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Bob Evans Reports Fiscal 2015 First-Quarter Results

Stocks in this article: BOBE

  • Q1 2015 net sales total $326.3 million, a decline of $3.1 million, or 0.9 percent, compared to prior year first-quarter results. GAAP net loss of $0.04 per diluted share compared to net income of $0.30 per diluted share in the prior year period. Adjusted net income of $0.10 per diluted share compared to $0.54 per diluted share in the prior year period
  • Q1 2015 same-store dinner sales in the Cincinnati Broasted Chicken® test market increased 3.6 percent as the platform reversed dinner sales trends. Broasted Chicken® platform now rolling out in the Dayton and Columbus, Ohio, markets
  • Bob Evans Express expects to open three new locations during Q2 2015; up to ten new locations expected for fiscal 2015
  • BEF Foods' operating income negatively impacted $6.7 million due primarily to a 39 percent increase in Q1 2015 sow costs relative to the prior year period. New refrigerated side dish product authorizations at the Company's largest customer along with new customer accounts expected to more than offset lost sales volume experienced in 2014 resulting from a supplier dispute
  • Company's $100 million share repurchase authorization increased to $150 million; extended through fiscal year 2016. Quarterly dividend of $0.31 per share payable on September 22, 2014, to stockholders of record at the close of business on September 8, 2014
  • Company reaffirms fiscal 2015 diluted EPS guidance range of $1.90 to $2.20

NEW ALBANY, Ohio, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (Nasdaq:BOBE) today announced its financial results for the fiscal 2015 first quarter ended Friday, July 25, 2014. On a GAAP basis, the Company reported a net loss of $1.0 million, or $0.04 per diluted share, compared with net income of $8.4 million, or $0.30 per diluted share, in the comparable period last year. On an adjusted basis (1), net income was $2.3 million, or $0.10 per diluted share, compared with net income of $15.2 million, or $0.54 per diluted share, in the comparable period last year.

First-quarter fiscal 2015 commentary

Chairman and Chief Executive Officer Steve Davis said, "Several years ago our Board and management team determined that comprehensive strategic investments in our businesses were necessary to meet the changing expectations of consumers. These investments required new processes, new skill sets, and difficult decisions along the way.  During the transformation process, the Company not only invested more than $800 million transforming its businesses, it also returned over $800 million to stockholders from fiscal year 2007 to fiscal year 2014 through share repurchases and dividends.

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