Exhibit 99.1

BOB EVANS REPORTS FISCAL 2012 THIRD-QUARTER RESULTS

Company announces 3Q 2012 earnings of 69 cents per diluted share compared with 51 cents per diluted share last year, a 35% increase

Operating income up 19%, and net income up 31%, on improving sales trends, and ongoing success with cost initiatives

Company raises lower end of fiscal year 2012 EPS guidance from $2.36 to $2.38, and reaffirms top end of $2.44. Also reaffirms average annual earnings per share growth guidance of approximately 7 to 10 percent over next five years

Bob Evans Restaurants reports positive same-store sales of 1.6% for the quarter. Mimi’s Café reports continued sequential same-store sales improvement. Both brands driving sales through sales layer innovation and effective marketing and promotional programs

Accelerated stock buyback executed with $18.8 million purchased during third-quarter fiscal 2012

COLUMBUS, Ohio – Feb. 14, 2012 – Bob Evans Farms, Inc. (NASDAQ: BOBE) today announced its results for the 2012 third fiscal quarter ended Friday, Jan. 27, 2012.

Third-quarter fiscal 2012 commentary

Chairman and Chief Executive Officer Steve Davis said the Company’s third-quarter operating results reflect continued momentum across all three of the Company’s brands. Bob Evans Restaurants reported positive same-store sales for the quarter; and Mimi’s same-store sale results, while still negative, improved sequentially. The foods segment delivered a modest sales and volume increase, along with market share increases in both its sausage and side dish businesses. Davis noted, “Improving sales trends, as well as continued success with innovative cost initiatives across the enterprise, are driving operating profit favorability. Despite an approximately $4 million cost of sales increase in the foods segment driven by increased sow costs and other commodities, our diversified-integrated growth model offset the impact, and delivered a solid quarter.”

Davis stated, “The improving top-line and bottom-line trends emerging in each of our businesses indicate further progress with the transformation of our core businesses in order to enable expansion. While challenges remain, we are confident we are on the right track. With that in mind, we are raising the lower end of our fiscal year 2012 EPS guidance from $2.36 to $2.38, and reaffirming the upper end of $2.44.”

“The positive trends we are seeing give us the confidence that investments such as the Farm-Fresh Refresh initiative at Bob Evans Restaurants, marketing initiatives and sales layer development at Mimi’s, and distribution and productivity projects in the foods business, are the right ones to create value for our shareholders. We have the resources and programs in place to deliver on our long-term annual EPS growth guidance of 7 to 10 percent.”

Third-quarter fiscal 2012 consolidated results

The Company reported diluted earnings per share of 69 cents and consolidated operating income of $30.3 million, or 7.1 percent of net sales, in the third quarter of fiscal 2012. This compares to diluted earnings per share of 51 cents and consolidated operating income of $25.4 million, or 5.9 percent of net sales, last year.

Third-quarter fiscal 2012 consolidated income statement summary

Below is a summary of the Company’s third-quarter fiscal 2012 income statement.

2

Third-quarter fiscal 2012 restaurant segment summary

The restaurant segment reported third quarter fiscal 2012 operating income of $23.1 million, or 6.9 percent of net sales, compared with $14.7 million, or 4.4 percent of net sales, last year.

A summary of the restaurant segment’s third-quarter fiscal 2012 income statement follows below:

Net sales – The restaurant segment reported net sales of $337.3 million, virtually flat compared to $337.7 million in the third quarter of fiscal 2011. This was achieved with five fewer Bob Evans Restaurants locations compared to last year. Same-store sales at Bob Evans Restaurants increased 1.6 percent in the third quarter of fiscal 2012, with a combined pricing and menu mix impact of 2.0 percent. We estimate favorable weather and roll-over of last year’s promotional gift card program each accounted for nearly 50 basis points of the same-store sales result for the quarter. Last year’s gift card program included a higher promotional component which negatively impacted net sales to a greater extent than the current year program. At Mimi’s Café, same-store sales decreased 3.4 percent, with a combined pricing and menu mix impact of 4.1 percent.

At Bob Evans Restaurants, third-quarter same-store sales results of 1.6 percent exceeded the Midscale Family Style segment, according to The NPD Group’s SalesTrack Weekly. At Mimi’s Café, same-store sales of -3.4 percent trailed the Knapp Track™ casual dining index of 2.3 percent for the same period. Excluding the effect of last year’s snow events, Bob Evans Restaurants same-store sales were driven by successful off-premise initiatives. Mimi’s improvement was driven by growth in off-premise and alcohol sales as well as by improved guest retention as guest satisfaction metrics reached new highs.

Cost of sales – The restaurant segment’s cost of sales was 25.0 percent of net sales, down from 25.4 percent of net sales in fiscal 2011. The cost as a percentage of sales decreased at both restaurant brands due to the restaurant segment’s ongoing efficiency initiatives including the actual-versus-theoretical food cost program.

Operating wages – The restaurant segment’s cost of labor was 37.5 percent of net sales compared to 39.3 percent of net sales in the third quarter of fiscal 2011. This decrease was the result of sales leverage at Bob Evans, along with more efficient use of labor, and lower health insurance costs. Mimi’s cost of labor also declined as a percentage of sales for the same reasons despite sales deleverage.

3

Other operating expenses – The restaurant segment’s other operating expenses were nearly flat on a dollar basis compared to the third quarter of fiscal 2011. Other operating expenses were 19.1 percent of net sales in both the current and prior year periods. Pre-opening expenses for Bob Evans Restaurants’ Farm-Fresh Refresh program and new restaurant openings were approximately flat year over year.

SG&A – The restaurant segment’s selling, general and administrative expenses were $20.9 million, or 6.2 percent of net sales, compared to $21.7 million, or 6.4 percent of net sales, in the third quarter of fiscal 2011. The dollar decrease was driven by reduced long-term incentive compensation, lower performance-based 401k spending, and general cost controls.

Third-quarter fiscal 2012 foods segment summary

The foods segment reported third quarter fiscal 2012 operating income of $7.1 million, or 7.9 percent of net sales, compared with $10.7 million, or 11.8 percent of net sales, last year.

A summary of the foods segment’s third-quarter income statement follows below:

Net sales – The foods segment’s net sales were $91.0 million, up 0.1 percent, compared to $90.9 million in the third quarter of fiscal 2011. Total pounds sold increased 0.9 percent compared to the third quarter of fiscal 2011. Both the sausage and side dish categories gained market share during the period, and three new frozen burrito products targeted at consumers seeking healthy and innovative breakfast alternatives were introduced in January. Furthermore, our Loaded and Oven Bake Potatoes gained authorizations at 1,400 stores during the quarter.

Cost of sales – The foods segment’s cost of sales was 58.7 percent of net sales compared to 54.3 percent of net sales in the third quarter of fiscal 2011. The increase was primarily the result of the approximately $4.0 million adverse impact of higher commodity costs, including a $2.7 million effect of higher sow costs, as well as other commodities, primarily potatoes. Sow costs averaged in the low $60’s per hundredweight in the third quarter of fiscal 2012, compared to the low $50’s during the third quarter of fiscal 2011.

Operating wages – The foods segment’s cost of labor was 7.8 percent of net sales compared to 9.3 percent of net sales in the third quarter of fiscal 2011. The decrease was due to further efficiencies resulting from the Company’s ongoing manufacturing productivity initiatives as well the outsourcing of distribution services to a third party, resulting from the sale of a Company-owned distribution facility last quarter. This cost has been reclassified to other operating expenses.

Other operating expenses – The foods segment’s other operating expenses were $5.2 million, or 5.7 percent of net sales, compared to $4.0 million, or 4.4 percent of net sales, in the third quarter of fiscal 2011. The increase was due largely to fees associated with the distribution services agreement mentioned previously. The majority of these fees were previously classified as operating wages prior to the sale of a distribution facility last quarter.

SG&A – The foods segment’s SG&A expenses were $15.8 million, or 17.3 percent of net sales, compared to $15.8 million, or 17.4 percent of net sales, in the third quarter of fiscal 2011. Higher transportation and marketing research fees in the current year were offset by a reduction in consulting expenses from the prior year related to the segment’s manufacturing productivity initiatives.

Fiscal year 2012 and longer-term outlook

The Company raised the lower end of its fiscal 2012 guidance to $2.38 from $2.36, and reaffirmed the high end of $2.44. The company also reaffirmed its guidance for average annual earnings per share growth of approximately 7 to 10 percent over the next five years

The Company expects the challenging cost and sales environment to continue. The Company also expects to continue to incur average sow costs in the $60-$65 range for the remainder of the fiscal year.

4

Same-store sales growth is impacted directly by weather conditions. Therefore, significant severity and frequency of adverse weather events could result in actual restaurant segment same-stores sales performance that differs materially from the Company’s guidance.

The Company also expects an incremental $1.2 million in restaurant remodel and new restaurant pre-opening expenses, due to the higher number of planned remodels and new restaurants relative to fiscal 2011 during the fourth quarter. Year to date, the Company has recorded $1.7 million of remodel expense for its Detroit and Toledo markets and new store opening expense for the two new restaurants opened to date.

This outlook relies on a number of important assumptions, including the risk factors discussed in the Company’s securities filings. Particular assumptions for the Company’s fiscal year 2012 outlook include the following:

Consolidated company highlights

In fiscal 2012, the Company is on track to build six new Bob Evans Restaurants, rebuild three, and remodel 90.

Restaurant segment highlights

Foods segment highlights

5

Company to host conference call on Wednesday, February 15, 2012

The Company will host a conference call to discuss its year-end results at 10 a.m. (ET) on Wednesday, February 15, 2012. The dial-in number is (800) 690-3108, access code 47417162. A replay will be available at (855) 859-2056 or (404) 537-3406, access code 47417162. To access the simultaneous webcast, go to www.bobevans.com/ir. The archived webcast will also be available on the Web site.

About Bob Evans Farms, Inc.

Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans and Mimi’s Café brand names. At the end of the third fiscal quarter (January 27, 2012), Bob Evans owned and operated 564 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States, while Mimi’s Café owned and operated 145 casual restaurants located in 24 states, primarily in California and other western states. Bob Evans Farms, Inc. is also a leading producer and distributor of pork sausage and a variety of complementary convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit www.bobevans.com.

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 29, 2011, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date of the statement to reflect unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the company are qualified by the cautionary statements in this section.

Contact:

Scott C. Taggart

Vice President of Investor Relations

(614) 492-4954

6

Disclosure regarding non-GAAP financial measures

The Company uses adjusted operating income, adjusted net income before income taxes, adjusted provision for income taxes, adjusted net income, and adjusted earnings per share as measures for comparing its performance to prior periods and competitors, and believes it is useful because it provides investors and other interested parties a means to evaluate the Company’s performance relative to its past performance, without regard to certain charges and gains. Adjusted operating income, adjusted net income before income taxes, adjusted provision for income taxes, adjusted net income, and adjusted earnings per share are not recognized GAAP terms.

GAAP to Non-GAAP Reconciliation of Operating Income (unaudited)

(Thousands, except per share data)

7

Consolidated Financial Results (unaudited)

(Thousands, except per share data)

8