UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 1, 2015 (December 1, 2015)
Bob Evans Farms, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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0-1667 |
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31-4421866 |
(State or other jurisdiction
of incorporation) |
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(Commission
File No.) |
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(I.R.S. Employer
Identification No.) |
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8111 Smiths Mill Road |
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New Albany, Ohio |
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43054 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (614) 491-2225
Not applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2b) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c) |
Item 2.02. |
Results of Operations and Financial Condition. |
On December 1, 2015, Bob Evans
Farms, Inc., a Delaware corporation (the Company) issued a news release announcing financial results for the second quarter of fiscal year 2016 ended October 23, 2015. A copy of the news release is furnished as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
The Company also made available in conjunction with the news release a fact
sheet with additional financial information as of and for the second quarter of fiscal year 2016 ended October 23, 2015. The additional information is furnished as part of Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Within the news release the Company sets forth the reasons it believes that the presentation of the non-GAAP financial
measures contained in the press release provide useful information to investors regarding the Companys financial condition and results of operations. To the extent material, the exhibit also discloses the additional purposes, if any, for which
the Companys management uses these non-GAAP financial measures. A reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures is included in the fact sheet.
The information in this Current Report on Form 8-K, including the information contained in Exhibit 99.1 is being furnished and shall not be deemed to be
filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in
any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise explicitly stated in such filing.
Item 9.01. |
Financial Statements and Exhibits. |
(a) Financial Statements of Business Acquired
Not Applicable
(b) Pro Forma Financial Information Not applicable
(c) Shell Company Transactions Not Applicable
(d) Exhibits:
The following
exhibits are included with this Current Report on Form 8-K:
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Exhibit No. |
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Description |
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99.1 |
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News release issued by Bob Evans Farms, Inc. on December 1, 2015, announcing financial results for the second quarter of fiscal year 2016 ended October 23, 2015, with additional financial information made available by Bob
Evans Farms, Inc. in conjunction with the news release issued on December 1, 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
hereunto duly authorized.
Date: December 1, 2015
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BOB EVANS FARMS, INC. |
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By: |
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/s/ Kevin C. ONeil |
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Kevin C. ONeil, Vice President, Assoc. General |
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Counsel and Asst. Corporate Secretary |
Exhibit 99.1
BOB EVANS REPORTS FISCAL 2016 SECOND-QUARTER RESULTS; BOARD APPROVES $100 MILLION INCREASE IN CURRENT SHARE REPURCHASE
AUTHORIZATION
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Q2 2016 net sales total $325.0 million. GAAP net income of $0.29 per diluted share, non-GAAP net income(1) of $0.41 per diluted share, representing increases of 16
percent and 14 percent, respectively. GAAP consolidated operating income increased nearly 27 percent and non-GAAP consolidated operating income increased 19 percent compared to the prior-year period |
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Company reaffirms fiscal year 2016 non-GAAP diluted EPS guidance range of $1.85 to $2.00 |
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BEF Foods Q2 2016 non-GAAP operating income increases 176 percent compared to the prior-year period. Retail pounds sold increase 12.6 percent. Refrigerated side dish products comprised more than 50 percent of
total pounds sold, an historic high |
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Bob Evans Restaurants Q2 2016 non-GAAP operating income declines 34 percent compared to the prior-year period. New menu and products being introduced to drive sales and profit growth |
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Company repurchased $44.4 million (1.0 million shares) during Q2 2016 and $27.0 million (0.6 million shares) during Q3 through November 30, 2015, bringing fiscal 2016 share repurchases to $131.9 million (2.9
million shares) |
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Board approves $100 million increase in share repurchase authorization to $250 million, from $150 million previously |
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Board approves a 9.7 percent quarterly dividend increase to $0.34 per share payable on December 14, 2015, to stockholders of record at the close of business on November 30, 2015 |
NEW ALBANY, Ohio December 1, 2015 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.
1
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 Companys 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. Saeds 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
2
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 summary
Bob 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.
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Same-Store Sales (SSS) Restaurants |
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August |
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September |
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October |
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2Q FY 16 |
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540 |
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-1.3 |
% |
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-3.8 |
% |
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-4.4 |
% |
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-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 summary
BEF
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 summary
Corporate and Others GAAP operating costs were $15.9 million, compared to $18.0 million in the year ago period.
Corporate and Others 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.
3
Second-quarter fiscal 2016 net interest expense The Companys 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 Companys 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 Companys 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 Companys annual non-GAAP estimated tax rate.
Second-quarter fiscal 2016 balance sheet highlights The Companys 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 Companys $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
Companys 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 outlook
Chief 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
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1Q (actual) |
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2Q (actual) |
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3Q |
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4Q |
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Full Year |
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sss% 2016 (guidance) |
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-0.3 |
% |
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-3.2 |
% |
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negative low-single digits |
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negative low-single digits |
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-2.5% to
-1.0% |
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sss% 2015 (actual) |
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-2.0 |
% |
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0.0 |
% |
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3.8 |
% |
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2.1 |
% |
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0.9 |
% |
sow costs (per hundredweight) 2016 (guidance) |
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$ |
38.75 |
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$ |
53.31 |
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$ |
57 |
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$ |
60 |
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$ |
53 |
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sow costs (per hundredweight) 2015 (actual) |
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$ |
87.87 |
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$ |
78.82 |
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$ |
67.79 |
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$ |
43.02 |
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$ |
69.41 |
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4
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Guidance Metric |
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FY 16 |
Consolidated net sales |
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approximately $1.35 billion |
Bob Evans Restaurants same-store sales |
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-2.5% to -1.0 percent |
Bob Evans Restaurants commodity pricing |
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approximately 3.5% (including eggs) |
BEF Foods net sales |
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$380 to $390 million |
Capital expenditures |
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$78 to $82 million |
ERP implementation (included in S,G&A) |
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$2.0 to $2.5 million |
Depreciation and amortization |
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$81 to $84 million |
Net interest expense |
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$11 to $12 million |
Tax rate |
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27.5% to 28.5% |
Diluted weighted-average share count |
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21.8 million shares |
Non-GAAP earnings per diluted share |
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$1.85 to $2.00 |
This outlook is subject to a number of factors beyond the Companys control, including the risk factors discussed in the
Companys fiscal 2015 Annual Report on Form 10-K and its other subsequent filings with the Securities and Exchange Commission.
Investor Conference Call
The 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 Measures |
The 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 Companys 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 1995
Certain 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
5
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.
Contact:
Scott C. Taggart
Vice President, Investor Relations
(614) 492-4954
BOBEE
Source: Bob Evans Farms, Inc.
6
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:
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(in thousands, except per share amounts) |
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Basic EPS |
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Diluted EPS |
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Three Months Ended |
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Three Months Ended |
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Three Months Ended |
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October 23, 2015 |
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October 24, 2014 |
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October 23, 2015 |
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October 24, 2014 |
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October 23, 2015 |
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October 24, 2014 |
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Operating Income (Loss) as Reported |
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Bob Evans Restaurants |
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$ |
13,323 |
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$ |
20,627 |
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BEF Foods |
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13,997 |
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6,356 |
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Corporate and Other |
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(15,886 |
) |
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(17,971 |
) |
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Operating Income |
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11,434 |
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9,012 |
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Net interest expense |
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2,883 |
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|
2,203 |
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Income Before Income Taxes |
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8,551 |
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6,809 |
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Provision for income taxes |
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2,120 |
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|
770 |
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Net Income as reported |
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6,431 |
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6,039 |
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$ |
0.29 |
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$ |
0.26 |
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$ |
0.29 |
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$ |
0.25 |
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Adjustments |
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Bob Evans Restaurants |
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Severance/Restructuring |
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318 |
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Activism, Strategic Initiatives and Other |
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|
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|
137 |
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318 |
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|
137 |
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BEF Foods |
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Loss on Sale of Assets |
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3,606 |
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Activism, Strategic Initiatives and Other |
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17 |
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|
|
|
|
|
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 |
|
7
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 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 |
|
$ |
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
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 |
|
10
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
) |
|
|
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
) |
|
|
|
|
|
|
|
|
|
14
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 |
|
|
|
|
|
|
|
|
|
|
15
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 |
|
|
|
|
|
|
|
|
|
|
16
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 |
)% |
17
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 Companys 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 |
|
18
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 |
% |
19
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 |
|
|
|
|
|
|
|
|
|
|
20
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