Bob Evans Farms (BOBE) 8-K Bob Evans Farms Announces Year-end Results; Beats Revised Fiscal 2009 Operating Income Guidance

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2009 — Quarter 4

Note: amounts are in thousands, except per share amounts

Fourth quarter (Q4), ended April 24, 2009, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Food Products
	Q4		% of			Q4		% of			Q4			Q4			Q4			Q4
	2009		sales			2008		sales			2009			2008			2009			2008
Net sales	$	430,997				$	436,445				$	354,527		$	361,077		$	76,470		$	75,368
Cost of sales		129,851		30.1	%		128,878		29.5	%		24.5	%		25.5	%		56.3	%		48.9	%
Operating wages		146,725		34.1	%		150,424		34.5	%		39.1	%		39.5	%		10.5	%		10.6	%
Other operating		65,658		15.2	%		72,138		16.5	%		17.6	%		18.7	%		4.2	%		6.1	%
S,G, & A		36,820		8.5	%		38,264		8.8	%		6.0	%		6.3	%		20.5	%		20.3	%
Depr. & amort.		20,944		4.9	%		19,722		4.5	%		5.3	%		4.9	%		2.7	%		2.7	%
Operating income		30,999		7.2	%		27,019		6.2	%		7.5	%		5.1	%		5.8	%		11.4	%
Interest		2,791		0.7	%		3,105		0.7	%
Pre-tax income		28,208		6.5	%		23,914		5.5	%
Income taxes		7,134		1.6	%		7,850		1.8	%
Net income	$	21,074		4.9	%	$	16,064		3.7	%
EPS — basic	$	0.69				$	0.52
EPS — diluted	$	0.69				$	0.52
Dividends paid per share	$	0.16				$	0.14
Weighted average shares outstanding:
Basic		30,704					30,791
Dilutive stock options		40					160
Diluted		30,744					30,951
Shares outstanding at quarter end		30,712					30,611

• Income taxes, as a percentage of pre-tax income, were 25.3% vs. 32.8%

Fiscal 2009 — Quarter 4 p 1

Consolidated Q4 Review:

• Net sales decreased 1.2% ($431.0 million vs. $436.4 million).

• Operating income increased 14.7% ($31.0 million vs. $27.0 million).

• Pre-tax income increased 18.0% ($28.2 million vs. $23.9 million).

• Effective tax rate was 25.3% compared to 32.8%.

• Net income increased 31.2% ($21.1 million vs. $16.1 million).

• Diluted EPS was $0.69 vs. $0.52.

• The fourth quarter results of fiscal 2008 included the impact of the following:

• Consolidated and restaurant results included a net pre-tax gain of $0.7 million on asset disposals that is reflected in S,G&A.

• The company adopted SFAS 123(R), which requires the expensing of stock options, in the first quarter of FY07. The company significantly reduced the issuance of stock options and implemented a performance incentive plan which predominantly uses restricted stock as the award. The pre-tax expenses of adopting SFAS 123(R) and issuing awards under the plan are:

(amounts in thousands)

	Q4 FY 09		Q4 FY 08		Total FY 09		Total FY 08
	Actual *		Actual *		Actual		Actual
Stock options	$	101	$	124	$	1,238	$	810
New plan (excluding options)		848		668		6,483		5,470
Total	$	949	$	792	$	7,721	$	6,280

* Expense is reflected in S, G & A: $749 and $597 in 2009 and 2008, respectively, in the restaurant segment and $200 and $195 in 2009 and 2008, respectively, in the food products segment.

Fiscal 2009 — Quarter 4 p 2

Restaurant Q4 Review:

• Overall restaurant sales decreased 1.8% ($354.5 million vs. $361.1 million).

• Nominal same-store sales decreased 1.6% at Bob Evans Restaurants and decreased 7.1% at Mimi’s.

• Operating income increased 44.3% ($26.6 million vs. $18.4 million).

• Operating margin was 7.5% compared to 5.1%.

• Restaurants in operation at quarter end were: 570 Bob Evans Restaurants and 144 Mimi’s. 571 Bob Evans Restaurants and 132 Mimi’s were in operation a year ago.

• Restaurant openings, by quarter:

Bob Evans Restaurants:

Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4		Full Year		Closings		Ending Total
2009		571		0		0		0		1		1		2		570
2008		579		0		0		1		1		2		10		571
2007		587		4		1		3		2		10		18		579
2006		591		6		6		3		5		20		24		587
2005		558		11		12		10		4		37		4		591

Mimi’s Cafes:

Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4		Full Year		Closings		Ending Total
2009		132		3		4		2		3		12		0		144
2008		115		1		2		8		6		17		0		132
2007		102		2		1		3		7		13		0		115
2006		92		1		2		1		6		10		0		102
2005		81		0		3		4		4		11		0		92

Consolidated Restaurants:

Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4		Full Year		Closings		Ending Total
2009		703		3		4		2		4		13		2		714
2008		694		1		2		9		7		19		10		703
2007		689		6		2		6		9		23		18		694
2006		683		7		8		4		11		30		24		689
2005		639		11		15		14		8		48		4		683

Fiscal 2009 — Quarter 4 p 3

• Rebuilt restaurant openings, by quarter:

Fiscal Year	Q1		Q2		Q3		Q4		Full Year
2009		1		3		0		0		4
2008		2		2		1		3		8
2007		1		1		1		1		4
2006		6		4		3		1		14
2005		3		5		0		2		10

• Bob Evans Restaurants same-store sales analysis (24-month core; 543 restaurants):

	Fiscal 2009								Fiscal 2008								Fiscal 2007
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		4.4			2.8		1.6			0.9			2.0		(1.1	)		(1.2	)		3.1		(4.3	)
June		0.9			2.9		(2.0	)		4.0			2.6		1.4			(4.1	)		3.0		(7.1	)
July		1.1			2.9		(1.8	)		4.4			2.6		1.8			(5.6	)		3.0		(8.6	)
Q1		2.0			2.9		(0.9	)		3.2			2.4		0.8			(3.9	)		3.0		(6.9	)
August		(0.6	)		2.9		(3.5	)		4.3			2.6		1.7			(4.2	)		3.0		(7.2	)
September		0.1			2.9		(2.8	)		0.4			2.6		(2.2	)		5.0			2.4		2.6
October		(0.9	)		2.9		(3.8	)		(1.9	)		1.8		(3.7	)		3.0			2.4		0.6
Q2		(0.5	)		2.9		(3.4	)		0.7			2.3		(1.6	)		1.3			2.6		(1.3	)
November		(3.1	)		3.5		(6.6	)		2.1			2.8		(0.7	)		0.6			1.9		(1.3	)
December		3.8			3.2		0.6			1.1			3.2		(2.1	)		3.3			1.3		2.0
January		(5.7	)		3.0		(8.7	)		1.2			2.3		(1.1	)		2.4			2.3		0.1
Q3		(1.3	)		3.3		(4.6	)		1.5			2.8		(1.3	)		2.1			1.8		0.3
February		(1.5	)		3.2		(4.7	)		3.3			2.4		0.9			(0.7	)		2.4		(3.1	)
March		(1.9	)		3.2		(5.1	)		0.1			2.4		(2.3	)		1.2			2.4		(1.2	)
April		(1.6	)		3.2		(4.8	)		1.7			2.4		(0.7	)		2.1			1.9		0.2
Q4		(1.6	)		3.2		(4.8	)		1.7			2.4		(0.7	)		1.0			2.2		(1.2	)
Fiscal year		(0.3	)		3.1		(3.4	)		1.8			2.5		(0.7	)		0.1			2.4		(2.3	)

Fiscal 2009 — Quarter 4 p 4

• Mimi’s Cafe same-store sales analysis (24-month core; 102 restaurants):

	Fiscal 2009								Fiscal 2008								Fiscal 2007
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(5.0	)		2.6		(7.6	)		(0.4	)		4.0		(4.4	)		0.3			2.5		(2.2	)
June		(6.0	)		2.7		(8.7	)		(0.1	)		4.0		(4.1	)		(1.0	)		2.5		(3.5	)
July		(8.1	)		2.7		(10.8	)		(1.5	)		3.9		(5.4	)		1.9			2.6		(0.7	)
Q1		(6.5	)		2.7		(9.2	)		(0.7	)		4.0		(4.7	)		0.4			2.5		(2.1	)
August		(7.2	)		2.7		(9.9	)		(1.9	)		3.9		(5.8	)		0.5			2.6		(2.1	)
September		(8.2	)		2.7		(10.9	)		(2.0	)		3.9		(5.9	)		3.3			2.4		0.9
October		(9.3	)		2.8		(12.1	)		(0.8	)		3.7		(4.5	)		2.2			2.7		(0.5	)
Q2		(8.3	)		2.7		(11.0	)		(1.5	)		3.8		(5.3	)		2.0			2.6		(0.6	)
November		(10.4	)		3.0		(13.4	)		(1.9	)		2.8		(4.7	)		2.2			2.9		(0.7	)
December		(2.0	)		2.8		(4.8	)		(1.8	)		2.8		(4.6	)		2.7			3.4		(0.7	)
January		(9.6	)		2.2		(11.8	)		(2.4	)		2.2		(4.6	)		2.8			4.7		(1.9	)
Q3		(6.8	)		2.7		(9.5	)		(2.0	)		2.6		(4.6	)		2.6			3.6		(1.0	)
February		(7.9	)		2.2		(10.1	)		(5.2	)		2.1		(7.3	)		2.6			4.6		(2.0	)
March		(7.2	)		1.2		(8.4	)		(4.3	)		2.6		(6.9	)		(0.2	)		5.0		(5.2	)
April		(6.4	)		1.2		(7.6	)		(6.0	)		2.6		(8.6	)		1.3			5.0		(3.7	)
Q4		(7.1	)		1.5		(8.6	)		(5.3	)		2.4		(7.7	)		1.2			4.9		(3.7	)
Fiscal year		(7.2	)		2.4		(9.6	)		(2.4	)		3.2		(5.6	)		1.6			3.4		(1.8	)

• Key restaurant sales data (core restaurants only):

	Bob Evans
	Restaurants			Mimi’s
Average annual store sales ($) — FY09	$	1,779,000		$	3,094,000
Q4 FY09 day part mix (%):
Breakfast		31	%		21	%
Lunch		38	%		40	%
Dinner		31	%		39	%
Q4 FY09 check average ($)	$	8.07		$	10.79

• Quarterly restaurant sales by concept:

	Q4 2009
Bob Evans Restaurants	$	248,209,000
Mimi’s Cafes		106,318,000
Total	$	354,527,000

Fiscal 2009 — Quarter 4 p 5

Food Products Q4 Review:

• Net sales increased 1.5% ($76.5 million vs. $75.4 million).

• Comparable pounds sold increased 3%.

• Operating income decreased 48.4% ($4.4 million vs. $8.6 million).

• Operating margin was 5.8% compared to 11.4%.

• Average sow cost increased 84% ($51.00 per cwt vs. $27.00 per cwt). Historical sow cost review (average cost per hundredweight):

Fiscal Year	Q1		Q2		Q3		Q4		Average
2009	$	29.00	$	51.00	$	49.00	$	51.00	$	45.00
2008	$	42.00	$	40.00	$	31.00	$	27.00	$	35.00
2007	$	37.00	$	41.00	$	39.00	$	36.00	$	38.00
2006	$	48.00	$	46.00	$	43.00	$	37.00	$	43.00

• Comparable pounds sold review (principally sausage products and refrigerated potatoes):

Fiscal Year	Q1			Q2			Q3			Q4			Average
2009		13	%		11	%		(6	%)		3	%		6	%
2008		4	%		2	%		8	%		5	%		5	%
2007		13	%		11	%		4	%		5	%		8	%
2006		6	%		10	%		12	%		11	%		10	%

• Net sales review (dollars in thousands):

	Q4			Q4
	2009			2008
Gross sales	$	91,474		$	91,422
Less: promotions		(14,252	)		(14,563	)
Less: returns and allowances		(752	)		(1,491	)
Net sales	$	76,470		$	75,368

Fiscal 2009 — Quarter 4 p 6

Note: amounts are in thousands, except per share amounts

Year-to-date (YTD), ended April 24, 2009, compared to the corresponding period a year ago:

	Consolidated Results											Restaurant						Food Products
	YTD			% of			YTD		% of			YTD			YTD			YTD			YTD
	2009			sales			2008		sales			2009			2008			2009			2008
Net sales	$	1,750,512					$	1,737,026				$	1,439,090		$	1,445,034		$	311,422		$	291,992
Cost of sales		537,085			30.7	%		517,358		29.8	%		25.1	%		25.5	%		56.4	%		51.0	%
Operating wages		597,806			34.1	%		604,198		34.8	%		39.2	%		39.6	%		11.1	%		11.2	%
Other operating		280,393			16.0	%		282,029		16.2	%		18.4	%		18.4	%		4.9	%		5.4	%
S,G, & A		156,965			9.0	%		149,070		8.6	%		6.6	%		6.3	%		20.0	%		19.9	%
Depr. & amort.		81,934			4.7	%		77,131		4.4	%		5.1	%		4.8	%		2.6	%		2.7	%
Goodwill & other intangibles impairment		67,962			3.9	%		0		0	%		4.7	%		0	%		0	%		0	%
Operating income		28,367			1.6	%		107,240		6.2	%		0.9	%		5.4	%		5.0	%		9.8	%
Interest		12,306			0.7	%		10,990		0.7	%
Pre-tax income		16,061			0.9	%		96,250		5.5	%
Income taxes		21,207			1.2	%		31,374		1.8	%
Net income (loss)	$	(5,146	)		(0.3	)%	$	64,876		3.7	%
EPS — basic	$	(0.17	)				$	1.96
EPS — diluted	$	(0.17	)				$	1.95
Dividends paid per share	$	0.60					$	0.56
Weighted average shares outstanding:
Basic		30,744						33,065
Dilutive stock options		0						250
Diluted		30,744						33,315
Shares outstanding at quarter end		30,712						30,611

• Income taxes, as a percentage of pre-tax income, were 29.4% (excluding nondeductible goodwill impairment charge of $56,162) in fiscal 2009 vs. 32.6% in fiscal 2008

Fiscal 2009 — Quarter 4 p 7

Balance Sheet Summary:

(in thousands)	Apr. 24, 2009		April 25, 2008
Cash and equivalents	$	13,606	$	7,669
Assets held for sale		—		570
Other current assets		66,654		62,635
Net property, plant and equipment		1,002,692		999,011
Goodwill and other intangible assets		43,904		112,686
Other non-current assets		20,792		24,465
Total assets	$	1,147,648	$	1,207,036
Current portion of long-term debt	$	26,904	$	26,904
Line of credit		67,000		138,500
Other current liabilities		151,901		160,800
Long-term debt		176,192		133,096
Other long-term liabilities		127,945		135,111
Stockholders’ equity		597,706		612,625
Total liabilities and equity	$	1,147,648	$	1,207,036

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this report 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 25, 2008, 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 on which the statement is made 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.

Fiscal 2009 — Quarter 4 p 8