BOB EVANS FARMS RELEASES FIRST QUARTER EARNINGS
BOB EVANS FARMS RELEASES FIRST QUARTER EARNINGS COLUMBUS, Ohio, Aug. 10 /PRNewswire/ -- Bob Evans Farms Inc.
(NASDAQ: BOBE) reported net sales for the three-month period ended July 24, 1992, were $159,410,000, an increase of 22 percent over $131,199,000 a year ago. Net income for the three months was $10,411,000 or $.25 per share, compared with $8,785,000 or $.21 per share for the first quarter a year ago.
The increase in net sales over a year ago was due to more restaurants in operation in the restaurant segment and the inclusion of additional revenues from Mrs. Giles Country Kitchens and Hickory Specialties in the food products segment. The 19 percent increase in net income over a year ago was due to more restaurants in operation, as well as margin improvements in same- store sales in the restaurant segment and additional profits generated from Hickory Specialties and Mrs. Giles Country Kitchens in the food products segment. During the first quarter, a new Bob Evans Restaurant & General Store opened in Branson, Mo. With this opening, the company owned and operated 274 restaurants at quarter's end, compared with 256 one year ago. During the second quarter, plans call for the opening of the first Bob Evans Restaurant in Davenport, Iowa, as well as a Bob Evans Restaurant & General Store in Orlando, Fla. A new development announced for the restaurant segment is the Bob Evans Hometown Restaurant. This new restaurant has been designed to be built in small cities and towns with a population base of 20,000 or less. Seating in the restaurant will accommodate approximately 85 customers and the menu will be similar to that of traditional Bob Evans Restaurants. Ground breaking for this new concept will be in Bellefontaine, Ohio, later this fall with a spring 1993 anticipated opening date. In the food products segment, the company will be introducing Country Lite sausage in selected Bob Evans and Owens markets. This 90 percent fat-free sausage is pure pork and will be available as pre- cooked links and biscuit sandwiches. At the same time, the company's fresh, refrigerated line of ready-to-eat Harvest Salads will offer seasonal, holiday varieties. At Owens, the Border Breakfast burrito line is being extended this fall with Border Breaks, snacks well-suited for microwave preparation. In July, the company finalized the purchase of a plant in Springfield, Ohio. This facility will provide increased production and distribution capabilities to expand the Bob Evans foodservice business. A 19 percent increase in the company's quarterly dividend was declared today by the Bob Evans Farms board of directors. A dividend of $.0625 (six and one quarter cents) per share on the company's outstanding common stock is payable Sept. 1, 1992, to stockholders of record at the close of business Aug. 21, 1992. July 24, 1992 July 26, 1991 Net Sales Restaurant Segment $113,290,000 $ 99,368,000 Food Products Segment 46,120,000 31,831,000 Total $159,410,000 $131,199,000 Income Before Income Taxes Restaurant Segment $ 13,350,000 $ 11,562,000 Food Products Segment 3,237,000 2,409,000 Total $ 16,587,000 $ 13,971,000 Net Income Restaurant Segment $ 8,380,000 $ 7,273,000 Food Products Segment 2,031,000 1,512,000 Total $ 10,411,000 $ 8,785,000 Net Income Per Share Restaurant Segment $.20 $.17 Food Products Segment .05 .04 Total $.25 $.21 Weighted average number of common shares outstanding adjusted through the 4-for-3 stock split paid on April 24, 1992 41,850,509 41,693,367 -0- 8/10/92 /CONTACT: Keith Bradbury or Mary Cusick, both of Bob Evans Farms, 614-491-2225/ (BOBE) CO: Bob Evans Farms ST: Ohio IN: LEI FOD SU: ERN
BM -- CL015 -- 8638 08/10/92 16:01 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Aug 10, 1992|
|Previous Article:||ROUSE COMPANY OF COLUMBIA REPORTS EARNINGS|
|Next Article:||NAVISTAR ISSUES SCHOOL BUS RECALL UPDATE|