COLUMBUS, OH (
) -- Shares of
Bob Evans Farms
rose Thursday after the restaurant operator raised its quarterly dividend.
Bob Evans' shares pushed up 1.1% Thursday.
The company said late Wednesday its board of directors approved an 11.1% increase of its quarterly cash dividend from 18 cents per share to 20 cents per share. The increased dividend will be payable Sept. 21 to shareholders on record at the close of trading on Sept. 7.
Bob Evans also repurchased 170,000 shares for a total of $4.4 million and reduced its total debt by $8.9 million in the current quarter, the first quarter in its fiscal 2011 year. The company expects to repurchase shares totaling $25 million in fiscal 2011. Bob Evans shares gained 1% Thursday.
Earlier this month the operator of Bob Evans Restaurants and Mimi's Cafes reported a 21.7% decrease in fiscal-first-quarter profits to $12.6 million, or 41 cents per share, from $16.1 million, or 52 cents per share, in the year-earlier period.
Revenue fell 3.9% year-over-year to $412.6 million, from $429.5 million.
Despite its declining profits, Bob Evans' earnings managed to top Wall Street's expectations for a profit of 44 cents per share. Top-line results missed analysts' consensus call for revenue of $422.1 million.
-- Written by Miriam Marcus Reimer in New York.
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