Bob Evans Farms (BOBE) 8-K Bob Evans Reports Fiscal 2011 Full-year and Fourth-quarter Results; Provides Fy 2012 Outlook

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2011 — Quarter 4

Note: amounts are in thousands, except per share amounts

Fourth quarter (Q4), ended April 29, 2011, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Food Products
			% of					% of
	Q4 2011		sales			Q4 2010		sales			Q4 2011			Q4 2010			Q4 2011			Q4 2010
Net sales	$	418,700				$	442,654				$	338,075		$	362,855		$	80,625		$	79,799
Cost of sales		128,548		30.7	%		133,621		30.2	%		25.0	%		23.6	%		54.6	%		60.0	%
Operating wages		133,730		31.9	%		152,137		34.3	%		37.6	%		39.6	%		8.1	%		10.5	%
Other operating		65,141		15.6	%		68,324		15.5	%		17.9	%		17.8	%		5.6	%		4.9	%
S,G&A		42,784		10.2	%		39,382		8.9	%		8.0	%		7.4	%		19.5	%		15.8	%
Depr. & amort.		20,687		5.0	%		21,215		4.8	%		5.4	%		5.1	%		3.1	%		3.2	%
Operating income		27,810		6.6	%		27,975		6.3	%		6.1	%		6.5	%		9.1	%		5.6	%
Interest		2,067		0.5	%		2,300		0.5	%
Pre-tax income		25,743		6.1	%		25,675		5.8	%
Income Taxes		7,385		1.7	%		4,911		1.1	%
Net Income	$	18,358		4.4	%	$	20,764		4.7	%
EPS — basic	$	0.61				$	0.68
EPS — diluted	$	0.60				$	0.68
Dividends paid per share	$	0.20				$	0.18
Weighted average shares outstanding:
Basic		30,284					30,436
Dilutive stock options		108					130
Diluted		30,392					30,566
Shares outstanding at quarter end		30,229					30,372

Income taxes, as a percentage of pre-tax income, were 28.7% vs.19.1%

Fiscal Year (FY), ended April 29, 2011, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Food Products
			% of					% of
	FY 2011		sales			FY 2010		sales			FY 2011			FY 2010			FY 2011			FY 2010
Net sales	$	1,676,906				$	1,726,804				$	1,356,933		$	1,411,092		$	319,973		$	315,712
Cost of sales		509,849		30.4	%		516,667		29.9	%		24.7	%		24.2	%		54.7	%		55.4	%
Operating wages		559,193		33.3	%		599,664		34.7	%		38.8	%		39.8	%		10.2	%		12.2	%
Other operating		270,694		16.1	%		276,521		16.0	%		18.8	%		18.4	%		5.1	%		5.3	%
S,G&A		165,482		9.9	%		143,550		8.3	%		7.5	%		6.3	%		19.7	%		17.4	%
Depr. & amort.		83,148		5.0	%		83,988		4.9	%		5.4	%		5.3	%		3.2	%		3.0	%
Operating income		88,540		5.3	%		106,414		6.2	%		4.8	%		6.0	%		7.1	%		6.7	%
Interest		8,867		0.5	%		10,088		0.6	%
Pre-tax income		79,673		4.8	%		96,326		5.6	%
Income Taxes		25,510		1.6	%		25,998		1.5	%
Net Income	$	54,163		3.2	%	$	70,328		4.1	%
EPS — basic	$	1.79				$	2.29
EPS — diluted	$	1.78				$	2.28
Dividends paid per share	$	0.78				$	0.68
Weighted average shares outstanding:
Basic		30,332					30,775
Dilutive stock options		90					115
Diluted		30,422					30,890
Shares outstanding at quarter end		30,229					30,372

Income taxes, as a percentage of pre-tax income, were 32.0% vs.27.0%

Fiscal 2011 — Quarter 4 p 2

Consolidated Q4 Review:

• Net sales decreased 5.4% ($418.7 million vs. $442.7 million).

• Operating income decreased 0.6% ($27.8 million vs. $28.0 million).

• Pre-tax income increased 0.3% ($25.7 million vs. $25.7 million).

• Effective tax rate was 28.7% compared to 19.1%.

• Net income decreased 11.6% ($18.4 million vs. $20.8 million).

• Diluted EPS was $0.60 vs. $0.68.

Fiscal 2011 — Quarter 4 p 3

Restaurant Q4 Review:

• Overall restaurant sales decreased 6.8% ($338.1 million vs. $362.9 million).

• Nominal same-store sales increased 1.2% at Bob Evans Restaurants and decreased 1.3% at Mimi’s.

• Operating income decreased 13.0% ($20.5 million vs. $23.5 million).

• Operating margin was 6.1% compared to 6.5%.

• Restaurants in operation at quarter end were: 563 Bob Evans Restaurants and 145 Mimi’s. 569 Bob Evans Restaurants and 146 Mimi’s were in operation a year ago.

• Restaurant openings, by quarter:

Bob Evans Restaurants:

	Beginning														Ending
Fiscal Year	Total		Q1		Q2		Q3		Q4		Full Year		Closings		Total
2011		569		—		—		—		2		2		8		563
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		9		708
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

Fiscal 2011 — Quarter 4 p 4

• 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

• Bob Evans Restaurants same-store sales analysis (24-month core; 556 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		3.2			1.0		2.2			(7.3	)		1.9		(9.2	)		(1.5	)		3.2		(4.7	)
March		(0.9	)		1.0		(1.9	)		(0.4	)		1.9		(2.3	)		(1.9	)		3.2		(5.1	)
April		1.3			1.0		0.3			(4.6	)		1.9		(6.5	)		(1.6	)		3.2		(4.8	)
Q4		1.2			1.0		0.2			(4.1	)		1.9		(6.0	)		(1.6	)		3.2		(4.8	)
Fiscal year		(1.0	)		1.7		(2.7	)		(3.5	)		1.9		(5.4	)		(0.3	)		3.1		(3.4	)

Fiscal 2011 — Quarter 4 p 5

• 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		(1.3	)		1.7		(3.0	)		(7.9	)		2.3		(10.2	)		(7.9	)		2.2		(10.1	)
March		(2.0	)		5.7		(7.7	)		(5.5	)		2.3		(7.8	)		(7.2	)		1.2		(8.4	)
April		(0.8	)		5.7		(6.5	)		(7.9	)		2.3		(10.2	)		(6.4	)		1.2		(7.6	)
Q4		(1.3	)		4.5		(5.8	)		(7.1	)		2.3		(9.4	)		(7.1	)		1.5		(8.6	)
Fiscal year		(4.5	)		2.9		(7.4	)		(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 ($) — FY11	$	1,723,000		$	2,679,000
Q4 FY 2011 day part mix (%):
Breakfast		33	%		22	%
Lunch		37	%		40	%
Dinner		30	%		38	%
Q4 FY 2011 check average ($)	$	8.58		$	11.71

• Quarterly restaurant sales by concept:

	Q4 2011		YTD 2011		Q4 2010		YTD 2010
Bob Evans Restaurants	$	241,307	$	976,666	$	257,130	$	1,005,094
Mimi’s Cafes		96,768		380,267		105,725		405,998
Total	$	338,075	$	1,356,933	$	362,855	$	1,411,092

Fiscal 2011 — Quarter 4 p 6

Food Products Q4 Review:

• Net sales increased 1.0% ($80.6 million vs. $79.8 million).

• Comparable pounds sold decreased 6%.

• Operating income increased $2.9 million ($7.3 million vs. $4.4 million).

• Operating margin was 9.1% compared to 5.6%.

• Average sow cost increased 5.6% ($59.05 per cwt vs. $55.91 per cwt).

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

Fiscal Year	Q1		Q2		Q3		Q4		YTD
2011	$	59.52	$	60.47	$	51.16	$	59.05	$	57.17
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			YTD
2011		-2	%		-16	%		-9	%		-6	%		-8	%
2010		-3	%		10	%		20	%		4	%		7	%
2009		13	%		11	%		-6	%		3	%		6	%
2008		4	%		2	%		8	%		5	%		5	%

• Net sales review (dollars in thousands):

	Q4 2011			YTD 2011			Q4 2010			YTD 2010
Gross sales	$	90,432		$	362,778		$	96,600		$	389,732
Less: promotions		(9,075	)		(39,871	)		(15,450	)		(70,533	)
Less: returns and slotting		(732	)		(2,934	)		(1,351	)		(3,487	)
Net sales	$	80,625		$	319,973		$	79,799		$	315,712

Fiscal 2011 — Quarter 4 p 7

Balance Sheet Summary:

(in thousands)	Apr. 29, 2011		Apr. 30, 2010
Cash and equivalents	$	57,730	$	17,535
Other current assets		61,875		59,121
Net property, plant and equipment		900,878		961,974
Goodwill and other intangible assets		42,264		43,084
Other non-current assets		31,574		27,175
Total assets	$	1,094,321	$	1,108,889
Current portion of long-term debt	$	13,571	$	26,905
Line of credit		—		14,000
Other current liabilities		157,541		152,283
Long-term debt		135,716		149,287
Other long-term liabilities		123,383		128,257
Stockholders’ equity		664,110		638,157
Total liabilities and equity	$	1,094,321	$	1,108,889

Fiscal 2011 — Quarter 4 p 8