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

Exhibit 99.2

Bob Evans Farms, Inc.

Earnings Release Fact Sheet (unaudited)

Fiscal 2012 – Quarter 3

Note: amounts are in thousands, except per share amounts

Third quarter (Q3), ended January 27, 2012, compared to the corresponding period a year ago:

	Consolidated Results										Restaurant						Foods
	Q3 2012		% of sales			Q3 2011		% of sales			Q3 2012			Q3 2011			Q3 2012			Q3 2011
Net sales	$	428,339				$	428,594				$	337,308		$	337,694		$	91,031		$	90,900
Cost of sales		137,657		32.1	%		135,001		31.5	%		25.0	%		25.4	%		58.7	%		54.3	%
Operating wages		133,575		31.2	%		141,282		33.0	%		37.5	%		39.3	%		7.8	%		9.3	%
Other operating		69,906		16.3	%		68,840		16.1	%		19.1	%		19.1	%		5.7	%		4.4	%
S,G&A		36,634		8.6	%		37,460		8.7	%		6.2	%		6.4	%		17.3	%		17.4	%
Depr. & amort.		20,309		4.7	%		20,577		4.8	%		5.3	%		5.4	%		2.6	%		2.8	%
Operating income		30,258		7.1	%		25,434		5.9	%		6.9	%		4.4	%		7.9	%		11.8	%
Interest		1,879		0.5	%		2,098		0.5	%
Pre-tax income		28,379		6.6	%		23,336		5.4	%
Income Taxes		8,124		1.9	%		7,870		1.8	%
Net Income	$	20,255		4.7	%	$	15,466		3.6	%
EPS—basic	$	0.69				$	0.51
EPS—diluted	$	0.69				$	0.51
Dividends paid per share	$	0.25				$	0.20
Weighted average shares outstanding:
Basic		29,319					30,258
Dilutive stock options		96					146
Diluted		29,415					30,404
Shares outstanding at quarter end		29,072					30,320

Income taxes, as a percentage of pre-tax income, were 28.6% vs.33.7%

Consolidated Q3 Review:

• Net sales decreased 0.1% ($428.3 million vs. $428.6 million).

• Operating income increased 19.0% ($30.3 million vs. $25.4 million).

• Pre-tax income increased 21.6% ($28.4 million vs. $23.3 million).

• Effective tax rate was 28.6% compared to 33.7%.

• Net income increased 31.0% ($20.3 million vs. $15.5 million).

• Diluted EPS was $0.69 vs. $0.51.

Restaurant Q3 Review:

• Overall restaurant sales decreased 0.1% ($337.3 million vs. $337.7 million).

• Nominal same-store sales increased 1.6% at Bob Evans Restaurants and decreased 3.4% at Mimi’s Café.

• Operating income increased 56.9% ($23.1 million vs. $14.7 million).

• Operating margin was 6.9% compared to 4.4%.

• Restaurants in operation at quarter end were: 564 Bob Evans Restaurants and 145 Mimi’s Café. 569 Bob Evans Restaurants and 145 Mimi’s Café were in operation a year ago.

• Projected restaurant openings, by quarter:

Bob Evans Restaurants:

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4*		Full Year*		Closings		Ending 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 Café:

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4*		Full Year*		Closings		Ending 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:

		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,		September 30,
Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4*		Full Year*		Closings		Ending 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.

• Projected rebuilt restaurant openings, by quarter:

		September 30,		September 30,		September 30,		September 30,		September 30,
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 remodel openings, by quarter for fiscal year 2012:

		September 30,		September 30,		September 30,		September 30,		September 30,
	Q1		Q2		Q3		Q4*		Full Year*
Bob Evans		—		32		15		43		90
Mimi’s Café		—		—		—		3		3

* 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		0.1			1.9		(1.8	)		6.1			1.9		4.2			(5.0	)		0.7		(5.7	)
December		2.4			2.2		0.2			(5.0	)		1.9		(6.9	)		(3.5	)		0.7		(4.2	)
January		2.3			2.0		0.3			(1.7	)		1.4		(3.1	)		(4.2	)		1.3		(5.5	)
Q3		1.6			2.0		(0.4	)		(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		(0.6	)		1.8		(2.4	)		(1.0	)		1.7		(2.7	)		(3.5	)		1.9		(5.4	)

• Mimi’s Café 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		(4.0	)		4.2		(8.2	)		0.8			2.3		(1.5	)		(8.1	)		2.2		(10.3	)
December		(3.0	)		4.2		(7.2	)		(4.1	)		2.3		(6.4	)		(8.9	)		2.2		(11.1	)
January		(3.3	)		4.0		(7.3	)		(6.0	)		1.7		(7.7	)		(7.7	)		2.2		(9.9	)
Q3		(3.4	)		4.1		(7.5	)		(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		(4.3	)		4.2		(8.5	)		(4.5	)		2.9		(7.4	)		(7.2	)		2.2		(9.4	)

• Key restaurant sales data (core restaurants only):

		September 30,			September 30,
	Bob Evans Restaurants			Mimi’s Café
Average annual store sales ($) – FY11	$	1,723,000		$	2,679,000
Q3 FY 2012 day part mix (%):
Breakfast		33	%		23	%
Lunch		38	%		41	%
Dinner		29	%		36	%
Q3 FY 2012 check average ($)	$	8.63		$	11.79

• Quarterly restaurant sales by concept:

		September 30,		September 30,		September 30,		September 30,
	Q3 2012		YTD 2012		Q3 2011		YTD 2011
Bob Evans Restaurants	$	242,360	$	728,949	$	238,986	$	735,359
Mimi’s Café		94,948		270,385		98,708		283,499
Total	$	337,308	$	999,334	$	337,694	$	1,018,858

Foods Q3 Review:

• Net sales increased 0.1% ($91.0 million vs. $90.9 million).

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

• Pounds sold increased 0.9%.

• Operating income decreased 33.2% ($7.1 million vs. $10.7 million).

• Operating margin was 7.9% compared to 11.8%.

• Average sow cost increased 18.4% ($60.56 per cwt vs. $51.16 per cwt).

Historical sow cost review (average cost per hundredweight):

		September 30,		September 30,		September 30,		September 30,		September 30,
Fiscal Year	Q1		Q2		Q3		Q4		Average
2012	$	57.06	$	67.82	$	60.56	$		$	61.94
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:

		September 30,			September 30,			September 30,			September 30,			September 30,
Fiscal Year	Q1			Q2			Q3			Q4			Average
2012		-2.7	%		3.1	%		0.9	%					0.3	%
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):

		September 30,			September 30,			September 30,			September 30,
	Q3 2012			YTD 2012			Q3 2011			YTD 2011
Gross sales	$	106,599		$	274,673		$	106,780		$	272,346
Less: promotions		(14,780	)		(30,802	)		(15,007	)		(30,797	)
Less: returns and slotting		(788	)		(2,320	)		(873	)		(2,201	)
Net sales	$	91,031		$	241,551		$	90,900		$	239,348

Balance Sheet Summary:

		September 30,		September 30,
(in thousands)	Jan. 27, 2012		Apr. 29, 2011
Cash and equivalents	$	47,943	$	57,730
Other current assets		66,105		61,875
Net property, plant and equipment		882,179		900,878
Goodwill and other intangible assets		41,649		42,264
Other non-current assets		35,427		31,574
Total assets	$	1,073,303	$	1,094,321
Current portion of long-term debt	$	38,571	$	13,571
Other current liabilities		158,616		157,541
Long-term debt		97,145		135,716
Other long-term liabilities		120,699		123,383
Stockholders’ equity		658,272		664,110
Total liabilities and equity	$	1,073,303	$	1,094,321