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
|Printer friendly Cite/link Email Feedback|
|Date:||Dec 2, 1991|
|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|