Bob Evans Farms (BOBE) 8-K Bob Evans Reports Fiscal 2012 Second-quarter Results

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2012 — Quarter 2

Note: amounts are in thousands, except per share amounts

second quarter (Q2), ended October 28, 2011, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Foods
			% of					% of
	Q2 2012		sales			Q2 2011		sales			Q2 2012			Q2 2011			Q2 2012			Q2 2011
Net sales	$	407,185				$	417,046				$	328,873		$	338,079		$	78,312		$	78,967
Cost of sales		125,842		30.9	%		124,131		29.8	%		24.3	%		24.3	%		58.8	%		53.1	%
Operating wages		132,424		32.5	%		140,083		33.6	%		38.1	%		38.9	%		9.2	%		10.8	%
Other operating		69,185		17.0	%		68,339		16.4	%		19.7	%		19.1	%		5.4	%		4.8	%
S,G&A		38,165		9.4	%		49,661		11.9	%		7.2	%		9.6	%		18.4	%		22.0	%
Depr. & amort.		20,239		5.0	%		20,922		5.0	%		5.4	%		5.4	%		3.1	%		3.3	%
Operating income		21,330		5.2	%		13,910		3.3	%		5.3	%		2.7	%		5.1	%		6.0	%
Interest		1,985		0.5	%		2,204		0.5	%
Pre-tax income		19,345		4.7	%		11,706		2.8	%
Income Taxes		6,598		1.6	%		3,916		0.9	%
Net Income	$	12,747		3.1	%	$	7,790		1.9	%
EPS — basic	$	0.42				$	0.26
EPS — diluted	$	0.42				$	0.26
Dividends paid per share	$	0.25				$	0.20
Weighted average shares outstanding:
Basic		30,090					30,341
Dilutive stock options		51					62
Diluted		30,141					30,403
Shares outstanding at quarter end		29,615					30,197

Income taxes, as a percentage of pre-tax income, were 34.1% vs.33.5%

Fiscal 2012 — Quarter 2 p 1

Consolidated Q2 Review:

• Net sales decreased 2.4% ($407.2 million vs. $417.0 million).

• Operating income increased 53.3% ($21.3 million vs. $13.9 million).

• Pre-tax income increased 65.3% ($19.3 million vs. $11.7 million).

• Effective tax rate was 34.1% compared to 33.5%.

• Net income increased 63.6% ($12.7 million vs. $7.8 million).

• Diluted EPS was $0.42 vs. $0.26.

• The second quarter results of fiscal 2012 included the impact of the following:

• Consolidated and restaurant results for the second quarter of fiscal 2012 included store-level and non-operating location impairments, severance charges and gain on sale of non-operating assets of $2.8 million, $0.3 million and $0.4 million, respectively. Impairment charges and gain on sale of non-operating locations are reflected in S,G&A. Severance charges are reflected in operating wages and fringe benefits.

• Consolidated and foods results for the second quarter of fiscal 2012 included gain on sale of assets and impairment of non-operating locations of $0.7 million and $0.1 million, respectively, that are reflected in S,G&A.

• 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.

Fiscal 2012 — Quarter 2 p 2

Restaurant Q2 Review:

• Overall restaurant sales decreased 2.7% ($328.9 million vs. $338.1 million).

• Nominal same-store sales decreased 1.5% at Bob Evans Restaurants and decreased 4.8% at Mimi’s.

• Operating income increased 88.6% ($17.4 million vs. $9.2 million).

• Operating margin was 5.3% compared to 2.7%.

• Restaurants in operation at quarter end were: 564 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*
2012		563		—		2		—		4		6		1		568
2011		569		—		—		—		2		2		8		563
2010		570		—		—		—		—		—		1		569
2009		571		—		—		—		1		1		2		570
2008		579		—		—		1		1		2		10		571

Mimi’s Cafes:

	Beginning														Ending
Fiscal Year	Total		Q1		Q2		Q3*		Q4*		Full Year*		Closings		Total*
2012		145		—		—		—		—		—		—		145
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

Consolidated Restaurants:

	Beginning														Ending
Fiscal Year	Total		Q1		Q2		Q3*		Q4*		Full Year*		Closings		Total*
2012		708		—		2		—		4		6		1		713
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

* Future quarters represent estimates for fiscal year 2012.

Fiscal 2012 — Quarter 2 p 3

• Projected rebuilt restaurant openings, by quarter:

Fiscal Year	Q1		Q2		Q3*		Q4*		Full Year*
2012		—		2		1		—		3
2011		—		—		1		1		2
2010		1		1		—		—		2
2009		1		3		—		—		4
2008		2		2		1		3		8

* Future quarters represent estimates for fiscal year 2012.

• Projected Bob Evans Restaurant reimages, refreshes and remodels openings, by quarter:

	Q1		Q2		Q3*		Q4*		Full Year*
Reimages		—		4		5		11		20
Refreshes		—		1		—		30		31
Remodels		—		27		12		—		39
		—		32		17		41		90

* Future quarters represent estimates for fiscal year 2012.

• Bob Evans Restaurants same-store sales analysis (24-month core; 555 restaurants):

	Fiscal 2012								Fiscal 2011								Fiscal 2010
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(1.5	)		0.8		(2.3	)		(3.5	)		1.8		(5.3	)		(2.8	)		2.7		(5.5	)
June		(2.0	)		1.0		(3.0	)		(3.1	)		2.0		(5.1	)		(2.5	)		2.2		(4.7	)
July		(1.8	)		2.0		(3.8	)		(3.7	)		2.0		(5.7	)		(3.7	)		2.3		(6.0	)
Q1		(1.8	)		1.3		(3.1	)		(3.5	)		1.9		(5.4	)		(3.0	)		2.4		(5.4	)
August		(2.6	)		2.0		(4.6	)		(1.8	)		2.0		(3.8	)		(3.0	)		2.3		(5.3	)
September		(1.9	)		2.0		(3.9	)		(0.6	)		1.8		(2.4	)		(3.5	)		2.4		(5.9	)
October		(0.3	)		2.0		(2.3	)		(0.5	)		1.8		(2.3	)		(2.0	)		2.4		(4.4	)
Q2		(1.5	)		2.0		(3.5	)		(0.9	)		1.9		(2.8	)		(2.8	)		2.3		(5.1	)
November		—			—		—			6.1			1.9		4.2			(5.0	)		0.7		(5.7	)
December		—			—		—			(5.0	)		1.9		(6.9	)		(3.5	)		0.7		(4.2	)
January		—			—		—			(1.7	)		1.4		(3.1	)		(4.2	)		1.3		(5.5	)
Q3		—			—		—			(0.5	)		1.8		(2.3	)		(4.2	)		0.9		(5.1	)
February		—			—		—			3.2			1.0		2.2			(7.3	)		1.9		(9.2	)
March		—			—		—			(0.9	)		1.0		(1.9	)		(0.4	)		1.9		(2.3	)
April		—			—		—			1.3			1.0		0.3			(4.6	)		1.9		(6.5	)
Q4		—			—		—			1.2			1.0		0.2			(4.1	)		1.9		(6.0	)
Fiscal year		(1.7	)		1.6		(3.3	)		(1.0	)		1.7		(2.7	)		(3.5	)		1.9		(5.4	)

Fiscal 2012 — Quarter 2 p 4

• Mimi’s Cafe same-store sales analysis (24-month core;143 restaurants):

	Fiscal 2012								Fiscal 2011								Fiscal 2010
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(1.8	)		4.2		(6.0	)		(8.4	)		2.4		(10.8	)		(6.9	)		2.4		(9.3	)
June		(6.1	)		4.2		(10.3	)		(8.2	)		2.7		(10.9	)		(5.0	)		2.3		(7.3	)
July		(6.1	)		4.2		(10.3	)		(6.5	)		2.7		(9.2	)		(7.2	)		2.3		(9.5	)
Q1		(4.8	)		4.2		(9.0	)		(7.6	)		2.6		(10.2	)		(6.4	)		2.3		(8.7	)
August		(5.6	)		4.2		(9.8	)		(6.2	)		2.7		(8.9	)		(5.2	)		2.2		(7.4	)
September		(4.8	)		4.2		(9.0	)		(4.8	)		2.7		(7.5	)		(8.1	)		2.2		(10.3	)
October		(4.1	)		4.2		(8.3	)		(5.8	)		2.2		(8.0	)		(7.2	)		2.2		(9.4	)
Q2		(4.8	)		4.2		(9.0	)		(5.6	)		2.6		(8.2	)		(6.8	)		2.2		(9.0	)
November		—			—		—			0.8			2.3		(1.5	)		(8.1	)		2.2		(10.3	)
December		—			—		—			(4.1	)		2.3		(6.4	)		(8.9	)		2.2		(11.1	)
January		—			—		—			(6.0	)		1.7		(7.7	)		(7.7	)		2.2		(9.9	)
Q3		—			—		—			(3.2	)		2.1		(5.3	)		(8.3	)		2.2		(10.5	)
February		—			—		—			(1.3	)		1.7		(3.0	)		(7.9	)		2.3		(10.2	)
March		—			—		—			(2.0	)		5.7		(7.7	)		(5.5	)		2.3		(7.8	)
April		—			—		—			(0.8	)		5.7		(6.5	)		(7.9	)		2.3		(10.2	)
Q4		—			—		—			(1.3	)		4.5		(5.8	)		(7.1	)		2.3		(9.4	)
Fiscal year		(4.8	)		4.2		(9.0	)		(4.5	)		2.9		(7.4	)		(7.2	)		2.2		(9.4	)

• Key restaurant sales data (core restaurants only):

	Bob Evans
	Restaurants			Mimi’s
Average annual store sales ($) — FY11	$	1,723,000		$	2,679,000
Q2 FY 2012 day part mix (%):
Breakfast		33	%		23	%
Lunch		37	%		40	%
Dinner		30	%		37	%
Q2 FY 2012 check average ($)	$	8.62		$	11.67

• Quarterly restaurant sales by concept:

	Q2 2012		YTD 2012		Q2 2011		YTD 2011
Bob Evans Restaurants	$	242,803	$	486,588	$	247,511	$	496,373
Mimi’s Café		86,070		175,437		90,568		184,791
Total	$	328,873	$	662,025	$	338,079	$	681,164

Fiscal 2012 — Quarter 2 p 5

Foods Q2 Review:

• Net sales decreased 0.8% ($78.3 million vs. $79.0 million).

• We estimate that a $1.00 change in average cost per hundredweight of sows impacts the foods segment’s annual cost of sales by approximately $1.0 million.

• Pounds sold increased 3.1%.

• Operating income decreased 15.7% ($4.0 million vs. $4.7 million).

• Operating margin was 5.1% compared to 6.0%.

• Average sow cost increased 12.2% ($67.82 per cwt vs. $60.47 per cwt).

Historical sow cost review (average cost per hundredweight):

Fiscal Year	Q1		Q2		Q3		Q4		Average
2012	$	57.06	$	67.82	$		$		$	62.72
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

Pounds sold review:

Fiscal Year	Q1			Q2			Q3			Q4			Average
2012		-2.7	%		3.1	%								0.2	%
2011		-1.1	%		-14.7	%		-7.9	%		-4.6	%		-7.1	%
2010		-2.9	%		10.1	%		20.9	%		4.5	%		8.2	%
2009		16.4	%		13.6	%		-4.8	%		2.4	%		6.9	%

• Net sales review (dollars in thousands):

	Q2 2012			YTD 2012			Q2 2011			YTD 2011
Gross sales	$	88,034		$	168,074		$	86,597		$	165,566
Less: promotions		(8,926	)		(16,022	)		(7,062	)		(15,790	)
Less: returns and slotting		(796	)		(1,532	)		(568	)		(1,328	)
Net sales	$	78,312		$	150,520		$	78,967		$	148,448

Fiscal 2012 — Quarter 2 p 6

Balance Sheet Summary:

(in thousands)	Oct. 28, 2011		Apr. 29, 2011
Cash and equivalents	$	38,231	$	57,730
Other current assets		73,746		61,875
Net property, plant and equipment		872,218		900,878
Goodwill and other intangible assets		41,854		42,264
Other non-current assets		34,720		31,574
Total assets	$	1,060,769	$	1,094,321
Current portion of long-term debt	$	38,571	$	13,571
Other current liabilities		141,533		157,541
Long-term debt		97,145		135,716
Other long-term liabilities		121,863		123,383
Stockholders’ equity		661,657		664,110
Total liabilities and equity	$	1,060,769	$	1,094,321

Fiscal 2012 — Quarter 2 p 7