Back to GetFilings.com
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 24, 2003
--------------------------------------------------
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from
-------------------------------------------------
Commission file number 0-1667
-------------------------------------------------
Bob Evans Farms, Inc.
-----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 31-4421866
- --------------------------------------------- ------------------------------
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
3776 South High Street Columbus, Ohio 43207
- --------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(614) 491-2225
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
- --------------------------------------------------------------------------------
(Former name, former address and formal fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
----- -----
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).
Yes X No
----- -----
As of November 21, 2003, the registrant had issued 42,638,118 common
shares, of which 34,963,785 were outstanding.
-1-
BOB EVANS FARMS, INC.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Oct. 24, 2003 April 25, 2003
------------- --------------
Unaudited Audited
ASSETS
Current assets
Cash and equivalents $ 9,074 $ 9,066
Accounts receivable 13,196 11,115
Inventories 18,263 16,872
Deferred income taxes 8,914 8,914
Prepaid expenses 2,645 1,975
----------- -----------
TOTAL CURRENT ASSETS 52,092 47,942
Property, plant and equipment 1,115,602 1,046,815
Less accumulated depreciation 360,536 342,373
----------- -----------
NET PROPERTY, PLANT AND EQUIPMENT 755,066 704,442
Other assets
Deposits and other 4,697 3,112
Long-term investments 16,400 14,306
Deferred income taxes 13,222 13,222
Goodwill 1,567 1,567
----------- -----------
TOTAL OTHER ASSETS 35,886 32,207
----------- -----------
$ 843,044 $ 784,591
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Line of credit $ 38,540 $ 32,255
Current maturities of long-term debt 4,000 4,000
Accounts payable 12,282 10,374
Dividends payable 4,166 3,794
Federal and state income taxes 27,074 10,720
Accrued wages and related liabilities 15,924 18,834
Self insurance 20,523 19,241
Other accrued expenses 45,096 42,331
----------- -----------
TOTAL CURRENT LIABILITIES 167,605 141,549
Long-term liabilities
Deferred compensation 11,454 8,554
Deferred income taxes 45,236 45,236
Long-term debt 26,333 28,333
----------- -----------
TOTAL LONG-TERM LIABILITIES 83,023 82,123
Stockholders' equity
Common stock, $.01 par value; authorized 100,000,000
shares; issued 42,638,118 shares at October 24,
2003, and April 25, 2003 426 426
Preferred stock, authorized 1,200 shares; issued 120
shares at October 24, 2003, and April 25, 2003 60 60
Capital in excess of par value 147,902 150,253
Retained earnings 586,966 558,147
Treasury stock, 7,918,912 shares at October 24, 2003,
and 8,144,025 shares at April 25, 2003, at cost (142,938) (147,967)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 592,416 560,919
----------- -----------
$ 843,044 $ 784,591
=========== ===========
The accompanying notes are an integral part of the financial statements.
-2-
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
(Dollars in thousands, except per share amounts)
Three Months Ended Six Months Ended
------------------ ----------------
Oct. 24, 2003 Oct. 25, 2002 Oct. 24, 2003 Oct. 25, 2002
------------- ------------- ------------- -------------
NET SALES $297,260 $277,601 $592,732 $554,622
Cost of sales 83,607 71,606 165,742 143,111
Operating wage and fringe benefit expenses 102,638 96,738 205,067 192,934
Other operating expenses 44,365 42,139 87,867 83,432
Selling, general and administrative expenses 26,225 25,035 51,256 50,116
Depreciation and amortization expense 12,229 10,725 24,176 21,415
--------------- --------------- -------------- --------------
OPERATING INCOME 28,196 31,358 58,624 63,614
Net interest expense 358 468 854 995
--------------- --------------- -------------- --------------
INCOME BEFORE INCOME TAXES 27,838 30,890 57,770 62,619
PROVISIONS FOR INCOME TAXES 9,938 10,812 20,624 21,917
--------------- --------------- -------------- --------------
NET INCOME $ 17,900 $ 20,078 $ 37,146 $ 40,702
=============== =============== ============== ==============
EARNINGS PER SHARE - BASIC $0.52 $0.57 $1.07 $1.15
=============== =============== ============== ==============
EARNINGS PER SHARE - DILUTED $0.51 $0.56 $1.05 $1.13
=============== =============== ============== ==============
CASH DIVIDENDS PER SHARE $0.12 $0.11 $0.24 $0.22
=============== =============== ============== ==============
The accompanying notes are an integral part of the financial statements
-3-
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
(Dollars in thousands)
Six Months Ended
----------------
Oct. 24, 2003 Oct. 25, 2002
------------- -------------
OPERATING ACTIVITIES:
Net income $37,146 $40,702
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 24,176 21,415
Loss on sale of assets 136 113
(Gain) loss on long-term investments (901) 1,083
Deferred compensation 2,900 936
Compensation expense attributable to stock plans 632 746
Cash provided by (used for) current assets
and current liabilities:
Accounts receivable (2,081) (837)
Inventories (1,391) (1,464)
Prepaid expenses (670) (1,431)
Accounts payable 1,908 (1,803)
Federal and state income taxes 16,354 18,664
Accrued wages and related liabilities (2,910) (3,826)
Self insurance 1,282 1,799
Other accrued expenses 2,133 631
----------- -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 78,714 76,728
INVESTING ACTIVITIES:
Purchase of property, plant and equipment (75,344) (40,087)
Purchase of long-term investments (1,410) (3,676)
Proceeds from sale of property, plant and equipment 625 924
Other (1,585) 151
----------- -----------
NET CASH USED IN INVESTING ACTIVITIES (77,714) (42,688)
FINANCING ACTIVITIES:
Cash dividends paid (7,955) (7,450)
Line of credit 6,285 (6,370)
Purchase of treasury stock - (11,028)
Principal payments on long-term debt (2,000) (2,000)
Proceeds from issuance of treasury stock 2,678 5,831
----------- -----------
NET CASH USED IN FINANCING ACTIVITIES (992) (21,017)
----------- -----------
Increase in cash and equivalents 8 13,023
Cash and equivalents at the beginning of the period 9,066 7,934
----------- -----------
Cash and equivalents at the end of the period $ 9,074 $20,957
=========== ===========
The accompanying notes are an integral part of the financial statements.
-4-
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
1. Unaudited Financial Statements
The accompanying unaudited consolidated financial statements of Bob
Evans Farms, Inc. ("Bob Evans") and its subsidiaries (collectively, Bob
Evans and its subsidiaries are referred to as the "company") are presented
in accordance with the requirements of Form 10-Q and, consequently, do not
include all of the disclosures normally required by generally accepted
accounting principles, or those normally made in the company's Form 10-K
filing. In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair presentation of the
company's financial position and results of operations have been included.
The financial statements are not necessarily indicative of the results of
operations for a full fiscal year. No significant changes have occurred in
the disclosures made in Bob Evans' Form 10-K for the fiscal year ended
April 25, 2003 (refer to the Form 10-K for a summary of significant
accounting policies followed in the preparation of the consolidated
financial statements).
2. Earnings Per Share
Basic earnings per share computations are based on the
weighted-average number of shares of common stock outstanding during the
period presented. Diluted earnings per share calculations reflect the
assumed exercise and conversion of employee stock options.
The numerator in calculating both basic and diluted earnings per share
for each period is reported net income. The denominator is based on the
following weighted-average number of common shares outstanding:
(in thousands)
Three Months Ended Six Months Ended
------------------ ----------------
Oct. 24, 2003 Oct. 25, 2002 Oct. 24, 2003 Oct. 25, 2002
- -----------------------------------------------------------------------------------------------------
Basic 34,688 35,458 34,630 35,448
Effect of dilutive
stock options 611 571 617 696
------ ------ ------ ------
Diluted 35,299 36,029 35,247 36,144
====== ====== ====== ======
-5-
3. Stock-Based Employee Compensation
The company accounts for its stock-based employee compensation
plans under the recognition and measurement principles of Accounting
Principles Board Opinion No. 25, Accounting for Stock Issued to Employees,
and related interpretations. Accordingly, no compensation expense has been
recognized for stock options when the exercise price of the options is
equal to or greater than the fair market value of the stock at the grant
date.
The following table illustrates the effect on net income and
earnings per share if the company had applied the fair value recognition
provisions of Statement of Financial Accounting Standards (SFAS) No. 123,
Accounting for Stock-Based Compensation, to stock based employee
compensation:
(in thousands, except per share data)
Three Months Ended Six Months Ended
------------------ ----------------
Oct. 24, 2003 Oct. 25, 2002 Oct. 24, 2003 Oct. 25, 2002
- ---------------------------------------------------------------------------------------------------------------
NET INCOME, AS REPORTED $17,900 $20,078 $37,146 $40,702
ADD: stock-based employee compensation
cost, net of related tax effects,
included in reported net income - 37 - 74
DEDUCT: Stock-based employee
compensation cost, net of related tax
effects, determined under the fair value
method for all awards (1,032) (1,040) (1,965) (2,080)
---------------------------------------------------------------------
NET INCOME, PRO FORMA $16,868 $19,075 $35,181 $38,696
---------------------------------------------------------------------
EARNINGS PER SHARE - BASIC
As reported $0.52 $0.57 $1.07 $1.15
Pro forma $0.49 $0.54 $1.02 $1.09
EARNINGS PER SHARE - DILUTED
As reported $0.51 $0.56 $1.05 $1.13
Pro forma $0.48 $0.53 $1.00 $1.07
-6-
4. Goodwill
Goodwill, which represents the cost in excess of net assets acquired,
was $1,567,000 at both October 24, 2003 and April 25, 2003. SFAS No. 142,
Goodwill and Other Intangible Assets, requires an annual impairment test
instead of amortization of goodwill. The company performs the annual test
at the end of the fourth quarter. There was no goodwill amortization
expense in either fiscal year 2004 or 2003.
5. Industry Segments
The company's operations include restaurant operations and the
processing and sale of food and related products. The revenues from these
segments include both sales to unaffiliated customers and intersegment
sales, which are accounted for on a basis consistent with sales to
unaffiliated customers. Intersegment sales and other intersegment
transactions have been eliminated in the consolidated financial statements.
Information on the company's operating segments is summarized as follows:
(in thousands)
Three Months Ended Six Months Ended
------------------ ----------------
Oct. 24, 2003 Oct. 25, 2002 Oct. 24, 2003 Oct. 25, 2002
- ---------------------------------------------------------------------------------------------------------------
Sales
Restaurant Operations $246,383 $231,212 $493,931 $465,249
Food Products 59,622 54,531 115,393 105,207
-------- -------- -------- --------
306,005 285,743 609,324 570,456
Intersegment sales of food products (8,745) (8,142) (16,592) (15,834)
-------- -------- -------- --------
Total $297,260 $277,601 $592,732 $554,622
======== ======== ======== ========
Operating Income
Restaurant Operations $24,643 $24,344 $52,420 $51,705
Food Products 3,553 7,014 6,204 11,909
------- ------- ------- -------
Total $28,196 $31,358 $58,624 $63,614
======= ======= ======= =======
6. New Accounting Standards
The Emerging Issues Task Force (EITF) reached a consensus on EITF
Issue No. 02-16, Accounting by a Customer for Certain Consideration
Received From a Vendor. Issue No. 02-16 requires that certain cash
consideration (rebates) received by a customer from a vendor be classified
in the customer's consolidated statements of income as a reduction of cost
of sales. The consensus is required to be applied to new arrangements
entered into after Dec. 31, 2002, and permits the recasting of prior-period
financial statements for comparative purposes provided that previously
reported income would not change as a result of applying the consensus.
Accordingly, previously reported cost of sales was reduced by $518,000 and
$1,059,000 for the three-months and six-months, respectively, ended October
25, 2002, with a corresponding increase to other operating expenses.
Operating income was unaffected.
7. Reclassifications
Certain fiscal 2003 amounts have been reclassified to conform to the
fiscal 2004 classification.
-7-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
SALES
Consolidated net sales increased 7.1% to $297.3 million in the second
quarter of fiscal 2004 compared to the corresponding quarter last year. The
increase was comprised of sales increases in the restaurant segment and food
products segment of $15.2 million and $4.5 million, respectively. Restaurant
sales accounted for 82.9% of consolidated sales in the quarter. For the
six-month period ended October 24, 2003, consolidated net sales increased $38.1
million, or 6.9%, compared to the previous year.
The restaurant sales increase of $15.2 million in the second quarter of
fiscal 2004 represented a 6.6% increase over the second quarter last year. The
increase was the result of more restaurants in operation (535 versus 499) and a
1.4% increase in same-store sales. The same-store sales increase included an
average menu price increase of 2.5% in the second quarter.
The chart below summarizes the restaurant openings and closings during the
last six quarters:
Beginning Opened Closed Ending
- --------------------------------------------------------------------
Fiscal 2004
1st quarter 523 3 2 524
2nd quarter 524 11 0 535
Fiscal 2003
1st quarter 495 0 0 495
2nd quarter 495 4 0 499
3rd quarter 499 8 0 507
4th quarter 507 17 1 523
In the second quarter of fiscal 2004, 11 new restaurants were opened
compared to 4 in the second quarter a year ago. The company expects to open
approximately 21 additional restaurants in fiscal 2004. Two under-performing
restaurants were closed in the first quarter of fiscal 2004.
The food products segment experienced a sales increase of $4.5 million, or
9.7%, in the second quarter of fiscal 2004 and $9.4 million, or 10.5%, through
six months of fiscal 2004 compared to the corresponding periods a year ago. The
sales increase is reflective of a 3.6% increase in the volume of products sold
(principally sausage products and refrigerated potatoes) in the second quarter
of fiscal 2004 versus fiscal 2003 (calculated using the same products in both
periods and excluding new products). A $1.0 million decrease in promotional
spending, which is netted against sales, also contributed to the increase in
sales.
-8-
COST OF SALES
Consolidated cost of sales (cost of materials) was 28.1% of sales in the
company's second quarter and 28.0% through six months of fiscal 2004 compared to
25.8% in both corresponding periods a year ago.
In the restaurant segment, cost of sales (predominantly food cost) was
24.3% of sales in the second quarter and 24.2% of sales year-to-date, versus
23.8% in both corresponding periods a year ago. The company attributes half of
the second quarter increase to a shift in product mix as the company featured
more of its Wildfire Barbecue items and Dinner Sensations, which carry an
above-average food cost. The other half of the quarterly increase is due to cost
increases in a number of the commodity food items purchased, such as beef,
dairy, eggs, chicken and pork.
The food products segment cost of sales ratio was 46.6% of sales in the
second quarter and 46.8% of sales year-to-date, compared to 35.8% and 36.0% of
sales in the corresponding periods a year ago. This increase was due to higher
hog costs, which averaged $37.94 per hundredweight for the second quarter of
fiscal 2004 compared to $22.50 per hundredweight in the corresponding period
last year - a 68.6% increase. Year-to-date, hog costs averaged $36.94 per
hundredweight this year versus $24.28 per hundredweight last year - an increase
of 52.1%. The company does not expect a significant change in hog costs for the
remainder of the fiscal year.
OPERATING WAGE AND FRINGE BENEFIT EXPENSES
Consolidated operating wage and fringe benefit expenses ("operating wages")
were 34.5% of sales in the second quarter and 34.6% of sales through six months
of fiscal 2004 compared to 34.8% of sales in both corresponding periods last
year. The operating wage ratio increased slightly in the restaurant segment but
decreased in the food products segment.
In the restaurant segment, operating wages were 38.9% of sales in the
second quarter and 38.8% of sales through six months of fiscal 2004 versus 38.8%
and 38.6% of sales in the corresponding periods last year. The increase in the
operating wages ratio was attributable to higher hourly wages and health
insurance expenses.
In the food products segment, operating wages were 13.3% of sales in the
second quarter and 13.8% of sales through six months of fiscal 2004 compared to
15.0% of sales in both corresponding periods last year. The food products labor
cost ratio decreased primarily due to significantly increased sales, resulting
in more leverage of wage expense in the fiscal 2004 periods.
OTHER OPERATING EXPENSES
Nearly 94% of other operating expenses ("operating expenses") occurred in
the restaurant segment in the second quarter and through six months of both
fiscal 2004 and fiscal 2003. The most significant components of operating
expenses were advertising,
-9-
utilities, restaurant supplies, repair and maintenance, taxes (other than
federal and state income taxes) and credit card processing fees. Consolidated
operating expenses were 14.9% of sales for the second quarter and 14.8% of sales
through six months of fiscal 2004 compared to 15.2% and 15.0% of sales in the
corresponding periods last year.
In the restaurant segment, operating expenses were 16.9% of sales and 16.7%
of sales in the second quarter and year-to-date, respectively, in fiscal 2004.
This compares to 17.0% and 16.8% of sales in the corresponding periods a year
ago. The slight improvements were due to lower utilities expense.
In the food products segment, the operating expense ratio decreased to 5.6%
of sales in the second quarter and 5.5% of sales through six months of fiscal
2004 from 6.0% in both corresponding periods last year as a result of a
significant increase in sales, resulting in a better leverage of costs.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Consolidated selling, general and administrative expenses ("S, G & A
expenses") were 8.8% of sales in the second quarter and 8.6% of sales through
six months of fiscal 2004 compared to 9.0% of sales in both corresponding
periods last year. The most significant components of S, G & A expenses were
wages, fringe benefits and food products segment advertising expenses. The
decrease as a percentage of sales in both periods of fiscal 2004 was due to
significantly increased sales in the food products segment resulting in improved
leverage of S,G&A expenses compared to a year ago.
TAXES
The effective federal and state income tax rates were 35.7% in fiscal 2004
versus 35.0% in fiscal 2003. The company anticipates the effective tax rate for
fiscal 2004 to remain at approximately 35.7%.
LIQUIDITY AND CAPITAL RESOURCES
Cash generated from both the restaurant and food products segments has been
used as the main source of funds for working capital and capital expenditure
requirements. Bank lines of credit are also used for liquidity needs, capital
expansion and repurchases of Bob Evans stock. Bank lines of credit available
total $70.0 million, of which $38.5 million was outstanding at October 24, 2003.
The company believes that the funds needed for capital expenditures,
working capital and repurchases of Bob Evans stock during the remainder of
fiscal 2004 will be generated both internally and from available bank lines of
credit. Financing alternatives will continue to be evaluated by the company as
warranted.
-10-
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The company's significant and critical accounting policies and estimates
can be found in the Notes to Consolidated Financial Statements contained in Bob
Evans' Annual Report on Form 10-K for the fiscal year ended April 25, 2003 (Note
A).
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The statements contained in this report which are not historical fact are
"forward-looking statements" that involve various important assumptions, risks,
uncertainties and other factors which could cause the company's actual results
for fiscal 2004 and beyond to differ materially from those expressed in such
forward-looking statements. These important factors include, without limitation,
changes in hog costs, the possibility of severe weather conditions where the
company operates its restaurants, the availability and cost of acceptable new
restaurant sites, shortages of restaurant labor, acceptance of the company's
restaurant concepts into new geographic areas as well as other risks previously
disclosed in the company's securities filings and press releases.
-11-
ITEM 4. CONROLS AND PROCEDURES
With the participation of the company's management, including Bob Evans'
principal executive officer and principal financial officer, the company has
evaluated the effectiveness of the company's disclosure controls and procedures
(as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the
"Exchange Act")) as of the end of the period covered by this Quarterly Report on
Form 10-Q. Based upon that evaluation, Bob Evans' principal executive officer
and principal financial officer have concluded that such disclosure controls and
procedures are effective as of the end of the period covered by this Quarterly
Report on Form 10-Q to ensure that material information relating to Bob Evans
and its consolidated subsidiaries, is made known to them, particularly during
the period for which Bob Evans' periodic reports, including this Quarterly
Report on Form 10-Q, are being prepared.
In addition, there were no significant changes during the period covered by
this Quarterly Report on Form 10-Q in the company's internal control over
financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that
have materially affected, or are reasonably likely to materially affect, the
company's internal control over financial reporting.
-12-
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
There are no pending legal proceedings involving the company other
than routine litigation incidental to its business. In the opinion of
the company's management, these proceedings should not, individually
or in the aggregate, have a material adverse effect on the company's
results of operations or financial condition.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS. Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES. Not Applicable
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
(a) The Annual Meeting of Stockholders of the company (the "Annual
Meeting") was held on September 8, 2003. At the Annual Meeting,
34,658,307 common shares were outstanding and entitled to vote;
and 29,257,427, or 84.4%, of the outstanding common shares
entitled to vote were represented in person or by proxy.
(b) Directors elected at the Annual Meeting:
Larry C. Corbin
Stewart K. Owens
Robert E.H. Rabold
Directors whose term of office continued after the Annual
Meeting:
Daniel E. Evans Daniel A. Fronk
Michael J. Gasser Cheryl L. Krueger-Horn
E.W. (Bill) Ingram III G. Robert Lucas
(c) Matters voted upon at the Annual Meeting:
FOR WITHHELD
1) Election of Larry C. Corbin 28,531,221 726,206
2) Election of Stewart K. Owens 28,332,415 925,012
3) Election of Robert E.H. Rabold 22,308,851 6,948,576
(d) Not Applicable
ITEM 5. OTHER INFORMATION. Not Applicable
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
Exhibit No. Description Location
31.1 Rule 13a-14(a)/15d-14(a) Certification Filed herewith
(Principal Executive Officer)
31.2 Rule 13a-14(a)/15d-14(a) Certification Filed herewith
(Principal Financial Officer)
32.1 Section 1350 Certification (Principal Filed herewith
-13-
Executive Officer)
32.2 Section 1350 Certification (Principal Filed herewith
Financial Officer)
(b) Reports on Form 8-K:
Bob Evans filed a Current Report on Form 8-K on August 6, 2003
reporting under Item 9. Regulation FD Disclosure the issuance of
a news release announcing a quarterly dividend for the first
quarter of fiscal 2004 and same-store sales for the month of July
2003 and under Item 12. Results of Operations and Financial
Condition the issuance of a news release announcing earnings
expectations for the first quarter of fiscal 2004.
Bob Evans filed a Current Report on Form 8-K on August 11, 2003
reporting under Item 12. Results of Operations and Financial
Condition the issuance of a news release announcing financial
results for the first quarter of fiscal 2004.
Bob Evans filed a Current Report on Form 8-K on September 3, 2003
reporting under Item 9. Regulation FD Disclosure the issuance of
a news release announcing same-store sales for the month of
August 2003.
Bob Evans filed a Current Report on Form 8-K on September 26,
2003 reporting under Item 9. Regulation FD Disclosure the
issuance of a news release announcing same-store sales for the
month of September 2003.
-14-
SIGNATURES
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 thereunto duly authorized.
BOB EVANS FARMS, INC.
By:/s/ Stewart K. Owens
------------------------------------------
Stewart K. Owens
Chairman and Chief Executive Officer
(Principal Executive Officer)
By:/s/ Donald J. Radkoski
------------------------------------------
Donald J. Radkoski*
Chief Financial Officer
(Principal Financial Officer)
December 5, 2003
- --------------------------------
Date
*Donald J. Radkoski has been duly authorized to sign on behalf of the Registrant
as its principal financial officer.
-15-
INDEX TO EXHIBITS
Quarterly Report on Form 10-Q
Dated December 5, 2003
Bob Evans Farms, Inc.
Exhibit No. Description Location
31.1 Rule 13a-14(a)/15d-14(a) Certification Filed herewith
(Principal Executive Officer)
31.2 Rule 13a-14(a)/15d-14(a) Certification Filed herewith
(Principal Financial Officer)
32.1 Section 1350 Certification (Principal Filed herewith
Executive Officer)
32.2 Section 1350 Certification (Principal Filed herewith
Financial Officer)
-16-