Bob Evans Farms (BOBE) 8-K Bob Evans Reports Fiscal 2013 Full-year and Fourth-quarter Results; Provides Fy 2014 Outlook

Exhibit 99.1

BOB EVANS REPORTS FISCAL 2013 FULL-YEAR AND FOURTH-QUARTER RESULTS; PROVIDES FY 2014 OUTLOOK

Bob Evans Restaurants achieves positive 4Q 2013 same-store sales of 0.5%; reports positive same-store sales of 1.0% for fiscal year 2013

BEF Foods’ 4Q 2013 net sales increase 26.1%, volume up 21.4%; reports fiscal year 2013 net sales increase 10.8%, volume up 14.6%

Company announces reported 4Q 2013 earnings per diluted share of $0.97 and fiscal 2013 loss per diluted share of $0.10; non-GAAP EPS was $0.71 for the quarter, and $2.39 for the full year

Company sets fiscal year 2014 non-GAAP EPS guidance at $2.60 to $2.67; reaffirms long-term annual non-GAAP earnings growth guidance of 8-12 percent and 5-year non-GAAP operating margin improvement of 300 to 350 basis points

Bob Evans Restaurants to complete Farm Fresh Refresh remodel program with 233 remaining restaurants by the end of fiscal 2014; same-store sales at remodeled restaurants continue to outperform non-remodeled restaurants

Continued strong free cash flow generation and borrowings enabled return of $93 million to shareholders via dividends and share repurchases during fiscal 2013, while investing approximately $125 million in fixed assets and $52 million for the Kettle Creations acquisition

COLUMBUS, Ohio – June 4, 2013 – Bob Evans Farms, Inc. (NASDAQ: BOBE) today announced its financial results for the fiscal 2013 fourth quarter and full year ended Friday, April 26, 2013.

Fiscal 2013 commentary

Chairman and Chief Executive Officer Steve Davis said, “Results at Bob Evans Farms, Inc. for fiscal year 2013 reflect continued successful execution against our three strategic pillars: transformation of our core businesses to enable expansion; investment in high return on capital growth opportunities; and disciplined capital allocation to drive shareholder value.

“We believe the acceleration of the Farm Fresh Refresh remodeling program at Bob Evans Restaurants; the Kettle Creations acquisition and ongoing plant network optimization at BEF Foods; and the divestiture of the Mimi’s Café restaurant chain have transformed our Company with a significantly upgraded asset base and margin structure capable of driving profitable revenue growth in fiscal 2014 and beyond. During the past year, these transformational investments and events have given us the confidence to raise our long-term annual non-GAAP growth guidance to 8 to 12 percent.”

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Davis continued, “Our strategy is to invest in growth opportunities that deliver on the two criteria most relevant to today’s restaurant and grocery consumers: value and convenience. The extensive investments in infrastructure, marketing, and product development at both Bob Evans Restaurants and BEF Foods have been undertaken to deliver on these criteria. Positive same-store sales at Bob Evans Restaurants and double-digit volume growth at BEF Foods during fiscal year 2013 indicate those investments are beginning to generate a return. We expect to build on this success during fiscal year 2014 with the culmination of the Farm Fresh Refresh remodeling program as we complete the remaining 233 Bob Evans Restaurants; and at BEF Foods, with the completion of plant expansion projects at the Kettle Creations facility in Lima, Ohio, that produces the majority of our refrigerated side dish products, and at our facility located in Sulphur Springs, Texas, that produces our ready-to-eat products.

“With the divestiture of Mimi’s Café, and the impending completion of extensive transformational investments in both Bob Evans Restaurants and BEF Foods, our company’s growth story has become very simple and well-defined. We are a strong brand with two growing businesses dedicated to delivering on the value and convenience expectations of today’s restaurant and grocery consumers. Success in that regard will be measured by continued net sales growth. Through leveraging net sales growth and further improvement in our operations, we are also committed to earnings growth with our goal of improving non-GAAP operating margin by 300 to 350 basis points by fiscal 2018. We believe this dual approach of improving our relevance to consumers, while continuing to refine our operational processes is the most prudent approach to achieving sustainable earnings growth, and higher returns on invested capital for our shareholders.”

In regard to the fiscal fourth quarter, Davis noted, “Bob Evans Restaurants experienced a challenging sales environment during February due to several winter weather events and macro-economic challenges. However, we recovered during March and April to deliver positive same-store sales of 0.5 percent for the quarter. As consumer spending increased during the quarter, our proven value-oriented sales layers, particularly our $9.99 Three-Course Dinners, and off-premise offerings, including our Family Meals-to-Go and $5 Carryout-to-Go programs, drove positive same-store sales results as they have for most of the fiscal year.

“BEF Foods performed very well during the fiscal fourth quarter, as overall volume grew 21 percent, with refrigerated side dishes, food service, sausage, and frozen products growing 21 percent, 42 percent, 2 percent, and 23 percent, respectively. Excluding the impact of the Kettle Creations acquisition, overall volume grew 17 percent. The vertical integration and expansion of our refrigerated side dish production capabilities as a result of the Kettle Creations acquisition, and the expansion of our Sulphur Springs, Texas, prepared foods plant, should allow us to drive the types of productivity gains we experienced with our fresh sausage production.”

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Fourth-quarter fiscal 2013 consolidated results and GAAP to Non-GAAP reconciliation

The Company took many significant strategic actions during the fourth quarter of fiscal 2013 that impacted profitability including: the integration of the Kettle Creations acquisition; the sale of Mimi’s Café; the consolidation of ready-to-eat production at the Sulphur Springs, Texas, facility; the sale of the corporate campus and other facilities; and other restructuring activities. As a result, the Company reported GAAP net income of $27.0 million, or $0.97 per diluted share, in the fourth quarter of fiscal 2013. The fourth-quarter results include the negative net pretax impact of $68.2 million of costs from the following GAAP to non-GAAP reconciling items:

Bob Evans Restaurants segment-related costs totaling $1.4 million, including:

• $0.8 million in noncash charges for impairments, which increased the SG&A line;

• $1.7 million in charges for severance payments, which increased the SG&A line; offset partially by

• $1.2 million in income for the gain on sale of assets, primarily related to the sale of the existing corporate campus, which decreased the SG&A line.

Mimi’s Café segment-related costs totaling $62.2 million, including:

• $57.7 million in the loss on sale of Mimi’s Café; and

• $4.5 million in net operating loss, sale-related costs and obligations for the fourth quarter through the sale date of February 15, 2013.

BEF Foods segment-related costs totaling $4.6 million, including:

• $1.1 million in charges for severance and retention payments for the Bidwell and Springfield, Ohio, plant closures and the Kettle Creations acquisition, which increased the SG&A line;

• $0.5 million in charges for merger and acquisition-related costs, which increased the SG&A line;

• $4.1 million in the loss on sale of assets, related to the previously announced Bidwell and Springfield, Ohio, plant closures, which increased the SG&A line; offset partially by

• $1.1 million in income from insurance proceeds.

The GAAP pretax loss for the fourth quarter of fiscal 2013 was $39.0 million. After adjusting for the $68.2 million of non-GAAP reconciling items above, non-GAAP pretax earnings were $29.2 million.

On a GAAP basis, income taxes for the fourth quarter of fiscal 2013 were a benefit of $66.0 million, primarily resulting from the year-to-date adjustment of income tax provision due to differences in pretax earnings forecasts and associated effective income tax rates, as well as the pretax loss incurred on the divestiture of the Mimi’s Café restaurant chain during the fiscal fourth quarter. For non-GAAP purposes, the Company is using an effective rate of 32 percent which, when applied to the non-GAAP pretax earnings of $29.2 million, results in non-GAAP income tax expenses of $9.3 million, and non-GAAP net income of $19.9 million.

GAAP earnings per diluted share for the fourth quarter of fiscal 2013 were $0.97. Excluding the net impact of the aforementioned charges, non-GAAP diluted earnings per share would have been $0.71.

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Fourth-quarter fiscal 2012 consolidated results and GAAP to Non-GAAP reconciliation

The Company reported net income of $22.0 million, or $0.76 per diluted share, in the fourth quarter of fiscal 2012. The fourth quarter results included the negative net pretax impact of $1.8 million of costs from the following GAAP to non-GAAP reconciling items:

Bob Evans Restaurants segment-related income totaling $0.2 million, including:

• $0.4 million in noncash charges for impairments, which increased the SG&A line; and

• $1.2 million in the loss on sale of assets, which increased the SG&A line; offset by

• $1.8 million of additional income as a result of eliminating a two-day early cutoff, as it was no longer required to achieve a timely consolidation.

Mimi’s Café segment-related costs totaling $2.1 million, including:

• $2.3 million in noncash charges for impairments, which increased the SG&A line; partially offset by

• $0.2 million of additional income as a result of eliminating a two-day early cutoff, as it was no longer required to achieve a timely consolidation.

BEF Foods segment-related income totaling $0.2 million for a gain on the sale of assets, which decreased the SG&A line.

GAAP earnings per diluted share for fourth quarter 2012 were reported at $0.76. Excluding the net negative impact of the aforementioned charges, 2012 non-GAAP diluted earnings per share would have been $0.80.

As a result of the items noted above, the Company uses non-GAAP financial measures excluding those items. These financial measures are used by management to monitor and evaluate the ongoing performance of the Company. The Company believes that the additional measures are useful to investors for financial analysis. However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Please see the table in this release for a reconciliation of non-GAAP measures to GAAP results. Results in the following discussion are presented on a non-GAAP basis excluding the items noted above.

Fourth-quarter fiscal 2013 consolidated income statement summary

Below is a summary of the Company’s non-GAAP consolidated fourth-quarter fiscal 2013 income statement.

• Net sales– Consolidated non-GAAP net sales were $333.9 million in the fourth quarter of fiscal 2013, compared to non-GAAP net sales of $406.5 million in the fourth quarter of fiscal 2012. The decline in consolidated non-GAAP net sales was due to the sale of Mimi’s Café during the quarter. Bob Evans Restaurants’ and BEF Foods’ net sales increased 0.8 percent and 26.1 percent, respectively.

• Operating income– Consolidated non-GAAP operating income was $29.7 million, or 8.9 percent of net sales, in the fourth quarter of fiscal 2013, compared to non-GAAP operating income of $30.6 million, or 7.5 percent of net sales, in the fourth quarter of fiscal 2012. The decrease in non-GAAP operating income was due primarily to cost increases at Bob Evans Restaurants, including: depreciation; legal fees; an increased corporate overhead allocation as a result of the Company providing transition services to Mimi’s Café at less than cost; and long-term incentives, as well as the absence of a profit contribution from Mimi’s Café in the fourth quarter of fiscal 2013, which were not completely offset by the higher sales and margins at BEF Foods.

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• Net interest expense – The Company’s net interest expense was $0.5 million in the fourth quarter of fiscal 2013, compared to $1.9 million in the fourth quarter of fiscal 2012. The decrease was the result of lower interest expense resulting from the December prepayment of the Company’s private placement notes, partially offset by higher revolving line of credit borrowings to support general corporate purposes including funding the Company’s capital spending, dividends, share repurchases, and Kettle Creations acquisition.

• Diluted weighted-average shares outstanding – The Company’s diluted weighted-average shares outstanding were 27.9 million in the fourth quarter of fiscal 2013, compared to 29.1 million in the fourth quarter of fiscal 2012. The Company repurchased 621,900 shares for $26.1 million in the fourth quarter of fiscal 2013 under its share repurchase program.

Fourth-quarter fiscal 2013 Bob Evans Restaurants segment summary

Bob Evans Restaurants’ fiscal 2013 fourth-quarter non-GAAP operating income was $21.5 million, or 8.9 percent of net sales, compared with non-GAAP operating income of $24.8 million, or 10.3 percent of net sales, last year. The most significant driver of the decrease in profitability was a $2.3 million increase in SG&A expense and $1.7 million in incremental depreciation related primarily to the Farm Fresh Refresh remodel program. These items were partially offset by positive same-store sales of 0.5 percent, which included an approximately $0.9 million incremental negative impact of closed store days due to the Farm Fresh Refresh program as the Company experienced 535 closed days in the fiscal 2013 fourth quarter, compared to 307 days in last year’s fourth quarter.

Net sales – Bob Evans Restaurants’ net sales were $241.7 million in the fourth quarter of fiscal 2013, compared to non-GAAP net sales of $239.6 million in the corresponding period last year. The increase was driven by a 0.5 percent increase in same-store sales, which exceeded the Midscale Family Style segment, according to The NPD Group’s SalesTrack Weekly.

During the fourth quarter of fiscal 2013, Bob Evans Restaurants:

• remodeled 74 restaurants;

• did not open or rebuild any restaurants; and

• closed five restaurants.

	SSS Restaurants		Feb.			March			April			4Q FY ’13			FY 2013
Bob Evans		547		-4.0	%		3.6	%		1.7	%		0.5	%		1.0	%

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During the quarter, an additional 25 remodeled restaurants began their second year of post-remodel operations. Those restaurants joined the 55 remodeled restaurants already beyond their first year of operation at the end of the prior quarter. Same-store sales at restaurants remodeled for more than one year increased 1.8 percent during the fourth quarter, demonstrating the positive impact of the remodeling program beyond the first year of sales. Additionally, 74 restaurants were remodeled during the quarter, compared with 39 restaurants during last year’s fourth quarter. Restaurants remodeled within the past year achieved a 2.2 percent same-store sales lift, compared to a 0.6 percent same-store sales decrease at non-remodeled restaurants.

Cost of sales – Bob Evans Restaurants’ cost of sales was 24.5 percent of net sales in the fourth quarter of fiscal 2013, compared to non-GAAP cost of sales of 23.6 percent in the fourth quarter of fiscal 2012. The increase in cost of sales as a percent of net sales was due to commodity cost increases and menu mix, which were partially offset by pricing and ongoing efficiency initiatives.

Operating wages – Bob Evans Restaurants’ operating wages were 37.1 percent of net sales in the fourth quarter of fiscal 2013, compared to non-GAAP operating wages of 38.5 percent of net sales in the fourth quarter of fiscal 2012. The decline in operating wages as a percent of net sales in the fourth quarter of fiscal 2013 was due to workforce management initiatives, including more effective scheduling and sales leverage.

Other operating expenses– Bob Evans Restaurants’ other operating expenses were $38.6 million, or 16.0 percent of net sales, in the fourth quarter of fiscal 2013, compared to non-GAAP other operating expenses of $37.3 million, or 15.6 percent of net sales, in the fourth quarter of fiscal 2012. The increase in spending was due primarily to repair and maintenance expenses associated with winter weather and the Farm Fresh Refresh remodel program.

SG&A – Bob Evans Restaurants’ non-GAAP SG&A expenses were $18.4 million, or 7.6 percent of net sales, in the fourth quarter of fiscal 2013, compared with non-GAAP SG&A expenses of $16.1 million, or 6.7 percent of net sales, in the fourth quarter of fiscal 2012. The $2.3 million increase was due primarily to higher legal costs, an increased corporate overhead allocation as a result of the Company providing transition services to Mimi’s Café at less than cost, the Company’s retirement plan match, long-term incentives, and an enterprise resource planning (“ERP”) implementation project.

Fourth-quarter fiscal 2013 Mimi’s Café segment summary

Mimi’s Cafe’s fourth-quarter fiscal 2013 non-GAAP operating income was $0.0 million, compared to non-GAAP operating income of $2.2 million in the fourth quarter of fiscal 2012. The business segment was sold on February 15, 2013. The few weeks of ownership during the fourth quarter of fiscal 2013, which included a number of sale-related costs and obligations, were excluded from non-GAAP earnings.

Fourth-quarter fiscal 2013 BEF Foods segment summary

BEF Foods’ fourth-quarter fiscal 2013 non-GAAP operating income was $8.2 million, or 8.9 percent of net sales, in the fourth quarter of fiscal 2013, compared to non-GAAP operating income of $3.6 million, or 4.9 percent of net sales, in the corresponding period last year. Sales and margins were both favorable, compared to last year.

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Kettle Creations had an accretive effect during the quarter with operating income of approximately $1.5 million. The Kettle Creations acquisition during the second quarter of fiscal year 2013 impacted cost of sales, operating wages, and other operating expenses. Prior to the acquisition, Kettle Creations was a co-packer for the Company. As a result, the entire cost of the products produced by that facility, and purchased by the Company, were included in cost of sales. Subsequent to the acquisition, as an owned facility, rather than as a co-packer, labor costs are included in operating wages; and utilities, freight, and hauling costs are included in other operating expenses.

Net sales– The BEF Foods segment’s fourth quarter fiscal 2013 net sales were $92.3 million, an increase of 26.1 percent, compared to $73.2 million in the fourth quarter of fiscal 2012. Total pounds sold increased 21.4 percent. Promotional discounts and other selling allowances were included as a reduction to gross sales. Kettle Creations’ third party sales accounted for $1.8 million of the net sales increase, and 4.2 percentage points of the volume increase.

Cost of sales – The BEF Foods segment’s fourth-quarter fiscal 2013 cost of sales was 51.6 percent of net sales, compared to 57.7 percent of net sales in the fourth quarter of fiscal 2012. The decrease was due primarily to the acquisition of Kettle Creations as referenced above, and to a lesser extent, the decline in sow costs. Sow costs were $59.07 for the quarter, compared to $60.41 in last year’s fourth quarter. Also continuing to impact cost of sales by approximately $1.5 million during the fourth quarter, was the third quarter unilateral price increase taken by one of the Company’s suppliers. The Company expects to resolve the situation by the end of the second quarter of fiscal 2014 when additional capacity related to the Company’s plant expansions are completed.

Operating wages – The BEF Foods segment’s fourth-quarter fiscal 2013 operating wages were 10.6 percent of net sales, compared to 8.4 percent of net sales in the fourth quarter of fiscal 2012. As noted above, the increase was due primarily to the Company’s acquisition of Kettle Creations.

Other operating expenses– The BEF Foods segment’s other operating expenses were $7.6 million, or 8.3 percent of net sales, in the fourth quarter of fiscal 2013, compared to $5.2 million, or 7.1 percent of net sales, in the fourth quarter of fiscal 2012. As noted above, the increase was due primarily to the Company’s acquisition of Kettle Creations, partially offset by manufacturing productivity initiatives.

SG&A – The BEF Foods segment’s non-GAAP SG&A expenses were $15.7 million, or 17.1 percent of net sales, in the fourth quarter of fiscal 2013, compared to non-GAAP SG&A expenses of $13.4 million, or 18.3 percent of net sales, in the fourth quarter of fiscal 2012. Advertising expenditures increased to support new authorizations and product trial, broker commissions increased as a result of higher sales, and the corporate overhead allocation increased as a result of the Company providing transition services to Mimi’s Café at less than cost.

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Fiscal 2013 consolidated results and GAAP to Non-GAAP reconciliation

The Company took many significant strategic actions during fiscal 2013 that impacted profitability including: the acquisition of Kettle Creations; the sale of Mimi’s Café; initiation of the consolidation of ready-to-eat production at the Sulphur Springs, Texas, facility; the conversion of the restaurant operating entities to limited liability companies; the sale of the corporate campus and other facilities; the early payment of the Company’s private placement notes; and other restructuring activities. As a result, the Company reported a net loss of $2.9 million, or $0.10 per share, in fiscal 2013. The fiscal year results include the negative net pretax impact of $149.5 million of costs in operating profit, and $6.2 million of costs in interest expense, for a total pretax GAAP to non-GAAP adjustment of $155.6 million:

Bob Evans Restaurants segment-related costs totaling $5.1 million, including:

• $4.4 million in noncash charges for impairments, which increased the SG&A line;

• $2.8 million in charges for severance payments, which increased the SG&A line; offset partially by

• $1.6 million in income for the gain on sale of assets, primarily related to the sale of the existing corporate campus, which decreased the SG&A line; and

• $0.5 million for extinguishment of intercompany debt, which decreased the SG&A line.

Mimi’s Café segment-related income totaling $23.9 million, including:

• $70.6 million in impairment charges; comprised of $68.4 million in noncash charges for asset impairment, which increased the asset impairment line, and $2.2 million in noncash charges for impairments, which increased the SG&A line;

• $1.7 million in charges for severance and restructuring payments, which increased the SG&A line;

• $1.9 million in noncash occupancy charges, which increased the other operating expenses line;

• $57.7 million for the loss on sale;

• $4.5 million in net operating loss, sale-related costs and obligations for the fourth quarter through the sale date of February 15, 2013; offset by

• $156.4 million for extinguishment of intercompany debt, which decreased the SG&A line; and

• $3.9 million in noncash depreciation and amortization, which decreased the depreciation and amortization line.

BEF Foods segment-related costs totaling $168.3 million, including:

• $6.3 million in charges for severance and retention payments for the Bidwell and Springfield, Ohio, plant closures, and the Kettle Creations acquisition, which increased the SG&A line;

• $2.1 million in charges for merger and acquisition-related costs, which increased the SG&A line;

• $4.1 million for the loss on sale of assets, related to the previously announced Bidwell and Springfield, Ohio, plant closures, which increased the SG&A line;

• $156.9 million for extinguishment of intercompany debt, which increased the SG&A line; partially offset by

• $1.1 million in income from insurance proceeds.

Additionally, there were $6.2 million of costs associated with the pre-payment of the Company’s private placement notes, which increased the net interest expense line.

The GAAP pretax loss for fiscal 2013 was $55.3 million. After adjusting for the $155.6 million of non-GAAP reconciling items above, non-GAAP pretax earnings were $100.3 million.

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On a GAAP basis, income taxes were a benefit of $52.5 million, primarily reflecting the tax benefits from the pretax loss and converting its restaurant operating entities to limited liability company structures. For non-GAAP purposes, the Company is using an effective tax rate of approximately 33 percent for the full year, which when applied to the non-GAAP pretax earnings of $100.3 million, results in non-GAAP income tax expenses of $33.1 million, and non-GAAP net income of $67.2 million.

Losses per share for fiscal 2013 were $0.10. Excluding the net negative impact of the aforementioned charges, non-GAAP diluted earnings per share would have been $2.39.

Fiscal 2012 consolidated results and GAAP to Non-GAAP reconciliation

The Company reported GAAP net income of $72.9 million, or $2.45 per diluted share, in fiscal 2012. The fiscal year results included the negative net pretax impact of $3.9 million of costs from the following GAAP to non-GAAP reconciling items:

Bob Evans Restaurants segment-related costs totaling $2.2 million, including:

• $3.2 million in noncash charges for impairments, which increased the SG&A line;

• $0.8 million in the loss on sale of assets, which increased the SG&A line; offset partially by

• $1.8 million of additional income as a result of eliminating a two-day early cutoff, as it was no longer required to achieve a timely consolidation.

Mimi’s Café segment-related costs totaling $2.4 million, including:

• $2.3 million in noncash charges for impairments, which increased the SG&A line; and

• $0.3 million in charges for severance, which increased the SG&A line; offset partially by

• $0.2 million of additional income as a result of eliminating a two-day early cutoff, as it was no longer required to achieve a timely consolidation.

BEF Foods segment-related income totaling $0.8 million, including:

• $0.1 million in noncash charges for impairments, which increased the SG&A line; offset by

• $0.8 million in income for the gain on sale of assets, which decreased the SG&A line.

GAAP earnings per diluted share for fiscal 2012 were $2.45. Excluding the net negative impact of the aforementioned charges, non-GAAP diluted earnings per share would have been $2.54.

As a result of the items noted above, the Company uses non-GAAP financial measures excluding those items. These financial measures are used by management to monitor and evaluate the ongoing performance of the Company. The Company believes that the additional measures are useful to investors for financial analysis. However, non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Please see the table in this release for a reconciliation of non-GAAP measures to the nearest comparable GAAP results. Results in the following discussion are presented on a non-GAAP basis, excluding the items noted above.

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Fiscal 2013 consolidated income statement summary

Below is a summary of the Company’s non-GAAP consolidated fiscal 2013 income statement.

• Net sales – Consolidated non-GAAP net sales were $1.59 billion in fiscal 2013, a 3.6 percent decrease, compared to non-GAAP nets sales of $1.65 billion in fiscal 2012. This decrease was the absence of fourth quarter fiscal 2013 net sales resulting from the sale of Mimi’s Café on February 15, 2013. Bob Evans Restaurants and BEF Foods recorded sales increases of 1.3 percent and 10.8 percent, respectively.

• Operating income – Consolidated non-GAAP operating income was $105.6 million, or 6.6 percent of net sales, in fiscal 2013, compared to non-GAAP operating income of $111.8 million, or 6.8 percent of net sales, in fiscal 2012. The decrease was due to lower profitability at Bob Evans Restaurants and Mimi’s Café, partially offset by significantly higher profitability at BEF Foods.

• Net interest expense – The Company’s non-GAAP net interest expense was $5.3 million in fiscal 2013, compared to $7.9 million in fiscal 2012. The decrease was primarily the result of lower average borrowing rates in fiscal 2013, compared to fiscal 2012, offset partially by increased borrowing balances. The Company’s total debt position increased from $136 million to $202 million at the end of fiscal 2013 primarily as a result of capital spending increasing from $88.4 million in fiscal 2012 to approximately $125 million in fiscal 2013 and the second quarter fiscal 2013 Kettle Creations acquisition.

• Income taxes – The Company’s non-GAAP effective tax rate for fiscal 2013 was 33.0 percent, compared to the non-GAAP effective tax rate of 27.3 percent in fiscal 2012. The lower effective tax rate in fiscal 2012 reflects the impact of one-time settlements with certain taxing authorities and a reduction for certain prior years’ tax reserves.

• Diluted weighted-average shares outstanding – The Company’s diluted weighted-average share count was 28.1 million in fiscal 2013, compared to 29.8 million in fiscal 2012. The Company repurchased 1.6 million shares for a total of $63.1 million in fiscal 2013.

Fiscal 2013 Bob Evans Restaurants segment summary

Bob Evans Restaurants’ non-GAAP fiscal 2013 operating income was $80.7 million, or 8.2 percent of net sales. Bob Evans Restaurants’ non-GAAP fiscal 2012 operating income was $91.0 million, or 9.4 percent of net sales. The decrease in profitability was due primarily to increases in SG&A expense of $9.3 million and incremental depreciation of $4.6 million related primarily to the Farm Fresh Refresh remodel program. These items were partially offset by positive same-store sales of 1.0 percent, which included an approximately $3.6 million negative impact of closed store days due to the Farm Fresh Refresh program as the company experienced 1,337 closed days during fiscal 2013, compared to 653 days last year.

Net sales – Bob Evans Restaurants’ net sales were $981.4 million in fiscal 2013, a 1.3 percent increase, compared to non-GAAP net sales of $968.6 million in fiscal 2012. Same-store sales at Bob Evans Restaurants increased 1.0 percent in fiscal 2013, which exceeded the Midscale Family Style segment, according to The NPD Group’s SalesTrack Weekly.

During fiscal 2013, Bob Evans Restaurants:

• remodeled 195 restaurants;

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• opened two new restaurants; and

• closed seven restaurants.

During fiscal 2013, remodeled restaurants achieved a 3.7 percent same-store sales lift, compared to a 0.1 percent same-store sales lift at non-remodeled restaurants.

Cost of sales – Bob Evans Restaurants’ cost of sales was 24.1 percent of net sales in fiscal 2013, compared to non-GAAP cost of sales of 23.7 percent of net sales in fiscal 2012. Average pricing for the year of 2.4 percent and ongoing efficiency initiatives were offset by commodity increases of approximately 0.5 percent and mix.

Operating wages – Bob Evans Restaurants’ operating wages in fiscal 2013 were 37.4 percent of net sales, compared to non-GAAP operating wages of 38.2 percent of net sales in fiscal 2012. The improvement resulted from workforce management initiatives and leverage from a higher average guest check for fiscal 2013, reflecting continued success of the $9.99 Three-Course Dinner value platform.

Other operating expenses– Bob Evans Restaurants’ other operating expenses in fiscal 2013 were $172.4 million, or 17.6 percent of net sales, compared to non-GAAP other operating expenses of $167.8 million, or 17.3 percent of net sales, in fiscal 2012. The increase in spending resulted from repair and maintenance expenses driven partially by the restaurant remodel program; carryout supplies driven by higher sales volume; service contracts; and pre-opening expenses associated with the increased number of remodeled restaurants. Marketing expenditures were flat, compared to the prior year.

SG&A – Bob Evans Restaurants’ non-GAAP SG&A expenses were $70.7 million, or 7.2 percent of net sales, in fiscal 2013, compared with non-GAAP SG&A expenses of $61.4 million, or 6.3 percent of net sales, in fiscal 2012. The increase in non-GAAP SG&A expenses was due to open headcount filled during the year; increased utilization of contract labor and other wages; employer match to the Company’s retirement plans; long-term incentive plans; legal fees; an increased corporate overhead allocation as a result of the Company providing transition services to Mimi’s Café at less than cost, and spending for the ERP program.

Depreciation – Bob Evans Restaurants’ depreciation expenses were $53.7 million, or 5.5 percent of net sales, in fiscal 2013, compared with $49.1 million, or 5.1 percent of net sales, in fiscal 2012. The increase was due to incremental capital spending in fiscal 2013 to support new restaurant development and the Farm Fresh Refresh remodel program. The average cost of a remodel was approximately $222,000 in fiscal 2013, compared to $230,000 during fiscal 2012.

Fiscal 2013 Mimi’s Cafe segment summary

Mimi’s Café’s non-GAAP fiscal 2013 operating loss was $5.9 million, compared with non-GAAP fiscal 2012 operating income of $1.0 million. The decrease in profitability was due primarily to lower sales. The business segment was sold on February 15, 2013.

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Fiscal 2013 BEF Foods segment summary

The BEF Foods segment’s non-GAAP operating income was $30.8 million, or 8.8 percent of net sales, in fiscal 2013, compared with non-GAAP operating income of $19.7 million, or 6.3 percent of net sales, in fiscal 2012. The increase in operating income was due primarily to a year-over-year increase in sales, expanded margins, and the $3.4 million accretive effect of the Kettle Creations acquisition, offset partially by an increase in SG&A expenses as discussed below.

The Kettle Creations acquisition during the second quarter of fiscal year 2013 impacted cost of sales, operating wages, and other operating expenses. Prior to the acquisition, Kettle Creations was a co-packer for the Company. As a result, the entire cost of products produced by that facility and purchased by the Company were included in cost of sales. Subsequent to the acquisition, as an owned facility, rather than as a co-packer, labor costs are included in operating wages; and utilities, freight, and hauling costs are included in other operating expenses.

Net sales– The BEF Foods segment’s net sales were $348.8 million in fiscal 2013, an increase of 10.8 percent, compared to $314.7 million in fiscal 2012. Total pounds sold increased 14.6 percent, driven by strong growth in the side dish business, restaurant insourcing and foodservice. Promotional discounts increased $6.7 million, compared to fiscal 2012, primarily to support volume earlier in the year when sow costs dropped. Promotional discounts and other selling allowances affect the income statement as a reduction of gross sales. As a result, the net average selling price declined during the low sow cost period in response to those low input costs . The Kettle Creations acquisition accounted for $5.2 million of the net sales increase, and 2.9 percentage points of the volume increase.

Cost of sales – The BEF Foods segment’s cost of sales was 50.8 percent of net sales in fiscal 2013, compared to 57.5 percent of net sales in fiscal 2012. The decrease was due primarily to the acquisition of Kettle Creations as referenced above, and reduced sow costs. Sow costs averaged $53.87 per hundredweight in fiscal 2013, compared to $61.58 in fiscal 2012.

Operating wages – The BEF Foods segment’s operating wages were 10.7 percent of net sales in fiscal 2013, compared to 8.8 percent of net sales in fiscal 2012. As noted above, the increase was due primarily to the acquisition of Kettle Creations.

Other operating expenses– The BEF Foods segment’s other operating expenses were $28.1 million, or 8.1 percent of net sales, in fiscal 2013, compared to $19.2 million, or 6.1 percent of net sales, in fiscal 2012. The increase was due primarily to the Kettle Creations acquisition, as noted above.

SG&A – The BEF Foods segment’s non-GAAP SG&A expenses were $63.1 million, or 18.1 percent of net sales, in fiscal 2013, compared to non-GAAP SG&A expenses of $57.6 million, or 18.3 percent of net sales, in fiscal 2012. The dollar increase was due primarily to higher advertising and media expenditures, higher hauling and freight expenses related to higher volume, the effect of a product recall during the second fiscal quarter, and higher broker commissions related to increased sales.

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Fiscal year 2014 and longer-term outlook

Consistent with its average annual long-term non-GAAP earnings per share growth rate guidance of 8 to 12 percent, the Company expects fiscal 2014 non-GAAP earnings per share of $2.60 to $2.67. This assumes a tax rate in the 34 to 35 percent range, sow costs up from nearly $54 per hundredweight during fiscal 2013 to $60 to $65 per hundredweight in fiscal 2014, $0.09 per share associated with the cost for the ERP project, $0.02 per share for incremental pre-opening costs associated with the Farm Fresh Refresh remodel program, and up to four new Bob Evans Restaurants. Additionally, the Company’s guidance includes an incremental $0.05 per share of costs related to the differential between the fiscal 2013 non-GAAP $5.9 million loss from Mimi’s Café which will not repeat in fiscal 2014, offset by $8.0 million of net costs associated with providing transition services to Mimi’s Café in fiscal 2014, which results in an incremental loss of $2.1 million, or the $0.05 per share.

This outlook relies on a number of important assumptions, including the risk factors discussed in the Company’s annual report on Form 10-K and other securities filings.

Particular assumptions for the Company’s full-year outlook include the following:

Consolidated company highlights

• Net sales – approximately $1.4 billion.

• Capital expenditures – approximately $175 to $200 million. Key items include the expansion of the Kettle Creations and Sulphur Springs plants, the acceleration of the Farm Fresh Refresh remodeling program, up to four new Bob Evans Restaurants, the completion of the new corporate campus, and the ERP implementation.

• Depreciation and amortization –approximately $70 to $80 million.

• Net interest expense – approximately $6.0 to $6.5 million reflecting increased borrowings as a result of increased capital expenditures.

• Effective non-GAAP tax rate – approximately 34 to 35 percent.

• Diluted weighted-average share count – approximately 27.9 million.

Bob Evans Restaurants segment

• Net sales: Overall sales up 1.5 to 2.5 percent. Same-store sales up 1 to 2 percent driven by the sales lift from Farm Fresh Refresh remodels and value platforms offset partially by incremental closed store days. The Company expects to have approximately 1,472 closed store days throughout fiscal 2014, compared to 1,337 during fiscal 2013. The Company also expects to open up to four new locations during fiscal 2014.

• Cost of sales: Commodity inflation of 2.0 to 3.0 percent.

• Operating margins: 8.0 to 8.5 percent, reflecting the accelerated Farm Fresh Refresh remodeling program and new restaurant development, which will increase pre-opening expenses by approximately $0.7 million, investments in ERP and an increased corporate overhead allocation as a result of the Company providing transition services to Mimi’s Café at less than cost.

BEF Foods segment

• Net sales: Overall net sales of $380 to $400 million, up approximately 10 to 15 percent.

• Cost of sales: Average sow costs of approximately $60 to $65 per hundredweight, an increase from nearly $54 per hundredweight during fiscal 2013.

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• Operating margins: 8.5 to 9.0 percent, reflecting the impact of ERP spending and an increased corporate overhead allocation as a result of the Company providing transition services to Mimi’s Café at less than cost. The Company expects to begin additional production at the newly expanded Kettle Creations and Sulphur Springs plants at the end of the second quarter of fiscal 2014. After the initial start-up phase is complete, the Company expects to begin realizing the $4 to 5 million of cost savings associated with these plant expansion initiatives.

Company to host conference call on Wednesday, June 5, 2013

The Company will host a conference call to discuss its year-end fiscal 2013 results at 10 a.m. (ET) on Wednesday, June 5, 2013. The dial-in number is (800) 690-3108, access code 74610773. A replay will be available at (800) 585-8367, access code 74610773.

A simultaneous webcast will be available at www.bobevans.com/ir. The archived webcast will also be available on the Web site.

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 fourth fiscal quarter (April 26, 2013), Bob Evans Restaurants owned and operated 560 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 refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visitwww.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, Investor Relations

(614) 492-4954

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Bob Evans Farms, Inc.

Earnings Release Fact Sheet (unaudited)

Fiscal 2013 – Quarter 4

Note: amounts are in thousands, except per share amounts. Mimi’s Café results are through the sale date of February 15, 2013.

Fourth quarter (Q4) and fiscal year, ended April 26, 2013, compared to the corresponding period a year ago:

	GAAP to Non-GAAP Reconciliation of Net Income (unaudited)
	Three Months Ended						Twelve Months Ended
	April 26, 2013			April 27, 2012			April 26, 2013			April 27, 2012
Operating income as reported
Bob Evans Restaurants	$	20,128		$	24,946		$	75,577		$	88,810
Mimi’s Café		(62,206	)		107			18,053			(1,436	)
BEF Foods		3,588			3,738			(137,487	)		20,500
Total operating (loss) income		(38,490	)		28,791			(43,857	)		107,874
Interest Expense		505			1,909			11,485			7,884
Pre-tax (loss) income		(38,995	)		26,882			(55,342	)		99,990
Income tax (benefit) provision		(66,019	)		4,846			(52,480	)		27,140
Net Income (loss)		27,024			22,036			(2,862	)		72,850
Adjustments
Bob Evans Restaurants
Impairment		811			393			4,409			3,199
Severance/Restructuring		1,723			—			2,773			—
(Gain) loss on sale of assets		(1,164	)		1,243			(1,572	)		836
Extinguishment of intercompany debt		—			—			(527	)		—
Two-day early cutoff		—			(1,803	)		—			(1,803	)
Total Bob Evans Restaurants Adjustments		1,370			(167	)		5,083			2,232
Mimi’s Café
Impairment		—			2,327			70,576			2,327
Severance/Restructuring		—			—			1,740			287
Occupancy costs		—			—			1,875			—
Loss on sale of assets		57,743			—			57,743			—
Extinguishment of intercompany debt		—			—			(156,418	)		—
Deprec & amort		—			—			(3,924	)		—
Two-day early cutoff		—			(207	)		—			(207	)
4th QTD loss before sale		4,463			—			4,463			—
Total Mimi’s Café Adjustments		62,206			2,120			(23,945	)		2,407
BEF Foods
Impairment		—			—			—			87
Severance/Restructuring		1,099			—			6,283			—
Merger and acquisition related costs		493			—			2,059			—
Loss (gain) on sale of assets		4,129			(158	)		4,124			(847	)
Extinguishment of intercompany debt		—			—			156,945			—
Insurance proceeds		(1,087	)		—			(1,087	)		—
Total BEF Foods Adjustments		4,634			(158	)		168,324			(760	)
Total adjustments
Impairment		811			2,720			74,985			5,613
Severance/Restructuring		2,822			—			10,796			287
Merger and acquisition related costs		493			—			2,059			—
Loss (gain) on sale of assets		60,708			1,085			60,295			(11	)
4th QTD loss before sale		4,463			—			4,463			—
Occupancy costs		—			—			1,875			—
Insurance Proceeds		(1,087	)		—			(1,087	)		—
Deprec & amort		—			—			(3,924	)		—
Two-day early cutoff		—			(2,010	)		—			(2,010	)
		68,210			1,795			149,462			3,879
Non-GAAP operating income
Bob Evans Restaurants		21,498			24,779			80,660			91,042
Mimi’s Café		—			2,227			(5,892	)		971
BEF Foods		8,222			3,580			30,837			19,740
Total Non-GAAP operating income		29,720			30,586			105,605			111,753
Adjustments to Interest Expense
Private placement pre-payment related costs		—			—			(6,150	)		—
Non-GAAP Interest Expense		505			1,909			5,335			7,884
Non-GAAP Pre-tax Income		29,215			28,677			100,270			103,869
Adjustments to Income Tax Provision*		75,362			487			85,555			1,198
Non-GAAP Income Tax Provision		9,343			5,333			33,075			28,338
Non-GAAP Net Income	$	19,872		$	23,344		$	67,194		$	75,531

* Adjustment to reflect Company’s quarter-to-date 32% non-GAAP tax rate and year-to-date 33% non-GAAP tax rate

	GAAP to Non-GAAP Reconciliation of Operating Income (unaudited)
	Consolidated Three Months Ended												Bob Evans Restaurants Three Months Ended
	April 26, 2013			% of Sales			April 27, 2012			% of Sales			April 26, 2013			% of Sales			April 27, 2012			% of Sales
Operating (loss) income as reported
Net sales	$	353,877					$	413,528					$	241,656					$	244,729
Cost of sales		112,008			31.7	%		125,230			30.3	%		59,160			24.5	%		57,716			23.6	%
Operating wages		108,646			30.7	%		135,647			32.8	%		89,564			37.1	%		93,609			38.3	%
Other operating		50,539			14.3	%		62,457			15.1	%		38,606			16.0	%		37,644			15.4	%
SG&A		45,776			12.9	%		40,218			9.7	%		19,808			8.2	%		18,146			7.4	%
Deprec & amort		17,655			5.0	%		21,185			5.1	%		14,392			6.0	%		12,668			5.2	%
Loss on sale of Mimi’s Café		57,743			16.3	%
Total as reported		(38,490	)		-10.9	%		28,791			7.0	%		20,128			8.3	%		24,946			10.2	%
Adjustments
Net sales		(19,968	)					(6,984	)					—						(5,085	)
Cost of sales		(5,259	)					(1,709	)					—						(1,204	)
Operating wages		(9,276	)					(2,252	)					—						(1,350	)
Other operating		(4,306	)					(501	)					—						(362	)
SG&A		(11,595	)					(4,317	)					(1,370	)					(2,002	)
Loss on sale of Mimi’s Café		(57,743	)					—						—						—
Total adjustments		68,210						1,795						1,370						(167	)
Non-GAAP operating income
Net sales		333,909						406,544						241,656						239,644
Cost of sales		106,749			32.0	%		123,521			30.4	%		59,160			24.5	%		56,512			23.6	%
Operating wages		99,370			29.8	%		133,395			32.8	%		89,564			37.1	%		92,259			38.5	%
Other operating		46,233			13.8	%		61,956			15.2	%		38,606			16.0	%		37,281			15.6	%
SG&A		34,181			10.2	%		35,901			8.8	%		18,438			7.6	%		16,145			6.7	%
Deprec & amort		17,656			5.3	%		21,185			5.2	%		14,392			6.0	%		12,668			5.3	%
Total non-GAAP operating income		29,720			8.9	%		30,586			7.5	%		21,498			8.9	%		24,778			10.3	%
Net interest expense as reported		505						1,909
Non-GAAP net interest expense		505						1,909
(Loss) income before income taxes as reported		(38,995	)					26,882
Adjustments		68,210						1,795
Non-GAAP pre-tax income		29,215						28,677
(Benefit) provision for income taxes as reported		(66,019	)					4,846
Income tax effect of adjustment *		75,362						487
Non-GAAP provision for income taxes		9,343						5,333
Net income as reported		27,024						22,036
Adjustments to net income		(7,152	)					1,308
Non-GAAP net income		19,872						23,344
Basic as reported	$	0.97					$	0.76
Adjustments	$	(0.26	)				$	0.05
Non-GAAP basic	$	0.72					$	0.81
Diluted as reported	$	0.97					$	0.76
Adjustments	$	(0.26	)				$	0.04
Non-GAAP diluted	$	0.71					$	0.80
Average shares outstanding
Basic		27,767						28,991
Diluted		27,901						29,134

* Adjustment to reflect Company’s quarter-to-date 32% non-GAAP tax rate

Fiscal 2013 – Quarter 4 p 2

	GAAP to Non-GAAP Reconciliation (unaudited)
	Mimi’s Café Three Months Ended												BEF Foods Three Months Ended
	April 26, 2013			% of Sales			April 27, 2012			% of Sales			April 26, 2013			% of Sales			April 27, 2012			% of Sales
Operating income (loss) as reported
Net sales	$	19,968					$	95,630					$	92,253					$	73,169
Cost of sales		5,259			26.3	%		25,301			26.5	%		47,589			51.6	%		42,213			57.7	%
Operating wages		9,276			46.5	%		35,886			37.5	%		9,806			10.6	%		6,152			8.4	%
Other operating		4,306			21.6	%		19,588			20.5	%		7,627			8.3	%		5,225			7.1	%
SG&A		5,590			28.0	%		8,834			9.2	%		20,378			22.1	%		13,238			18.1	%
Deprec & amort		—						5,914			6.2	%		3,264			3.5	%		2,603			3.6	%
Loss on sale of Mimi’s Café		57,743			289.2	%		—						—						—
Total as reported		(62,206	)		-311.5	%		107			0.1	%		3,588			3.9	%		3,738			5.1	%
Adjustments
Net sales		(19,968	)					(1,899	)					—						—
Cost of sales		(5,259	)					(505	)					—						—
Operating wages		(9,276	)					(902	)					—						—
Other operating		(4,306	)					(138	)					—						—
SG&A		(5,590	)					(2,474	)					(4,634	)					158
Loss on sale of Mimi’s Café		(57,743	)					—						—						—
Total adjustments		62,206						2,120						4,634						(158	)
Adjusted operating income
Net sales		—						93,731						92,253						73,169
Cost of sales		—						24,796			26.4	%		47,589			51.6	%		42,213			57.7	%
Operating wages		—						34,984			37.3	%		9,806			10.6	%		6,152			8.4	%
Other operating		—						19,450			20.8	%		7,627			8.3	%		5,225			7.1	%
SG&A		—						6,360			6.8	%		15,744			17.1	%		13,396			18.3	%
Deprec & amort		—						5,914			6.3	%		3,264			3.5	%		2,603			3.6	%
Total adjusted operating income		—						2,227			2.4	%		8,222			8.9	%		3,580			4.9	%

Fiscal 2013 – Quarter 4 p 3

	GAAP to Non-GAAP Reconciliation (unaudited)
	Consolidated Twelve Months Ended												Bob Evans Restaurants Twelve Months Ended
	April 26, 2013			% of Sales			April 27, 2012			% of Sales			April 26, 2013			% of Sales			April 27, 2012			% of Sales
Operating income as reported
Net sales	$	1,608,909					$	1,654,413					$	981,418					$	973,678
Cost of sales		486,855			30.3	%		509,816			30.8	%		236,822			24.1	%		230,795			23.7	%
Operating wages		512,292			31.8	%		535,069			32.3	%		367,136			37.4	%		370,995			38.1	%
Other operating		267,827			16.6	%		268,799			16.2	%		172,393			17.6	%		168,164			17.3	%
SG&A		180,158			11.2	%		150,743			9.1	%		75,772			7.7	%		65,832			6.8	%
Deprec & amort		79,482			4.9	%		82,112			5.0	%		53,719			5.5	%		49,082			5.0	%
Asset impairment		68,409			4.3	%		—						—						—
Loss on sale of Mimi’s Café		57,743			3.6	%		—						—						—
Total as reported		(43,857	)		-2.7	%		107,874			6.5	%		75,577			7.7	%		88,809			9.1	%
Adjustments
Net Sales		(19,968	)					(6,985	)					—						(5,086	)
Cost of Sales		(5,259	)					(1,709	)					—						(1,204	)
Operating Wages		(9,276	)					(2,252	)					—						(1,350	)
Other Operating		(6,181	)					(502	)					—						(364	)
SG&A		(26,486	)					(6,401	)					(5,083	)					(4,400	)
Deprec & Amort		3,924						—						—						—
Asset Impairment		(68,409	)					—						—						—
Loss on sale of Mimi’s Café		(57,743	)					—						—						—
Total Adjustments		149,462						3,879						5,083						2,232
Non-GAAP operating income
Net sales		1,588,941						1,647,428						981,418						968,592
Cost of sales		481,596			30.3	%		508,107			30.8	%		236,822			24.1	%		229,591			23.7	%
Operating wages		503,016			31.7	%		532,817			32.3	%		367,136			37.4	%		369,645			38.2	%
Other operating		261,646			16.5	%		268,297			16.3	%		172,393			17.6	%		167,800			17.3	%
SG&A		153,672			9.7	%		144,342			8.8	%		70,688			7.2	%		61,432			6.3	%
Deprec & amort		83,406			5.2	%		82,112			5.0	%		53,719			5.5	%		49,082			5.1	%
Total non-GAAP operating income		105,605			6.6	%		111,753			6.8	%		80,660			8.2	%		91,042			9.4	%
Net interest expense as reported		11,485						7,884
Adjustments		(6,150	)					—
Non-GAAP net interest expense		5,335						7,884
Income before income taxes as reported		(55,342	)					99,990
Adjustments		155,612						3,879
Non-GAAP pre-tax income		100,270						103,869
(Benefit) provision for income taxes as reported		(52,480	)					27,140
Income tax effect of adjustment *		85,555						1,198
Non-GAAP income tax provision		33,075						28,338
Net income as reported		(2,862	)					72,850
Adjustments		70,056						2,681
Non-GAAP net income		67,194						75,531
Basic as reported	$	(0.10	)				$	2.45
Adjustments	$	2.49					$	0.09
Non-GAAP basic	$	2.39					$	2.54
Diluted as reported	$	(0.10	)				$	2.45
Adjustments	$	2.49					$	0.09
Non-GAAP diluted	$	2.39					$	2.54
Basic		28,094						29,679
Diluted		28,094						29,781

* Adjustment to reflect Company’s year-to-date 33% non-GAAP tax rate

Fiscal 2013 – Quarter 4 p 4

	GAAP to Non-GAAP Reconciliation (unaudited)
	Mimi’s Café Twelve Months Ended												BEF Twelve Months Ended
	April 26, 2013			% of Sales			April 27, 2012			% of Sales			April 26, 2013			% of Sales			April 27, 2012			% of Sales
Operating income as reported
Net sales	$	278,683					$	366,015					$	348,808					$	314,720
Cost of sales		72,939			26.2	%		98,081			26.8	%		177,095			50.8	%		180,940			57.5	%
Operating wages		107,897			38.7	%		136,287			37.2	%		37,259			10.7	%		27,787			8.8	%
Other operating		67,339			24.2	%		81,453			22.3	%		28,094			8.1	%		19,182			6.1	%
SG&A		(127,043	)		-45.6	%		28,054			7.7	%		231,428			66.3	%		56,857			18.1	%
Deprec & amort		13,344			4.8	%		23,576			6.4	%		12,419			3.6	%		9,454			3.0	%
Intangible impairment		68,409			24.5	%		—						—						—
Loss on sale of Mimi’s Café		57,743			20.7	%		—						—						—
Total as reported		18,053			6.5	%		(1,436	)		-0.4	%		(137,487	)		-39.4	%		20,500			6.5	%
Adjustments
Net sales		(19,968	)					(1,899	)					—						—
Cost of sales		(5,259	)					(505	)					—						—
Operating wages		(9,276	)					(902	)					—						—
Other operating		(6,181	)					(138	)					—						—
SG&A		146,922						(2,761	)					(168,324	)					760
Deprec & amort		3,924						—						—						—
Intangible impairment		(68,409	)					—						—						—
Loss on sale of Mimi’s Café		(57,743	)					—						—						—
Total adjustments		(23,945	)					2,407						168,324						(760	)
Adjusted operating income
Net sales		258,715						364,116						348,808						314,720
Cost of sales		67,680			26.2	%		97,576			26.8	%		177,095			50.8	%		180,940			57.5	%
Operating wages		98,621			38.1	%		135,385			37.2	%		37,259			10.7	%		27,787			8.8	%
Other operating		61,159			23.6	%		81,315			22.3	%		28,094			8.1	%		19,182			6.1	%
SG&A		19,879			7.7	%		25,293			6.9	%		63,104			18.1	%		57,617			18.3	%
Deprec & amort		17,268			6.7	%		23,576			6.5	%		12,419			3.6	%		9,454			3.0	%
Total adjusted operating (loss) income		(5,892	)		-2.3	%		971			0.3	%		30,837			8.8	%		19,740			6.3	%

Fiscal 2013 – Quarter 4 p 5

	Consolidated Results
	Three Months Ended
	April 26, 2013			% of sales			April 27, 2012		% of sales
Net sales	$	353,877					$	413,528
Cost of sales		112,008			31.7	%		125,230		30.3	%
Operating wages		108,646			30.7	%		135,647		32.8	%
Other operating		50,539			14.3	%		62,457		15.1	%
S,G&A		45,776			12.9	%		40,218		9.7	%
Deprec & amort		17,655			5.0	%		21,185		5.1	%
Loss on sale of Mimi’s Café		57,743			16.3	%		—
Operating (loss) income		(38,490	)		-10.9	%		28,791		7.0	%
Interest		505			0.1	%		1,909		0.5	%
Pre-tax (loss) income		(38,995	)		-11.0	%		26,882		6.5	%
(Benefit) provision for income taxes		(66,019	)		-18.7	%		4,846		1.2	%
Net Income	$	27,024			7.6	%	$	22,036		5.3	%
EPS - basic	$	0.97					$	0.76
EPS - diluted	$	0.97					$	0.76
Dividends paid per share	$	0.275					$	0.250
Weighted average shares outstanding:
Basic		27,767						28,991
Dilutive stock options		134						143
Diluted		27,901						29,134
Shares outstanding at quarter-end:		27,418						28,610

Income taxes, as a percentage of pre-tax income, were 169.3% vs.18.0%

	Segment Results
	Three Months Ended
	Bob Evans Restaurants						Mimi’s Café						BEF Foods
	April 26, 2013			April 27, 2012			April 26, 2013			April 27, 2012			April 26, 2013			April 27, 2012
Net sales	$	241,656		$	244,729		$	19,968		$	95,630		$	92,253		$	73,169
Cost of sales		24.5	%		23.6	%		26.3	%		26.5	%		51.6	%		57.7	%
Operating wages		37.1	%		38.3	%		46.5	%		37.5	%		10.6	%		8.4	%
Other operating		16.0	%		15.4	%		21.6	%		20.5	%		8.3	%		7.1	%
S,G&A		8.2	%		7.4	%		28.0	%		9.2	%		22.1	%		18.1	%
Deprec & amort		6.0	%		5.2	%		0.0	%		6.2	%		3.5	%		3.6	%
Loss on sale of Mimi’s Café		0.0	%		0.0	%		289.2	%		0.0	%		0.0	%		0.0	%
Operating income		8.3	%		10.2	%		-311.5	%		0.1	%		3.9	%		5.1	%

Fiscal 2013 – Quarter 4 p 6

Fiscal Year (FY), ended April 26, 2013, compared to the corresponding period a year ago:

	Consolidated Results
	Twelve Months Ended
	April 26, 2013			% of sales			April 27, 2012		% of sales
Net sales	$	1,608,909					$	1,654,413
Cost of sales		486,855			30.3	%		509,816		30.8	%
Operating wages		512,292			31.8	%		535,069		32.3	%
Other operating		267,827			16.6	%		268,799		16.2	%
S,G&A		180,158			11.2	%		150,743		9.1	%
Deprec & amort		79,482			4.9	%		82,112		5.0	%
Asset impairment		68,409			4.3	%		—		0.0	%
Loss on sale of Mimi’s Café		57,743			3.6	%		—		0.0	%
Operating (loss) income		(43,857	)		-2.7	%		107,874		6.5	%
Interest		11,485			0.7	%		7,884		0.5	%
Pre-tax (loss) income		(55,342	)		-3.4	%		99,990		6.0	%
(Benefit) provision for income taxes		(52,480	)		-3.3	%		27,140		1.6	%
Net (loss) income	$	(2,862	)		-0.2	%	$	72,850		4.4	%
EPS - basic	$	(0.10	)				$	2.45
EPS - diluted	$	(0.10	)				$	2.45
Dividends paid per share		1.075					$	0.950
Weighted average shares outstanding:
Basic		28,094						29,679
Dilutive stock options		—						102
Diluted		28,094						29,781
The number of antidilutive stock options outstanding at April 26, 2013 that were not included in the computation of diluted earnings per share, because to do so would have been antidilutive, were 141 shares for the fiscal year ended April 26, 2013.
Shares outstanding at year-end		27,418						28,610
Income taxes, as a percentage of pre-tax income, were 94.8% vs.27.1%

	Segment Results
	Twelve Months Ended
	Bob Evans Restaurants						Mimi’s Café						BEF Foods
	April 26, 2013			April 27, 2012			April 26, 2013			April 27, 2012			April 26, 2013			April 27, 2012
Net sales	$	981,418		$	973,678		$	278,683		$	366,015		$	348,808		$	314,720
Cost of sales		24.1	%		23.7	%		26.2	%		26.8	%		50.8	%		57.5	%
Operating wages		37.4	%		38.1	%		38.7	%		37.2	%		10.7	%		8.8	%
Other operating		17.6	%		17.3	%		24.2	%		22.3	%		8.1	%		6.1	%
S,G&A		7.7	%		6.8	%		-45.6	%		7.7	%		66.3	%		18.1	%
Deprec & amort		5.5	%		5.0	%		4.8	%		6.4	%		3.6	%		3.0	%
Asset impairment		0.0	%		0.0	%		24.5	%		0.0	%		0.0	%		0.0	%
Loss on sale of Mimi’s Café		0.0	%		0.0	%		20.7	%		0.0	%		0.0	%		0.0	%
Operating income		7.7	%		9.1	%		6.5	%		-0.4	%		-39.4	%		6.5	%

Fiscal 2013 – Quarter 4 p 7

Bob Evans Restaurants openings and closings, by quarter:

Fiscal Year	Beginning Total		Q1		Q2		Q3		Q4		Full Year		Closings		Ending Total
2013		565		2		—		—		—		2		7		560
2012		563		—		2		—		2		4		2		565
2011		569		—		—		—		2		2		8		563
2010		570		—		—		—		—		—		1		569
2009		571		—		—		—		1		1		2		570

Bob Evans Restaurants rebuilt restaurant openings, by quarter:

Fiscal Year	Q1		Q2		Q3		Q4		Total
2013		—		—		—		—		—
2012		—		2		—		1		3
2011		—		—		1		1		2
2010		1		1		—		—		2
2009		1		3		—		—		4

Full realization of Bob Evans Restaurant remodel benefits:

	Fiscal Year
	2012		2013		2014 Est.
Assumptions:
Remodel openings		87		195		233
Total days closed for remodels		653		1,337		1,472
Financial impact:
Closed day sales	$	2,701	$	6,331	$	7,500
Pre-opening expense	$	1,571	$	3,375	$	3,845

Bob Evans Restaurant remodel openings and pre-opening expense, by fiscal year and quarter:

2013	Q1		Q2		Q3		Q4		Total
Cincinnati		2		—		—		—		2
Other markets		2		—		—		—		2
Columbus		24		17		—		—		41
Charleston		8		—		—		—		8
Ft. Wayne		—		7		4		—		11
Indianapolis		—		15		15		—		30
Flint		—		6		8		—		14
Louisville		—		—		6		20		26
Pittsburgh		—		—		—		16		16
Cleveland		—		—		7		38		45
Total restaurants		36		45		40		74		195
Pre-Opening Expense	$	510	$	773	$	771	$	1,321	$	3,375
Total days closed for remodels		254		290		258		535		1,337

Fiscal 2013 – Quarter 4 p 8

2012	Q1		Q2		Q3		Q4		Total
Toledo		1		17		7		—		25
Detroit		—		14		3		—		17
Cincinnati		—		—		2		23		25
Other markets		1		—		3		16		20
Total restaurants		2		31		15		39		87
Pre-Opening Expense	$	43	$	471	$	358	$	699	$	1,571
Total days closed for remodels		7		221		118		307		653
2011	Q1		Q2		Q3		Q4		Total
Prototype		—		2		—		—		2
Dayton		—		—		10		19		29
Total restaurants		—		2		10		19		31
Pre-Opening Expense		—	$	74	$	240	$	192	$	506
Total days closed for remodels		—		21		76		73		170
2010	Q1		Q2		Q3		Q4		Total
Prototype		—		—		—		1		1
Total restaurants		—		—		—		1		1
Pre-Opening Expense		—		—		—	$	20	$	20
Total days closed for remodels		—		—		—		3		3

Fiscal 2013 – Quarter 4 p 9

Bob Evans Restaurants same-store sales analysis (18-month core; 547 restaurants):
	Fiscal 2013								Fiscal 2012								Fiscal 2011
	Nominal			Menu		Real			Nominal			Menu		Real			Nominal			Menu		Real
May		0.7			2.2		(1.5	)		(1.5	)		0.8		(2.3	)		(3.5	)		1.8		(5.3	)
June		(0.3	)		1.9		(2.2	)		(2.0	)		1.0		(3.0	)		(3.1	)		2.0		(5.1	)
July		2.3			0.9		1.4			(1.8	)		2.0		(3.8	)		(3.7	)		2.0		(5.7	)
Q1		1.0			1.6		(0.6	)		(1.8	)		1.3		(3.1	)		(3.5	)		1.9		(5.4	)
August		1.5			0.9		0.6			(2.6	)		2.0		(4.6	)		(1.8	)		2.0		(3.8	)
September		(0.4	)		1.4		(1.9	)		(1.9	)		2.0		(3.9	)		(0.6	)		1.8		(2.4	)
October		1.6			3.1		(1.5	)		(0.3	)		2.0		(2.3	)		(0.5	)		1.8		(2.3	)
Q2		1.0			1.9		(0.9	)		(1.5	)		2.0		(3.5	)		(0.9	)		1.9		(2.8	)
November		2.1			2.8		(0.7	)		0.1			1.9		(1.8	)		6.1			1.9		4.2
December		(0.5	)		2.7		(3.2	)		2.4			2.2		0.2			(5.0	)		1.9		(6.9	)
January		3.1			2.7		0.4			2.3			2.0		0.3			(1.7	)		1.4		(3.1	)
Q3		1.6			2.8		(1.2	)		1.6			2.0		(0.4	)		(0.5	)		1.8		(2.3	)
February		(4.0	)		3.1		(7.1	)		2.2			1.7		0.5			3.2			1.0		2.2
March		3.6			3.5		0.1			(2.0	)		1.7		(3.7	)		(0.9	)		1.0		(1.9	)
April		1.7			3.4		(1.7	)		(1.5	)		1.8		(3.3	)		1.3			1.0		0.3
Q4		0.5			3.4		(2.8	)		(0.6	)		1.7		(2.3	)		1.2			1.0		0.2
Fiscal		1.0			2.4		(1.4	)		(0.6	)		1.7		(2.3	)		(1.0	)		1.7		(2.7	)
year

• Key restaurant sales data (core restaurants only):

	Bob Evans Restaurants
Annual store sales ($) – FY13	$	1,741,000
Q4 FY 2013 day part mix (%):
Breakfast		31	%
Lunch		38	%
Dinner		31	%
Q4 FY 2013 dine-in check average per guest ($):
Breakfast	$	8.64
Lunch		9.28
Dinner		9.39
Q4 FY 2013 dine-in check average per guest ($)	$	$9.10
Q4 FY 2013 dine-in check average per ticket ($)	$	$17.80
Q4 FY 2013 carry-out check average per ticket ($)	$	$15.11

Fiscal 2013 – Quarter 4 p 10

BEF Foods historical sow cost review (average cost per hundredweight):
Fiscal Year	Q1			Q2			Q3			Q4			YTD
2013	$	54.19		$	43.22		$	58.72		$	59.07		$	53.87
2012	$	57.06		$	67.82		$	60.56		$	60.41		$	61.58
2011	$	59.52		$	60.47		$	51.16		$	59.05		$	57.17
2010	$	43.24		$	32.88		$	40.14		$	55.91		$	42.18
Total pounds sold review:
Fiscal Year	Q1			Q2			Q3			Q4			YTD
2013		7.2	%		16.1	%		13.1	%		21.4	%		14.6	%
2012		-2.7	%		3.1	%		0.9	%		-1.3	%		0.1	%
2011		-1.1	%		-14.7	%		-7.9	%		-4.6	%		-7.1	%
2010		-2.9	%		10.1	%		20.9	%		4.5	%		8.2	%
Total pounds sold, by category:
Fiscal Year 2013:

Category	Q1			Q2			Q3			Q4
Sausage		24.2	%		24.2	%		25.5	%		22.0	%
Sides		39.5	%		37.8	%		39.7	%		38.7	%
Frozen		5.7	%		5.3	%		4.2	%		5.5	%
Food Service		26.9	%		30.0	%		28.0	%		30.5	%
Other		3.7	%		2.7	%		2.6	%		3.4	%
Fiscal Year 2012:
Category	Q1			Q2			Q3			Q4
Sausage		29.1	%		26.6	%		28.1	%		26.0	%
Sides		35.0	%		38.9	%		41.2	%		38.9	%
Frozen		7.2	%		6.5	%		5.1	%		5.4	%
Food Service		24.1	%		24.0	%		22.2	%		26.1	%
Other		4.6	%		4.0	%		3.4	%		3.6	%

Net sales review (dollars in thousands):
	Q4 2013			YTD 2013			Q4 2012			YTD 2012
Gross sales	$	105,393		$	403,307		$	87,210		$	361,883
Less: promotions		(12,306	)		(50,536	)		(12,997	)		(43,799	)
Less: returns and slotting		(834	)		(3,963	)		(1,044	)		(3,364	)
Net sales	$	92,253		$	348,808		$	73,169		$	314,720

Fiscal 2013 – Quarter 4 p 11