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8-K - FORM 8-K - BOB EVANS FARMS INC | l38042e8vk.htm |
EX-99.1 - EX-99.1 - BOB EVANS FARMS INC | l38042exv99w1.htm |
Exhibit 99.2
Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2010 Quarter 2
Earnings Release Fact Sheet (unaudited)
Fiscal 2010 Quarter 2
Note: amounts are in thousands, except per share amounts
Second quarter (Q2), ended October 23, 2009, compared to the corresponding period a year ago:
Consolidated Results | Restaurant | Food Products | ||||||||||||||||||||||||||||||
Q2 | % of | Q2 | % of | Q2 | Q2 | Q2 | Q2 | |||||||||||||||||||||||||
2010 | sales | 2009 | sales | 2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||
Net sales |
$ | 424,847 | $ | 435,455 | $ | 345,385 | $ | 357,230 | $ | 79,462 | $ | 78,225 | ||||||||||||||||||||
Cost of sales |
123,310 | 29.0 | % | 137,219 | 31.5 | % | 24.5 | % | 25.3 | % | 49.0 | % | 59.7 | % | ||||||||||||||||||
Operating wages |
148,971 | 35.1 | % | 150,377 | 34.5 | % | 40.2 | % | 39.7 | % | 12.8 | % | 11.1 | % | ||||||||||||||||||
Other operating |
70,727 | 16.6 | % | 71,204 | 16.3 | % | 19.2 | % | 18.8 | % | 5.5 | % | 5.2 | % | ||||||||||||||||||
S,G, & A |
36,254 | 8.5 | % | 35,998 | 8.3 | % | 6.1 | % | 5.6 | % | 19.0 | % | 20.3 | % | ||||||||||||||||||
Depr. & amort. |
20,678 | 4.9 | % | 20,375 | 4.7 | % | 5.3 | % | 5.2 | % | 2.9 | % | 2.5 | % | ||||||||||||||||||
Operating income |
24,907 | 5.9 | % | 20,282 | 4.7 | % | 4.7 | % | 5.4 | % | 10.8 | % | 1.2 | % | ||||||||||||||||||
Interest |
2,537 | 0.6 | % | 3,434 | 0.8 | % | ||||||||||||||||||||||||||
Pre-tax income |
22,370 | 5.3 | % | 16,848 | 3.9 | % | ||||||||||||||||||||||||||
Income taxes |
6,888 | 1.7 | % | 5,509 | 1.3 | % | ||||||||||||||||||||||||||
Net income |
$ | 15,482 | 3.6 | % | $ | 11,339 | 2.6 | % | ||||||||||||||||||||||||
EPS basic |
$ | 0.50 | $ | 0.37 | ||||||||||||||||||||||||||||
EPS diluted |
$ | 0.50 | $ | 0.37 | ||||||||||||||||||||||||||||
Dividends paid per share |
$ | 0.16 | $ | 0.14 | ||||||||||||||||||||||||||||
Weighted average
shares outstanding: |
||||||||||||||||||||||||||||||||
Basic |
31,005 | 30,822 | ||||||||||||||||||||||||||||||
Dilutive stock options |
113 | 108 | ||||||||||||||||||||||||||||||
Diluted |
31,118 | 30,930 | ||||||||||||||||||||||||||||||
Shares outstanding at
quarter end |
31,022 | 30,795 |
| Income taxes, as a percentage of pre-tax income, were 30.8% vs. 32.7% |
Fiscal 2010 Quarter 2 p 1
Consolidated Q2 Review:
| Net sales decreased 2.4% ($424.8 million vs. $435.5 million). | ||
| Operating income increased 22.8% ($24.9 million vs. $20.3 million). | ||
| Pre-tax income increased 32.8% ($22.4 million vs. $16.8 million). | ||
| Effective tax rate was 30.8% compared to 32.7%. | ||
| Net income increased 36.5% ($15.5 million vs. $11.3 million). | ||
| Diluted EPS was $0.50 vs. $0.37. | ||
| The second quarter results of fiscal 2009 included the impact of the following: |
| Consolidated and restaurant results for the second quarter of fiscal 2009 included net pre-tax gains of $0.7 million on asset disposals that are reflected in S,G&A. |
Fiscal 2010 Quarter 2 p 2
Restaurant Q2 Review:
| Overall restaurant sales decreased 3.3% ($345.4 million vs. $357.2 million). |
| Nominal same-store sales decreased 2.8% at Bob Evans Restaurants and decreased 6.8% at Mimis. |
| Operating income decreased 15.7% ($16.3 million vs. $19.4 million). |
| Operating margin was 4.7% compared to 5.4%. |
| Restaurants in operation at quarter end were: 569 Bob Evans Restaurants and 145 Mimis. 570 Bob Evans Restaurants and 139 Mimis were in operation a year ago. |
| Restaurant openings, by quarter: |
Bob Evans Restaurants:
Fiscal | Beginning | Full | Ending | |||||||||||||||||||||||||||||
Year | Total | Q1 | Q2 | Q3 | Q4 | Year | Closings | Total | ||||||||||||||||||||||||
2010 |
570 | 0 | 0 | 0 | e | 0 | e | 0 | e | 1 | 569 | e | ||||||||||||||||||||
2009 |
571 | 0 | 0 | 0 | 1 | 1 | 2 | 570 | ||||||||||||||||||||||||
2008 |
579 | 0 | 0 | 1 | 1 | 2 | 10 | 571 | ||||||||||||||||||||||||
2007 |
587 | 4 | 1 | 3 | 2 | 10 | 18 | 579 | ||||||||||||||||||||||||
2006 |
591 | 6 | 6 | 3 | 5 | 20 | 24 | 587 |
Mimis Cafes:
Fiscal | Beginning | Full | Ending | |||||||||||||||||||||||||||||
Year | Total | Q1 | Q2 | Q3 | Q4 | Year | Closings | Total | ||||||||||||||||||||||||
2010 |
144 | 0 | 1 | 1 | e | 0 | e | 2 | e | 0 | 146 | e | ||||||||||||||||||||
2009 |
132 | 3 | 4 | 2 | 3 | 12 | 0 | 144 | ||||||||||||||||||||||||
2008 |
115 | 1 | 2 | 8 | 6 | 17 | 0 | 132 | ||||||||||||||||||||||||
2007 |
102 | 2 | 1 | 3 | 7 | 13 | 0 | 115 | ||||||||||||||||||||||||
2006 |
92 | 1 | 2 | 1 | 6 | 10 | 0 | 102 |
Consolidated Restaurants:
Fiscal Year |
Beginning Total |
Q1 | Q2 | Q3 | Q4 | Full Year |
Closings | Ending Total |
||||||||||||||||||||||||
2010 |
714 | 0 | 1 | 1 | e | 0 | e | 2 | e | 1 | 715 | e | ||||||||||||||||||||
2009 |
703 | 3 | 4 | 2 | 4 | 13 | 2 | 714 | ||||||||||||||||||||||||
2008 |
694 | 1 | 2 | 9 | 7 | 19 | 10 | 703 | ||||||||||||||||||||||||
2007 |
689 | 6 | 2 | 6 | 9 | 23 | 18 | 694 | ||||||||||||||||||||||||
2006 |
683 | 7 | 8 | 4 | 11 | 30 | 24 | 689 |
Fiscal 2010 Quarter 2 p 3
| Rebuilt restaurant openings, by quarter: |
Fiscal Year |
Q1 | Q2 | Q3 | Q4 | Full Year |
|||||||||||||||
2010 |
1 | 1 | 0 | e | 0 | e | 2 | e | ||||||||||||
2009 |
1 | 3 | 0 | 0 | 4 | |||||||||||||||
2008 |
2 | 2 | 1 | 3 | 8 | |||||||||||||||
2007 |
1 | 1 | 1 | 1 | 4 | |||||||||||||||
2006 |
6 | 4 | 3 | 1 | 14 |
| Bob Evans Restaurants same-store sales analysis (24-month core; 560 restaurants): |
Fiscal 2010 | Fiscal 2009 | Fiscal 2008 | ||||||||||||||||||||||||||||||||||
Nominal | Menu | Real | Nominal | Menu | Real | Nominal | Menu | Real | ||||||||||||||||||||||||||||
May |
(2.8 | ) | 2.7 | (5.5 | ) | 4.4 | 2.8 | 1.6 | 0.9 | 2.0 | (1.1 | ) | ||||||||||||||||||||||||
June |
(2.5 | ) | 2.2 | (4.7 | ) | 0.9 | 2.9 | (2.0 | ) | 4.0 | 2.6 | 1.4 | ||||||||||||||||||||||||
July |
(3.7 | ) | 2.3 | (6.0 | ) | 1.1 | 2.9 | (1.8 | ) | 4.4 | 2.6 | 1.8 | ||||||||||||||||||||||||
Q1 |
(3.0 | ) | 2.4 | (5.4 | ) | 2.0 | 2.9 | (0.9 | ) | 3.2 | 2.4 | 0.8 | ||||||||||||||||||||||||
August |
(3.0 | ) | 2.3 | (5.3 | ) | (0.6 | ) | 2.9 | (3.5 | ) | 4.3 | 2.6 | 1.7 | |||||||||||||||||||||||
September |
(3.5 | ) | 2.4 | (5.9 | ) | 0.1 | 2.9 | (2.8 | ) | 0.4 | 2.6 | (2.2 | ) | |||||||||||||||||||||||
October |
(2.0 | ) | 2.4 | (4.4 | ) | (0.9 | ) | 2.9 | (3.8 | ) | (1.9 | ) | 1.8 | (3.7 | ) | |||||||||||||||||||||
Q2 |
(2.8 | ) | 2.3 | (5.1 | ) | (0.5 | ) | 2.9 | (3.4 | ) | 0.7 | 2.3 | (1.6 | ) | ||||||||||||||||||||||
November |
(3.1 | ) | 3.5 | (6.6 | ) | 2.1 | 2.8 | (0.7 | ) | |||||||||||||||||||||||||||
December |
3.8 | 3.2 | 0.6 | 1.1 | 3.2 | (2.1 | ) | |||||||||||||||||||||||||||||
January |
(5.7 | ) | 3.0 | (8.7 | ) | 1.2 | 2.3 | (1.1 | ) | |||||||||||||||||||||||||||
Q3 |
(1.3 | ) | 3.3 | (4.6 | ) | 1.5 | 2.8 | (1.3 | ) | |||||||||||||||||||||||||||
February |
(1.5 | ) | 3.2 | (4.7 | ) | 3.3 | 2.4 | 0.9 | ||||||||||||||||||||||||||||
March |
(1.9 | ) | 3.2 | (5.1 | ) | 0.1 | 2.4 | (2.3 | ) | |||||||||||||||||||||||||||
April |
(1.6 | ) | 3.2 | (4.8 | ) | 1.7 | 2.4 | (0.7 | ) | |||||||||||||||||||||||||||
Q4 |
(1.6 | ) | 3.2 | (4.8 | ) | 1.7 | 2.4 | (0.7 | ) | |||||||||||||||||||||||||||
Fiscal year |
(0.3 | ) | 3.1 | (3.4 | ) | 1.8 | 2.5 | (0.7 | ) |
Fiscal 2010 Quarter 2 p 4
| Mimis Cafe same-store sales analysis (24-month core; 115 restaurants): |
Fiscal 2010 | Fiscal 2009 | Fiscal 2008 | ||||||||||||||||||||||||||||||||||
Nominal | Menu | Real | Nominal | Menu | Real | Nominal | Menu | Real | ||||||||||||||||||||||||||||
May |
(6.9 | ) | 2.4 | (9.3 | ) | (5.0 | ) | 2.6 | (7.6 | ) | (0.4 | ) | 4.0 | (4.4 | ) | |||||||||||||||||||||
June |
(5.0 | ) | 2.3 | (7.3 | ) | (6.0 | ) | 2.7 | (8.7 | ) | (0.1 | ) | 4.0 | (4.1 | ) | |||||||||||||||||||||
July |
(7.2 | ) | 2.3 | (9.5 | ) | (8.1 | ) | 2.7 | (10.8 | ) | (1.5 | ) | 3.9 | (5.4 | ) | |||||||||||||||||||||
Q1 |
(6.4 | ) | 2.3 | (8.7 | ) | (6.5 | ) | 2.7 | (9.2 | ) | (0.7 | ) | 4.0 | (4.7 | ) | |||||||||||||||||||||
August |
(5.2 | ) | 2.2 | (7.4 | ) | (7.2 | ) | 2.7 | (9.9 | ) | (1.9 | ) | 3.9 | (5.8 | ) | |||||||||||||||||||||
September |
(8.1 | ) | 2.2 | (10.3 | ) | (8.2 | ) | 2.7 | (10.9 | ) | (2.0 | ) | 3.9 | (5.9 | ) | |||||||||||||||||||||
October |
(7.2 | ) | 2.2 | (9.4 | ) | (9.3 | ) | 2.8 | (12.1 | ) | (0.8 | ) | 3.7 | (4.5 | ) | |||||||||||||||||||||
Q2 |
(6.8 | ) | 2.2 | (9.0 | ) | (8.3 | ) | 2.7 | (11.0 | ) | (1.5 | ) | 3.8 | (5.3 | ) | |||||||||||||||||||||
November |
(10.4 | ) | 3.0 | (13.4 | ) | (1.9 | ) | 2.8 | (4.7 | ) | ||||||||||||||||||||||||||
December |
(2.0 | ) | 2.8 | (4.8 | ) | (1.8 | ) | 2.8 | (4.6 | ) | ||||||||||||||||||||||||||
January |
(9.6 | ) | 2.2 | (11.8 | ) | (2.4 | ) | 2.2 | (4.6 | ) | ||||||||||||||||||||||||||
Q3 |
(6.8 | ) | 2.7 | (9.5 | ) | (2.0 | ) | 2.6 | (4.6 | ) | ||||||||||||||||||||||||||
February |
(7.9 | ) | 2.2 | (10.1 | ) | (5.2 | ) | 2.1 | (7.3 | ) | ||||||||||||||||||||||||||
March |
(7.2 | ) | 1.2 | (8.4 | ) | (4.3 | ) | 2.6 | (6.9 | ) | ||||||||||||||||||||||||||
April |
(6.4 | ) | 1.2 | (7.6 | ) | (6.0 | ) | 2.6 | (8.6 | ) | ||||||||||||||||||||||||||
Q4 |
(7.1 | ) | 1.5 | (8.6 | ) | (5.3 | ) | 2.4 | (7.7 | ) | ||||||||||||||||||||||||||
Fiscal year
|
(7.2 | ) | 2.4 | (9.6 | ) | (2.4 | ) | 3.2 | (5.6 | ) |
| Key restaurant sales data (core restaurants only): |
Bob Evans | ||||||||
Restaurants | Mimis | |||||||
Average annual store sales ($) FY09 |
$ | 1,779,000 | $ | 3,094,000 | ||||
Q2 FY10 day part mix (%): |
||||||||
Breakfast |
32 | % | 22 | % | ||||
Lunch |
37 | % | 40 | % | ||||
Dinner |
31 | % | 38 | % | ||||
Q2 FY10 check average ($) |
$ | 8.10 | $ | 10.57 |
| Quarterly restaurant sales by concept: |
Q2 2010 | Q2 2009 | |||||||
Bob Evans Restaurants |
$ | 249,968 | $ | 257,224 | ||||
Mimis Cafes |
95,417 | 100,006 | ||||||
Total |
$ | 345,385 | $ | 357,230 |
Fiscal 2010 Quarter 2 p 5
Food Products Q2 Review:
| Net sales increased 1.6% ($79.5 million vs. $78.2 million). |
||
| Comparable pounds sold increased 10%. |
||
| Operating income increased significantly ($8.6 million vs. $0.9 million). |
||
| Operating margin was 10.8% compared to 1.2%. |
||
| Average sow cost decreased 36% ($33.00 per cwt vs. $51.00 per cwt). Historical sow cost
review (average cost per hundredweight): |
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
2010 |
$ | 43.00 | $ | 33.00 | $ | 37.00 | ||||||||||||||
2009 |
$ | 29.00 | $ | 51.00 | $ | 49.00 | $ | 51.00 | $ | 45.00 | ||||||||||
2008 |
$ | 42.00 | $ | 40.00 | $ | 31.00 | $ | 27.00 | $ | 35.00 | ||||||||||
2007 |
$ | 37.00 | $ | 41.00 | $ | 39.00 | $ | 36.00 | $ | 38.00 |
| Comparable pounds sold review: |
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
2010 |
(3 | %) | 10 | % | 3 | % | ||||||||||||||
2009 |
13 | % | 11 | % | (6 | %) | 3 | % | 6 | % | ||||||||||
2008 |
4 | % | 2 | % | 8 | % | 5 | % | 5 | % | ||||||||||
2007 |
13 | % | 11 | % | 4 | % | 5 | % | 8 | % |
| Net sales review (dollars in thousands): |
Q2 | Q2 | |||||||
2010 | 2009 | |||||||
Gross sales |
$ | 98,024 | $ | 95,119 | ||||
Less: promotions |
(17,851 | ) | (15,653 | ) | ||||
Less: returns and slotting |
(711 | ) | (1,241 | ) | ||||
Net sales |
$ | 79,462 | $ | 78,225 |
Fiscal 2010 Quarter 2 p 6
Balance Sheet Summary:
(in thousands) | Oct. 23, 2009 | Apr. 24, 2009 | ||||||
Cash and equivalents |
$ | 11,498 | $ | 13,606 | ||||
Other current assets |
70,899 | 66,654 | ||||||
Net property, plant and equipment |
990,190 | 1,002,692 | ||||||
Goodwill and other intangible assets |
43,494 | 43,904 | ||||||
Other non-current assets |
26,492 | 20,792 | ||||||
Total assets |
$ | 1,142,573 | $ | 1,147,648 | ||||
Current portion of long-term debt |
$ | 26,905 | $ | 26,904 | ||||
Line of credit |
64,000 | 67,000 | ||||||
Other current liabilities |
142,694 | 151,901 | ||||||
Long-term debt |
149,287 | 176,192 | ||||||
Other long-term liabilities |
132,261 | 127,945 | ||||||
Stockholders equity |
627,426 | 597,706 | ||||||
Total liabilities and equity |
$ | 1,142,573 | $ | 1,147,648 |
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in this report 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, 2009, and in our other filings with the
Securities and Exchange Commission. We note these factors for investors as contemplated by the
Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors
is impossible. Consequently, investors should not consider any such list to be a complete set of
all potential risks and uncertainties. Forward-looking statements speak only as of the date on
which they are made, and we undertake no obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date on which the statement is made 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.
Fiscal 2010 Quarter 2 p 7