Bob Evans Farms (BOBE) 8-K Bob Evans Announces Fourth-quarter and Fiscal 2008 Financial Results, Fiscal 2009 Outlook and May Same-store Sales Results

Exhibit 99.2

Bob Evans Farms, Inc.
Earnings Release Fact Sheet (unaudited)
Fiscal 2008 – Quarter 4

Note: amounts are in thousands, except per share amounts

Fourth quarter (Q4), ended April 25, 2008, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Food Products
	Q4		% of			Q4		% of			Q4			Q4			Q4			Q4
	2008		sales			2007		sales			2008			2007			2008			2007
Net sales	$	436,445				$	418,414				$	361,077		$	348,905		$	75,368		$	69,509
Cost of sales		128,878		29.5	%		122,481		29.3	%		25.5	%		25.0	%		48.9	%		50.7	%
Operating wages		150,424		34.5	%		150,524		36.0	%		39.5	%		40.9	%		10.6	%		11.1	%
Other operating		72,138		16.5	%		65,869		15.7	%		18.7	%		18.0	%		6.1	%		4.7	%
S,G & A		38,264		8.8	%		35,990		8.6	%		6.3	%		6.5	%		20.3	%		19.1	%
Depr. & amort.		19,722		4.5	%		18,885		4.5	%		4.9	%		4.8	%		2.7	%		2.9	%
Operating income		27,019		6.2	%		24,665		5.9	%		5.1	%		4.8	%		11.4	%		11.5	%
Interest		3,105		0.7	%		2,043		0.5	%
Pre-tax income		23,914		5.5	%		22,622		5.4	%
Income taxes		7,850		1.8	%		7,363		1.8	%
Net income	$	16,064		3.7	%	$	15,259		3.6	%
EPS – basic	$	0.52				$	0.43
EPS – diluted	$	0.52				$	0.42
Dividends paid per share	$	0.14				$	0.14
Weighted average shares outstanding:
Basic		30,791					35,485
Dilutive stock options		160					443
Diluted		30,951					35,928
Shares outstanding at quarter end		30,611					35,142

• Income taxes, as a percentage of pre-tax income, were 32.8% vs. 32.5%

Fiscal 2008 — Quarter 4      1

Consolidated Review:

• Net sales increased 4.3% ($436.4 million vs. $418.4 million).

• Operating income increased 9.5% ($27.0 million vs. $24.7 million).

• Pre-tax income increased 5.7% ($23.9 million vs. $22.6 million).

• Effective tax rate was 32.8% compared to 32.5%.

• Net income increased 5.3% ($16.1 million vs. $15.3 million).

• Diluted EPS was $0.52 vs. $0.42.

• Repurchased approximately 600,000 shares in the quarter (5.0 million shares ytd).

• The fourth quarter results include the impact of the following (dollars in thousands):

o Consolidated and restaurant results for the fourth quarters of fiscal 2008 and 2007 included net pre-tax gains of $748 and $221, respectively, on asset disposals, which are reflected in S,G&A.

o The company adopted SFAS 123(R), which requires the expensing of stock options, in the first quarter of 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:

(amounts in thousands)

	Q4 FY 08		Q4 FY 07		Total FY 08		Total FY 07
	Actual *		Actual *		Actual		Actual
Stock options	$	124	$	505	$	810	$	2,257
New plan (excluding options)		668		511		5,470		3,428
Total	$	792	$	1,016	$	6,280	$	5,685

• Expense is reflected in S, G & A: $597 and $465 in the fourth quarter of 2008 and 2007, respectively, in the restaurant segment and $195 and $551 in the fourth quarter of 2008 and 2007, respectively, in the food products segment.

Fiscal 2008 — Quarter 4      2

Restaurant Review:

• Overall restaurant sales increased 3.5% ($361.1 million vs. $348.9 million).

• Nominal same-store sales increased 1.7% at Bob Evans Restaurants and decreased 5.3% at Mimi’s.

• Operating income increased 10.3% ($18.4 million vs. $16.7 million).

• Operating margin was 5.1% compared to 4.8%.

• Restaurants in operation at quarter end were: 571 Bob Evans Restaurants and 132 Mimi’s. 579 Bob Evans Restaurants and 115 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
2008		579		0		0		1		1		2		10		571
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

Mimi’s Cafes:

Fiscal	Beginning										Full				Ending
Year	Total		Q1		Q2		Q3		Q4		Year		Closings		Total
2008		115		1		2		8		6		17		0		132
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
2008		694		1		2		9		7		19		10		703
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

Fiscal 2008 — Quarter 4      3

• Rebuilt Bob Evans Restaurant openings, by quarter:

Fiscal
Year	Q1		Q2		Q3		Q4		Full Year
2008		2		2		1		3		8
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; 528 restaurants):

	Fiscal 2008								Fiscal 2007								Fiscal 2006
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu			Real
May		0.9			2.0		(1.1	)		(1.2	)		3.1		(4.3	)		(2.4	)		(1.5	)		(0.9	)
June		4.0			2.6		1.4			(4.1	)		3.0		(7.1	)		(3.1	)		0.5			(3.6	)
July		4.4			2.6		1.8			(5.6	)		3.0		(8.6	)		(0.7	)		0.5			(1.2	)
Q1		3.2			2.4		0.8			(3.9	)		3.0		(6.9	)		(1.9	)		(0.1	)		(1.8	)
August		4.3			2.6		1.7			(4.2	)		3.0		(7.2	)		(1.5	)		0.5			(2.0	)
September		0.4			2.6		(2.2	)		5.0			2.4		2.6			(4.4	)		1.0			(5.4	)
October		(1.9	)		1.8		(3.7	)		3.0			2.4		0.6			(3.5	)		1.5			(5.0	)
Q2		0.7			2.3		(1.6	)		1.3			2.6		(1.3	)		(3.1	)		1.0			(4.1	)
November		2.1			2.8		(0.7	)		0.6			1.9		(1.3	)		(2.2	)		2.0			(4.2	)
December		1.1			3.2		(2.1	)		3.3			1.3		2.0			(2.2	)		2.6			(4.8	)
January		1.2			2.3		(1.1	)		2.4			2.3		0.1			4.1			2.6			1.5
Q3		1.5			2.8		(1.3	)		2.1			1.8		0.3			(0.4	)		2.4			(2.8	)
February		3.3			2.4		0.9			(0.7	)		2.4		(3.1	)		(1.5	)		2.6			(4.1	)
March		0.1			2.4		(2.3	)		1.2			2.4		(1.2	)		(0.5	)		2.6			(3.1	)
April		1.7			2.4		(0.7	)		2.1			1.9		0.2			(0.6	)		3.2			(3.8	)
Q4		1.7			2.4		(0.7	)		1.0			2.2		(1.2	)		(0.9	)		2.8			(3.7	)
Fiscal year		1.8			2.5		(0.7	)		0.1			2.4		(2.3	)		(1.6	)		1.5			(3.1	)

Fiscal 2008 — Quarter 4      4

• Mimi’s Cafe same-store sales analysis (24-month core; 92 restaurants):

	Fiscal 2008								Fiscal 2007								Fiscal 2006
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		(0.4	)		4.0		(4.4	)		0.3			2.5		(2.2	)		4.8			2.6		2.2
June		(0.1	)		4.0		(4.1	)		(1.0	)		2.5		(3.5	)		3.0			2.6		0.4
July		(1.5	)		3.9		(5.4	)		1.9			2.6		(0.7	)		1.6			2.0		(0.4	)
Q1		(0.7	)		4.0		(4.7	)		0.4			2.5		(2.1	)		3.0			2.3		0.7
August		(1.9	)		3.9		(5.8	)		0.5			2.6		(2.1	)		3.8			1.3		2.5
September		(2.0	)		3.9		(5.9	)		3.3			2.4		0.9			0.1			1.3		(1.2	)
October		(0.8	)		3.7		(4.5	)		2.2			2.7		(0.5	)		1.4			1.6		(0.2	)
Q2		(1.5	)		3.8		(5.3	)		2.0			2.6		(0.6	)		1.8			1.5		0.3
November		(1.9	)		2.8		(4.7	)		2.2			2.9		(0.7	)		(0.5	)		2.3		(2.8	)
December		(1.8	)		2.8		(4.6	)		2.7			3.4		(0.7	)		(0.3	)		2.3		(2.6	)
January		(2.4	)		2.2		(4.6	)		2.8			4.7		(1.9	)		2.2			2.3		(0.1	)
Q3		(2.0	)		2.6		(4.6	)		2.6			3.6		(1.0	)		0.4			2.3		(1.9	)
February		(5.2	)		2.1		(7.3	)		2.6			4.6		(2.0	)		0.2			2.4		(2.2	)
March		(4.3	)		2.6		(6.9	)		(0.2	)		5.0		(5.2	)		1.3			2.4		(1.1	)
April		(6.0	)		2.6		(8.6	)		1.3			5.0		(3.7	)		1.8			2.4		(0.6	)
Q4		(5.3	)		2.4		(7.7	)		1.2			4.9		(3.7	)		1.1			2.4		(1.3	)
Fiscal year		(2.4	)		3.2		(5.6	)		1.6			3.4		(1.8	)		1.6			2.2		(0.6	)

• Key restaurant sales data (core restaurants only):

	Bob Evans
	Restaurants			Mimi’s
Average annual store sales ($) – FY08	$	1,784,000		$	3,350,000
Q4 FY08 day part mix (%):
Breakfast		30	%		20	%
Lunch		38	%		40	%
Dinner		32	%		40	%
Q4 FY08 check average ($)	$	7.90		$	10.81

• Quarterly restaurant sales by concept:

	Q4 2008
Bob Evans Restaurants	$	252,117,000
Mimi’s Cafes		108,960,000
Total	$	361,077,000

Fiscal 2008 — Quarter 4      5

Food Products Review:

• Net sales increased 8.4% ($75.4 million vs. $69.5 million).

• Comparable pounds sold increased 5%.

• Operating income increased 7.9% ($8.6 million vs. $8.0 million).

• Operating margin was 11.4% compared to 11.5%.

• Average hog cost decreased 25% ($27.00 per cwt vs. $36.00 per cwt). Historical hog cost review (average cost per hundredweight):

Fiscal Year	Q1		Q2		Q3		Q4		Average
2008	$	42.00	$	40.00	$	31.00	$	27.00	$	35.00
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

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

Fiscal Year	Q1			Q2			Q3			Q4			Average
2008		4	%		2	%		8	%		5	%		5	%
2007		13	%		11	%		4	%		5	%		8	%
2006		6	%		10	%		12	%		11	%		10	%
2005		1	%		4	%		8	%		8	%*		5	%*

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

• Net sales review (dollars in thousands):

	Q4			Q4
	2008			2007
Gross sales	$	91,422		$	83,189
Less: promotions		(14,563	)		(12,227	)
Less: returns and allowances		(1,491	)		(1,453	)
Net sales	$	75,368		$	69,509

Fiscal 2008 — Quarter 4      6

Balance Sheet Summary:

(in thousands)	April 25, 2008		April 27, 2007
Cash and equivalents	$	7,669	$	29,287
Assets held for sale		1,179		7,556
Other current assets		62,031		59,807
Net property, plant and equipment		998,402		963,363
Goodwill and other intangible assets		112,686		113,506
Other non-current assets		24,465		23,443
Total assets	$	1,206,432	$	1,196,962
Current portion of long-term debt	$	26,904	$	34,000
Line of credit		138,500		0
Other current liabilities		172,482		167,183
Long-term debt		133,096		172,333
Other long-term liabilities		122,825		118,215
Stockholders’ equity		612,625		705,231
Total liabilities and equity	$	1,206,432	$	1,196,962

Fiscal 2008 — Quarter 4      7