Bob Evans Farms (BOBE) 8-K Bob Evans Farms Announces Fourth Quarter and Fiscal 2007 Financial Results; May Same-store Sales

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2007 — Quarter 4

Fourth quarter (Q4), ended April 27, 2007, compared to the corresponding period a year ago:

Note: amounts are in thousands, except per share amounts

			Consolidated Results								Restaurant						Food Products
	Q4		% of			Q4		% of			Q4			Q4			Q4			Q4
	2007*		sales			2006*		sales*			2007*			2006*			2007			2006*
Net sales	$	418,414				$	397,338				$	348,905		$	333,389		$	69,509		$	63,949
Cost of sales		122,481		29.3	%		114,665		28.9	%		25.0	%		24.9	%		50.7	%		49.8	%
Operating wages		150,524		36.0	%		141,187		35.5	%		40.9	%		40.2	%		11.1	%		11.2	%
Other operating		65,869		15.7	%		63,865		16.1	%		18.0	%		18.2	%		4.7	%		5.1	%
S,G & A		35,990		8.6	%		30,687		7.7	%		6.5	%		5.4	%		19.1	%		19.8	%
Depr. & amort.		18,885		4.5	%		21,778		5.5	%		4.8	%		4.9	%		2.9	%		8.4	%
Operating income		24,665		5.9	%		25,156		6.3	%		4.8	%		6.4	%		11.5	%		5.7	%
Interest		2,043		0.5	%		2,837		0.7	%
Pre-tax income		22,622		5.4	%		22,319		5.6	%
Income taxes		7,363		1.8	%		1,835		0.4	%
Net income	$	15,259		3.6	%	$	20,484		5.2	%
EPS — basic	$	0.43				$	0.57
EPS — diluted	$	0.42				$	0.56
Dividends per share	$	0.14				$	0.12
Weighted average shares outstanding:
Basic		35,485					35,950
Dilutive stock options		443					364
Diluted		35,928					36,314
Shares outstanding at quarter end		35,142					36,033

• Income taxes, as a percentage of pre-tax income, were 32.5% vs. 8.2%

• Consolidated pre-tax results for the fourth quarters of both fiscal 2007 and fiscal 2006 included special items: A gain on asset disposals of $221 in fiscal 2007 and a $1,769 net charge in fiscal 2006. The 2006 net charge included a $2,603 gain on asset disposals, an $885 charge for a lawsuit settlement and a $3,487 charge related to investments in income tax credit limited partnerships. In addition to these pre-tax special items, fiscal 2006 income taxes reflected a credit of $4,650 related to a State of Ohio tax settlement.

• Excluding the special items, fourth quarter results would have been as follows:

• Consolidated S,G&A: $36,211 (8.7% of sales) in FY 07 and $32,405 (8.1% of sales) in FY 06

• Restaurant S,G&A: 6.6% of sales in FY 07 and 5.9% of sales in FY 06

• Consolidated depr & amort: $18,291 (4.6% of sales) in FY 06

• Food products depr & amort: 2.9% of sales in FY 06

• Consolidated operating income: $24,444 (5.8% of sales) in FY 07 and $26,925 (6.8% of sales) in FY 06

• Restaurant operating income: 4.7% of sales in FY 07 and 5.9% of sales in FY 06

• Food products operating income: 11.2% of sales in FY 06

• Net income: $15,105 (3.6% of sales) in FY 07 and $17,089 (4.3% of sales) in FY06

• EPS: $0.43 (basic) and $0.42 (diluted) in FY 07; and $0.48 (basic) and $0.47 (diluted) in FY 06.

Consolidated Review:
•	Net sales increased 5.3% ($418.4 million vs. $397.3 million).
•	Operating income decreased 2.0% ($24.7 million vs. $25.2 million).
•	Excluding the special items in both periods, operating income decreased 9.2% ($24.4 million vs. $26.9 million).
•	Pre-tax income increased 1.4% ($22.6 million vs. $22.3 million).
•	Excluding the special items in both periods, pre-tax income decreased 7.0% ($22.4 million vs. $24.1 million).
•	Effective tax rate was 32.5% compared to 8.2%.
•	Excluding the special items in both periods, effective tax rate was 32.6% vs. 29.1%
•	Net income decreased 25.5% ($15.3 million vs. $20.5 million).
•	Excluding the special items in both periods, net income decreased 11.6% ($15.1 million vs. $17.1 million).
•	Diluted EPS was $0.42 compared to $0.56.
•	Excluding the special items in both periods, diluted EPS was $0.42 vs. $0.47.
•	Repurchased approximately 800,000 shares in the quarter (2.0 million in the year).

The company adopted SFAS 123(R), which requires the expensing of stock options, in FY07. The company significantly reduced the issuance of stock options and implemented a new performance incentive plan which predominantly uses restricted stock as the award. The pre-tax expenses of adopting SFAS 123(R) and issuing awards under the new plan are:

	In thousands
	Q4		FY 07
	Actual*		Actual
Stock options	$	505	$	2,257
New plan (excluding options)		511		3,428
Total	$	1,016	$	5,685

* Expense is reflected in S, G & A: $465 in the restaurant segment and $551 in the food products segment.

Restaurant Review:
•	Overall restaurant sales increased 4.7% ($348.9 million vs. $333.4 million).
•	Nominal same-store sales increased 1.0% at Bob Evans Restaurants and 1.2% at Mimi’s.
•	Operating income decreased 22.3% ($16.7 million vs. $21.5 million).
•	Excluding the special items in both periods, operating income decreased 16.7% ($16.5 million vs. $19.8 million).
•	Operating margin was 4.8% compared to 6.4%.
•	Excluding the special items in both periods, the operating margin was 4.7% compared to 5.9%.
•	Restaurants in operation at quarter end were: 579 Bob Evans Restaurants and 115 Mimi’s. 587 Bob Evans Restaurants and 102 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
2007	587	4	1	3	2	10	18	579
2006	591	6	6	3	5	20	24	587
2005	558	11	12	10	4	37	4	591
2004	523	3	11	12	11	37	2	558
2003	495	0	4	8	17	29	1	523
2002	469	1	4	8	14	27	1	495

Mimi’s Cafes:

Fiscal	Beginning					Full		Ending
Year	Total	Q1	Q2	Q3	Q4	Year	Closings	Total
2007	102	2	1	3	7	13	0	115
2006	92	1	2	1	6	10	0	102
2005	81	0	3	4	4	11	0	92

Consolidated Restaurants:

Fiscal	Beginning					Full		Ending
Year	Total	Q1	Q2	Q3	Q4	Year	Closings	Total
2007	689	6	2	6	9	23	18	694
2006	683	7	8	4	11	30	24	689
2005	639	11	15	14	8	48	4	683

• Rebuilt restaurant openings, by quarter:

Fiscal
Year	Q1	Q2	Q3	Q4	Full Year
2007	1	1	1	1	4
2006	6	4	3	1	14
2005	3	5	0	2	10

• Bob Evans Restaurants same-store sales analysis (24-month core; 490 restaurants):

	Fiscal 2007									Fiscal 2006									Fiscal 2005
	Nominal			Menu			Real			Nominal			Menu			Real			Nominal			Menu			Real
May		(1.2	)		3.1			(4.3	)		(2.4	)		(1.5	)		(0.9	)		(4.7	)		2.4			(7.1	)
June		(4.1	)		3.0			(7.1	)		(3.1	)		0.5			(3.6	)		(2.8	)		2.4			(5.2	)
July		(5.6	)		3.0			(8.6	)		(0.7	)		0.5			(1.2	)		(2.0	)		2.4			(4.4	)
Q1		(3.9	)		3.0			(6.9	)		(1.9	)		(0.1	)		(1.8	)		(3.1	)		2.4			(5.5	)
						��
August		(4.2	)		3.0			(7.2	)		(1.5	)		0.5			(2.0	)		(4.6	)		2.4			(7.0	)
September		5.0			2.4			2.6			(4.4	)		1.0			(5.4	)		(4.6	)		2.3			(6.9	)
October		3.0			2.4			0.6			(3.5	)		1.5			(5.0	)		(3.5	)		2.0			(5.5	)
Q2		1.3			2.6			(1.3	)		(3.1	)		1.0			(4.1	)		(4.2	)		2.2			(6.4	)
November		0.6			1.9			(1.3	)		(2.2	)		2.0			(4.2	)		(1.3	)		1.9			(3.2	)
December		3.3			1.3			2.0			(2.2	)		2.6			(4.8	)		(4.9	)		1.8			(6.7	)
January		2.4			2.3			0.1			4.1			2.6			1.5			(5.4	)		1.8			(7.2	)
Q3		2.1			1.8			0.3			(0.4	)		2.4			(2.8	)		(3.9	)		1.8			(5.7	)
February		(0.7	)		2.4			(3.1	)		(1.5	)		2.6			(4.1	)		0.8			(0.1	)		0.9
March		1.2			2.4			(1.2	)		(0.5	)		2.6			(3.1	)		(4.3	)		(0.1	)		(4.2	)
April		2.1			1.9			0.2			(0.6	)		3.2			(3.8	)		(5.8	)*		(1.5	)*		(4.3	)*
Q4		1.0			2.2			(1.2	)		(0.9	)		2.8			(3.7	)		(3.4	)*		(0.6	)*		(2.8	)*
Fiscal year		0.1			2.4			(2.3	)		(1.6	)		1.5			(3.1	)		(3.6	)*		1.5	*		(5.1	)*

* Excludes the impact of the extra week (53-week year) in the fourth quarter of 2004.

• Mimi’s Cafe same-store sales analysis (24-month core; 81 restaurants):

	Fiscal 2007								Fiscal 2006								Fiscal 2005
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu			Real
May		0.3			2.5		(2.2	)		4.8			2.6		2.2
June		(1.0	)		2.5		(3.5	)		3.0			2.6		0.4
July		1.9			2.6		(0.7	)		1.6			2.0		(0.4	)		3.3	*		3.7	*		(0.4)	*
Q1		0.4			2.5		(2.1	)		3.0			2.3		0.7			3.3	*		3.7	*		(0.4)	*
August		0.5			2.6		(2.1	)		3.8			1.3		2.5			2.9			4.3			(1.4	)
September		3.3			2.4		0.9			0.1			1.3		(1.2	)		5.4			4.1			1.3
October		2.2			2.7		(0.5	)		1.4			1.6		(0.2	)		4.8			3.4			1.4
Q2		2.0			2.6		(0.6	)		1.8			1.5		0.3			4.4			3.9			0.5
November		2.2			2.9		(0.7	)		(0.5	)		2.3		(2.8	)		4.7			2.8			1.9
December		2.7			3.4		(0.7	)		(0.3	)		2.3		(2.6	)		4.0			2.8			1.2
January		2.8			4.7		(1.9	)		2.2			2.3		(0.1	)		3.0			2.8			0.2
Q3		2.6			3.6		(1.0	)		0.4			2.3		(1.9	)		3.9			2.8			1.1
February		2.6			4.6		(2.0	)		0.2			2.4		(2.2	)		4.9			2.7			2.2
March		(0.2	)		5.0		(5.2	)		1.3			2.4		(1.1	)		5.5			2.7			2.8
April		1.3			5.0		(3.7	)		1.8			2.4		(0.6	)		4.9			2.4			2.5
Q4		1.2			4.9		(3.7	)		1.1			2.4		(1.3	)		5.1			2.6			2.5
Fiscal year		1.6			3.4		(1.8	)		1.6			2.2		(0.6	)		4.4	*		3.1	*		1.3	*

* For the period after July 7, 2004, only

• Key restaurant sales data (core restaurants only):

	Bob Evans
	Restaurants			Mimi’s
Average annual store sales ($) — FY07	$	1,755,000		$	3,472,000
Q4 FY07 day part mix (%):
Breakfast		31	%		20	%
Lunch		38	%		39	%
Dinner		31	%		41	%
Q4 FY07 check average ($)	$	7.66		$	10.58

• Quarterly restaurant sales by concept:

	Q4 2007
Bob Evans Restaurants	$	252,267,000
Mimi’s Cafes		96,638,000
Total	$	348,905,000

Food Products Review:

• Net sales increased 8.7% ($69.5 million vs. $63.9 million).

• Comparable pounds sold increased 5%.

• Operating income more than doubled ($8.0 million vs. $3.7 million).

• Excluding the special item in 2006, operating income increased 11.5% ($8.0 million vs. $7.2 million)

• Operating margin was 11.5% compared to 5.7%.

• Excluding the special item in 2006, the operating margin was 11.5% compared to 11.2%

• Average hog cost decreased 3% ($36.00 per cwt vs. $37.00 per cwt). Historical hog cost review (average cost per hundredweight):

Fiscal Year	Q1	Q2	Q3	Q4	Average
2007	$37.00	$41.00	$39.00	$36.00	$38.00
2006	$48.00	$46.00	$43.00	$37.00	$43.00
2005	$52.00	$50.00	$52.00	$49.00	$51.00
2004	$36.00	$38.00	$35.00	$43.00	$38.00

• Comparable pounds sold review (principally sausage products and refrigerated potatoes):

Fiscal Year	Q1			Q2			Q3			Q4			Average
2007		13	%		11	%		4	%		5	%		8	%
2006		6	%		10	%		12	%		11	%		10	%
2005		1	%		4	%		8	%		8	%*		5	%*
2004		10	%		4	%		7	%		10	%*		8	%*

* Excludes the impact of the extra week (53-week year) in the fourth quarter of 2004.

• Net sales review:

	Q4			Q4
	2007			2006
Gross sales	$	83,189		$	76,428
Less: promotions		(12,227	)		(10,547	)
Less: returns and allowances		(1,453	)		(1,932	)
Net sales	$	69,509		$	63,949

Balance Sheet Summary:

(in thousands)	April 27, 2007		April 28, 2006
Cash and equivalents	$	29,287	$	16,727
Assets held for sale		13,370		5,337
Other current assets		59,807		60,338
Net property, plant and equipment		957,549		967,717
Goodwill and other intangible assets		113,506		114,326
Other non-current assets		23,443		20,633
Total assets	$	1,196,962	$	1,185,078
Current portion of long-term debt	$	34,000	$	4,000
Other current liabilities		167,183		155,485
Long-term debt		172,333		206,333
Other long-term liabilities		118,215		114,804
Stockholders’ equity		705,231		704,456
Total liabilities and equity	$	1,196,962	$	1,185,078

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, including, without limitation:

• the failure to achieve and maintain positive same-store sales;

• a decline in general economic conditions;

• competition in the restaurant and food products industries;

• the company’s ability to expand its restaurant base;

• consumer acceptance of changes in menu, food products, prices, atmosphere and service procedures;

• the company’s ability to hire and retain a sufficient number of qualified employees;

• market concentration;

• adverse weather conditions;

• government regulation;

• allegations related to food-related illnesses and health concerns regarding certain food products;

• margin sensitivity;

• consumer acceptance of the company’s restaurant concepts and food products in new markets;

• fluctuations in quarterly operating results;

• the adequacy of insurance loss estimates and reserves; and

• protection of our trademarks and other intellectual property rights.

These risks are discussed more fully under the heading “Risk Factors” in Item 1A of the company’s Annual Report on Form 10-K for the fiscal year ended April 28, 2006. It is impossible to predict or identify all such risk factors. Consequently, no one should consider any such list to be a complete set of all potential risks and uncertainties. There is also the risk that the company may incorrectly analyze these risks or that the strategies developed by the company to address them will be unsuccessful. Forward-looking statements speak only as of the date on which they are made, and the company undertakes 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. Any further disclosures in the company’s filings with the Securities and Exchange Commission should also be consulted. All subsequent written and oral forward-looking statements attributable to the company or any person acting on behalf of the company are qualified by the cautionary statements in this section.