Bob Evans Farms (BOBE) 8-K Results of Operations and Financial Condition

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2011 — Quarter 2

Note: amounts are in thousands, except per share amounts

Second quarter (Q2), ended October 29, 2010, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Food Products
			% of					% of
	Q2 2011		sales			Q2 2010		sales			Q2 2011			Q2 2010			Q2 2011			Q2 2010
Net sales	$	417,046				$	424,847				$	338,079		$	345,385		$	78,967		$	79,462
Cost of sales		124,131		29.8	%		123,310		29.0	%		24.3	%		24.5	%		53.1	%		49.0	%
Operating wages		140,083		33.6	%		149,813		35.3	%		38.9	%		40.4	%		10.8	%		12.9	%
Other operating		68,339		16.4	%		70,727		16.6	%		19.1	%		19.2	%		4.8	%		5.5	%
S,G&A		49,661		11.9	%		35,412		8.3	%		9.6	%		5.9	%		22.0	%		18.9	%
Depr. & amort.		20,922		5.0	%		20,678		4.9	%		5.4	%		5.3	%		3.3	%		2.9	%
Operating income		13,910		3.3	%		24,907		5.9	%		2.7	%		4.7	%		6.0	%		10.8	%
Interest		2,204		0.5	%		2,537		0.6	%
Pre-tax income		11,706		2.8	%		22,370		5.3	%
Income Taxes		3,916		0.9	%		6,888		1.7	%
Net Income	$	7,790		1.9	%	$	15,482		3.6	%
EPS — basic	$	0.26				$	0.50
EPS — diluted	$	0.26				$	0.50
Dividends paid per share	$	0.20				$	0.16
Weighted average shares outstanding:
Basic		30,341					31,005
Dilutive stock options		62					113
Diluted		30,403					31,118
Shares outstanding at quarter end		30,197					31,022

Income taxes, as a percentage of pre-tax income, were 33.5% vs.30.8%

Consolidated Q2 Review:

• Net sales decreased 1.8% ($417.0 million vs. $424.8 million).

• Operating income decreased 44.2% ($13.9 million vs. $24.9 million).

• Pre-tax income decreased 47.7% ($11.7 million vs. $22.4 million).

• Effective tax rate was 33.5% compared to 30.8%.

• Net income decreased 49.7% ($7.8 million vs. $15.5 million).

• Diluted EPS was $0.26 vs. $0.50.

• The second quarter results of fiscal 2011 included the impact of the following:

• Consolidated and restaurant results for the second quarter of fiscal 2011 included store-level impairments and severance /retirement charges of $10.3 million and $0.8 million, respectively, that are reflected in S,G&A.

• Consolidated and food products results for the second quarter of fiscal 2011 included a charge for manufacturing productivity initiatives of $2.8 million that is reflected in S,G&A.

• The second quarter results of fiscal 2010 included the impact of the following:

• Consolidated and restaurant results for the second quarter of fiscal 2010 included store-level impairments and severance/retirement charges of $1.5 million and $0.2 million, respectively, and life insurance proceeds of $1.2 million that are reflected in S,G&A.

Fiscal 2011 — Quarter 2 p 2

Restaurant Q2 Review:

• Overall restaurant sales decreased 2.1% ($338.1 million vs. $345.4 million).

• Nominal same-store sales decreased 0.9% at Bob Evans Restaurants and decreased 5.6% at Mimi’s.

• Operating income decreased 43.6% ($9.2 million vs. $16.3 million).

• Operating margin was 2.7% compared to 4.7%.

• Restaurants in operation at quarter end were: 569 Bob Evans Restaurants and 145 Mimi’s. 569 Bob Evans Restaurants and 145 Mimi’s were in operation a year ago.

• Projected restaurant openings, by quarter:

Bob Evans Restaurants:

	Beginning														Ending
Fiscal Year	Total		Q1		Q2		Q3*		Q4*		Full Year*		Closings		Total*
2011		569		—		—		—		3		3		—		572
2010		570		—		—		—		—		—		1		569
2009		571		—		—		—		1		1		2		570
2008		579		—		—		1		1		2		10		571
2007		587		4		1		3		2		10		18		579

Mimi’s Cafes:

	Beginning														Ending
Fiscal Year	Total		Q1		Q2		Q3*		Q4*		Full Year*		Closings		Total*
2011		146		—		—		—		—		—		1		145
2010		144		—		1		1		—		2		—		146
2009		132		3		4		2		3		12		—		144
2008		115		1		2		8		6		17		—		132
2007		102		2		1		3		7		13		—		115

Consolidated Restaurants:

	Beginning														Ending
Fiscal Year	Total		Q1		Q2		Q3*		Q4*		Full Year*		Closings		Total*
2011		715		—		—		—		3		3		1		717
2010		714		—		1		1		—		2		1		715
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

* Future quarters represent estimates for fiscal year 2011.

Fiscal 2011 — Quarter 2 p 3

• Projected rebuilt restaurant openings, by quarter:

Fiscal Year	Q1		Q2		Q3*		Q4*		Full Year*
2011		—		—		2		—		2
2010		1		1		—		—		2
2009		1		3		—		—		4
2008		2		2		1		3		8
2007		1		1		1		1		4

* Future quarters represent estimates for fiscal year 2011.

• Bob Evans Restaurants same-store sales analysis (24-month core; 564 restaurants):

	Fiscal 2011								Fiscal 2010								Fiscal 2009
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(3.5	)		1.8		(5.3	)		(2.8	)		2.7		(5.5	)		4.4			2.8		1.6
June		(3.1	)		2.0		(5.1	)		(2.5	)		2.2		(4.7	)		0.9			2.9		(2.0	)
July		(3.7	)		2.0		(5.7	)		(3.7	)		2.3		(6.0	)		1.1			2.9		(1.8	)
Q1		(3.5	)		1.9		(5.4	)		(3.0	)		2.4		(5.4	)		2.0			2.9		(0.9	)
August		(1.8	)		2.0		(3.8	)		(3.0	)		2.3		(5.3	)		(0.6	)		2.9		(3.5	)
September		(0.6	)		1.8		(2.4	)		(3.5	)		2.4		(5.9	)		0.1			2.9		(2.8	)
October		(0.5	)		1.8		(2.3	)		(2.0	)		2.4		(4.4	)		(0.9	)		2.9		(3.8	)
Q2		(0.9	)		1.9		(2.8	)		(2.8	)		2.3		(5.1	)		(0.5	)		2.9		(3.4	)
November		—			—		—			(5.0	)		0.7		(5.7	)		(3.1	)		3.5		(6.6	)
December		—			—		—			(3.5	)		0.7		(4.2	)		3.8			3.2		0.6
January		—			—		—			(4.2	)		1.3		(5.5	)		(5.7	)		3.0		(8.7	)
Q3		—			—		—			(4.2	)		0.9		(5.1	)		(1.3	)		3.3		(4.6	)
February		—			—		—			(7.3	)		1.9		(9.2	)		(1.5	)		3.2		(4.7	)
March		—			—		—			(0.4	)		1.9		(2.3	)		(1.9	)		3.2		(5.1	)
April		—			—		—			(4.6	)		1.9		(6.5	)		(1.6	)		3.2		(4.8	)
Q4		—			—		—			(4.1	)		1.9		(6.0	)		(1.6	)		3.2		(4.8	)
Fiscal year		(2.2	)		1.9		(4.1	)		(3.5	)		1.9		(5.4	)		(0.3	)		3.1		(3.4	)

Fiscal 2011 — Quarter 2 p 4

• Mimi’s Cafe same-store sales analysis (24-month core;131 restaurants):

	Fiscal 2011								Fiscal 2010								Fiscal 2009
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(8.4	)		2.4		(10.8	)		(6.9	)		2.4		(9.3	)		(5.0	)		2.6		(7.6	)
June		(8.2	)		2.7		(10.9	)		(5.0	)		2.3		(7.3	)		(6.0	)		2.7		(8.7	)
July		(6.5	)		2.7		(9.2	)		(7.2	)		2.3		(9.5	)		(8.1	)		2.7		(10.8	)
Q1		(7.6	)		2.6		(10.2	)		(6.4	)		2.3		(8.7	)		(6.5	)		2.7		(9.2	)
August		(6.2	)		2.7		(8.9	)		(5.2	)		2.2		(7.4	)		(7.2	)		2.7		(9.9	)
September		(4.8	)		2.7		(7.5	)		(8.1	)		2.2		(10.3	)		(8.2	)		2.7		(10.9	)
October		(5.8	)		2.2		(8.0	)		(7.2	)		2.2		(9.4	)		(9.3	)		2.8		(12.1	)
Q2		(5.6	)		2.6		(8.2	)		(6.8	)		2.2		(9.0	)		(8.3	)		2.7		(11.0	)
November		—			—		—			(8.1	)		2.2		(10.3	)		(10.4	)		3.0		(13.4	)
December		—			—		—			(8.9	)		2.2		(11.1	)		(2.0	)		2.8		(4.8	)
January		—			—		—			(7.7	)		2.2		(9.9	)		(9.6	)		2.2		(11.8	)
Q3		—			—		—			(8.3	)		2.2		(10.5	)		(6.8	)		2.7		(9.5	)
February		—			—		—			(7.9	)		2.3		(10.2	)		(7.9	)		2.2		(10.1	)
March		—			—		—			(5.5	)		2.3		(7.8	)		(7.2	)		1.2		(8.4	)
April		—			—		—			(7.9	)		2.3		(10.2	)		(6.4	)		1.2		(7.6	)
Q4		—			—		—			(7.1	)		2.3		(9.4	)		(7.1	)		1.5		(8.6	)
Fiscal year		(6.6	)		2.6		(9.2	)		(7.2	)		2.2		(9.4	)		(7.2	)		2.4		(9.6	)

• Key restaurant sales data (core restaurants only):

	Bob Evans
	Restaurants			Mimi’s
Average annual store sales ($) — FY10	$	1,726,000		$	2,859,000
Q2 FY 2011 day part mix (%):
Breakfast		33	%		22	%
Lunch		36	%		40	%
Dinner		31	%		38	%
Q2 FY 2011 check average ($)	$	8.40		$	11.13

• Quarterly restaurant sales by concept:

	Q2 2011		YTD 2011		Q2 2010		YTD 2010
Bob Evans Restaurants	$	247,511	$	496,373	$	249,968	$	507,890
Mimi’s Cafes		90,568		184,791		95,417		197,310
Total	$	338,079	$	681,164	$	345,385	$	705,200

Fiscal 2011 — Quarter 2 p 5

Food Products Q2 Review:

• Net sales decreased 0.6% ($79.0 million vs. $79.5 million).

• Comparable pounds sold decreased 16%.

• Operating income decreased 45.1% ($4.7 million vs. $8.6 million).

• Operating margin was 6.0% compared to 10.8%.

• Average sow cost increased 83.9% ($60.47 per cwt vs. $32.88 per cwt).

• Historical sow cost review (average cost per hundredweight):

Fiscal Year	Q1		Q2		Q3		Q4		Average
2011	$	59.52	$	60.47	$	—	$	—	$	60.01
2010	$	43.24	$	32.88	$	40.14	$	55.91	$	42.18
2009	$	28.69	$	51.19	$	49.03	$	50.65	$	44.93
2008	$	41.53	$	40.29	$	30.81	$	27.48	$	34.79

• Comparable pounds sold review:

Fiscal Year	Q1			Q2			Q3			Q4			Average
2011		-2	%		-16	%								-10	%
2010		-3	%		10	%		20	%		4	%		7	%
2009		13	%		11	%		-6	%		3	%		6	%
2008		4	%		2	%		8	%		5	%		5	%

• Net sales review (dollars in thousands):

	Q2 2011			YTD 2011			Q2 2010			YTD 2010
Gross sales	$	86,597		$	165,566		$	98,024		$	180,158
Less: promotions		(7,062	)		(15,790	)		(17,851	)		(29,682	)
Less: returns and slotting		(568	)		(1,328	)		(711	)		(1,349	)
Net sales	$	78,967		$	148,448		$	79,462		$	149,127

Fiscal 2011 — Quarter 2 p 6

Balance Sheet Summary:

(in thousands)	Oct. 29, 2010		Apr. 30, 2010
Cash and equivalents	$	17,452	$	17,803
Other current assets		70,076		59,121
Net property, plant and equipment		927,570		961,974
Goodwill and other intangible assets		42,674		43,084
Other non-current assets		29,233		27,175
Total assets	$	1,087,005	$	1,109,157
Current portion of long-term debt	$	13,571	$	26,905
Line of credit		23,000		14,000
Other current liabilities		145,402		152,551
Long-term debt		135,716		149,287
Other long-term liabilities		130,594		128,257
Stockholders’ equity		638,722		638,157
Total liabilities and equity	$	1,087,005	$	1,109,157

Fiscal 2011 — Quarter 2 p 7