Printer Friendly

BOB EVANS ANNOUNCES SECOND QUARTER EARNINGS

 BOB EVANS ANNOUNCES SECOND QUARTER EARNINGS
 COLUMBUS, Ohio, Dec. 2 /PRNewswire/ -- Bob Evans Farms'


(NASDAQ: BOBE) net sales for the second quarter ended Oct. 25, 1991, were $142.2 million, an increase of 12 percent over $127.3 million a year ago. Net income for the second quarter was $10.2 million or $.33 per share, compared with $8.8 million or $.28 per share for the second quarter of 1990.
 The increase in net sales for the second quarter was due to more restaurants in operation, an improvement in same store restaurant sales and the addition of sales from Mrs. Giles Country Kitchens, Inc. in the food products segment.
 "Given the competitive business environment and the generally slow recovery of the economy, Bob Evans Farms' second quarter results indicate a strong performance," said Daniel E. Evans, chairman of the board and chief executive officer of Bob Evans Farms. "During this time, we have been able to continue growing our business and meeting the changing needs of our consumers." Some ways Evans feels the company is doing this include:
 -- During the second quarter, the 10th Owens Family Restaurant - the first of the new prototype, opened in Lewisville, Texas, and a Bob Evans Restaurant opened in Johnstown, Pa. In conjunction with the Lewisville opening, the first Owens Family Restaurant television commercial aired in the Dallas/Ft. Worth market. A total of 258 restaurants were operating at quarter's end, compared with 247 a year ago.
 -- In September, Cantina del Rio, the company's entry into the casual theme dining segment, went under construction. This Tex-Mex restaurant is scheduled to open in April 1992 just north of Columbus, Ohio.
 -- Daily Dinner Specials have had a positive effect on Bob Evans Restaurants' dinner sales since the September introduction. Thursday's turkey and dressing has been the customers' favorite.
 -- Bob Evans Farms acquired the net assets of Mrs. Giles Country Kitchens, an affiliate of the Campbell Soup Company, in September. This deli salad producer, of Lynchburg, Va., complements the company's food business, particularly its direct, store-door delivery system.
 -- The introduction of unique Bob Evans burritos is continuing and distribution throughout the company's entire market area should be completed by the end of January.
 -- Breakfast Rounds, a round, thick crust topped with Owens Country Sausage or Canadian bacon, eggs, cheese and tomatoes, were introduced in September in Owens markets.
 Third quarter plans for the company include:
 -- Opening the fifth General Store and Restaurant in Williamsburg, Va.; Bob Evans Restaurants in Exton, Pa., Charleston, W.Va., Hamburg, N.Y., and Troy, Ohio: and an Owens Family Restaurant in Austin, Texas.
 -- Continuing tests on new restaurant and retail food products for market-wide introduction.
 -- Distributing Bob Evans Farms food products on Mrs. Giles distribution trucks in Lynchburg, Roanoke and Charlottesville, Va. and eventually distributing Mrs. Giles products, under the Bob Evans name, throughout the Bob Evans market area via the company's direct, store-door delivery system.
 On Oct. 10, the Bob Evans Farms board of directors declared a $.07 per share dividend, payable to stockholders of record at the close of business Nov. 8, 1991. The board also authorized the repurchase of up to 500,000 shares of Bob Evans Farms, Inc. common stock.
 Bob Evans Farms Inc. currently owns and operates 259 restaurants in 16 states, including 10 Owens Family Restaurants in the Dallas/Ft. Worth metroplex. The company produces and distributes a variety of food products under the Bob Evans, Owens and Mrs. Giles names in 23 states and the District of Columbia.
 Bob Evans Farms, Inc.
 Financial Information
 (unaudited)
 Three Months Ended
 Oct. 25, 1991 Oct. 26, 1990
 Net Sales
 Restaurant Segment $103,253,000 $ 91,284,000
 Food Products Segment 38,942,000 36,009,000
 Total $142,195,000 $127,293,000
 Income Before Income Taxes
 Restaurant Segment $ 12,959,000 $ 11,233,000
 Food Products Segment 3,485,000 3,004,000
 Total $ 16,444,000 $ 14,237,000
 Net Income
 Restaurant Segment $ 8,050,000 $ 6,934,000
 Food Products Segment 2,191,000 1,858,000
 Total $ 10,241,000 8,792,000
 Net Income Per Common
 Share(A)
 Restaurant Segment $.26 $.22
 Food Products Segment .07 .06
 Total $.33 $.28
 (A) Weighted average number
 of common shares
 outstanding 31,278,131 31,525,629
 Six Months Ended
 Oct. 25, 1991 Oct. 26, 1990
 Net Sales
 Restaurant Segment $202,621,000 $181,196,000
 Food Products Segment 70,773,000 68,875,000
 Total $273,394,000 $250,071,000
 Income Before Income Taxes
 Restaurant Segment $ 24,521,000 $ 22,181,000
 Food Products Segment 5,894,000 4,430,000
 Total $ 30,415,000 $ 26,611,000
 Net Income
 Restaurant Segment $ 15,323,000 $ 13,722,000
 Food Products Segment 3,703,000 2,733,000
 Total $ 19,026,000 16,455,000
 Net Income Per Common
 Share(A)
 Restaurant Segment $.49 $.43
 Food Products Segment .12 .09
 Total $.61 $.52
 (A) Weighted average number
 of common shares
 outstanding 31,278,131 31,525,629
 -0- 12/2/91
 /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


LC -- CL006 -- 8243 12/02/91 09:46 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 2, 1991
Words:869
Previous Article:POST OFFICE TO OFFER SANTA'S LETTERS TO PUBLIC
Next Article:INTERIOR ASSISTANT SECRETARY HAYDEN AVAILABLE TO MEET WITH MEDIA IN ANN ARBOR, MICH., DEC. 3-4
Topics:


Related Articles
BOB EVANS FARMS RELEASES FIRST QUARTER EARNINGS
BOB EVANS FARMS RELEASES SECOND QUARTER EARNINGS
BOB EVANS FARMS, INC. ANNOUNCES SECOND QUARTER RESULTS
EARNINGS ANNOUNCED FOR BOB EVANS FARMS INC.
BOB EVANS FARMS RELEASES 2ND QUARTER EARNINGS
BOB EVANS FARMS ANNOUNCES THIRD QUARTER RESULTS
Bob Evans Farms Comments on Preliminary Second Quarter Results.
Bob Evans Farms Announces Second Quarter Financial Results.
Bob Evans Farms Announces September Same-Store Sales Increase and Reaffirms Previous Earnings Guidance.
Bob Evans Farms Comments on Quarterly Earnings.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters