Columbus, OH, United States
Columbus, OH, United States

Time filter

Source Type

News Article | May 24, 2017
Site: globenewswire.com

NEW ALBANY, Ohio, May 24, 2017 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced that President and Chief Executive Officer, Mike Townsley, and Chief Financial Officer, Mark Hood, will present and host investor meetings at three upcoming conferences. An updated investor presentation will be available on the Company’s investor relations website at http://investors.bobevans.com on June 1, 2017. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. is a leading producer and distributor of refrigerated potato, pasta and vegetable-based side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit www.bobevansgrocery.com.


News Article | May 3, 2017
Site: www.foodprocessing-technology.com

Bob Evans Farms (BEF) has acquired Pineland Farms Potato Company in Maine, US. BEF president and CEO Mike Townsley said: “We expect to leverage our acquisition of Pineland Farms Potato Company and our superior on-shelf performance to generate continued side-dish sales growth, particularly in expansion markets and new retail channels such as club and convenience stores. “We also expect to grow in the food service channel as we partner with restaurant chains to help them better manage their costs while providing high-quality products for their guests.” "We look forward to continuing to work with Saed Mohseni and the rest of the management team to support the organisation’s long-term growth.” BEF HAS also completed the sale of its Bob Evans Restaurants unit to private-equity company Golden Gate Capital for $565m. The purchase and sale announcement were made in January. With the acquisition of Pineland Farms Potato Company and the sale of Bob Evans Restaurants, the company proposes to realise the full potential of its BEF Foods business. BEF Foods is engaged in the production of refrigerated side dishes and sausages. Golden Gate Capital managing director Josh Cohen said: “We are confident that Bob Evans Restaurants’ heartfelt hospitality and farm-fresh quality are key differentiators in today’s family dining space and we look forward to continuing to work with Saed Mohseni and the rest of the management team to support the organisation’s long-term growth.” Image: French fries with ketchup. Photo: courtesy of SOMMAI via freedigitalphotos.net.


News Article | June 15, 2017
Site: globenewswire.com

* On April 28, 2017, the Company completed the sale of Bob Evans Restaurants to Golden Gate Capital.  As a result, the results of operations of Bob Evans Restaurants (“BER”) have been reported as discontinued operations and all financial statement items for the current and prior periods reflect BER as a discontinued business.  Adjusted, or non-GAAP, results presented herein include both continuing and discontinued operations and exclude certain items for comparability.  Descriptions of measures excluding these items are provided in non-GAAP financial measures and reconciliations of such non-GAAP measures to the most comparable GAAP measure are provided in the tables at the end of this release. NEW ALBANY, Ohio, June 15, 2017 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced its financial results for the fiscal 2017 fourth quarter ended Friday, April 28, 2017.  On a GAAP basis, the Company reported consolidated net income of $108.9 million, or $5.39 per diluted share, compared with net income of $0.6 million, or $0.03 per diluted share, in the corresponding period last year.  Non-GAAP consolidated net income was $12.2 million, or $0.61 per diluted share, compared with non-GAAP net income of $9.5 million, or $0.48 per diluted share, in the corresponding period last year. Fourth-quarter fiscal 2017 commentary President and Chief Executive Officer Mike Townsley said, “We closed the fiscal year with strong fourth quarter earnings, exceeding our full year guidance, and completed the strategic transactions that have reshaped Bob Evans into a higher growth and higher margin, pure-play packaged foods company. We are now focusing our attention on capitalizing on the growth opportunities in our refrigerated side-dish business while completing the integration of Pineland Farms Potato Company. The Pineland acquisition provides the added production capacity as well as the product and channel opportunities to support our growth.” “Fourth quarter net sales from continuing operations increased 4.9 percent as compared to the comparable 13 week period in the prior year, driven by the continuation of double digit growth in our high margin refrigerated side-dish business. With the sale of BER complete, we can strategically expand our food service sales effort, leveraging Pineland Farms’ strength in this large channel of distribution.” Fourth-quarter fiscal 2017 summary - continuing operations Net sales from continuing operations were $99.9 million, a decrease of $2.5 million, or 2.4 percent, compared to $102.4 million in the corresponding period last year. Excluding the 14th week in the prior year period, net sales from continuing operations increased 4.9 percent. Pounds sold for the fourth quarter, adjusted for a 13 week vs. 13 week comparison, increased 7.0 percent while average net selling price per pound declined 2.3 percent compared to the corresponding period last year.  The decline in average net selling price reflects an increased sales mix of lower-priced, although higher-margin, side-dish products relative to sausage, as well as reduced net sausage pricing. From a net sales perspective, an 11.5 percent increase in side-dish pounds sold, a 9.2 percent increase in sausage pounds sold, and a 11.5 percent increase in food service pounds sold were partially offset by a 5.1 percent increase in trade spending and a 17.0 percent decline in frozen product pounds sold, all compared to the comparable 13 week period in the prior year. GAAP operating income from continuing operations was $9.5 million, compared to $10.3 million in the corresponding period last year.  Non-GAAP operating income from continuing operations was $13.8 million, compared to $11.3 million in the corresponding period last year, an improvement of $2.5 million.  The improvement was due primarily to the aforementioned increase in pounds sold and the favorable sales mix of higher-margin side-dish items; partially offset by higher production costs, and increased freight expense resulting from increased pounds sold.  S,G&A expenses totaling $6.2 million, previously identified as “corporate and other” costs, are now included within continuing operations.  Of these costs, $0.7 million represent costs primarily related to wages and benefits for terminated employees that will no longer be in the Company's expense base in fiscal 2018. Fourth-quarter fiscal 2017 summary - discontinued operations Net sales from discontinued operations were $213.5 million, a decline of $29.7 million, or 12.2 percent, compared to net sales of $243.2 million in the corresponding period last year. The sales decline was primarily the result of a 3.9 percent decline in same store sales as well as closing 26 stores. GAAP income before taxes from discontinued operations was $160.7 million, compared to GAAP loss before taxes from discontinued operations of $12.2 million last year.  The increase primarily reflects a $155.7 million gain on the sale of BER.  Non-GAAP income before taxes from discontinued operations was $3.1 million, compared to $2.3 million last year, an increase of $0.8 million. Fourth-quarter fiscal 2017 net interest expense GAAP net interest expense was $4.3 million in the fourth quarter, an increase of $1.7 million, compared to $2.6 million in the corresponding period last year.  Non-GAAP net interest expense was $2.2 million in the fourth quarter, a decrease of $0.4 million, compared to $2.6 million in the corresponding period last year.  Net interest expense on all revolving credit borrowings are included in continuing operations, while net interest expense related to the headquarters mortgage is included within discontinued operations. Fourth-quarter fiscal 2017 taxes The Company recognized a GAAP tax benefit for continuing operations of 28.6 percent for the fourth quarter of fiscal 2017, as compared to tax expense of 23.6 percent for the prior year period. On a non-GAAP basis, the Company recognized a tax benefit of 1.1 percent for the fourth quarter of fiscal 2017, as compared to tax expense of 25.8 percent for the prior year period. The change in the tax rate was driven primarily by the sale of the Bob Evans Restaurant business. Fiscal-year 2017 summary - continuing operations Net sales for the full year from continuing operations were $394.8 million, an increase of $7.2 million, or 1.9 percent, compared to $387.6 million in the prior year.  Excluding the 53rd week during fiscal 2016, net sales from continuing operations increased 3.8 percent.  Pounds sold for fiscal 2017, on a 52 week vs. 52 week basis, increased 7.0 percent while average net selling price per pound declined 3.4 percent compared to the prior year.  The decline in average net selling price reflects an increased sales mix of lower-priced, although higher-margin, side-dish products relative to sausage, as well as reduced net sausage pricing through increased trade spending. From a net sales perspective, a 12.7 percent increase in side-dish pounds sold, a 5.9 percent increase in sausage pounds sold, and a 1.6 percent increase in food service pounds sold were partially offset by a 12.0 percent increase in trade spending and an 11.9 percent decline in frozen product pounds sold, all compared to the comparable 52 week period in the prior year. For fiscal year 2017, GAAP operating income from continuing operations was $30.1 million, compared to $33.1 million in the prior year.  Non-GAAP operating income from continuing operations was $53.0 million, compared to $37.7 million in the prior year, an improvement of $15.3 million. The improvement was due primarily to the aforementioned increase in pounds sold and the favorable sales mix of higher-margin side-dish items, partially offset by a $4.9 million increase in trade spending net of lower sow costs, lower average net selling prices and higher production costs and increased freight expense resulting from increased pounds sold.  S,G&A expenses totaling $23.4 million, previously identified as “corporate and other” costs, are now included within continuing operations.  Of these costs, $6.4 million represent costs primarily related to wages and benefits for terminated employees that will no longer be in the Company's expense base in fiscal 2018. Fiscal-year 2017 summary - discontinued operations For the fiscal year ended April 28, 2017, net sales from discontinued operations were $876.8 million, a decline of $74.4 million, or 7.8 percent, compared to net sales of $951.2 million in the prior year. The decline in sales was primarily the result of a 3.2 percent decrease in same store sales and 26 store closings. For the fiscal year ended April 28, 2017, GAAP income before taxes from discontinued operations was $167.0 million, compared to GAAP income before taxes from discontinued operations of $2.8 million in the prior year.  The increase primarily reflects a $150.2 million gain on the sale of BER.  Non-GAAP income before taxes from discontinued operations was $17.3 million, compared to $28.2 million in the prior year, a decline of $10.9 million. Fiscal-year 2017 net interest expense GAAP net interest expense was $9.2 million for fiscal year 2017, a decrease of $1.2 million, compared to $10.4 million in the prior year.  Non-GAAP net interest expense was $8.3 million for fiscal year 2017, a decrease of $1.6 million, compared to $9.9 million in the prior year.  Net interest expense on all revolving credit borrowings are included in continuing operations, while net interest expense related to the headquarters mortgage is included within discontinued operations. Fiscal-year 2017 taxes The Company recognized GAAP tax expense for continuing operations of 18.5 percent for fiscal year 2017, as compared to 28.4 percent for the prior year.  The change in the tax rate was driven primarily by officer’s life insurance and discrete items.  On a non-GAAP basis, the tax rate was 25.9 percent for continuing operations.  Discontinued operations are presented net of income tax expense or benefit. Fiscal-year 2017 balance sheet highlights The Company’s cash balance and outstanding debt at April 28, 2017 were $210.9 million and $2.7 million, respectively, compared to $12.9 million and $339.1 million at the end of the prior year.  The decrease in borrowings and increase in cash balance were the result of proceeds associated with the sale of BER. Fiscal year 2018 outlook Chief Administrative and Chief Financial Officer Mark Hood said, “We are initiating fiscal 2018 GAAP diluted earnings per share guidance in a range of $2.06 to $2.24.  Additionally, we are providing fiscal 2018 guidance ranges for both net sales and EBITDA that are consistent with the preliminary fiscal 2018 guidance of $470 million and $105 million, respectively, that we issued on January 24. 2017.” This outlook is subject to a number of factors beyond the Company’s control, including the risk factors discussed in the Company’s fiscal 2017 Annual Report on Form 10‑K and its other subsequent filings with the Securities and Exchange Commission. Investor Conference Call The Company will host a conference call today, Thursday, June 15, 2017 to discuss its fourth quarter and fiscal year 2017 results at 8:30 a.m. Eastern Time. The call can be accessed live over the telephone by dialing (855) 468-0551, or for international callers (484) 756-4323, access code 5876489.  A replay will be available shortly after the call and can be accessed by dialing (855) 859-2056, or for international callers (404) 537-3406, access code 5876489. Interested parties may also listen to a simultaneous webcast available on the Company’s website at http://investors.bobevans.com/events.cfm.  The webcast will be archived in the same location for approximately 90 days following the call. (1) EBITDA and other non-GAAP financial measures We define EBITDA as earnings before interest, taxes, depreciation and amortization including stock compensation. Management uses EBITDA and the other non-GAAP measures included in this release as key metrics in the evaluation of underlying Company performance and in making financial, operating and planning decisions. The Company believes these measures are useful to investors because they increase transparency, assist investors in understanding the underlying performance of the Company and assist in the analysis of ongoing operating trends. We believe EBITDA is frequently used by analysts, investors and other interested parties in their evaluation of the Company’s performance as compared to our competitors, many of which present EBITDA measures when reporting their results.  We believe the non-GAAP measures used in this release provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of core business operating results. We believe these non-GAAP measures, when viewed in conjunction with U.S. GAAP results and the accompanying reconciliations, enhance the comparability of results against prior periods and allow for greater transparency of financial results and business outlook. The presentation of EBITDA and other non-GAAP measures included in this release should not be considered as an alternative to net income, determined in accordance with U.S. GAAP, as an indicator of the Company’s operating performance, as an indicator of cash flows, or as a measure of liquidity. While EBITDA and our other non-GAAP measures are frequently used as measures of operations, they are not necessarily comparable to other similarly titled captions of other companies due to the potential inconsistencies in the method of calculation. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Certain statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements involve various important assumptions, risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events.  Additional information about the factors and events that could cause actual results to differ materially from those predicted by the forward looking statements, along with certain other risks, uncertainties and assumptions related to the Company and its business, may be found in our Annual Report on Form 10-K for the fiscal year ended April 28, 2017, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties.  Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date of the statement to reflect unanticipated events.  All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the Company are qualified by the cautionary statements in this section. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. is a leading producer and distributor of refrigerated potato, pasta and vegetable-based side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit .


News Article | March 2, 2017
Site: www.businesswire.com

STAMFORD, Conn.--(BUSINESS WIRE)--Land & Buildings Investment Management, LLC (together with its affiliates, "Land and Buildings") today issued the following letter to shareholders of Taubman Centers, Inc. (NYSE: TCO) (“Taubman,” “Taubman Centers” or the "Company”) announcing the nomination of two highly-qualified director candidates for election at Taubman’s 2017 Annual Meeting. The full text of the letter follows: At Land and Buildings, we are focused on long-term solutions that maximize value for all shareholders. In 1992, I attended the Taubman IPO roadshow at the Plaza Hotel in New York, and my prior firm acquired shares at the IPO. For 14 years I published investment opinions on Taubman, oftentimes documenting the numerous missteps of this management team. For the past eight years, since I founded Land and Buildings, we have continued to meet with management and analyze the investment opportunity at Taubman. Since the first half of 2016 and as recently as last week, we have had an active engagement with Taubman Chairman, President and CEO Bobby Taubman, and implored him to take action to address the deplorable state we find the Company in today. Unfortunately, Bobby Taubman has made it clear to us that he prefers to dig in his heels against shareholders rather than reach an amicable resolution that addresses the level of change that we believe is necessary at the Company. As such, Land and Buildings has nominated two highly-qualified director candidates for election to the Taubman Centers Board of Directors (the “Board”) at the 2017 Annual Meeting: We believe the crux of the matter is this: Bobby Taubman, the Chairman, President and CEO of Taubman Centers, runs Taubman Centers as if he is the only shareholder – despite having what we view as a de minimis economic interest in the Company – and has a demonstrated history of running roughshod over the Taubman Centers independent Board members and common shareholders. Bobby Taubman’s history of disenfranchising Taubman Centers’ common shareholders is well documented and includes (among other transgressions): Unfortunately, the independent Board members have not held Bobby Taubman accountable, which has resulted in horrible total returns when compared to peers. The poor track record of the independent directors includes: Changes by the Company since our initial engagement have solely been cosmetic and have only occurred to preserve the status quo, in our view: We estimate about 50% upside in the shares to close the gap to our and other analysts’ net asset value estimates of approximately $106 per share. We believe Taubman’s malls are insulated from many of the broader issues facing brick and mortar retail as its malls are highly sought after by retailers, resulting in strong sales and rent growth. Our highly-qualified nominees, Charles Elson and Jonathan Litt, have the right mix of governance expertise and sector experience to address the numerous issues that have persistently plagued the Company and unlock significant long-term shareholder value, in our view. Common shareholders have suffered under the leadership of Bobby Taubman as poor capital allocation, bloated G&A, inferior operating margins and abysmal corporate governance have caused sub-par returns. Over the past 1, 3, and 5 years, Taubman has underperformed its high-quality class A mall REIT peers by 4%, 29%, and 57%, respectively.8 Troublingly, despite having highlighted many of these issues in recent months, the status quo has continued: 2016 was another year of inferior net operating income and EBITDA margins with bloated G&A costs compared to its high-quality peers. Poor capital allocation decisions continue to plague the Company and development/re-development spending is expected to rise further in 2017 to $400 million. Figure 1: Taubman Inferior Total Returns Stem From Numerous Issues Plaguing the Company, in Our View Note: Reflects total returns for the trailing 1, 3 and 5 year periods through October 14, 2016. Class A mall peers utilized throughout letter are General Growth Properties (NYSE: GGP), The Macerich Company (NYSE: MAC) and Simon Property Group (NYSE: SPG). Figure 2: Taubman’s Inferior Margins Demonstrate Nearly Total Disregard for Cost Control, in Our View Note: Figures reflect pro rata ownership of assets; Land and Buildings estimates used where the Company does not disclose each metric. Charles Elson is the Edgar S. Woolard, Jr., Chair in Corporate Governance and the Director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. He is also a “Consultant” to the law firm Holland & Knight. He formerly served as a Professor of Law at Stetson University College of Law in St. Petersburg, Florida from 1990 until 2001. His fields of expertise include corporations, securities regulation and corporate governance. He is a graduate of Harvard College and the University of Virginia Law School, and has served as a law clerk to Judges J. Harvie Wilkinson III and Elbert P. Tuttle of the United States Court of Appeals for the Fourth and Eleventh Circuits. He has been a Visiting Professor at the University of Illinois College Of Law, the Cornell Law School, and the University of Maryland School of Law, and was a Salvatori Fellow at the Heritage Foundation in Washington, D.C. and is a member of the American Law Institute. Professor Elson has written extensively on the subject of boards of directors. He is a frequent contributor on corporate governance issues to various scholarly and popular publications. He served on the National Association of Corporate Directors' Commissions on Director Compensation, Director Professionalism, CEO Succession, Audit Committees, Strategic Planning, Director Evaluation, Risk Governance, Effective Lead Director, and Board Diversity and was a member of its Best Practices Council on Coping With Fraud and Other Illegal Activity. He also served on the National Association of Corporate Directors’ Advisory Council. He is Vice Chairman of the ABA Business Law Section’s Committee on Corporate Governance and was a member of its Committee on Corporate Laws. He is presently a member of the Board of Directors of HealthSouth Corporation, a healthcare services provider and Bob Evans Farms Inc., a restaurant and food products company. Jonathan Litt has over 24 years of experience as a global real estate strategist and an investor in both public real estate securities and direct property. Mr. Litt founded Land and Buildings in the summer of 2008 to take advantage of the opportunities uncovered by the global property bubble. Previously, Mr. Litt was Managing Director and Senior Global Real Estate Analyst at Citigroup where he was responsible for Global Property Investment Strategy, coordinating a 44-person team of research analysts located across 16 countries. Mr. Litt was recognized as a leading analyst since 1995, achieving the prestigious Institutional Investor Magazine #1 ranking for 8 years and top five ranking throughout the period. Mr. Litt also achieved a top ranking from Greenwich Associates since 1995. Before moving to the sell-side in 1994, Mr. Litt worked on the buy-side investing in public real estate securities and buying real property during his tenure at European Investors and BrookHill Properties, where his career began in 1988. Mr. Litt served on the Board of Directors at Mack-Cali from March 2014 to August 2016. Mr. Litt graduated from Columbia University in 1987 with a BA in Economics and NYU's Stern School of Business in 1990 with an MBA in Finance. Mr. Litt can often be seen on CNBC or quoted in the Wall Street Journal and other industry publications. He is also the director of a not-for-profit, the Children with Dyslexia Scholarship Fund, which provides children with scholarships to secondary schools that specialize in dyslexia. CERTAIN INFORMATION CONCERNING THE PARTICIPANTS Land & Buildings Investment Management, LLC together with the other participants named herein (collectively, "Land & Buildings "), intends to file a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2017 annual meeting of stockholders of Taubman Centers, Inc., a Michigan corporation (“TCO” or, the “Company”). LAND & BUILDINGS STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR. The participants in the proxy solicitation are anticipated to be Land & Buildings Capital Growth Fund, LP, a Delaware limited partnership (“L&B Capital” ), L & B Real Estate Opportunity Fund, LP, a Delaware limited partnership (“L&B Opportunity”), Land & Buildings GP LP, a Delaware limited partnership (“L&B GP”), Land & Buildings Investment Management, LLC, a Delaware limited liability company (“L&B Management”), Jonathan Litt and Charles Elson. As of the date hereof, L&B Capital directly owns 185,600 shares of Common Stock, $0.01 par value, of the Company (the "Shares”). As of the date hereof, L&B Opportunity directly owns 97,600 Shares. As of the date hereof, 435,247 Shares were held in certain accounts managed by L&B Management (the “Managed Accounts”). L&B GP, as the general partner of each of L&B Capital and L&B Opportunity, may be deemed the beneficial owner of the (i) 185,600 Shares owned by L&B Capital and (ii) 97,600 Shares owned by L&B Opportunity. L&B Management, as the investment manager of each of L&B Capital and L&B Opportunity, and as the investment advisor of the Managed Accounts, may be deemed the beneficial owner of the (i) 185,600 Shares owned by L&B Capital, (ii) 97,600 Shares owned by L&B Opportunity, and (iii) 435,247 Shares held in the Managed Accounts. Mr. Litt, as the managing principal of L&B Management, may be deemed the beneficial owner of the (i) 185,600 Shares owned by L&B Capital, (ii) 97,600 Shares owned by L&B Opportunity, and (iii) 435,247 Shares held in the Managed Accounts. In addition, as of the date hereof, Mr. Litt directly owns 436 shares of the Company’s 6.5% Series J Cumulative Redeemable Preferred Stock, no par value. As of the date hereof, Mr. Elson does not own any Shares.


News Article | November 7, 2016
Site: www.marketwired.com

To encourage discourse, offers free sausage for everyone NEW ALBANY, OH--(Marketwired - Nov 7, 2016) - In what may be the most controversial breakfast election in recent memory, the contentious battle between sausage links and patties has ended with a split decision. According to a national survey by Bob Evans®, links won the day as America's #1 breakfast sausage. In the state-by-state results, 30 states (mainly on the coasts) chose links as the best breakfast sausage versus only 18 states (in the Midwest and South) picking patties. Battleground states, Florida and North Carolina, illustrating again how they earned the moniker, were split 50/50 between the two contenders. In the end, links were the clear winner among both genders, all generations, and Democrats and Republicans alike. Libertarians, forging their own path as usual, were the only group to prefer patties. 1. There is a bit of a gender gap. A clear majority of women chose links (59% vs. 41%), but the difference is much less among men (52% vs. 48%). 2. Links are the sausage choice for Millennials and Gen X, but only slightly edge out patties among Baby Boomers and Greatest Generation (59% and 57% vs. 51% and 52%). 3. Democrats prefer links by a slightly higher margin than Republicans (57% and 53%, respectively) while Libertarians strongly preferred patties (62%). However, controversy remains as Patties were the clear winner in the popular vote, with voters online choosing the Farm Boy® favorite over the linked variety. With a 2,000 vote lead, patties seemingly are the winner in the hearts and minds of online sausage lovers. The division is unsurprising, given that sales within Bob Evans Farms restaurants of sausage patties nearly double those of links (2.1 million vs. 1.2 million lbs./yr.). Coincidentally, linked sausage takes the edge over patties in nationwide sales of Bob Evans Grocery Products (9.5 million vs. 9.4 million lbs./yr.). Given the split, it is obvious the debate over the better sausage will continue at breakfast tables across the country for years to come. As a way to forge a path forward and build consensus after this contentious election, Bob Evans is offering a coupon so every customer can get a free side of sausage starting on Wednesday, October 19, at any Bob Evans restaurant. Bob Evans wants to encourage sausage link and patty lovers to experience something new and think outside their typical meat. The coupon, which is valid through the January inauguration, can be found here: https://www.bobevans.com/-/media/bobevans_com/files/ssecoupon.pdf "Links carried the day in the Sausage Selection Election nationally this year but that can always change. By 2020, we might see a swing toward patties," said John Fisher, President of Bob Evans Restaurants. "Bob Evans is about sausage, be it links, patties, or even turkey. We know that America loves sausage of all kinds. That love can build bridges and create a more unified country." In addition to the free side of sausage coupon, which is valid through Inauguration Day, Bob Evans Restaurants is offering a 30 percent discount with coupon to all guests on Election Day (November 8, 2016). The offer spans all political affiliations and beliefs, letting voters unite over a satisfying meal at their nearest Bob Evans location. Customers can download the coupon, valid for 30 percent off their entire check -- dine-in or carryout -- after 2:00 PM, at https://www.bobevans.com/electionday. Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name. At the end of the first fiscal quarter (July 29, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit www.bobevans.com. *The 2016 Bob Evans Sausage Selection Election Survey was conducted from August 30-September 8, 2016, with 2,500 adults, 50 from each of the 50 U.S. states. The survey was fielded using the Research Now online consumer panel. At the time of the survey, participants had to have been at least 18 years of age or older and live in one of the 50 U.S. states. Age data is reflective to the adult population based on U.S. Census data. Millennials are defined as 18 to 34 year olds, Gen X as 35-51 year olds, Baby Boomer as 52-70 years old, and The Greatest Generation as 71 years old and older. Political affiliation was determined by self-identification as a Democrat (31%), Republican (32%) or Libertarian (2%). To view a media-rich version of this release, go to: http://bobevans.new-media-release.com/sausage-election_3/


News Article | November 16, 2016
Site: globenewswire.com

NEW ALBANY, Ohio, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced it will conduct a conference call to discuss second-quarter fiscal 2017 results at 8:30 a.m. (ET) on Tuesday, December 6, 2016.  Earlier that morning, the Company will issue a press release detailing results for the quarter.  The dial-in number for the conference call is (855) 468-0551, access code 7719466.  A replay will be available at (800) 585-8367, access code 7719466.  A simultaneous webcast will be available at http://investors.bobevans.com/events.cfm.  The webcast will be archived at the same location. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name.  At the end of the first fiscal quarter (July 29, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names.  For more information about Bob Evans Farms, Inc., visit www.bobevans.com.


News Article | February 22, 2017
Site: globenewswire.com

NEW ALBANY, Ohio, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced it will conduct a conference call to discuss third-quarter fiscal 2017 results at 8:30 a.m. (ET) on Wednesday, March 8, 2017.  Earlier that morning, the Company will issue a press release detailing results for the quarter. The dial-in number for the conference call is (855) 468-0551, access code 69455358.  A replay will be available at (800) 585-8367, access code 69455358.  A simultaneous webcast will be available at http://investors.bobevans.com/events.cfm.  The webcast will be archived at the same location. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name.  At the end of the second fiscal quarter (October 28, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names.  For more information about Bob Evans Farms, Inc., visit www.bobevans.com.


News Article | February 28, 2017
Site: globenewswire.com

NEW ALBANY, Ohio, Feb. 28, 2017 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced its board of directors approved a quarterly cash dividend of $0.34 per share on the company’s outstanding common stock. The dividend is payable on March 27, 2017, to stockholders of record at the close of business on March 13, 2017. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name.  At the end of the second fiscal quarter (October 28, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names.  For more information about Bob Evans Farms, Inc., visit www.bobevans.com.


News Article | February 23, 2017
Site: globenewswire.com

NEW ALBANY, Ohio, Feb. 23, 2017 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced that President, BEF Foods, Mike Townsley and Chief Administrative and Chief Financial Officer, Mark Hood will host investor meetings at two upcoming conferences. An updated third-quarter fiscal 2017 investor presentation will be available on the Company's investor relations website at http://investors.bobevans.com/events.cfm on March 8, 2017. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name. At the end of the second fiscal quarter (October 28, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit www.bobevans.com.


News Article | December 5, 2016
Site: globenewswire.com

NEW ALBANY, Ohio, Dec. 05, 2016 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (NASDAQ:BOBE) today announced its financial results for the fiscal 2017 second quarter ended Friday, October 28, 2016.  On a GAAP basis, the Company reported net income of $0.2 million, or $0.01 per diluted share, compared with net income of $6.4 million, or $0.29 per diluted share, in the corresponding period last year.  After adjusting for the note impairment, non-GAAP net income was $11.2 million, or $0.56 per diluted share, compared with net income of $9.2 million, or $0.41 per diluted share, in the corresponding period last year.  For an explanation of certain non-GAAP financial measures used in this release, please refer to the discussion in “Non-GAAP Financial Measures” below. Second-quarter fiscal 2017 commentary President and Chief Executive Officer Saed Mohseni said, “BEF Foods delivered another excellent quarter with 13.7 percent volume growth of refrigerated side-dish products and 7.6 percent growth of our sausage business.  Both product lines achieved market share gains during the quarter.  Recent expansion of our side-dish production capacity and continued strategic use of our co-packer network, position us well for meeting peak holiday production demands during the third fiscal quarter.  We are evaluating additional growth opportunities, including investments in our plant network as well as acquisitions, to further improve manufacturing efficiency and production capacities as we aggressively target new product authorizations at our existing retailers, and new retail account authorizations, particularly on the West Coast and with national big-box chains. “Bob Evans Restaurants’ performance improved during the second quarter as same-store sales trends improved further and positive guest feedback trends reflected continued improvements to the guest experience.  We are encouraged that six states in the chain achieved positive same-store sales during the second quarter, compared to one state in the prior quarter.  Furthermore, the number of individual restaurants generating positive quarterly same-store sales increased 65 percent from the first quarter.  Our new menu, launched September 1, continues to perform as expected.  Although our value offerings have received more prominence in the new menu design, our average check has increased slightly as guests have taken advantage of the flexibility of the new menu to build a dining experience that best meets their appetite and budget.” Mohseni continued, “The Board continues to evaluate all options to create shareholder value and is working with J.P. Morgan to review and evaluate potential opportunities for value creation.  There is no formal timeline for the completion of the review and there can be no certainty that the review will result in a particular outcome.” Second-quarter fiscal 2017 Bob Evans Restaurants segment summary Bob Evans Restaurants’ net sales were $219.8 million, a decline of $10.9 million, or 4.7 percent, compared to net sales of $230.7 million in the corresponding period last year. Same-store sales declined 1.8 percent with the balance of the net sales decline due to net restaurant closures during the past year. No restaurants were closed and no new restaurants opened during the quarter.  The Company operated 522 restaurants at the end of the quarter. Bob Evans Restaurants’ GAAP operating income was $13.5 million, compared to GAAP operating income of $13.3 million last year.  Bob Evans Restaurants’ non-GAAP operating income was $13.5 million, compared to $13.6 million last year, a decline of $0.1 million.  The decline in non-GAAP operating income was due to lower sales and increased hourly wage rates along with investment in labor hours to support efforts to improve guest hospitality; partially offset by lower commodity costs, reduced discounting, and lower healthcare costs.  Additionally, the April 2016 sale-leaseback transaction of 143 restaurant properties reduced operating income by approximately $0.4 million due to a $2.7 million increase in rent, partially offset by a $2.3 million decline in depreciation compared to the prior year period. Second-quarter fiscal 2017 BEF Foods segment summary BEF Foods’ net sales were $96.2 million, an increase of $1.9 million, or 2.0 percent, compared to $94.3 million in the corresponding period last year.  Pounds sold increased 6.9 percent while average net selling price per pound declined 4.6 percent compared to the corresponding period last year.  The decline in average net selling price reflects an increased sales mix of lower-priced, although higher-margin, side-dish products relative to sausage, as well as reduced net sausage pricing through increased trade spending.  From a net sales perspective, a 13.7 percent increase in side-dish pounds sold and a 7.6 percent increase in sausage pounds sold were partially offset by a $4.1 million increase in trade spending (reduces net sales), a 17.4 percent decline in frozen product pounds sold and a 5.8 percent decline in food service pounds sold compared to the corresponding period last year. BEF Foods’ GAAP operating income was $18.7 million, compared to $14.0 million last year.  Prior year GAAP operating income included a $3.6 million charge to reflect the loss on the sale-leaseback of the Sulphur Springs manufacturing facility.  BEF Foods non-GAAP operating income was $18.7 million, compared to $17.6 million in the corresponding period last year, an improvement of $1.1 million.  The improvement was due primarily to increased volume, $2.5 million of lower sow costs, favorable sales mix, and lower SG&A costs; partially offset by $4.1 million of increased trade spending, increased freight expenses, and an increase in advertising expenses.  Additionally, the October 2015 sale-leaseback transaction of two industrial properties reduced operating income by approximately $0.6 million due to a $1.0 million increase in rent, partially offset by a $0.4 million decline in depreciation compared to the prior year period. Second-quarter fiscal 2017 Corporate and Other summary   Corporate and Other GAAP operating costs were $30.7 million, compared to $15.9 million last year.  Corporate and Other GAAP operating costs include the $16.5 million combined impact of the following items excluded from non-GAAP results:  $16.0 million related to the impairment of the note receivable from the 2013 sale of Mimi’s Café; and $0.5 million related to costs associated with strategic initiatives.  Corporate and Other non-GAAP operating costs were $14.2 million, compared to $15.9 million last year, a decline of $1.7 million.  The decline was due primarily to lower legal and professional fees, partially offset by increased incentive compensation costs and depreciation and amortization resulting from technology-related capital expenditures. Second-quarter fiscal 2017 net interest expense – GAAP net interest expense was $1.7 million in the second quarter, a decline of $1.2 million, compared to $2.9 million in the corresponding period last year. Second-quarter non-GAAP net interest expense excludes the impact of $1.1 million of interest accretion related to the impairment of the note receivable from the 2013 sale of Mimi’s Café.  The borrowing rate on the Company’s outstanding debt was 2.28 percent at the end of the second quarter, compared to 1.95 percent for the prior year period. Second-quarter fiscal 2017 taxes –  The Company’s provision for income taxes is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The Company recognized a GAAP tax benefit of 179.9 percent for the quarter, compared to tax expense of 24.8 percent for the prior year period. The change in the tax rate was driven primarily by the impact of lower pretax income due to the impairment of a note receivable booked during the quarter.  Year-to-date, the Company recognized GAAP tax expense of 18.7 percent, compared to 24.6 percent for the prior year.  For non-GAAP items, the tax rate was 25.8 percent for the quarter, reflecting the Company’s annual non-GAAP estimated tax rate adjusted for the impact of second-quarter discrete items.  Year-to-date, the Company’s non-GAAP estimated tax rate adjusted for the impact of discrete items was 24.4 percent. Second-quarter fiscal 2017 balance sheet highlights – The Company’s cash balance and outstanding debt at the end of the quarter were $4.9 million and $361.8 million, respectively, compared to $5.4 million and $471.4 million at the end of the corresponding period last year.  The Company was in compliance with its debt covenants at the end of the quarter.  The decrease in borrowings was primarily the result of the use of proceeds from recent real estate monetization transactions and operating cash flow to reduce debt, partially offset by share repurchases, capital expenditures, and dividend payments.  On a pro-forma basis, assuming the 2016 sale-leaseback transactions occurred at the beginning of fiscal 2016, the Company’s quarter-end leverage ratio was 3.00. Fiscal year 2017 outlook Chief Administrative and Chief Financial Officer Mark Hood said, "We have updated our GAAP and non-GAAP fiscal 2017 EPS guidance ranges.  We have reduced our GAAP diluted EPS guidance range to $1.54 to $1.72, from $2.00 to $2.17 previously, to reflect the impairment of the note receivable from the 2013 sale of Mimi’s Café, partially offset by improved operating performance in the first half of fiscal 2017.  We have raised our non-GAAP diluted EPS guidance range to $2.15 to $2.30, from $2.05 to $2.20 previously. “While we continue to expect full-year negative low-single digit to flat same-store sales at Bob Evans Restaurants, we have adjusted our restaurant commodity pricing outlook to negative low-single digit to flat for the year, from approximately flat previously.  As for BEF Foods, we have lowered our sow cost forecast to $42 to $45 per hundredweight, from $50 to $53 previously, to reflect expectations for the remainder of the fiscal year.  As a consequence of lower projected sow costs, we expect lower sausage pricing (resulting from increases in trade spending to reflect an increased competitive pricing environment from lower sow costs) and have lowered our BEF Foods sales outlook to $390 to $410 million, from $400 to $420 million previously.  At the corporate level, we have added GAAP tax rate guidance of 18% to 19% for fiscal 2017 as a result of the impact of the Mimi’s Café note impairment on taxable income, and increased our non-GAAP tax rate guidance 50 basis points to 24% to 25% to reflect the impact of higher taxable income on our tax preference items.  We are also maintaining our focus on lowering corporate and other costs required to support our businesses.” This outlook is subject to a number of factors beyond the Company’s control, including the risk factors discussed in the Company’s fiscal 2016 Annual Report on Form 10‑K and its other subsequent filings with the Securities and Exchange Commission. Investor Conference Call The Company will host a conference call to discuss its second-quarter fiscal 2017 results at 8:30 a.m. (ET) on Tuesday, December 6, 2016.  The dial-in number for the conference call is (855) 468-0551, access code 7719466.  A replay will be available at (800) 585-8367, access code 7719466. A simultaneous webcast will be available at http://investors.bobevans.com/events.cfm. The archived webcast will also be available on the Web site. (1)Non-GAAP Financial Measures The Company uses non-GAAP financial measures to monitor and evaluate the ongoing performance of the Company.  The Company believes the additional measures are useful to investors for financial analysis.  Excluding these items reflects operating results that are more indicative of the Company’s ongoing operating performance and improve comparability to prior periods.  However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures.  Reconciliations to the applicable GAAP financial measures are included in the attached schedules. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 Certain statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements involve various important assumptions, risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events. We discuss these factors and events, along with certain other risks, uncertainties and assumptions, under the heading “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 29, 2016, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties.  Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date of the statement to reflect unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the Company are qualified by the cautionary statements in this section. About Bob Evans Farms, Inc. Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name.  At the end of the second fiscal quarter (October 28, 2016), Bob Evans Restaurants owned and operated 522 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage, and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names.  For more information about Bob Evans Farms, Inc., visit www.bobevans.com.

Loading Bob Evans Farms Inc. collaborators
Loading Bob Evans Farms Inc. collaborators