Bob Evans Farms (BOBE) 8-K Bob Evans Announces Fiscal 2011 Third-quarter Results

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2011 — Quarter 3

Note: amounts are in thousands, except per share amounts

Third quarter (Q3), ended January 28, 2011, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Food Products
			% of					% of
	Q3 2011		sales			Q3 2010		sales			Q3 2011			Q3 2010			Q3 2011			Q3 2010
Net sales	$	428,594				$	429,823				$	337,694		$	343,037		$	90,900		$	86,786
Cost of sales		135,001		31.5	%		134,241		31.2	%		25.4	%		24.4	%		54.3	%		58.3	%
Operating wages		141,282		33.0	%		146,046		34.0	%		39.3	%		39.5	%		9.3	%		12.3	%
Other operating		68,840		16.1	%		68,020		15.8	%		19.1	%		18.4	%		4.4	%		5.5	%
S,G&A		37,460		8.7	%		32,011		7.5	%		6.4	%		5.0	%		17.4	%		17.0	%
Depr. & amort.		20,577		4.8	%		21,112		4.9	%		5.4	%		5.4	%		2.8	%		2.9	%
Operating income		25,434		5.9	%		28,393		6.6	%		4.4	%		7.3	%		11.8	%		4.0	%
Interest		2,098		0.5	%		2,511		0.6	%
Pre-tax income		23,336		5.4	%		25,882		6.0	%
Income Taxes		7,870		1.8	%		7,915		1.8	%
Net Income	$	15,466		3.6	%	$	17,967		4.2	%
EPS — basic	$	0.51				$	0.58
EPS — diluted	$	0.51				$	0.58
Dividends paid per share	$	0.20				$	0.18
Weighted average shares outstanding:
Basic		30,258					30,843
Dilutive stock options		146					93
Diluted		30,404					30,936
Shares outstanding at quarter end		30,320					30,478

Income taxes, as a percentage of pre-tax income, were 33.7% vs.30.6%

Consolidated Q3 Review:

• Net sales decreased 0.3% ($428.6 million vs. $429.8 million).

• Operating income decreased 10.4% ($25.4 million vs. $28.4 million).

• Pre-tax income decreased 9.8% ($23.3 million vs. $25.9 million).

• Effective tax rate was 33.7% compared to 30.6%.

• Net income decreased 13.9% ($15.5 million vs. $18.0 million).

• Diluted EPS was $0.51 vs. $0.58.

Fiscal 2011 — Quarter 3 p 2

Restaurant Q3 Review:

• Overall restaurant sales decreased 1.6% ($337.7 million vs. $343.0 million).

• Nominal same-store sales decreased 0.5% at Bob Evans Restaurants and decreased 3.2% at Mimi’s.

• Operating income decreased 40.8% ($14.7 million vs. $24.9 million).

• Operating margin was 4.4% compared to 7.3%.

• Restaurants in operation at quarter end were: 569 Bob Evans Restaurants and 145 Mimi’s. 569 Bob Evans Restaurants and 146 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		—		—		—		2		2		—		571
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		—		—		—		2		2		1		716
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 3 p 3

• Projected rebuilt restaurant openings, by quarter:

Fiscal Year	Q1		Q2		Q3		Q4*		Full Year*
2011		—		—		1		1		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		6.1			1.9		4.2			(5.0	)		0.7		(5.7	)		(3.1	)		3.5		(6.6	)
December		(5.0	)		1.9		(6.9	)		(3.5	)		0.7		(4.2	)		3.8			3.2		0.6
January		(1.7	)		1.4		(3.1	)		(4.2	)		1.3		(5.5	)		(5.7	)		3.0		(8.7	)
Q3		(0.5	)		1.8		(2.3	)		(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		(1.7	)		1.9		(3.6	)		(3.5	)		1.9		(5.4	)		(0.3	)		3.1		(3.4	)

Fiscal 2011 — Quarter 3 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		0.8			2.3		(1.5	)		(8.1	)		2.2		(10.3	)		(10.4	)		3.0		(13.4	)
December		(4.1	)		2.3		(6.4	)		(8.9	)		2.2		(11.1	)		(2.0	)		2.8		(4.8	)
January		(6.0	)		1.7		(7.7	)		(7.7	)		2.2		(9.9	)		(9.6	)		2.2		(11.8	)
Q3		(3.2	)		2.1		(5.3	)		(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		(5.5	)		2.4		(7.9	)		(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
Q3 FY 2011 day part mix (%):
Breakfast		34	%		22	%
Lunch		37	%		41	%
Dinner		29	%		37	%
Q3 FY 2011 check average ($)	$	$8.41		$	$11.13

• Quarterly restaurant sales by concept:

	Q3  2011		YTD 2011		Q3 2010		YTD 2010
Bob Evans Restaurants	$	238,986	$	735,359	$	240,074	$	747,964
Mimi’s Cafes		98,708		283,499		102,963		300,273
Total	$	337,694	$	1,018,858	$	343,037	$	1,048,237

Fiscal 2011 — Quarter 3 p 5

Food Products Q3 Review:

• Net sales increased 4.7% ($90.9 million vs. $86.8 million).

• Comparable pounds sold decreased 9%.

• Operating income increased significantly ($10.7 million vs. $3.5 million).

• Operating margin was 11.8% compared to 4.0%.

• Average sow cost increased 27.5% ($51.16 per cwt vs. $40.14 per cwt).

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

Fiscal Year		Q1		Q2		Q3		Q4		Average
	2011	$	59.52	$	60.47	$	51.16	$	—	$	56.60
	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	%		-9	%					-9	%
	2010		-3	%		10	%		20	%		4	%		7	%
	2009		13	%		11	%		-6	%		3	%		6	%
	2008		4	%		2	%		8	%		5	%		5	%

• Net sales review (dollars in thousands):

	Q3 2011			YTD 2011			Q3 2010			YTD 2010
Gross sales	$	106,780		$	272,346		$	112,974		$	293,132
Less: promotions		(15,007	)		(30,797	)		(25,401	)		(55,083	)
Less: returns and slotting		(873	)		(2,201	)		(787	)		(2,136	)
Net sales	$	90,900		$	239,348		$	86,786		$	235,913

Fiscal 2011 — Quarter 3 p 6

Balance Sheet Summary:

(in thousands)	Jan. 28, 2011		Apr. 30, 2010
Cash and equivalents	$	29,417	$	17,803
Other current assets		64,032		59,121
Net property, plant and equipment		917,736		961,974
Goodwill and other intangible assets		42,469		43,084
Other non-current assets		30,398		27,175
Total assets	$	1,084,052	$	1,109,157
Current portion of long-term debt	$	13,571	$	26,905
Line of credit		—		14,000
Other current liabilities		149,204		152,551
Long-term debt		135,716		149,287
Other long-term liabilities		131,827		128,257
Stockholders’ equity		653,734		638,157
Total liabilities and equity	$	1,084,052	$	1,109,157

Fiscal 2011 — Quarter 3 p 7