on Wednesday, December 2, 2015. The dial-in
number is (855) 468-0551, access code 77827034. A replay will
be available at (800) 585-8367, access code 77827034.
A simultaneous webcast will be available at
http://investors.bobevans.com/events.cfm. The archived webcast will
also be available on the Web site.
(1)Non-GAAP Financial
MeasuresThe Company uses non-GAAP financial measures to
monitor and evaluate the ongoing performance of the Company.
The Company believes the additional measures are useful to
investors for financial analysis. Excluding these items
reflects operating results that are more indicative of the
Company’s ongoing operating performance and improve comparability
to prior periods. However, non-GAAP measures are not in
accordance with, nor are they a substitute for, GAAP
measures. Reconciliations to the applicable GAAP financial
measures are included in the attached schedules.
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. We discuss these
factors and events, along with certain other risks, uncertainties
and assumptions, under the heading “Risk Factors” in Item 1A of our
Annual Report on Form 10-K for the fiscal year ended April 24,
2015, 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. Any strategic
transaction with respect to our headquarters or a portion of our
restaurant real estate remains subject to evaluation by the Board
and there can be no assurance if and when any such transaction will
be undertaken or consummated. 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. owns and operates full-service restaurants under the Bob Evans
Restaurants brand name. At the end of the second fiscal
quarter (October 23, 2015), Bob Evans Restaurants owned and
operated 547 family restaurants in 18 states, primarily in the
Midwest, mid-Atlantic and Southeast regions of the United States.
Bob Evans Farms, Inc., through its BEF Foods segment, is also a
leading producer and distributor of refrigerated 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.bobevans.com.
Broasted® is a registered trademark of The Broaster Company,
LLC.
BOBE–E
Bob Evans Farms, Inc. Earnings Release
Fact Sheet (unaudited) Second quarter Fiscal 2016,
three months ended October 23, 2015, 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 |
|
October 23, 2015 |
|
October 24, 2014 |
|
October 23, 2015 |
|
October 24, 2014 |
|
October 23, 2015 |
|
October 24, 2014 |
Operating Income (Loss)
as Reported |
|
|
|
|
|
|
|
|
|
|
|
Bob Evans Restaurants |
$ |
13,323 |
|
|
$ |
20,627 |
|
|
|
|
|
|
|
|
|
BEF Foods |
13,997 |
|
|
6,356 |
|
|
|
|
|
|
|
|
|
Corporate and Other |
(15,886 |
) |
|
(17,971 |
) |
|
|
|
|
|
|
|
|
Operating
Income |
11,434 |
|
|
9,012 |
|
|
|
|
|
|
|
|
|
Net interest expense |
2,883 |
|
|
2,203 |
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
8,551 |
|
|
6,809 |
|
|
|
|
|
|
|
|
|
Provision for income taxes |
2,120 |
|
|
770 |
|
|
|
|
|
|
|
|
|
Net Income as
reported |
6,431 |
|
|
6,039 |
|
|
$ |
0.29 |
|
|
$ |
0.26 |
|
|
$ |
0.29 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Bob Evans
Restaurants |
|
|
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
318 |
|
|
— |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
137 |
|
|
|
|
|
|
|
|
|
|
318 |
|
|
137 |
|
|
|
|
|
|
|
|
|
BEF Foods |
|
|
|
|
|
|
|
|
|
|
|
Loss on Sale of Assets |
3,606 |
|
|
— |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
3,606 |
|
|
17 |
|
|
|
|
|
|
|
|
|
Corporate and
Other |
|
|
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
3,725 |
|
|
|
|
|
|
|
|
|
|
— |
|
|
3,725 |
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
318 |
|
|
— |
|
|
|
|
|
|
|
|
|
Loss on Sale of Assets |
3,606 |
|
|
— |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
3,879 |
|
|
|
|
|
|
|
|
|
|
3,924 |
|
|
3,879 |
|
|
|
|
|
|
|
|
|
Non-GAAP
operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Bob Evans Restaurants |
13,641 |
|
|
20,764 |
|
|
|
|
|
|
|
|
|
BEF Foods |
17,603 |
|
|
6,373 |
|
|
|
|
|
|
|
|
|
Corporate and Other |
(15,886 |
) |
|
(14,246 |
) |
|
|
|
|
|
|
|
|
Total non-GAAP
operating income |
15,358 |
|
|
12,891 |
|
|
|
|
|
|
|
|
|
Adjustments to net interest
expense |
(480 |
) |
|
458 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
interest expense |
2,403 |
|
|
2,661 |
|
|
|
|
|
|
|
|
|
Non-GAAP
Income Before Taxes |
12,955 |
|
|
10,230 |
|
|
|
|
|
|
|
|
|
Adjustments to income tax
provision |
1,636 |
|
|
835 |
|
|
|
|
|
|
|
|
|
Non-GAAP
Provision for Income Taxes |
3,756 |
|
|
1,605 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income |
$ |
9,199 |
|
|
$ |
8,625 |
|
|
$ |
0.42 |
|
|
$ |
0.37 |
|
|
$ |
0.41 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
22,115 |
|
|
23,509 |
|
|
22,233 |
|
|
23,735 |
|
Second quarter Fiscal 2016, three months ended October
23, 2015, compared to the corresponding period a year
ago:
(in thousands) |
|
Three Months Ended |
|
|
Consolidated Results |
|
Bob Evans Restaurants |
|
|
October |
|
% of |
|
October |
|
% of |
|
October |
|
% of |
|
October |
|
% of |
|
|
23, 2015 |
|
Sales |
|
24, 2014 |
|
Sales |
|
23, 2015 |
|
Sales |
|
24, 2014 |
|
Sales |
Operating income as
reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
325,021 |
|
|
|
|
$ |
333,279 |
|
|
|
|
$ |
230,741 |
|
|
|
|
$ |
241,151 |
|
|
|
Cost of sales |
|
102,709 |
|
|
31.6 |
% |
|
116,012 |
|
|
34.8 |
% |
|
61,725 |
|
|
26.8 |
% |
|
64,165 |
|
|
26.6 |
% |
Operating wage and fringe benefit
expenses |
|
104,403 |
|
|
32.1 |
% |
|
105,613 |
|
|
31.7 |
% |
|
93,460 |
|
|
40.4 |
% |
|
94,834 |
|
|
39.3 |
% |
Other operating expenses |
|
56,181 |
|
|
17.3 |
% |
|
54,195 |
|
|
16.3 |
% |
|
42,984 |
|
|
18.6 |
% |
|
42,290 |
|
|
17.5 |
% |
Selling, general and administrative
expenses |
|
29,902 |
|
|
9.2 |
% |
|
28,972 |
|
|
8.7 |
% |
|
5,433 |
|
|
2.4 |
% |
|
5,572 |
|
|
2.3 |
% |
Depreciation and amortization
expense |
|
20,107 |
|
|
6.2 |
% |
|
19,475 |
|
|
5.8 |
% |
|
13,531 |
|
|
5.9 |
% |
|
13,663 |
|
|
5.7 |
% |
Impairments |
|
285 |
|
|
0.1 |
% |
|
— |
|
|
— |
% |
|
285 |
|
|
0.1 |
% |
|
— |
|
|
— |
% |
Total as reported |
|
11,434 |
|
|
3.5 |
% |
|
9,012 |
|
|
2.7 |
% |
|
13,323 |
|
|
5.8 |
% |
|
20,627 |
|
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Cost of sales |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Operating wage and fringe benefit
expenses |
|
— |
|
|
|
|
(15 |
) |
|
|
|
— |
|
|
|
|
(15 |
) |
|
|
Other operating expenses |
|
— |
|
|
|
|
(115 |
) |
|
|
|
— |
|
|
|
|
(115 |
) |
|
|
Selling, general and administrative
expenses |
|
(3,924 |
) |
|
|
|
(3,749 |
) |
|
|
|
(318 |
) |
|
|
|
(7 |
) |
|
|
Depreciation and amortization
expense |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Impairments |
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Total Adjustments |
|
3,924 |
|
|
|
|
3,879 |
|
|
|
|
318 |
|
|
|
|
137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
325,021 |
|
|
|
|
333,279 |
|
|
|
|
230,741 |
|
|
|
|
241,151 |
|
|
|
Cost of sales |
|
102,709 |
|
|
31.6 |
% |
|
116,012 |
|
|
34.8 |
% |
|
61,725 |
|
|
26.8 |
% |
|
64,165 |
|
|
26.6 |
% |
Operating wage and fringe benefit
expenses |
|
104,403 |
|
|
32.1 |
% |
|
105,598 |
|
|
31.7 |
% |
|
93,460 |
|
|
40.4 |
% |
|
94,819 |
|
|
39.3 |
% |
Other operating expenses |
|
56,181 |
|
|
17.3 |
% |
|
54,080 |
|
|
16.2 |
% |
|
42,984 |
|
|
18.6 |
% |
|
42,175 |
|
|
17.5 |
% |
Selling, general and administrative
expenses |
|
25,978 |
|
|
8.0 |
% |
|
25,223 |
|
|
7.6 |
% |
|
5,115 |
|
|
2.3 |
% |
|
5,565 |
|
|
2.3 |
% |
Depreciation and amortization
expense |
|
20,107 |
|
|
6.2 |
% |
|
19,475 |
|
|
5.8 |
% |
|
13,531 |
|
|
5.9 |
% |
|
13,663 |
|
|
5.7 |
% |
Impairments |
|
285 |
|
|
0.1 |
% |
|
— |
|
|
— |
% |
|
285 |
|
|
0.1 |
% |
|
— |
|
|
— |
% |
Total non-GAAP operating
income |
|
$ |
15,358 |
|
|
4.7 |
% |
|
$ |
12,891 |
|
|
3.9 |
% |
|
$ |
13,641 |
|
|
5.9 |
% |
|
$ |
20,764 |
|
|
8.6 |
% |
(in thousands) |
Three Months Ended |
|
BEF Foods |
|
Corporate and Other |
|
October 23, 2015 |
|
% of Sales |
|
October 24, 2014 |
|
% of Sales |
|
October 23, 2015 |
|
October 24, 2014 |
Operating income (loss)
as reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
94,280 |
|
|
|
|
$ |
92,128 |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Cost of sales |
40,984 |
|
|
43.5 |
% |
|
51,847 |
|
|
56.3 |
% |
|
— |
|
|
— |
|
Operating wage and fringe benefit
expenses |
10,943 |
|
|
11.7 |
% |
|
10,779 |
|
|
11.7 |
% |
|
— |
|
|
— |
|
Other operating expenses |
13,197 |
|
|
14.0 |
% |
|
11,905 |
|
|
12.9 |
% |
|
— |
|
|
— |
|
Selling, general and administrative
expenses |
10,964 |
|
|
11.6 |
% |
|
6,918 |
|
|
7.5 |
% |
|
13,505 |
|
|
16,482 |
|
Depreciation and amortization
expense |
4,195 |
|
|
4.4 |
% |
|
4,323 |
|
|
4.7 |
% |
|
2,381 |
|
|
1,489 |
|
Impairments |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
Total as Reported |
13,997 |
|
|
14.8 |
% |
|
6,356 |
|
|
6.9 |
% |
|
(15,886 |
) |
|
(17,971 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Cost of sales |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Operating wage and fringe benefit
expenses |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Other operating expenses |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Selling, general and administrative
expenses |
(3,606 |
) |
|
|
|
(17 |
) |
|
|
|
— |
|
|
(3,725 |
) |
Depreciation and amortization
expense |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Impairments |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Total adjustments |
3,606 |
|
|
|
|
17 |
|
|
|
|
— |
|
|
3,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
94,280 |
|
|
|
|
92,128 |
|
|
|
|
— |
|
|
— |
|
Cost of sales |
40,984 |
|
|
43.5 |
% |
|
51,847 |
|
|
56.3 |
% |
|
— |
|
|
— |
|
Operating wage and fringe benefit
expenses |
10,943 |
|
|
11.7 |
% |
|
10,779 |
|
|
11.7 |
% |
|
— |
|
|
— |
|
Other operating expenses |
13,197 |
|
|
14.0 |
% |
|
11,905 |
|
|
12.9 |
% |
|
— |
|
|
— |
|
Selling, general and administrative
expenses |
7,358 |
|
|
7.7 |
% |
|
6,901 |
|
|
7.5 |
% |
|
13,505 |
|
|
12,757 |
|
Depreciation and amortization
expense |
4,195 |
|
|
4.4 |
% |
|
4,323 |
|
|
4.7 |
% |
|
2,381 |
|
|
1,489 |
|
Impairments |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
Total non-GAAP operating income
(loss) |
$ |
17,603 |
|
|
18.7 |
% |
|
$ |
6,373 |
|
|
6.9 |
% |
|
$ |
(15,886 |
) |
|
$ |
(14,246 |
) |
Bob Evans Farms, Inc.Earnings Release Fact
Sheet (unaudited)Second quarter Fiscal 2016, six months
ended October 23, 2015, compared to the corresponding period a year
ago:
(in thousands, except
per share amounts) |
|
|
|
|
Basic EPS |
|
Diluted EPS |
|
Six Months Ended |
|
Six Months Ended |
|
Six Months Ended |
|
October 23, 2015 |
|
October 24, 2014 |
|
October 23, 2015 |
|
October 24, 2014 |
|
October 23, 2015 |
|
October 24, 2014 |
Operating Income (Loss)
as Reported |
|
|
|
|
|
|
|
|
|
|
|
Bob Evans Restaurants |
$ |
23,132 |
|
|
$ |
35,555 |
|
|
|
|
|
|
|
|
|
BEF Foods |
29,834 |
|
|
9,401 |
|
|
|
|
|
|
|
|
|
Corporate and Other |
(33,270 |
) |
|
(35,880 |
) |
|
|
|
|
|
|
|
|
Operating
Income |
19,696 |
|
|
9,076 |
|
|
|
|
|
|
|
|
|
Net interest expense |
5,489 |
|
|
3,819 |
|
|
|
|
|
|
|
|
|
Income Before
Income Taxes |
14,207 |
|
|
5,257 |
|
|
|
|
|
|
|
|
|
Provision for income taxes |
3,496 |
|
|
234 |
|
|
|
|
|
|
|
|
|
Net Income as
reported |
10,711 |
|
|
5,023 |
|
|
$ |
0.48 |
|
|
$ |
0.21 |
|
|
$ |
0.47 |
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Bob Evans
Restaurants |
|
|
|
|
|
|
|
|
|
|
|
Impairments |
— |
|
|
1,577 |
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
318 |
|
|
91 |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
300 |
|
|
|
|
|
|
|
|
|
Litigation Reserves |
10,500 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
10,818 |
|
|
1,968 |
|
|
|
|
|
|
|
|
|
BEF Foods |
|
|
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
— |
|
|
667 |
|
|
|
|
|
|
|
|
|
Loss on Sale of Assets |
3,606 |
|
|
— |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
3,606 |
|
|
684 |
|
|
|
|
|
|
|
|
|
Corporate and
Other |
|
|
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
— |
|
|
191 |
|
|
|
|
|
|
|
|
|
Loss on Sale of Assets |
— |
|
|
118 |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
5,948 |
|
|
|
|
|
|
|
|
|
|
— |
|
|
6,257 |
|
|
|
|
|
|
|
|
|
Total adjustments |
|
|
|
|
|
|
|
|
|
|
|
Impairments |
— |
|
|
1,577 |
|
|
|
|
|
|
|
|
|
Severance/Restructuring |
318 |
|
|
949 |
|
|
|
|
|
|
|
|
|
Loss on Sale of Assets |
3,606 |
|
|
118 |
|
|
|
|
|
|
|
|
|
Activism, Strategic Initiatives and
Other |
— |
|
|
6,265 |
|
|
|
|
|
|
|
|
|
Litigation Reserves |
10,500 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
14,424 |
|
|
8,909 |
|
|
|
|
|
|
|
|
|
Non-GAAP
operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Bob Evans Restaurants |
33,950 |
|
|
37,523 |
|
|
|
|
|
|
|
|
|
BEF Foods |
33,440 |
|
|
10,085 |
|
|
|
|
|
|
|
|
|
Corporate and Other |
(33,270 |
) |
|
(29,623 |
) |
|
|
|
|
|
|
|
|
Total non-GAAP
operating income |
34,120 |
|
|
17,985 |
|
|
|
|
|
|
|
|
|
Adjustments to net interest
expense |
(480 |
) |
|
903 |
|
|
|
|
|
|
|
|
|
Non-GAAP net
interest expense |
5,009 |
|
|
4,722 |
|
|
|
|
|
|
|
|
|
Non-GAAP Income
Before Taxes |
29,111 |
|
|
13,263 |
|
|
|
|
|
|
|
|
|
Adjustments to income tax
provision |
4,712 |
|
|
2,094 |
|
|
|
|
|
|
|
|
|
Non-GAAP
Provision for Income Taxes |
8,208 |
|
|
2,328 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Income |
$ |
20,903 |
|
|
$ |
10,935 |
|
|
$ |
0.93 |
|
|
$ |
0.47 |
|
|
$ |
0.93 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding |
|
|
|
|
22,421 |
|
|
23,467 |
|
|
22,572 |
|
|
23,698 |
|
Second quarter Fiscal 2016, six months ended October 23,
2015, compared to the corresponding period a year ago:
(in thousands) |
Six Months Ended |
|
Consolidated Results |
|
Bob Evans Restaurants |
|
October 23, 2015 |
|
% of Sales |
|
October 24, 2014 |
|
% of Sales |
|
October 23, 2015 |
|
% of Sales |
|
October 24, 2014 |
|
% of Sales |
Operating income as
reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
646,734 |
|
|
|
|
$ |
659,619 |
|
|
|
|
$ |
469,410 |
|
|
|
|
$ |
481,302 |
|
|
|
Cost of sales |
199,030 |
|
|
30.8 |
% |
|
230,180 |
|
|
34.9 |
% |
|
123,192 |
|
|
26.2 |
% |
|
127,376 |
|
|
26.5 |
% |
Operating wage and fringe benefit
expenses |
209,287 |
|
|
32.4 |
% |
|
210,042 |
|
|
31.8 |
% |
|
188,922 |
|
|
40.2 |
% |
|
189,675 |
|
|
39.4 |
% |
Other operating expenses |
107,815 |
|
|
16.7 |
% |
|
107,909 |
|
|
16.4 |
% |
|
83,001 |
|
|
17.7 |
% |
|
84,795 |
|
|
17.6 |
% |
Selling, general and administrative
expenses |
70,361 |
|
|
10.9 |
% |
|
61,387 |
|
|
9.3 |
% |
|
23,868 |
|
|
5.1 |
% |
|
14,426 |
|
|
3.0 |
% |
Depreciation and amortization
expense |
40,260 |
|
|
6.2 |
% |
|
39,448 |
|
|
6.0 |
% |
|
27,010 |
|
|
5.8 |
% |
|
27,898 |
|
|
5.8 |
% |
Impairments |
285 |
|
|
— |
% |
|
1,577 |
|
|
0.2 |
% |
|
285 |
|
|
0.1 |
% |
|
1,577 |
|
|
0.3 |
% |
Total as reported |
$ |
19,696 |
|
|
3.0 |
% |
|
$ |
9,076 |
|
|
1.4 |
% |
|
$ |
23,132 |
|
|
4.9 |
% |
|
$ |
35,555 |
|
|
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
Cost of sales |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Operating wage and fringe benefit
expenses |
— |
|
|
|
|
(29 |
) |
|
|
|
— |
|
|
|
|
(29 |
) |
|
|
Other operating expenses |
— |
|
|
|
|
(262 |
) |
|
|
|
— |
|
|
|
|
(262 |
) |
|
|
Selling, general and administrative
expenses |
(14,424 |
) |
|
|
|
(7,041 |
) |
|
|
|
(10,818 |
) |
|
|
|
(100 |
) |
|
|
Depreciation and amortization
expense |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
Impairments |
— |
|
|
|
|
(1,577 |
) |
|
|
|
— |
|
|
|
|
(1,577 |
) |
|
|
Total Adjustments |
$ |
14,424 |
|
|
|
|
$ |
8,909 |
|
|
|
|
$ |
10,818 |
|
|
|
|
$ |
1,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
646,734 |
|
|
|
|
$ |
659,619 |
|
|
|
|
$ |
469,410 |
|
|
|
|
$ |
481,302 |
|
|
|
Cost of sales |
199,030 |
|
|
30.8 |
% |
|
230,180 |
|
|
34.9 |
% |
|
123,192 |
|
|
26.2 |
% |
|
127,376 |
|
|
26.5 |
% |
Operating wage and fringe benefit
expenses |
209,287 |
|
|
32.4 |
% |
|
210,013 |
|
|
31.8 |
% |
|
188,922 |
|
|
40.2 |
% |
|
189,646 |
|
|
39.4 |
% |
Other operating expenses |
107,815 |
|
|
16.7 |
% |
|
107,647 |
|
|
16.4 |
% |
|
83,001 |
|
|
17.7 |
% |
|
84,533 |
|
|
17.5 |
% |
Selling, general and administrative
expenses |
55,937 |
|
|
8.6 |
% |
|
54,346 |
|
|
8.2 |
% |
|
13,050 |
|
|
2.8 |
% |
|
14,326 |
|
|
3.0 |
% |
Depreciation and amortization
expense |
40,260 |
|
|
6.2 |
% |
|
39,448 |
|
|
6.0 |
% |
|
27,010 |
|
|
5.8 |
% |
|
27,898 |
|
|
5.8 |
% |
Impairments |
285 |
|
|
— |
% |
|
— |
|
|
— |
% |
|
285 |
|
|
0.1 |
% |
|
— |
|
|
— |
% |
Total non-GAAP operating
income |
$ |
34,120 |
|
|
5.3 |
% |
|
$ |
17,985 |
|
|
2.7 |
% |
|
$ |
33,950 |
|
|
7.2 |
% |
|
$ |
37,523 |
|
|
7.8 |
% |
(in thousands) |
Six Months Ended |
|
BEF Foods |
|
Corporate and Other |
|
October 23, 2015 |
|
% of Sales |
|
October 24, 2014 |
|
% of Sales |
|
October 23, 2015 |
|
October 24, 2014 |
Operating income (loss)
as reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
177,324 |
|
|
|
|
$ |
178,317 |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Cost of sales |
75,838 |
|
|
42.8 |
% |
|
102,804 |
|
|
57.7 |
% |
|
— |
|
|
— |
|
Operating wage and fringe benefit
expenses |
20,365 |
|
|
11.5 |
% |
|
20,367 |
|
|
11.3 |
% |
|
— |
|
|
— |
|
Other operating expenses |
24,814 |
|
|
14.0 |
% |
|
23,114 |
|
|
13.0 |
% |
|
— |
|
|
— |
|
Selling, general and administrative
expenses |
17,880 |
|
|
10.1 |
% |
|
14,032 |
|
|
7.9 |
% |
|
28,613 |
|
|
32,929 |
|
Depreciation and amortization
expense |
8,593 |
|
|
4.8 |
% |
|
8,599 |
|
|
4.8 |
% |
|
4,657 |
|
|
2,951 |
|
Impairments |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
Total as Reported |
$ |
29,834 |
|
|
16.8 |
% |
|
$ |
9,401 |
|
|
5.3 |
% |
|
$ |
(33,270 |
) |
|
$ |
(35,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Cost of sales |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Operating wage and fringe benefit
expenses |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Other operating expenses |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Selling, general and administrative
expenses |
(3,606 |
) |
|
|
|
(684 |
) |
|
|
|
— |
|
|
(6,257 |
) |
Depreciation and amortization
expense |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Impairments |
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
— |
|
Total adjustments |
$ |
3,606 |
|
|
|
|
$ |
684 |
|
|
|
|
$ |
— |
|
|
$ |
6,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
177,324 |
|
|
|
|
$ |
178,317 |
|
|
|
|
$ |
— |
|
|
$ |
— |
|
Cost of sales |
75,838 |
|
|
42.8 |
% |
|
102,804 |
|
|
57.7 |
% |
|
— |
|
|
— |
|
Operating wage and fringe benefit
expenses |
20,365 |
|
|
11.5 |
% |
|
20,367 |
|
|
11.3 |
% |
|
— |
|
|
— |
|
Other operating expenses |
24,814 |
|
|
14.0 |
% |
|
23,114 |
|
|
13.0 |
% |
|
— |
|
|
— |
|
Selling, general and administrative
expenses |
14,274 |
|
|
8.0 |
% |
|
13,348 |
|
|
7.5 |
% |
|
28,613 |
|
|
26,672 |
|
Depreciation and amortization
expense |
8,593 |
|
|
4.8 |
% |
|
8,599 |
|
|
4.8 |
% |
|
4,657 |
|
|
2,951 |
|
Impairments |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
|
Total non-GAAP operating income
(loss) |
$ |
33,440 |
|
|
18.9 |
% |
|
$ |
10,085 |
|
|
5.7 |
% |
|
$ |
(33,270 |
) |
|
$ |
(29,623 |
) |
(in thousands, except
per share amounts) |
Consolidated Results |
|
Three Months Ended |
|
October 23, 2015 |
|
% of sales |
|
October 24, 2014 |
|
% of sales |
Net sales |
$ |
325,021 |
|
|
|
|
$ |
333,279 |
|
|
|
Cost of sales |
102,709 |
|
|
|
31.6 |
% |
|
116,012 |
|
|
|
34.8 |
% |
Operating wage and fringe
benefit expenses |
104,403 |
|
|
|
32.1 |
% |
|
105,613 |
|
|
|
31.7 |
% |
Other operating
expenses |
56,181 |
|
|
|
17.3 |
% |
|
54,195 |
|
|
|
16.3 |
% |
Selling, general and
administrative expenses |
29,902 |
|
|
|
9.2 |
% |
|
28,972 |
|
|
|
8.7 |
% |
Depreciation and
amortization expense |
20,107 |
|
|
|
6.2 |
% |
|
19,475 |
|
|
|
5.8 |
% |
Impairments |
285 |
|
|
|
0.1 |
% |
|
— |
|
|
|
— |
% |
Operating Income |
11,434 |
|
|
|
3.5 |
% |
|
9,012 |
|
|
|
2.7 |
% |
Net interest expense |
2,883 |
|
|
|
0.9 |
% |
|
2,203 |
|
|
|
0.7 |
% |
Income Before Income
Taxes |
8,551 |
|
|
|
2.6 |
% |
|
6,809 |
|
|
|
2.0 |
% |
Provision for income taxes |
2,120 |
|
|
|
0.7 |
% |
|
770 |
|
|
|
0.2 |
% |
Net Income |
$ |
6,431 |
|
|
|
2.0 |
% |
|
$ |
6,039 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
|
Basic |
$ |
0.29 |
|
|
|
|
$ |
0.26 |
|
|
|
Diluted |
$ |
0.29 |
|
|
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per
share |
$ |
0.31 |
|
|
|
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
Basic |
22,115 |
|
|
|
|
23,509 |
|
|
|
Dilutive Shares |
118 |
|
|
|
|
226 |
|
|
|
Diluted |
22,233 |
|
|
|
|
23,735 |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
quarter end |
21,379 |
|
|
|
|
23,600 |
|
|
|
The number of dilutive shares that were not included in the
computation of dilutive earnings per share, because to do so would
have been antidilutive, was 251,799 shares for the three months
ended October 23, 2015.
(in thousands) |
Three Months Ended |
|
Bob Evans Restaurants |
|
BEF Foods |
|
October 23, 2015 |
|
October 24, 2014 |
|
October 23, 2015 |
|
October 24, 2014 |
Net sales |
$ |
230,741 |
|
|
|
|
$ |
241,151 |
|
|
|
|
$ |
94,280 |
|
|
|
|
$ |
92,128 |
|
|
|
Cost of sales |
61,725 |
|
|
26.8 |
% |
|
64,165 |
|
|
26.6 |
% |
|
40,984 |
|
|
43.5 |
% |
|
51,847 |
|
|
56.3 |
% |
Operating wage and
fringe benefit expenses |
93,460 |
|
|
40.4 |
% |
|
94,834 |
|
|
39.3 |
% |
|
10,943 |
|
|
11.7 |
% |
|
10,779 |
|
|
11.7 |
% |
Other operating
expenses |
42,984 |
|
|
18.6 |
% |
|
42,290 |
|
|
17.5 |
% |
|
13,197 |
|
|
14.0 |
% |
|
11,905 |
|
|
12.9 |
% |
Selling, general and
administrative expenses |
5,433 |
|
|
2.4 |
% |
|
5,572 |
|
|
2.3 |
% |
|
10,964 |
|
|
11.6 |
% |
|
6,918 |
|
|
7.5 |
% |
Depreciation and
amortization expense |
13,531 |
|
|
5.9 |
% |
|
13,663 |
|
|
5.7 |
% |
|
4,195 |
|
|
4.4 |
% |
|
4,323 |
|
|
4.7 |
% |
Impairments |
285 |
|
|
0.1 |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
Operating income |
$ |
13,323 |
|
|
5.8 |
% |
|
$ |
20,627 |
|
|
8.6 |
% |
|
$ |
13,997 |
|
|
14.8 |
% |
|
$ |
6,356 |
|
|
6.9 |
% |
(in thousands) |
Three Months Ended |
|
Corporate and Other |
|
October 23, 2015 |
|
October 24, 2014 |
Selling, general and
administrative expenses |
$ |
13,505 |
|
|
$ |
16,482 |
|
Depreciation and
amortization expense |
2,381 |
|
|
1,489 |
|
Operating loss |
$ |
(15,886 |
) |
|
$ |
(17,971 |
) |
(in thousands, except
per share amounts) |
Consolidated Results |
|
Six Months Ended |
|
October 23, 2015 |
|
% of sales |
|
October 24, 2014 |
|
% of sales |
Net sales |
$ |
646,734 |
|
|
|
|
$ |
659,619 |
|
|
|
Cost of sales |
199,030 |
|
|
30.8 |
% |
|
230,180 |
|
|
34.9 |
% |
Operating wage and
fringe benefit expenses |
209,287 |
|
|
32.4 |
% |
|
210,042 |
|
|
31.8 |
% |
Other operating
expenses |
107,815 |
|
|
16.7 |
% |
|
107,909 |
|
|
16.4 |
% |
Selling, general and
administrative expenses |
70,361 |
|
|
10.9 |
% |
|
61,387 |
|
|
9.3 |
% |
Depreciation and
amortization expense |
40,260 |
|
|
6.2 |
% |
|
39,448 |
|
|
6.0 |
% |
Impairments |
285 |
|
|
— |
% |
|
1,577 |
|
|
0.2 |
% |
Operating Income |
19,696 |
|
|
3.0 |
% |
|
9,076 |
|
|
1.4 |
% |
Net interest
expense |
5,489 |
|
|
0.8 |
% |
|
3,819 |
|
|
0.6 |
% |
Income Before Income
Taxes |
14,207 |
|
|
2.2 |
% |
|
5,257 |
|
|
0.8 |
% |
Provision for income taxes |
3,496 |
|
|
0.5 |
% |
|
234 |
|
|
— |
% |
Net Income |
$ |
10,711 |
|
|
1.7 |
% |
|
5,023 |
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
Earnings Per Share |
|
|
|
|
|
|
|
Basic |
$ |
0.48 |
|
|
|
|
$ |
0.21 |
|
|
|
Diluted |
$ |
0.47 |
|
|
|
|
$ |
0.21 |
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per
share |
$ |
0.62 |
|
|
|
|
$ |
0.62 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
Basic |
22,421 |
|
|
|
|
23,467 |
|
|
|
Dilutive Shares |
151 |
|
|
|
|
231 |
|
|
|
Diluted |
22,572 |
|
|
|
|
23,698 |
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
quarter end |
21,379 |
|
|
|
|
23,600 |
|
|
|
The number of dilutive shares that were not included in the
computation of dilutive earnings per share, because to do so would
have been antidilutive, was 241,445 shares for the six months ended
October 23, 2015.
(in thousands) |
Six Months Ended |
|
Bob Evans Restaurants |
|
BEF Foods |
|
October 23, 2015 |
|
October 24, 2014 |
|
October 23, 2015 |
|
October 24, 2014 |
Net sales |
$ |
469,410 |
|
|
|
|
$ |
481,302 |
|
|
|
|
$ |
177,324 |
|
|
|
|
$ |
178,317 |
|
|
|
Cost of sales |
123,192 |
|
|
26.2 |
% |
|
127,376 |
|
|
26.5 |
% |
|
75,838 |
|
|
42.8 |
% |
|
102,804 |
|
|
57.7 |
% |
Operating wage and
fringe benefit expenses |
188,922 |
|
|
40.2 |
% |
|
189,675 |
|
|
39.4 |
% |
|
20,365 |
|
|
11.5 |
% |
|
20,367 |
|
|
11.3 |
% |
Other operating
expenses |
83,001 |
|
|
17.7 |
% |
|
84,795 |
|
|
17.6 |
% |
|
24,814 |
|
|
14.0 |
% |
|
23,114 |
|
|
13.0 |
% |
Selling, general and
administrative expenses |
23,868 |
|
|
5.1 |
% |
|
14,426 |
|
|
3.0 |
% |
|
17,880 |
|
|
10.1 |
% |
|
14,032 |
|
|
7.9 |
% |
Depreciation and
amortization expense |
27,010 |
|
|
5.8 |
% |
|
27,898 |
|
|
5.8 |
% |
|
8,593 |
|
|
4.8 |
% |
|
8,599 |
|
|
4.8 |
% |
Impairments |
285 |
|
|
0.1 |
% |
|
1,577 |
|
|
0.3 |
% |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
Operating income |
$ |
23,132 |
|
|
4.9 |
% |
|
$ |
35,555 |
|
|
7.4 |
% |
|
$ |
29,834 |
|
|
16.8 |
% |
|
$ |
9,401 |
|
|
5.3 |
% |
(in thousands) |
Six Months Ended |
|
Corporate and Other |
|
October 23, 2015 |
|
October 24, 2014 |
Selling, general and
administrative expenses |
$ |
28,613 |
|
|
$ |
32,929 |
|
Depreciation and
amortization expense |
4,657 |
|
|
2,951 |
|
Operating loss |
$ |
(33,270 |
) |
|
$ |
(35,880 |
) |
Consolidated Balance Sheets
|
Unaudited |
|
|
|
October 23, 2015 |
|
April 24, 2015 |
(in
thousands, except par value amounts) |
|
|
Assets |
Current
Assets |
|
|
|
Cash and
equivalents |
$ |
5,361 |
|
|
$ |
6,358 |
|
Accounts receivable,
net |
31,697 |
|
|
26,100 |
|
Inventories |
29,178 |
|
|
24,620 |
|
Deferred income
taxes |
16,117 |
|
|
16,117 |
|
Federal and state
income taxes receivable |
12,957 |
|
|
23,722 |
|
Prepaid expenses and
other current assets |
6,171 |
|
|
5,035 |
|
Current assets held for
sale |
17,327 |
|
|
22,243 |
|
Total Current
Assets |
118,808 |
|
|
124,195 |
|
Property, Plant
and Equipment |
1,552,357 |
|
|
1,585,882 |
|
Less accumulated
depreciation |
786,858 |
|
|
756,015 |
|
Net Property, Plant and
Equipment |
765,499 |
|
|
829,867 |
|
Other
Assets |
|
|
|
Deposits and other |
5,502 |
|
|
3,756 |
|
Notes receivable |
19,780 |
|
|
18,544 |
|
Rabbi trust assets |
29,849 |
|
|
32,302 |
|
Goodwill and other
intangible assets |
19,908 |
|
|
19,986 |
|
Non-current deferred
tax assets |
2,326 |
|
|
2,326 |
|
Long-term assets held
for sale |
— |
|
|
1,611 |
|
Total Other
Assets |
77,365 |
|
|
78,525 |
|
Total
Assets |
$ |
961,672 |
|
|
$ |
1,032,587 |
|
Liabilities and Stockholders’
Equity |
Current
Liabilities |
|
|
|
Current portion of
long-term debt |
$ |
415 |
|
|
$ |
409 |
|
Accounts payable |
38,473 |
|
|
30,019 |
|
Accrued property, plant
and equipment purchases |
5,477 |
|
|
4,820 |
|
Accrued non-income
taxes |
17,023 |
|
|
14,951 |
|
Accrued wages and
related liabilities |
21,918 |
|
|
34,529 |
|
Self-insurance
reserves |
20,804 |
|
|
18,900 |
|
Deferred gift card
revenue |
11,920 |
|
|
13,714 |
|
Current reserve for
uncertain tax provision |
1,582 |
|
|
1,594 |
|
Other accrued
expenses |
43,961 |
|
|
34,156 |
|
Total Current
Liabilities |
161,573 |
|
|
153,092 |
|
Long-Term
Liabilities |
|
|
|
Deferred
compensation |
17,740 |
|
|
22,481 |
|
Reserve for uncertain
tax positions |
2,733 |
|
|
2,767 |
|
Deferred income
taxes |
17,986 |
|
|
17,825 |
|
Deferred rent and
other |
8,155 |
|
|
5,755 |
|
Credit facility
borrowings and other long-term debt |
474,253 |
|
|
450,676 |
|
Total Long-Term
Liabilities |
520,867 |
|
|
499,504 |
|
Stockholders’
Equity |
|
|
|
Common stock, $.01 par
value; authorized 100,000 shares; issued 42,638 shares at October
23, 2015, and April 24, 2015 |
426 |
|
|
426 |
|
Capital in excess of
par value |
240,047 |
|
|
235,958 |
|
Retained earnings |
832,819 |
|
|
836,362 |
|
Treasury stock, 21,259
shares at October 23, 2015, and 19,231 shares at April 24,
2015, at cost |
(794,060 |
) |
|
(692,755 |
) |
Total
Stockholders’ Equity |
279,232 |
|
|
379,991 |
|
Total
Liabilities and Stockholders' Equity |
$ |
961,672 |
|
|
$ |
1,032,587 |
|
Consolidated Statements of Cash Flows
(in thousands) |
Six Months Ended |
|
October 23, 2015 |
|
October 24, 2014 |
Operating
activities: |
|
|
|
Net income |
$ |
10,711 |
|
|
$ |
5,023 |
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
40,260 |
|
|
39,448 |
|
Impairments |
285 |
|
|
1,577 |
|
Loss (Gain) on disposal of fixed
assets |
1,603 |
|
|
(376 |
) |
Loss (Gain) on rabbi trust
assets |
2,453 |
|
|
(1,233 |
) |
(Gain) Loss Deferred
compensation |
(1,462 |
) |
|
880 |
|
Share based compensation |
3,329 |
|
|
1,888 |
|
Accretion on long-term note
receivable |
(1,011 |
) |
|
(903 |
) |
Deferred income taxes |
161 |
|
|
— |
|
Amortization of deferred financing
costs |
1,336 |
|
|
448 |
|
Cash provided by (used for) assets
and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
(5,597 |
) |
|
106 |
|
Inventories |
(4,558 |
) |
|
(2,734 |
) |
Prepaid expenses and other current
assets |
(1,136 |
) |
|
(1,453 |
) |
Accounts payable |
8,454 |
|
|
3,837 |
|
Federal and state income taxes |
10,719 |
|
|
627 |
|
Accrued wages and related
liabilities |
(7,710 |
) |
|
(1,600 |
) |
Self-insurance |
1,904 |
|
|
745 |
|
Accrued non-income taxes |
2,072 |
|
|
(2,732 |
) |
Deferred gift card revenue |
(1,794 |
) |
|
(1,775 |
) |
Other assets and liabilities |
6,332 |
|
|
(1,932 |
) |
Net cash
provided by operating activities |
66,351 |
|
|
39,841 |
|
Investing
activities: |
|
|
|
|
|
|
|
Purchase of property, plant and
equipment |
(26,667 |
) |
|
(36,955 |
) |
Proceeds from sale of property,
plant and equipment |
58,451 |
|
|
1,108 |
|
Deposits and other |
(566 |
) |
|
(261 |
) |
Net cash
provided by (used in) investing activities |
31,218 |
|
|
(36,108 |
) |
Financing
activities: |
|
|
|
|
|
|
|
Cash dividends paid |
(14,040 |
) |
|
(14,468 |
) |
Gross proceeds from credit facility
borrowings and other long-term debt |
380,192 |
|
|
211,072 |
|
Gross repayments of credit facility
borrowings and other long-term debt |
(356,610 |
) |
|
(202,101 |
) |
Payments of debt issuance
costs |
(2,517 |
) |
|
(1,279 |
) |
Purchase of treasury stock |
(104,929 |
) |
|
— |
|
Proceeds from share-based
compensation |
214 |
|
|
239 |
|
Cash paid for taxes on share-based
compensation |
(1,007 |
) |
|
(1,768 |
) |
Excess tax benefits from
stock-based compensation |
131 |
|
|
483 |
|
Net cash used
in financing activities |
(98,566 |
) |
|
(7,822 |
) |
Net decrease in cash
and equivalents |
(997 |
) |
|
(4,089 |
) |
Cash and
equivalents at the beginning of the period |
6,358 |
|
|
7,826 |
|
Cash and
equivalents at the end of the period |
$ |
5,361 |
|
|
$ |
3,737 |
|
Summary of Operating Efficiency Savings Fiscal 2016 year
to date (dollars in millions)
|
Consolidated |
|
Bob Evans Restaurants |
|
BEF Foods |
|
Corporate and Other |
S,G&A |
|
|
|
|
|
|
|
Wage-Related |
$ |
4.9 |
|
|
$ |
1.9 |
|
|
$ |
0.5 |
|
|
$ |
2.5 |
|
Non Wage-Related |
0.8 |
|
|
0.4 |
|
|
— |
|
|
0.4 |
|
Total S,G&A |
5.7 |
|
|
2.3 |
|
|
0.5 |
|
|
2.9 |
|
|
|
|
|
|
|
|
|
Non-S,G&A |
|
|
|
|
|
|
|
Wage-Related |
0.2 |
|
|
— |
|
|
0.2 |
|
|
— |
|
Non Wage-Related |
1.5 |
|
|
— |
|
|
1.5 |
|
|
— |
|
Total
Non-S,G&A |
1.7 |
|
|
— |
|
|
1.7 |
|
|
— |
|
|
|
|
|
|
|
|
|
Year to date total |
$ |
7.4 |
|
|
$ |
2.3 |
|
|
$ |
2.2 |
|
|
$ |
2.9 |
|
Bob Evans Restaurants openings and closings, by
quarter
Fiscal Year |
|
Beginning Total |
|
Q1 |
|
Q2 |
|
Q3* |
|
Q4* |
|
Full Year* |
|
Closings |
|
Ending Total* |
2016 |
|
567 |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
|
20 |
|
|
548 |
|
2015 |
|
561 |
|
|
1 |
|
|
— |
|
|
2 |
|
|
4 |
|
|
7 |
|
|
1 |
|
|
567 |
|
2014 |
|
560 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
4 |
|
|
3 |
|
|
561 |
|
2013 |
|
565 |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
7 |
|
|
560 |
|
2012 |
|
563 |
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
|
4 |
|
|
2 |
|
|
565 |
|
*Includes estimate for remaining quarters in fiscal 2016
Bob Evans Same-Store Sales Day Part
Performance
Second-quarter Fiscal 2016
SSS% Day Part Performance - Total Chain |
Day
Part |
|
On-Premises |
|
Off-Premises |
|
Total |
Breakfast |
|
|
(1.2 |
)% |
|
|
7.6 |
% |
|
|
(0.4 |
)% |
Lunch |
|
|
(3.4 |
)% |
|
|
(1.1 |
)% |
|
|
(3.1 |
)% |
Dinner |
|
|
(7.6 |
)% |
|
|
(0.7 |
)% |
|
|
(6.2 |
)% |
Total |
|
|
(3.9 |
)% |
|
|
0.9 |
% |
|
|
(3.2 |
)% |
|
|
|
|
|
|
|
Second-quarter Fiscal 2016
SSS% Day Part Performance - Restaurants offering Broasted
Chicken |
Day
Part |
|
On-Premises |
|
Off-Premises |
|
Total |
Breakfast |
|
|
(1.9 |
)% |
|
|
6.3 |
% |
|
|
(1.0 |
)% |
Lunch |
|
|
(4.1 |
)% |
|
|
(0.7 |
)% |
|
|
(3.6 |
)% |
Dinner |
|
|
(6.7 |
)% |
|
|
1.0 |
% |
|
|
(4.9 |
)% |
Total |
|
|
(4.3 |
)% |
|
|
1.5 |
% |
|
|
(3.3 |
)% |
|
|
|
|
|
|
|
Second-quarter Fiscal 2016
SSS% Day Part Performance - Restaurants without Broasted
Chicken |
Day
Part |
|
On-Premises |
|
Off-Premises |
|
Total |
Breakfast |
|
|
(0.4 |
)% |
|
|
9.9 |
% |
|
|
0.4 |
% |
Lunch |
|
|
(2.3 |
)% |
|
|
(2.1 |
)% |
|
|
(2.3 |
)% |
Dinner |
|
|
(9.0 |
)% |
|
|
(5.0 |
)% |
|
|
(8.4 |
)% |
Total |
|
|
(3.4 |
)% |
|
|
(0.4 |
)% |
|
|
(3.1 |
)% |
Bob Evans Restaurants same-store sales analysis
(18-month core; 540 restaurants)
|
Fiscal 2016 |
|
Fiscal 2015* |
|
Fiscal 2014* |
|
Total |
|
Pricing / Mix |
|
Transactions |
|
Total |
|
Pricing / Mix |
|
Transactions |
|
Total |
|
Pricing / Mix |
|
Transactions |
May |
|
(0.3 |
)% |
|
|
3.9 |
% |
|
|
(4.2 |
)% |
|
|
(1.9 |
)% |
|
|
1.3 |
% |
|
|
(3.1 |
)% |
|
|
(0.5 |
)% |
|
|
2.8 |
% |
|
|
(3.4 |
)% |
June |
|
(0.9 |
)% |
|
|
4.4 |
% |
|
|
(5.3 |
)% |
|
|
(1.2 |
)% |
|
|
1.2 |
% |
|
|
(2.4 |
)% |
|
|
(0.4 |
)% |
|
|
2.8 |
% |
|
|
(3.1 |
)% |
July |
|
0.3 |
% |
|
|
5.8 |
% |
|
|
(5.5 |
)% |
|
|
(2.7 |
)% |
|
|
0.9 |
% |
|
|
(3.6 |
)% |
|
|
(1.2 |
)% |
|
|
2.2 |
% |
|
|
(3.3 |
)% |
Q1 |
|
(0.3 |
)% |
|
|
4.8 |
% |
|
|
(5.0 |
)% |
|
|
(2.0 |
)% |
|
|
1.1 |
% |
|
|
(3.2 |
)% |
|
|
(0.7 |
)% |
|
|
2.6 |
% |
|
|
(3.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August |
|
(1.3 |
)% |
|
|
3.3 |
% |
|
|
(4.6 |
)% |
|
|
(2.4 |
)% |
|
|
2.0 |
% |
|
|
(4.4 |
)% |
|
|
(0.8 |
)% |
|
|
3.0 |
% |
|
|
(3.7 |
)% |
September |
|
(3.8 |
)% |
|
|
2.9 |
% |
|
|
(6.6 |
)% |
|
|
1.7 |
% |
|
|
2.6 |
% |
|
|
(0.9 |
)% |
|
|
(2.2 |
)% |
|
|
2.6 |
% |
|
|
(4.8 |
)% |
October |
|
(4.4 |
)% |
|
|
1.5 |
% |
|
|
(5.8 |
)% |
|
|
0.4 |
% |
|
|
2.5 |
% |
|
|
(2.1 |
)% |
|
|
(2.6 |
)% |
|
|
1.6 |
% |
|
|
(4.3 |
)% |
Q2 |
|
(3.2 |
)% |
|
|
2.5 |
% |
|
|
(5.7 |
)% |
|
|
(0.1 |
)% |
|
|
2.4 |
% |
|
|
(2.4 |
)% |
|
|
(1.9 |
)% |
|
|
2.3 |
% |
|
|
(4.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November |
|
|
|
|
|
|
|
2.9 |
% |
|
|
2.8 |
% |
|
|
— |
% |
|
|
1.7 |
% |
|
|
2.8 |
% |
|
|
(1.1 |
)% |
December |
|
|
|
|
|
|
|
3.9 |
% |
|
|
1.3 |
% |
|
|
2.6 |
% |
|
|
(3.5 |
)% |
|
|
2.8 |
% |
|
|
(6.3 |
)% |
January |
|
|
|
|
|
|
|
5.2 |
% |
|
|
2.3 |
% |
|
|
2.9 |
% |
|
|
(4.7 |
)% |
|
|
4.2 |
% |
|
|
(8.8 |
)% |
Q3 |
|
|
|
|
|
|
|
3.8 |
% |
|
|
2.2 |
% |
|
|
1.6 |
% |
|
|
(1.7 |
)% |
|
|
3.3 |
% |
|
|
(5.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February |
|
|
|
|
|
|
|
2.4 |
% |
|
|
3.1 |
% |
|
|
(0.6 |
)% |
|
|
(6.7 |
)% |
|
|
3.0 |
% |
|
|
(9.8 |
)% |
March |
|
|
|
|
|
|
|
0.9 |
% |
|
|
2.9 |
% |
|
|
(2.0 |
)% |
|
|
(4.1 |
)% |
|
|
2.1 |
% |
|
|
(6.3 |
)% |
April |
|
|
|
|
|
|
|
2.3 |
% |
|
|
4.0 |
% |
|
|
(1.7 |
)% |
|
|
(2.6 |
)% |
|
|
1.8 |
% |
|
|
(4.4 |
)% |
Q4 |
|
|
|
|
|
|
|
2.1 |
% |
|
|
3.4 |
% |
|
|
(1.3 |
)% |
|
|
(4.3 |
)% |
|
|
2.3 |
% |
|
|
(6.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year |
|
(1.7 |
)% |
|
|
3.6 |
% |
|
|
(5.4 |
)% |
|
|
0.9 |
% |
|
|
2.3 |
% |
|
|
(1.4 |
)% |
|
|
(2.1 |
)% |
|
|
2.6 |
% |
|
|
(4.7 |
)% |
* Prior year data presentation reflects Company's current same
store sales methodology.
Bob Evans Restaurants key restaurant sales
data
|
Bob Evans Restaurants |
Average annual store
sales ($) - FY15 |
$ |
1,730,000 |
|
|
|
Q2 FY2016 day part mix
(%): |
|
Breakfast |
33 |
% |
Lunch |
36 |
% |
Dinner |
31 |
% |
|
|
Q2 FY2016 dine-in check
average per guest ($): |
|
Breakfast |
$ |
9.30 |
|
Lunch |
$ |
9.65 |
|
Dinner |
$ |
9.73 |
|
|
|
Q2 FY2016 dine-in check
average per guest ($): |
$ |
9.55 |
|
Q2 FY2016 dine-in check
average per ticket ($): |
$ |
18.54 |
|
Q2 FY2016 carry-out
check average per ticket ($): |
$ |
14.51 |
|
BEF Foods historical sow cost review (average
cost per hundredweight) |
Fiscal Year |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Average |
2016 |
|
$ |
38.75 |
|
|
$ |
53.31 |
|
|
|
|
|
|
$ |
46.92 |
|
2015 |
|
$ |
87.87 |
|
|
$ |
78.82 |
|
|
$ |
67.79 |
|
|
$ |
43.02 |
|
|
$ |
69.41 |
|
2014 |
|
$ |
63.24 |
|
|
$ |
77.33 |
|
|
$ |
72.36 |
|
|
$ |
78.47 |
|
|
$ |
73.23 |
|
2013 |
|
$ |
54.19 |
|
|
$ |
43.22 |
|
|
$ |
58.73 |
|
|
$ |
59.07 |
|
|
$ |
53.87 |
|
2012 |
|
$ |
57.06 |
|
|
$ |
67.82 |
|
|
$ |
60.56 |
|
|
$ |
60.41 |
|
|
$ |
61.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEF Foods total pounds sold review (inclusive of pounds
sold to Bob Evans Restaurants) |
Fiscal Year |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Average |
2016 |
|
|
0.4 |
% |
|
|
5.7 |
% |
|
|
|
|
|
|
3.1 |
% |
2015 |
|
|
(6.1 |
)% |
|
|
(4.5 |
)% |
|
|
5.5 |
% |
|
|
0.9 |
% |
|
|
(0.9 |
)% |
2014 |
|
|
13.0 |
% |
|
|
0.2 |
% |
|
|
(11.1 |
)% |
|
|
(6.9 |
)% |
|
|
(2.4 |
)% |
2013 |
|
|
7.2 |
% |
|
|
16.1 |
% |
|
|
13.1 |
% |
|
|
21.4 |
% |
|
|
14.6 |
% |
2012 |
|
|
(2.7 |
)% |
|
|
3.1 |
% |
|
|
0.9 |
% |
|
|
(1.3 |
)% |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BEF
Foods total pounds sold, by category |
|
|
|
|
|
|
Fiscal
2016 |
|
|
|
|
|
|
|
|
|
|
Category |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
|
Sides |
|
|
49.6 |
% |
|
|
50.7 |
% |
|
|
|
|
|
|
Sausage |
|
|
22.0 |
% |
|
|
22.3 |
% |
|
|
|
|
|
|
Food Service -
External |
|
|
14.1 |
% |
|
|
12.5 |
% |
|
|
|
|
|
|
Food Service -
Intersegment |
|
|
6.2 |
% |
|
|
6.6 |
% |
|
|
|
|
|
|
Frozen |
|
|
4.6 |
% |
|
|
4.5 |
% |
|
|
|
|
|
|
Other |
|
|
3.5 |
% |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
2015 |
|
|
|
|
|
|
|
|
|
|
Category |
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
|
Sides |
|
|
42.5 |
% |
|
|
46.9 |
% |
|
|
48.0 |
% |
|
|
49.8 |
% |
|
|
Sausage |
|
|
19.3 |
% |
|
|
20.5 |
% |
|
|
26.2 |
% |
|
|
23.7 |
% |
|
|
Food Service -
External |
|
|
24.0 |
% |
|
|
18.0 |
% |
|
|
12.8 |
% |
|
|
11.8 |
% |
|
|
Food Service -
Intersegment |
|
|
6.0 |
% |
|
|
6.0 |
% |
|
|
5.5 |
% |
|
|
5.8 |
% |
|
|
Frozen |
|
|
4.6 |
% |
|
|
5.0 |
% |
|
|
4.1 |
% |
|
|
4.8 |
% |
|
|
Other |
|
|
3.6 |
% |
|
|
3.6 |
% |
|
|
3.4 |
% |
|
|
4.1 |
% |
|
|
BEF Foods net sales review (dollars in
thousands)
|
Q2 FY16 |
|
Q2 FY15 |
Gross sales |
$ |
109,935 |
|
|
$ |
104,608 |
|
Less: promotions |
14,072 |
|
|
10,392 |
|
Less: discounts |
559 |
|
|
1,095 |
|
Less: returns and
slotting |
1,024 |
|
|
993 |
|
Net sales |
$ |
94,280 |
|
|
$ |
92,128 |
|
|
YTD 2016 |
|
YTD 2015 |
Gross sales |
$ |
207,732 |
|
|
$ |
199,478 |
|
Less: promotions |
26,925 |
|
|
17,992 |
|
Less: discounts |
1,833 |
|
|
1,902 |
|
Less: returns and
slotting |
1,650 |
|
|
1,267 |
|
Net sales |
$ |
177,324 |
|
|
$ |
178,317 |
|
Contact:
Scott C. Taggart
Vice President, Investor Relations
(614) 492-4954
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