Bob Evans Farms 4Q Profit Climbs On Lower Costs

COLUMBUS, Ohio (AP) — Bob Evans Farms Inc., operator of Bob Evans and Mimi's Cafe restaurants, said its fourth-quarter profit rose 31 percent, helped by the performance of its namesake restaurants and lower labor and food costs.

Late Tuesday, the company that also produces pork sausage said it earned $21.1 million, or 69 cents per share, for the quarter ended April 24 compared with $16.1 million, or 52 cents per share, a year ago.

Quarterly results were weighed down by $76.3 million in charges mostly related to a $56.2 million goodwill impairment charge for the Mimi's Cafe acquisition.

Analysts polled by Thomson Reuters, whose estimates generally exclude one-time items, forecast profit of 39 cents per share.

Sales dipped 1 percent to $431 million from $436.4 million, but still managed to beat Wall Street's estimate of $430.8 million.

"The Bob Evans Restaurants division continues to post impressive results due to lower cost of sales and well-controlled labor costs, despite slightly negative same-store sales," Chairman and Chief Executive Steve Davis said in a statement.