Bob Evans Farms (BOBE) 8-K Bob Evans Announces Third-quarter Results

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2010 – Quarter 3

Note: amounts are in thousands, except per share amounts

Third quarter (Q3), ended January 22, 2010, compared to the corresponding period a year ago:

	Consolidated Results											Restaurant						Food Products
	Q3		% of			Q3			% of			Q3			Q3			Q3			Q3
	2010		sales			2009			sales			2010			2009			2010			2009
Net sales	$	429,823				$	443,773					$	343,037		$	359,190		$	86,786		$	84,583
Cost of sales		134,241		31.2	%		139,619			31.5	%		24.4	%		25.1	%		58.3	%		58.6	%
Operating wages		144,608		33.7	%		147,999			33.3	%		39.1	%		38.7	%		12.0	%		10.6	%
Other operating		68,020		15.8	%		69,971			15.8	%		18.4	%		18.4	%		5.5	%		4.7	%
S,G, & A		33,449		7.8	%		43,980			9.9	%		5.4	%		7.8	%		17.3	%		18.7	%
Depr. & amort.		21,112		4.9	%		20,676			4.7	%		5.4	%		5.2	%		2.9	%		2.4	%
Goodwill & other intangibles impairment		—		—			67,962			15.3	%		—			18.9	%		—			—
Operating income (loss)		28,393		6.6	%		(46,434	)		(10.5	%)		7.3	%		(14.1	%)		4.0	%		5.0	%
Interest		2,511		0.6	%		3,196			0.7	%
Pre-tax income (loss)		25,882		6.0	%		(49,630	)		(11.2	%)
Income taxes		7,915		1.8	%		1,738			0.4	%
Net income (loss)	$	17,967		4.2	%	$	(51,368	)		(11.6	%)
EPS — basic	$	0.58				$	(1.67	)
EPS — diluted	$	0.58				$	(1.67	)
Dividends paid per share	$	0.18				$	0.16
Weighted average shares outstanding:
Basic		30,843					30,724
Dilutive stock options		93					—
Diluted		30,936					30,724
Shares outstanding at quarter end		30,478					30,698

• Income taxes, as a percentage of pre-tax income, were 30.6% vs. 26.6% (excluding nondeductible goodwill impairment charge of $56,162)

Fiscal 2010 – Quarter 3 p 1

Consolidated Q3 Review:

• Net sales decreased 3.1% ($429.8 million vs. $443.8 million).

• Operating income increased significantly ($28.4 million profit vs. $46.4 million loss).

• Pre-tax income increased significantly ($25.9 million profit vs. $49.6 million loss).

• Effective tax rate was 30.6% compared to 26.6% (excluding nondeductible goodwill impairment charge of $56.2 million).

• Net income increased significantly ($18.0 million profit vs. $51.4 million loss).

• Diluted EPS was $0.58 vs. ($1.67).

• The third quarter results of fiscal 2009 included the impact of the following:

• Consolidated and restaurant results for the third quarter of fiscal 2009 included a pre-tax charge of $68.0 million related to the impairment of goodwill ($56.2 million) and other intangible assets ($11.8 million) for Mimi’s restaurants that are reflected separately on the income statement.

• Consolidated and restaurant results for the third quarter of fiscal 2009 included pre-tax charges of $0.8 million related to severance and retirement that are reflected in S,G&A.

• Consolidated and restaurant results for the third quarter of fiscal 2009 included a net pre-tax gain of $0.3 million on asset disposals that are reflected in S,G&A.

• Consolidated and restaurant results for the third quarter of fiscal 2009 included a pre-tax charge of $6.4 million related to underperforming restaurants that are reflected in S,G&A.

• Consolidated and food products results for the third quarter of fiscal 2009 included a pre-tax charge of $0.4 million for unusable spare parts. The charge is reflected in other operating expenses.

Fiscal 2010 – Quarter 3 p 2

Restaurant Q3 Review:

• Overall restaurant sales decreased 4.5% ($343.0 million vs. $359.2 million).

• Nominal same-store sales decreased 4.2% at Bob Evans Restaurants and decreased 8.3% at Mimi’s.

• Operating income increased significantly ($24.9 million profit vs. $50.7 million loss).

• Operating margin was 7.3% compared to (14.1%).

• Restaurants in operation at quarter end were: 569 Bob Evans Restaurants and 146 Mimi’s. 569 Bob Evans Restaurants and 141 Mimi’s were in operation a year ago.

• Restaurant openings, by quarter:

Bob Evans Restaurants:

Fiscal	Beginning											Full					Ending
Year	Total		Q1		Q2		Q3		Q4			Year			Closings		Total
2010		570		0		0		0		0	e		0	e		1		569	e
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

Mimi’s Cafes:

Fiscal	Beginning											Full					Ending
Year	Total		Q1		Q2		Q3		Q4			Year			Closings		Total
2010		144		0		1		1		0	e		2	e		0		146	e
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

Consolidated Restaurants:

Fiscal	Beginning											Full					Ending
Year	Total		Q1		Q2		Q3		Q4			Year			Closings		Total
2010		714		0		1		1		0	e		2	e		1		715	e
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

Fiscal 2010 – Quarter 3 p 3

• Rebuilt restaurant openings, by quarter:

Fiscal
Year	Q1		Q2		Q3		Q4			Full Year
2010		1		1		0		0	e		2	e
2009		1		3		0		0			4
2008		2		2		1		3			8
2007		1		1		1		1			4
2006		6		4		3		1			14

• Bob Evans Restaurants same-store sales analysis (24-month core; 560 restaurants):

	Fiscal 2010								Fiscal 2009								Fiscal 2008
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(2.8	)		2.7		(5.5	)		4.4			2.8		1.6			0.9			2.0		(1.1	)
June		(2.5	)		2.2		(4.7	)		0.9			2.9		(2.0	)		4.0			2.6		1.4
July		(3.7	)		2.3		(6.0	)		1.1			2.9		(1.8	)		4.4			2.6		1.8
Q1		(3.0	)		2.4		(5.4	)		2.0			2.9		(0.9	)		3.2			2.4		0.8
August		(3.0	)		2.3		(5.3	)		(0.6	)		2.9		(3.5	)		4.3			2.6		1.7
September		(3.5	)		2.4		(5.9	)		0.1			2.9		(2.8	)		0.4			2.6		(2.2	)
October		(2.0	)		2.4		(4.4	)		(0.9	)		2.9		(3.8	)		(1.9	)		1.8		(3.7	)
Q2		(2.8	)		2.3		(5.1	)		(0.5	)		2.9		(3.4	)		0.7			2.3		(1.6	)
November		(5.0	)		0.7		(5.7	)		(3.1	)		3.5		(6.6	)		2.1			2.8		(0.7	)
December		(3.5	)		0.7		(4.2	)		3.8			3.2		0.6			1.1			3.2		(2.1	)
January		(4.2	)		1.3		(5.5	)		(5.7	)		3.0		(8.7	)		1.2			2.3		(1.1	)
Q3		(4.2	)		0.9		(5.1	)		(1.3	)		3.3		(4.6	)		1.5			2.8		(1.3	)
February										(1.5	)		3.2		(4.7	)		3.3			2.4		0.9
March										(1.9	)		3.2		(5.1	)		0.1			2.4		(2.3	)
April										(1.6	)		3.2		(4.8	)		1.7			2.4		(0.7	)
Q4										(1.6	)		3.2		(4.8	)		1.7			2.4		(0.7	)
Fiscal year										(0.3	)		3.1		(3.4	)		1.8			2.5		(0.7	)

Fiscal 2010 — Quarter 3 p 4

• Mimi’s Cafe same-store sales analysis (24-month core; 115 restaurants):

	Fiscal 2010								Fiscal 2009								Fiscal 2008
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(6.9	)		2.4		(9.3	)		(5.0	)		2.6		(7.6	)		(0.4	)		4.0		(4.4	)
June		(5.0	)		2.3		(7.3	)		(6.0	)		2.7		(8.7	)		(0.1	)		4.0		(4.1	)
July		(7.2	)		2.3		(9.5	)		(8.1	)		2.7		(10.8	)		(1.5	)		3.9		(5.4	)
Q1		(6.4	)		2.3		(8.7	)		(6.5	)		2.7		(9.2	)		(0.7	)		4.0		(4.7	)
August		(5.2	)		2.2		(7.4	)		(7.2	)		2.7		(9.9	)		(1.9	)		3.9		(5.8	)
September		(8.1	)		2.2		(10.3	)		(8.2	)		2.7		(10.9	)		(2.0	)		3.9		(5.9	)
October		(7.2	)		2.2		(9.4	)		(9.3	)		2.8		(12.1	)		(0.8	)		3.7		(4.5	)
Q2		(6.8	)		2.2		(9.0	)		(8.3	)		2.7		(11.0	)		(1.5	)		3.8		(5.3	)
November		(8.1	)		2.2		(10.3	)		(10.4	)		3.0		(13.4	)		(1.9	)		2.8		(4.7	)
December		(8.9	)		2.2		(11.1	)		(2.0	)		2.8		(4.8	)		(1.8	)		2.8		(4.6	)
January		(7.7	)		2.2		(9.9	)		(9.6	)		2.2		(11.8	)		(2.4	)		2.2		(4.6	)
Q3		(8.3	)		2.2		(10.5	)		(6.8	)		2.7		(9.5	)		(2.0	)		2.6		(4.6	)
February										(7.9	)		2.2		(10.1	)		(5.2	)		2.1		(7.3	)
March										(7.2	)		1.2		(8.4	)		(4.3	)		2.6		(6.9	)
April										(6.4	)		1.2		(7.6	)		(6.0	)		2.6		(8.6	)
Q4										(7.1	)		1.5		(8.6	)		(5.3	)		2.4		(7.7	)
Fiscal year										(7.2	)		2.4		(9.6	)		(2.4	)		3.2		(5.6	)

• Key restaurant sales data (core restaurants only):

	Bob Evans
	Restaurants			Mimi's
Average annual store sales ($) — FY09	$	1,779,000		$	3,094,000
Q3 FY10 day part mix (%):
Breakfast		31	%		22	%
Lunch		39	%		41	%
Dinner		30	%		37	%
Q3 FY10 check average ($)	$	8.17		$	10.73

• Quarterly restaurant sales by concept:

	Q3 2010		Q3 2009
Bob Evans Restaurants	$	240,074	$	250,390
Mimi’s Cafes		102,963		108,800
Total	$	343,037	$	359,190

Fiscal 2010 — Quarter 3 p 5

Food Products Q3 Review:

• Net sales increased 2.6% ($86.8 million vs. $84.6 million).

• Comparable pounds sold increased 20%.

• Operating income decreased 17.7% ($3.5 million vs. $4.3 million).

• Operating margin was 4.0% compared to 5.0%.

• Average sow cost decreased 18% ($40.00 per cwt vs. $49.00 per cwt). Historical sow cost review (average cost per hundredweight):

Fiscal Year	Q1		Q2		Q3		Q4		Average
2010	$	43.00	$	33.00	$	40.00			$	38.00
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

• Comparable pounds sold review:

Fiscal Year	Q1			Q2			Q3			Q4			Average
2010		(3	%)		10	%		20	%					8	%
2009		13	%		11	%		(6	%)		3	%		6	%
2008		4	%		2	%		8	%		5	%		5	%
2007		13	%		11	%		4	%		5	%		8	%

• Net sales review (dollars in thousands):

	Q3			Q3
	2010			2009
Gross sales	$	112,974		$	101,635
Less: promotions		(25,401	)		(16,268	)
Less: returns and slotting		(787	)		(784	)
Net sales	$	86,786		$	84,583

Fiscal 2010 — Quarter 3 p 6

Balance Sheet Summary:

(in thousands)	Jan. 22, 2010		Apr. 24, 2009
Cash and equivalents	$	19,782	$	13,606
Other current assets		63,897		66,654
Net property, plant and equipment		980,321		1,002,692
Goodwill and other intangible assets		43,288		43,904
Other non-current assets		27,031		20,792
Total assets	$	1,134,319	$	1,147,648
Current portion of long-term debt	$	26,905	$	26,904
Line of credit		24,754		67,000
Other current liabilities		167,326		151,901
Long-term debt		149,287		176,192
Other long-term liabilities		140,311		127,945
Stockholders’ equity		625,736		597,706
Total liabilities and equity	$	1,134,319	$	1,147,648

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 24, 2009, 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 2010 — Quarter 3 p 7