Bob Evans Farms (BOBE) 8-K Restatement will not impact non-GAAP earnings or net cash flows

Exhibit 99.1

BOB EVANS TO RESTATE FISCAL THIRD QUARTER RESULTS TO INCLUDE AN ADDITIONAL NON-CASH ASSETS HELD FOR SALE IMPAIRMENT CHARGE RELATED TO MIMI’S CAFÉ

Restatement will not impact non-GAAP earnings or net cash flows

COLUMBUS, Ohio – May 1, 2013 – Bob Evans Farms, Inc. (NASDAQ: BOBE) today announced it identified an error regarding the treatment of intercompany accounts in calculating the net book value of the Mimi’s Café business segment assets held for sale as recorded by the Company in the third quarter of fiscal 2013. The Company said the resulting non-cash assets held for sale impairment charge previously reported as $22.7 million is now revised to $68.4 million. The Company became aware of the error as a result of a review it initiated while preparing closing entries of its accounting for the sale of Mimi’s Café.

The charge will have no impact on non-GAAP earnings and does not affect the ongoing operations of the business. Furthermore, it will not affect previously reported amounts of net cash flows, cash, or cash equivalents. Restated and reported operating income, net income, and fully diluted earnings per share are provided below on both a GAAP and non-GAAP basis. Please refer to the table at the end of this release for a reconciliation of non-GAAP measures to GAAP results.

Note: Amounts are in thousands except per share amounts.

	Three Months Ended						Nine Months Ended
	Restated January  25, 2013			Reported January 25, 2013			Restated January  25, 2013			Reported January 25, 2013
Operating (loss) income	$	(47,388	)	$	(1,646	)	$	(5,367	)	$	40,375
Operating income – non-GAAP		24,538			24,538			75,885			75,885
Net (loss) income	$	(55,236	)	$	5,527		$	(29,886	)	$	30,877
Net income – non-GAAP		15,818			15,818			47,323			47,323
Fully diluted earnings per share	$	(1.97	)	$	0.20		$	(1.06	)	$	1.09
Fully diluted earnings per share – non-GAAP	$	0.56		$	0.56		$	1.67		$	1.67

The Company expects to file an amendment to its Quarterly Report on Form 10-Q for the three and nine months ended January 25, 2013, on or before May 15, 2013, to reflect the additional non-cash assets held for sale impairment charge. The referenced financial statements should not be relied upon until the Company files its restated financial statements.

The decision to restate the Company’s financial statements for the three and nine months ended January 25, 2013, was approved by the Audit Committee of the Board of Directors, based upon the recommendation of Company management. Management and the Audit Committee have discussed these matters with the Company’s independent registered public accounting firm, Ernst & Young LLP.

About Bob Evans Farms, Inc.

Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name. At the end of the third fiscal quarter (January 25, 2013), Bob Evans Restaurants owned and operated 565 family restaurants in 19 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage and a variety of complementary convenience food items under the Bob Evans and Owens brand names. Note that effective on February 16, 2013, Mimi’s Café is no longer owned by Bob Evans Farms, Inc. For more information about Bob Evans Farms, Inc., visit www.bobevans.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Certain statements in this news release 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. We discuss these factors and events, along with certain other risks, uncertainties and assumptions, under the heading “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 27, 2012, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date of the statement to reflect unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the Company are qualified by the cautionary statements in this section.

Contact:

Scott C. Taggart

Vice President of Investor Relations

(614) 492-4954

Set forth below is the Company’s restatement of certain of its GAAP and non-GAAP financial measures included in its third quarter earnings release:

Note: Amounts are in thousands except per share amounts.

	Three Months Ended					Nine Months Ended
	Jan 25, 2013			Jan 27, 2012		Jan 25, 2013			Jan 27, 2012
Operating income as restated
Bob Evans Restaurants	$	17,638		$	19,889	$	55,449		$	63,865
Mimi’s Café		88,615			3,222		80,259			(1,544	)
BEF Foods		(153,641	)		7,147		(141,075	)		16,762
Total operating (loss) income		(47,388	)		30,258		(5,367	)		79,083
Adjustments
Bob Evans Restaurants
Impairment		2,371			—		3,598			2,806
Severance/Restructuring		253			—		1,050			—
(Gain) loss on sale of assets		(211	)		—		(408	)		(407	)
Extinguishment of interco debt		(527	)		—		(527	)		—
Total Bob Evans Restaurants		1,886			—		3,713			2,399
Adjustments
Mimi’s Café
Impairment(1)		70,576			—		70,576			—
Severance/Restructuring		1,121			—		1,740			287
Occupancy costs		334			—		1,875			—
Extinguishment of interco debt		(156,418	)		—		(156,418	)		—
Depreciation and amortization		(3,924	)		—		(3,924	)		—
Total Mimi’s Café Adjustments		(88,311	)		—		(86,151	)		287
BEF Foods
Impairment		—			—		—			87
Severance/Restructuring		1,239			—		5,184			—
Merger and acquisition costs		167			—		1,566			—
(Gain) loss on sale of assets		—			—		(5	)		(689	)
Extinguishment of interco debt		156,945			—		156,945			—
Total BEF Foods Adjustments		158,351			—		163,690			(602	)
Total adjustments
Impairment		72,947			—		74,174			2,893
Severance/Restructuring		2,613			—		7,974			287
Merger and acquisition costs		167			—		1,566			—
(Gain) loss on sale of assets		(211	)		—		(413	)		(1,096	)
Occupancy costs		334			—		1,875			—
Depreciation and amortization		(3,924	)		—		(3,924	)		—
		71,926			—		81,252			2,084
Adjusted operating income
Bob Evans Restaurants		19,524			19,889		59,162			66,264
Mimi’s Café		304			3,222		(5,892	)		(1,257	)
BEF Foods		4,710			7,147		22,615			16,160
Total adjusted operating income	$	24,538		$	30,258	$	75,885		$	81,167

⁽¹⁾  Includes assets held for sale impairment of $68.4 million.

	Consolidated Three Months Ended											Bob Evans Restaurants Three Months Ended
	Jan 25, 2013			% of Sales			Jan 27, 2012		% of Sales			Jan 25, 2013			% of Sales			Jan 27, 2012		% of Sales
Operating (loss) income as restated
Net sales	$	434,440					$	428,339				$	245,494					$	242,360
Cost of sales		134,771			31.0	%		137,657		32.1	%		59,561			24.3	%		58,377		24.1	%
Operating wages		137,327			31.6	%		133,575		31.2	%		92,115			37.5	%		92,365		38.1	%
Other operating		72,070			16.6	%		69,906		16.3	%		43,476			17.7	%		44,604		18.4	%
SG&A		50,407			11.6	%		36,634		8.6	%		19,271			7.8	%		15,017		6.2	%
Deprec and amort		18,844			4.3	%		20,309		4.7	%		13,433			5.5	%		12,108		5.0	%
Assets held for sale impairment		68,409			15.7	%		—					—						—
Total as restated		(47,388	)		-10.9	%		30,258		7.1	%		17,638			7.2	%		19,889		8.2	%
Adjustments
Other operating		(334	)					—					—						—
SG&A		(7,107	)					—					(1,886	)					—
Deprec and amort		3,924						—					—						—
Assets held for sale impairment		(68,409	)					—					—						—
Total adjustments		71,926						—					1,886						—
Adjusted operating income
Net sales		434,440						428,339					245,494						242,360
Cost of sales		134,771			31.0	%		137,657		32.1	%		59,561			24.3	%		58,377		24.1	%
Operating wages		137,327			31.6	%		133,575		31.2	%		92,115			37.5	%		92,365		38.1	%
Other operating		71,736			16.5	%		69,906		16.3	%		43,476			17.7	%		44,604		18.4	%
SG&A		43,300			10.0	%		36,634		8.6	%		17,385			7.1	%		15,017		6.2	%
Deprec and amort		22,768			5.2	%		20,309		4.7	%		13,433			5.5	%		12,108		5.0	%
Total adjusted operating income		24,538			5.6	%		30,258		7.1	%		19,524			8.0	%		19,889		8.2	%
Net interest expense as reported		7,451						1,879
Adjustments		(6,150	)					—
Adjusted net interest expense		1,301						1,879
(Loss) income before income taxes as restated		(54,839	)					28,379
Adjustments		78,076						—
Adjusted income before income taxes		23,238						28,379
Provision for income taxes as restated		397						8,124
Income tax effect of adjustment		7,022						—
Adjusted provision for income taxes		7,419						8,124
Net (loss) income as restated		(55,236	)					20,255
Adjustments to net (loss) income		71,054						—
Adjusted net income		15,818						20,255
Earnings per share
Basic as restated	$	(1.97	)				$	0.69
Adjustments	$	2.54					$	0.00
Adjusted basic	$	0.57					$	0.69
Diluted as restated	$	(1.97	)				$	0.69
Adjustments	$	2.53					$	0.00
Adjusted diluted	$	0.56					$	0.69
Average shares outstanding Basic		27,994						29,319
Average shares outstanding Diluted		28,136						29,415

	Mimi’s Café Three Months Ended											BEF Foods Three Months Ended
	Jan 25, 2013			% of Sales			Jan 27, 2012		% of Sales			Jan 25, 2013			% of Sales			Jan 27, 2012		% of Sales
Operating income (loss) as restated
Net sales	$	91,119					$	94,948				$	97,827					$	91,031
Cost of sales		23,422			25.7	%		25,829		27.2	%		51,788			52.9	%		53,450		58.7	%
Operating wages		34,382			37.7	%		34,073		35.9	%		10,830			11.1	%		7,137		7.8	%
Other operating		20,854			22.9	%		20,099		21.2	%		7,740			7.9	%		5,203		5.7	%
SG&A		(146,438	)		-160.7	%		5,849		6.2	%		177,575			181.5	%		15,768		17.3	%
Deprec and amort		1,875			2.1	%		5,876		6.2	%		3,536			3.6	%		2,324		2.6	%
Assets held for sale impairment		68,409			75.1	%		—					—						—
Total as restated		88,615			97.3	%		3,222		3.4	%		(153,641	)		-157.1	%		7,147		7.9	%
Adjustments
Other operating		(334	)					—					—						—
SG&A		153,130						—					(158,351	)					—
Deprec and amort		3,924						—					—						—
Assets held for sale impairment		(68,409	)					—					—						—
Total adjustments		(88,311	)					—					158,351						—
Adjusted operating income
Net sales		91,119						94,948					97,827						91,031
Cost of sales		23,422			25.7	%		25,829		27.2	%		51,788			52.9	%		53,450		58.7	%
Operating wages		34,382			37.7	%		34,073		35.9	%		10,830			11.1	%		7,137		7.8	%
Other operating		20,521			22.5	%		20,099		21.2	%		7,740			7.9	%		5,203		5.7	%
SG&A		6,693			7.3	%		5,849		6.2	%		19,224			19.7	%		15,768		17.3	%
Deprec and amort		5,798			6.4	%		5,876		6.2	%		3,536			3.6	%		2,324		2.6	%
Total adjusted operating income		304			0.3	%		3,222		3.4	%		4,710			4.8	%		7,147		7.9	%

	Consolidated Nine Months Ended												Bob Evans Restaurants Nine Months Ended
	Jan 25, 2013			% of Sales			Jan 27, 2012			% of Sales			Jan 25, 2013			% of Sales			Jan 27, 2012			% of Sales
Operating (loss) income as restated
Net sales	$	1,255,032					$	1,240,885					$	739,762					$	728,949
Cost of sales		374,847			29.9	%		384,586			31.0	%		177,662			24.0	%		173,079			23.7	%
Operating wages		403,646			32.2	%		399,422			32.2	%		277,573			37.5	%		277,386			38.1	%
Other operating		217,288			17.3	%		206,342			16.6	%		133,787			18.1	%		130,520			17.9	%
SG&A		134,382			10.7	%		110,525			8.9	%		55,964			7.6	%		47,685			6.5	%
Deprec and amort		61,827			4.9	%		60,927			4.9	%		39,327			5.3	%		36,415			5.0	%
Assets held for sale impairment		68,409			5.5	%		—						—						—
Total as restated		(5,367	)		-0.4	%		79,083			6.4	%		55,449			7.5	%		63,865			8.8	%
Adjustments
Other operating		(1,875	)					—						—						—
SG&A		(14,892	)					(2,084	)					(3,713	)					(2,399	)
Deprec and amort		3,924						—						—						—
Assets held for sale impairment		(68,409	)					—						—						—
Total adjustments		81,252						2,084						3,713						2,399
Adjusted operating income
Net sales		1,255,032						1,240,885						739,762						728,949
Cost of sales		374,847			29.9	%		384,586			31.0	%		177,662			24.0	%		173,079			23.7	%
Operating wages		403,646			32.2	%		399,422			32.2	%		277,573			37.5	%		277,386			38.1	%
Other operating		215,413			17.2	%		206,342			16.6	%		133,787			18.1	%		130,520			17.9	%
SG&A		119,490			9.5	%		108,441			8.7	%		52,251			7.1	%		45,286			6.2	%
Deprec and amort		65,750			5.2	%		60,927			4.9	%		39,327			5.3	%		36,415			5.0	%
Total adjusted operating income		75,885			6.0	%		81,167			6.5	%		59,162			8.0	%		66,264			9.1	%
Net interest expense as reported		10,980						5,975
Adjustments		(6,150	)					—
Adjusted net interest expense		4,830						5,975
(Loss) income before income taxes as restated		(16,347	)					73,108
Adjustments		87,402						2,084
Adjusted income before income taxes		71,055						75,192
Provision for income taxes as restated		13,539						22,294
Income tax effect of adjustment		10,192						711
Adjusted provision for income taxes		23,732						23,005
Net (loss) income as restated		(29,886	)					50,814
Adjustments to net (loss) income		77,209						1,373
Adjusted net income		47,323						52,187
Earnings per share
Basic as restated	$	(1.06	)				$	1.70
Adjustments	$	2.74					$	0.05
Adjusted basic	$	1.68					$	1.74
Diluted as restated	$	(1.06	)				$	1.69
Adjustments	$	2.72					$	0.05
Adjusted diluted	$	1.67					$	1.74
Average shares outstanding Basic		28,203						29,909
Average shares outstanding Diluted		28,345						29,999

	Mimi’s Café Nine Months Ended												BEF Foods Nine Months Ended
	Jan 25, 2013			% of Sales			Jan 27, 2012			% of Sales			Jan 25, 2013			% of Sales			Jan 27, 2012			% of Sales
Operating income (loss) as restated
Net sales	$	258,715					$	270,385					$	256,555					$	241,551
Cost of sales		67,680			26.2	%		72,781			26.9	%		129,506			50.5	%		138,726			57.4	%
Operating wages		98,621			38.1	%		100,401			37.1	%		27,452			10.7	%		21,635			9.0	%
Other operating		63,033			24.4	%		61,865			22.9	%		20,467			8.0	%		13,957			5.8	%
SG&A		(132,632	)		-51.3	%		19,220			7.1	%		211,050			82.3	%		43,620			18.1	%
Deprec and amort		13,344			5.2	%		17,661			6.5	%		9,155			3.6	%		6,851			2.8	%
Assets held for sale impairment		68,409			26.4	%		—						—						—
Total as restated		80,259			31.0	%		(1,544	)		-0.6	%		(141,075	)		-55.0	%		16,762			6.9	%
Adjustments
Other operating		(1,875	)					—						—						—
SG&A		152,511						(287	)					(163,690	)					602
Deprec and amort		3,924						—						—						—
Assets held for sale impairment		(68,409	)					—						—						—
Total adjustments		(86,151	)					287						163,690						(602	)
Adjusted operating income
Net sales		258,715						270,385						256,555						241,551
Cost of sales		67,680			26.2	%		72,781			26.9	%		129,506			50.5	%		138,726			57.4	%
Operating wages		98,621			38.1	%		100,401			37.1	%		27,452			10.7	%		21,635			9.0	%
Other operating		61,159			23.6	%		61,865			22.9	%		20,467			8.0	%		13,957			5.8	%
SG&A		19,879			7.7	%		18,933			7.0	%		47,360			18.5	%		44,222			18.3	%
Deprec and amort		17,268			6.7	%		17,661			6.5	%		9,155			3.6	%		6,851			2.8	%
Total adjusted operating (loss) income		(5,892	)		-2.3	%		(1,257	)		-0.5	%		22,615			8.8	%		16,160			6.7	%