Exhibit 99.1
BOB EVANS REPORTS FISCAL 2014 THIRD-QUARTER RESULTS
Company announces 3Q 2014 diluted EPS of $0.22; diluted non-GAAP EPS was $0.30 for the quarter
Bob Evans Restaurants reports 3Q 2014 weather-impacted same-store sales of -1.8 percent; estimates sustained and severe winter weather impact of approximately 3 percent, and notes its 47 core restaurants located in Florida achieved same-store sales of 4.4 percent, benefiting from the Farm Fresh Refresh program, value sales layers, and the absence of severe winter weather. Early fourth-quarter sales also impacted; Company expects February same-store sales of -6.7 percent, weather impact estimated at approximately 9 percent
Sustained and severe winter weather adversely impacted Bob Evans Restaurants’ sales, cost of sales, operating wages and other operating expenses including utilities and snow removal, reducing diluted GAAP and diluted non-GAAP EPS by approximately $0.18 per share compared to the prior year period and approximately $0.05 per share compared to the Company’s January 21, 2014, updated guidance
At BEF Foods, higher than expected initial plant startup inefficiencies, the effect of continued high sow costs, and the sales and expense impacts of a supplier dispute, reduced GAAP and non-GAAP EPS by approximately $0.17 per diluted share compared to the prior year period and approximately $0.06 per diluted share compared to the Company’s January 21, 2014, updated guidance
Company revises fiscal year 2014 diluted non-GAAP EPS guidance to $1.60 to $1.75. This guidance includes additional fiscal 2014 fourth quarter sustained and severe weather profit impact of approximately $5 to $6 million from lost sales and related expenses during February, and approximately $1.5 to $2.0 million of BEF Foods’ plant startup inefficiencies primarily related to the expansion of the Sulphur Springs, Texas, facility
Along with the cost savings previously announced, Company has taken additional actions to offset the remainder of the $10 million of costs formerly allocated to Mimi’s Café
Company provides fiscal year 2015 diluted GAAP EPS guidance range of $2.80 to $3.00, incorporating the anticipated benefits of the Company’s transformational investments and the absence of certain costs impacting 2014 results. Company raises long-term annual diluted EPS growth guidance range to 10 to 12 percent, reflecting confidence in the Company’s operational execution in 2015 and beyond against its transformational investment programs at both Bob Evans Restaurants and BEF Foods
Company remains committed to achieving 300 to 350 basis points of margin improvement in both its Bob Evans Restaurants and BEF Foods business segments by fiscal year 2018 relative to fiscal year 2013; BEF Foods expects its plant network optimization initiatives to deliver an estimated 250 basis points of operating margin improvement in fiscal year 2015
Company expects to complete its current $225 million share repurchase program by the end of fiscal year 2014
Company announces its board of directors has authorized up to $100 million of share repurchases for fiscal year 2015. By the end of fiscal 2015, the Company is expected to have returned more than $900 million to investors since fiscal 2007 through a disciplined capital allocation program including share repurchases and dividend payments
NEW ALBANY, Ohio – March 4, 2014 – Bob Evans Farms, Inc. (NASDAQ: BOBE) today announced its financial results for the fiscal 2014 third quarter ended Friday, January 24, 2014. Net income was $5.7 million, or $0.22 per diluted share, compared with a net loss of $55.1 million, or $1.96 per diluted share, in the comparable period last year. For the third quarter of 2014, non-GAAP earnings were $7.8 million, or $0.30 per diluted share, compared with non-GAAP income of $15.8 million, or $0.56 per diluted share, in the comparable period last year.
| 3 months ended | ||||||||
in millions except per diluted share data | 1/24/14 | 1/25/13 | ||||||
Net Income | $ | 5.7 | $ | (55.1 | ) | |||
Adjustments for non-GAAP (net of taxes) | ||||||||
Bob Evans Restaurants | ||||||||
Impairments | 1.2 | 1.6 | ||||||
Severance and Restructuring | 0.3 | 0.2 | ||||||
(Gain) on sale of assets, Overhead allocation and other | (0.1 | ) | (0.1 | ) | ||||
BEF Foods | ||||||||
Severance and Restructuring | 0.5 | 0.8 | ||||||
(Gain) on sale of assets, Overhead allocation and other | 0.0 | 0.2 | ||||||
Net Discontinued Operations | 0.3 | 46.2 | ||||||
Adjustments to interest expense | (0.3 | ) | 4.2 | |||||
Adjustments to non-GAAP tax expense | 17.8 | |||||||
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Net Income adjusted for non-GAAP items (a) | $ | 7.8 | $ | 15.8 | ||||
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Diluted EPS | $ | 0.22 | $ | (1.96 | ) | |||
Diluted non-GAAP EPS | $ | 0.30 | $ | 0.56 | ||||
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| (a) | Earnings adjusted for non-GAAP items is a financial measure not in accordance with generally accepted accounting principles (GAAP) and should not be considered a substitute for earnings as determined in accordance with accounting principles generally accepted in the United States. See below for further discussion of earnings adjusted for non-GAAP items |
non-GAAP Tax Rate | 31 | % | 32 | % | ||||
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Third-quarter fiscal 2014 commentary
Chairman and Chief Executive Officer Steve Davis said, “The third quarter of fiscal 2014 was especially challenging due to a number of factors, including: sustained and severe winter weather of a magnitude not seen in many years, particularly in our core Midwest markets; continued higher than projected sow costs; and higher than projected fiscal 2014 startup inefficiencies following the expansion of the BEF Foods’ Sulphur Springs, Texas, plant. However, we expect these issues will be confined to fiscal 2014, and as such will not impact fiscal 2015 results.
“With the capital investments and expenses associated with our recent transformational investment programs, including the Farm Fresh Refresh program and BEF Foods’ plant expansion projects completed by the end of fiscal year 2014, we expect improved free cash flow and earnings performance beginning in fiscal year 2015. As a result, today we are announcing:
| • | an increase in our long-term annual diluted EPS growth guidance range to 10 to 12 percent; |
| • | a preliminary fiscal year 2015 diluted EPS guidance range of $2.80 to $3.00; and |
| • | a newly authorized share repurchase program of up to $100 million for fiscal year 2015.” |
Davis continued, “At Bob Evans Restaurants, we believe sustained and severe winter weather obscured positive developments within the business. For example, although Bob Evans Restaurants reported chain-wide same-store sales of-1.8 percent for the third quarter, including an estimated adverse severe winter weather impact of approximately 3 percent, our remodeled Florida restaurants were not significantly impacted by severe winter weather and generated same-store sales of 4.4 percent. We believe this demonstrates the sales lift potential of the Farm Fresh Refresh program along with our compelling value offerings, including the recently introduced $7.99 Knife and Fork Sandwich and our proven Three-Course Dinner platforms.
“At BEF Foods, third-quarter average sow costs of $72.36 per hundredweight, an increase of more than 23 percent compared to the prior year period, along with higher than projected startup inefficiencies at our Sulphur Springs plant, and the remaining impact of our supplier dispute, had a net negative year-over-year cost impact of approximately $5.2 million during the quarter. These issues notwithstanding, we continue to expect 250 basis points of margin expansion at BEF Foods during fiscal year 2015 from: efficiencies associated with the recent closure of three production plants; the completion of the Lima, Ohio, and Sulphur Springs plant expansions and anticipated efficiencies related thereto; and ongoing vertical integration projects to optimize manufacturing processes at the Lima plant. These improvements are critically important as a means for offsetting the impact of high sow costs, which year-to-date have increased approximately $16 million over the prior year.
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“We also announced today a strategic realignment and, while admittedly a difficult decision, a reduction of personnel at Bob Evans Restaurants, BEF Foods, and at our corporate office as part of our comprehensive plan to reduce SG&A expense and deliver on our commitment of 300 to 350 basis points of margin improvement by fiscal year 2018. Adding to the $6 to $7 million of other cost savings we previously identified, these actions, together with the realignment of both Bob Evans Restaurants and Bob Evans Farms Foods, we expect to close the gap to offset the $10 million of overhead costs formerly allocated to Mimi’s Café. Unrelated to these actions, Randy Hicks, president of Bob Evans Restaurants has announced he will retire after an exemplary career spanning more than three decades with our Company. Randy has graciously agreed to continue in his position for several months to facilitate transition to new leadership. A search process for Randy’s replacement is currently underway.
“In conclusion, while we encountered a number of challenges during the quarter, and for the year, including a sustained and severe winter weather impact; the referenced supplier dispute and the net effect of higher year-over-year sow costs, we remain committed to realizing the expected returns from our transformational growth investments both in the Bob Evans Restaurants and BEF Foods business segments and further delivering on our earnings growth through the expected achievement of our five-year 300 to 350 basis point margin expansion goal through fiscal 2018. Correspondingly, we anticipate that further success on these initiatives will continue to foster returns to our shareholders through earnings growth, share repurchase and dividend programs.”
Third-quarter fiscal 2014 consolidated results
Operating profit in the third quarter of fiscal 2014 was reduced by approximately $10.9 million, or approximately $0.35 per diluted share, compared to the prior year period, due to sustained and severe winter weather, higher than projected sow costs, and other short-term cost impacts as detailed below.
Item affecting Bob Evans restaurants:
| • | Approximately $5.6 million related to unfavorable weather, including: the profit flow-through effect of $7.2 million of lost sales, equating to $3.6 million of profitability associated with the lost sales; $0.5 million in unfavorable labor expenses; $0.3 million of unfavorable food costs; and $1.2 million in unfavorable other operating expenses which includes snow removal, utilities, facility repair and other maintenance related items. |
Items affecting BEF Foods:
| • | $4.5 million in the cost of sales line due to increased sow costs in the BEF Foods segment compared to last year’s third quarter, mostly offset by a $3.2 million reduction of trade spending and $0.7 million of increased pricing. During the third quarter of fiscal 2014, sow costs averaged $72.36 per hundredweight compared to $58.72 per hundredweight for the comparable period last year. |
| • | $2.5 million resulting from a supplier dispute related to BEF Foods’ refrigerated side dish business, primarily resulting from the margin impact of lost sales related to the supplier dispute. The Company’s former primary side dish supplier, who is also a competitor, unexpectedly stopped providing the Company with product in advance of the holiday season, causing lost sales through December as product supply was terminated. The Company no longer sources product from the supplier. |
| • | $2.1 million in startup costs and lower production efficiency at the newly expanded Sulphur Springs facility compared to last year and $1.7 million higher than contemplated in the Company’s January 21, 2014, updated guidance. The Company expects startup issues to moderate during the fourth quarter and to be fully operating at planned efficiencies during fiscal 2015. |
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Items affecting both Bob Evans Restaurants and BEF Foods:
| • | $1.7 million in the SG&A line related to additional professional services, primarily costs related to activist shareholder responses and strengthening the Company’s internal processes and controls over financial reporting. |
| • | $1.6 million of bonus accrual favorability as performance did not meet payout requirements. |
The Company uses non-GAAP financial measures to monitor and evaluate the ongoing performance of the Company. The Company believes that the additional measures are useful to investors for financial analysis as excluding these items reflects operating results that are more indicative of the Company’s ongoing operating performance and improve comparability to prior periods. 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.
Third-quarter fiscal 2014 Bob Evans Restaurants segment summary
Operating income – Bob Evans Restaurants’ non-GAAP operating income was $8.7 million, compared to non-GAAP operating income of $19.5 million in the corresponding period last year. The decrease was due to: an approximately $3.6 million profit impact of lost sales resulting from sustained and severe winter weather; $4.0 million of incremental depreciation including $2.5 million related to the Farm Fresh Refresh remodeling program; $1.3 million of increased professional expenditures related to activist shareholder responses and strengthening the Company’s internal processes and controls over financial reporting and other SG&A related expenses including training, legal costs, and relocation; approximately $0.7 million of operating wage rate variance including $0.5 million related to severe winter weather; $1.9 million of unfavorable cost of sales rate variance primarily impacted by increased pork, bakery, and beef costs including $0.3 million of waste related to severe winter weather; and other operating expenses including $1.2 million of snow removal, utilities, facility repair and other severe winter weather-related items. The aggregate impact of these items was partially offset by incentive compensation favorability.
Bob Evans Restaurants’ net sales were $240.5 million, down 2.0 percent compared to net sales of $245.5 million in the corresponding period last year. Same-store sales declined by 1.8 percent, below the Knapp-Track™ family dining index of -1.0 percent for the same period. In Florida, where weather did not materially impact sales during the quarter, Bob Evans Restaurants achieved same-store sales of 4.4 percent, significantly better than the Knapp-Track™ family dining index of 0.8 percent in the state.
Unusually sustained and severe winter weather is estimated to have impacted net sales by $7.2 million and same-store sales by approximately 3 percent. Excluding the estimated impact of such weather, the Company believes same-store sales would have been positive reflecting the successful Thanksgiving holiday.
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| Same-Store Sales (SSS) Restaurants | November | December | January | 3Q FY ’14 | February | |||||||||||||||||||
Total System | 554 | 0.4 | % | -1.7 | % | -4.7 | % | -1.8 | % | -6.7 | % | |||||||||||||
Florida | 47 | 2.1 | % | 6.0 | % | 5.7 | % | 4.4 | % | 1.2 | % | |||||||||||||
System (ex-Florida) | 507 | 0.2 | % | -2.4 | % | -5.8 | % | -2.4 | % | -7.6 | % | |||||||||||||
During the third quarter, the Farm Fresh Refresh remodeling program resulted in 237 closed restaurant days, compared to 258 days in the corresponding period last year, with minimal impact on same-store sales. The Company estimates 90 percent of remodeled restaurants were impacted by sustained and severe winter weather during the third quarter. The Company realized $0.2 million of profitability from incremental sales and lower remodeling-related costs due to fewer year-over-year closed restaurant days.
During the third quarter of fiscal 2014, Bob Evans Restaurants:
| • | remodeled 39 restaurants; and |
| • | opened one new restaurant located in Altoona, Pennsylvania. |
Third-Quarter Fiscal 2014 Farm Fresh Refresh Same-Store Sales Performance Summary:
| Total System | Percent of SSS Restaurants | Florida | Percent of SSS Restaurants | System (ex-Florida) | Percent of SSS Restaurants | |||||||||||||||||||
Remodeled | -1.5 | % | 87 | % | 4.6 | % | 96 | % | -2.2 | % | 85 | % | ||||||||||||
Within one year | 0.0 | % | 4.9 | % | -1.3 | % | ||||||||||||||||||
Over one year | -2.8 | % | 1.9 | % | -2.9 | % | ||||||||||||||||||
Not Remodeled | -3.6 | % | 13 | % | -1.8 | % | 4 | % | -3.6 | % | 15 | % | ||||||||||||
Third-quarter fiscal 2014 BEF Foods segment summary
Operating Income – BEF Foods’ non-GAAP operating income was $2.2 million, compared to non-GAAP operating income of $4.7 million in the corresponding period last year. The primary drivers of the decline were: $4.5 million of incremental sow costs impacting cost of sales; $2.5 million related to the referenced supplier dispute including the profit effect of lost sales and higher co-packer prices before supply was terminated; and $2.1 million related to the startup of the Sulphur Springs facility expansion impacting the operating wages and other operating expense. The drivers of the decline were partially offset by a $3.2 million reduction in trade spending; $0.7 million of increased pricing; sales leverage; and reductions in SG&A.
BEF Foods’ net sales were $99.6 million, an increase of 1.8 percent, compared to net sales of $97.8 million in the corresponding period last year. The referenced supplier dispute impacted BEF Foods’ sales as the Company was unable to completely fill many orders from key customers during the holiday period. The Company estimates sales were adversely impacted by approximately $7 million as a result of the supply disruption. Furthermore, the dispute hampered the Company’s innovation efforts as the termination of supply of a key product line necessitated several unplanned modifications to the Lima, Ohio, facility to accommodate new equipment and processes in order to manufacture the product in-house.
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Planned efficiencies from the Company’s Sulphur Springs plant expansion are being realized more slowly than anticipated. During the second half of January, after volume was transferred from the recently closed Bidwell, Ohio, facility, the Company experienced higher than projected startup inefficiencies which resulted in higher than anticipated labor costs and waste. The Company expects startup issues to moderate during the fourth quarter and to be fully operating at planned efficiencies during fiscal 2015.
Net interest expense –The Company’s non-GAAP net interest expense was $1.3 million in the third quarter of fiscal 2014, flat compared to $1.3 million in the corresponding period last year. The borrowing rate on the Company’s outstanding $373 million of debt was 1.3 percent at the end of the third quarter of fiscal 2014.
Taxes – For non-GAAP items, the Company utilized a 31 percent tax rate during the third quarter, compared to 32 percent in the corresponding period last year.
The Company’s effective GAAP tax rate was 14.2 percent for the third quarter of fiscal 2014 compared to -97.5 percent in the corresponding period last year. The increased tax rate over the prior year is primarily attributable to two effects. This first is the tax impact of a corporate conversion implemented during the third quarter of fiscal 2013 whereby the restaurant operations were converted from corporations to limited liability companies. The second is the reduction of income for the impairment charge of Mimi’s Café, which resulted in the Company recording a significant tax benefit for fiscal year 2013.
The lower than statutory third-quarter tax rate is due to the impact of the Company’s reduction of its projected fiscal 2014 earnings thereby reducing the full-year effective tax rate.
Diluted weighted-average shares outstanding – The Company’s diluted weighted-average shares outstanding were 26.4 million shares in the third quarter of fiscal 2014, compared to 28.1 million shares in the corresponding period last year. There were 25.7 million shares outstanding at the end of the quarter, compared to 27.9 million shares in the corresponding period last year. The Company repurchased 783,400 shares for $38.6 million during the third quarter and continued to repurchase an additional 994,500 shares for $48.7 million through the end of February. The Company anticipates completing the announced repurchase of $225 million of its common stock by the end of the fiscal year.
Fiscal year 2014 outlook
The Company expects fiscal 2014 non-GAAP earnings per diluted share of $1.60 to $1.75 which includes: the estimated effects of sustained and severe winter weather through the end of February; same-store sales of -6.7 percent in February and projected same-store sales of -2 to -3 percent in March to reflect the impact on same-store sales of a snow storm early in the month, and 1 percent same-store sales in April; and remaining startup inefficiencies of approximately $1.5 to $2.0 million at BEF Foods’ Sulphur Springs plant.
This outlook is subject to a number of factors beyond the Company’s control, including the risk factors discussed in the Company’s fiscal 2013 annual report on Form10-K and its other subsequent filings with the Securities and Exchange Commission. The Company’s outlook for fiscal year 2014 also relies on a number of important assumptions, including the following:
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Consolidated company highlights
| • | Net sales – approximately $1.3 billion. |
| • | Capital expenditures – approximately $175 to $200 million. |
| • | Depreciation and amortization –approximately $75 to $80 million. |
| • | Net interest expense –approximately $4.0 to $4.5 million, including the anticipated effect of the $225 million share repurchase program. |
| • | Tax rate –approximately 26 to 27 percent for the fourth quarter. |
| • | Diluted weighted-average share count – approximately 26.3 to 26.5 million shares, including the expected effect of the $225 million share repurchase program. |
Bob Evans Restaurants segment
| • | Net sales: Same-store sales down approximately 3 percent for the fourth quarter due to continued sustained and severe winter weather through early March. |
| • | Operating margins: 4 to 5 percent for the fourth quarter. Incorporated within this guidance is the impact of the accelerated Farm Fresh Refresh remodeling program; the severe winter weather; new restaurant development; investments in ERP; and increased professional expenditures related to strengthening the Company’s internal processes and controls over financial reporting and activist shareholder responses. |
BEF Foods segment
| • | Net sales: Overall net sales of $90 to $95 million for the fourth quarter. |
| • | Operating margins: 9 to 11 percent for the fourth quarter. During the fourth quarter of the fiscal year, the Company expects the startup inefficiencies associated with the Sulphur Springs plant expansion to be resolved, and to benefit from the Richardson, Texas, facility closure and higher sausage product pricing. |
Preliminary fiscal year 2015 outlook
The Company expects fiscal 2015 earnings per diluted share between $2.80 and $3.00.
For the Bob Evans Restaurant business, the Company estimates $0.40 to $0.45 cents per share of benefit in fiscal year 2015 relative to fiscal year 2014 due to: the absence of closed store days and expenses associated with completion of the Farm Fresh Refresh program in fiscal 2014; winter weather consistent with historical norms; and the absence of costs related to the implementation of workforce management initiatives in 2014, partially offset by incremental depreciation. The Company expects same-store sales of 3.0 percent to 3.5 percent, and 8 to 10 new restaurants for fiscal 2015.
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For the BEF Foods business, the Company estimates $0.55 to $0.60 cents per share of benefit in fiscal year 2015 relative to fiscal year 2014 due to: the absence of startup inefficiencies and the realization of expected cost reductions related to plant network consolidation, which reduced the plant network from eight to four facilities; the expansion of the Lima side dish and Sulphur Springs facilities; sales price increases on sausage to offset higher sow costs; and the end of the side dish supplier dispute in fiscal 2014. The Company expects sales growth of 8 to 9 percent, and sow costs of $70 per hundredweight for fiscal 2015.
The Company estimates the accretive effect of share repurchases on fiscal 2015 diluted EPS to be in the $0.35 to $0.40 range.
Offsetting these benefits is an expected fiscal 2015 net cost of approximately $0.55 to $0.60 cents per share related to increased interest expense resulting from the Company’s higher leverage level, increased investment in the enterprise resource planning project, costs related to activist shareholder responses, and higher taxes resulting from a higher tax rate. The Company expects to provide additional details concerning fiscal 2015 guidance within its fourth quarter fiscal 2014 earnings release.
Company to host conference call on Wednesday, March 5, 2014
The Company will host a conference call to discuss its third-quarter fiscal 2014 results at 10 a.m. (ET) on Wednesday, March 5, 2014. The dial-in number is (855) 468-0551, access code 13283832. A replay will be available at (800) 585-8367, access code 13283832.
A simultaneous webcast will be available atinvestors.bobevans.com/events.cfm. 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 third fiscal quarter (January 24, 2014), Bob Evans Restaurants owned and operated 562 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.
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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 26, 2013, 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 2014 – Quarter 3
Note: amounts are in thousands, except per share amounts
Third quarter Fiscal 2014, ended January 24, 2014, compared to the corresponding period a year ago:
| Basic EPS | Diluted EPS | |||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| Jan 24, 2014 | Jan 25, 2013 | Jan 24, 2014 | Jan 25, 2013 | Jan 24, 2014 | Jan 25, 2013 | |||||||||||||||||||
| (recast) | (recast) | (recast) | ||||||||||||||||||||||
Operating income as reported | ||||||||||||||||||||||||
Bob Evans Restaurants | $ | 6,578 | $ | 16,988 | ||||||||||||||||||||
BEF Foods | 1,376 | 3,161 | ||||||||||||||||||||||
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Total operating income from continuing operations | 7,954 | 20,149 | ||||||||||||||||||||||
Net interest expense | 875 | 7,451 | ||||||||||||||||||||||
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Pre-tax income from continuing operations | 7,079 | 12,698 | ||||||||||||||||||||||
Income tax provision (benefit) | 1,002 | (12,381 | ) | |||||||||||||||||||||
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Income from continuing operations as reported | 6,077 | 25,079 | $ | 0.23 | $ | 0.90 | $ | 0.23 | $ | 0.89 | ||||||||||||||
Pre-tax loss from discontinued operations | (461 | ) | (67,590 | ) | ||||||||||||||||||||
Income tax (benefit) provision | (107 | ) | 12,629 | |||||||||||||||||||||
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Loss from discontinued operations, net of tax | (354 | ) | (80,219 | ) | $ | (0.01 | ) | $ | (2.87 | ) | $ | (0.01 | ) | $ | (2.85 | ) | ||||||||
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Net income (loss) | 5,723 | (55,140 | ) | $ | 0.22 | $ | (1.97 | ) | $ | 0.22 | $ | (1.96 | ) | |||||||||||
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Adjustments | ||||||||||||||||||||||||
Bob Evans Restaurants | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | 1,769 | 2,371 | ||||||||||||||||||||||
Severance/Restructuring | 493 | 253 | ||||||||||||||||||||||
Gain on sale of assets | (234 | ) | (211 | ) | ||||||||||||||||||||
Other | 58 | (527 | ) | |||||||||||||||||||||
Overhead allocation | — | 595 | ||||||||||||||||||||||
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| 2,086 | 2,481 | |||||||||||||||||||||||
BEF Foods | ||||||||||||||||||||||||
Severance/Restructuring | 795 | 1,239 | ||||||||||||||||||||||
Merger and Acquisition Related Costs | — | 167 | ||||||||||||||||||||||
Loss (gain) on sale of assets | 61 | — | ||||||||||||||||||||||
Other | — | (55 | ) | |||||||||||||||||||||
Overhead allocation to adj discontinued operations | — | 198 | ||||||||||||||||||||||
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| 856 | 1,549 | |||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | — | 70,576 | ||||||||||||||||||||||
Severance/Restructuring | — | 1,121 | ||||||||||||||||||||||
Depreciation and amortization | — | (3,924 | ) | |||||||||||||||||||||
Other | — | 916 | ||||||||||||||||||||||
Adjustments to discontinued operations | 461 | — | ||||||||||||||||||||||
Overhead allocations | (793 | ) | ||||||||||||||||||||||
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| 461 | 67,896 | |||||||||||||||||||||||
Total adjustments | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | 1,769 | 72,947 | ||||||||||||||||||||||
Severance/Restructuring | 1,288 | 2,613 | ||||||||||||||||||||||
Merger and Acquisition Related Costs | — | 167 | ||||||||||||||||||||||
(Gain) loss on Sale of Assets | (173 | ) | (211 | ) | ||||||||||||||||||||
Depreciation and amortization | — | (3,924 | ) | |||||||||||||||||||||
Other | 58 | 334 | ||||||||||||||||||||||
Adjustments to discontinued operations | 461 | |||||||||||||||||||||||
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| 3,403 | 71,926 | |||||||||||||||||||||||
Non-GAAP operating income | ||||||||||||||||||||||||
Bob Evans Restaurants | 8,664 | 19,469 | ||||||||||||||||||||||
BEF Foods | 2,232 | 4,710 | ||||||||||||||||||||||
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Total non-GAAP operating income from continuing operations | 10,896 | 24,179 | ||||||||||||||||||||||
Total non-GAAP loss from discontinued operations | — | 306 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total non-GAAP operating income | 10,896 | 24,485 | ||||||||||||||||||||||
Continuing Operations | ||||||||||||||||||||||||
Adjustments to net interest expense | 419 | (6,150 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP net interest expense | 1,294 | 1,301 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP pre-tax income from continuing operations | 9,602 | 22,878 | ||||||||||||||||||||||
Adjustments to income tax provision | 782 | 19,702 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP income tax provision | 1,784 | 7,321 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP income from continuing operations | 7,818 | 15,557 | $ | 0.30 | $ | 0.56 | $ | 0.30 | $ | 0.55 | ||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
Adjustments to income tax benefit | 143 | (12,531 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP income tax provision | 36 | 98 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP (loss) income from discontinued operations | (36 | ) | 208 | $ | (0.00 | ) | $ | 0.01 | $ | (0.00 | ) | $ | 0.01 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Non-GAAP net income | 7,782 | 15,765 | $ | 0.30 | $ | 0.56 | $ | 0.30 | $ | 0.56 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Shares Outstanding | 26,336 | 27,994 | 26,377 | 28,136 | ||||||||||||||||||||
Fiscal 2014 – Quarter 3p11
| Basic EPS | Diluted EPS | |||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||
| Jan 24, 2014 | Jan 25, 2013 | Jan 24, 2014 | Jan 25, 2013 | Jan 24, 2014 | Jan 25, 2013 | |||||||||||||||||||
| (recast) | (recast) | (recast) | ||||||||||||||||||||||
Operating income as reported | ||||||||||||||||||||||||
Bob Evans Restaurants | $ | 24,972 | $ | 53,440 | ||||||||||||||||||||
BEF Foods | 3,876 | 15,310 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total operating income from continuing operations | 28,848 | 68,750 | ||||||||||||||||||||||
Net interest expense | 859 | 10,980 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Pre-tax income from continuing operations | 27,989 | 57,770 | ||||||||||||||||||||||
Income tax provision | 7,283 | 2,918 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Income from continuing operations as reported | 20,706 | 54,852 | $ | 0.77 | $ | 1.94 | $ | 0.77 | $ | 1.94 | ||||||||||||||
Pre-tax loss from discontinued operations | (641 | ) | (73,149 | ) | ||||||||||||||||||||
Income tax (benefit) provision | (153 | ) | 10,423 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Loss from discontinued operations, net of tax | (488 | ) | (83,572 | ) | $ | (0.02 | ) | $ | (2.96 | ) | $ | (0.02 | ) | $ | (2.95 | ) | ||||||||
|
|
|
| |||||||||||||||||||||
Net income (loss) | 20,218 | (28,720 | ) | $ | 0.75 | $ | (1.02 | ) | $ | 0.75 | $ | (1.01 | ) | |||||||||||
Adjustments | ||||||||||||||||||||||||
Bob Evans Restaurants | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | 13,512 | 3,598 | ||||||||||||||||||||||
Severance/Restructuring | 1,253 | 1,050 | ||||||||||||||||||||||
Merger and Acquisition Related Costs | 5 | — | ||||||||||||||||||||||
Gain on sale of assets | (1,534 | ) | (408 | ) | ||||||||||||||||||||
Other | 38 | (527 | ) | |||||||||||||||||||||
Overhead allocation | — | 1,601 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
| 13,274 | 5,314 | |||||||||||||||||||||||
BEF Foods | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | 3,000 | — | ||||||||||||||||||||||
Severance/Restructuring | 2,562 | 5,184 | ||||||||||||||||||||||
Merger and Acquisition Related Costs | 23 | 1,566 | ||||||||||||||||||||||
Loss (gain) on sale of assets | 113 | (5 | ) | |||||||||||||||||||||
Other | — | (55 | ) | |||||||||||||||||||||
Overhead allocation to adj discontinued operations | — | 532 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
| 5,698 | 7,222 | |||||||||||||||||||||||
Discontinued operations | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | — | 70,576 | ||||||||||||||||||||||
Severance/Restructuring | — | 1,740 | ||||||||||||||||||||||
Depreciation and amortization | — | (3,924 | ) | |||||||||||||||||||||
Other | — | 916 | ||||||||||||||||||||||
Adjustments to discontinued operations | 641 | — | ||||||||||||||||||||||
Overhead allocation to adj discontinued operations | (2,133 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
| 641 | 67,175 | |||||||||||||||||||||||
Total adjustments | ||||||||||||||||||||||||
Impairments including from Assets Held for | ||||||||||||||||||||||||
Sale | 16,512 | 74,174 | ||||||||||||||||||||||
Severance/Restructuring | 3,815 | 7,974 | ||||||||||||||||||||||
Merger and Acquisition Related Costs | 28 | 1,566 | ||||||||||||||||||||||
(Gain) loss on Sale of Assets | (1,421 | ) | (413 | ) | ||||||||||||||||||||
Depreciation and amortization | — | (3,924 | ) | |||||||||||||||||||||
Other | 38 | 334 | ||||||||||||||||||||||
Adjustments to discontinued operations | 641 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
| 19,613 | 79,711 | |||||||||||||||||||||||
Non-GAAP operating income (loss) | ||||||||||||||||||||||||
Bob Evans Restaurants | 38,246 | 58,754 | ||||||||||||||||||||||
BEF Foods | 9,574 | 22,532 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total non-GAAP operating income from continuing operations | 47,820 | 81,286 | ||||||||||||||||||||||
Total non-GAAP loss from discontinued operations | — | (5,974 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total non-GAAP operating income | 47,820 | 75,312 | ||||||||||||||||||||||
Continuing Operations | ||||||||||||||||||||||||
Adjustments to net interest expense | 1,500 | (6,150 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP net interest expense | 2,359 | 4,830 | ||||||||||||||||||||||
Non-GAAP pre-tax income from continuing operations | 45,461 | 76,456 | ||||||||||||||||||||||
Adjustments to income tax provision | 5,647 | 22,593 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP income tax provision | 12,930 | 25,511 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP income from continuing operations | 32,531 | 50,945 | $ | 1.21 | $ | 1.81 | $ | 1.20 | $ | 1.80 | ||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||
Adjustments to income tax benefit | 199 | (12,776 | ) | |||||||||||||||||||||
Non-GAAP income tax provision (benefit) | 46 | (2,353 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP loss from discontinued operations | (46 | ) | (3,621 | ) | $ | (0.00 | ) | $ | (0.13 | ) | $ | (0.00 | ) | $ | (0.13 | ) | ||||||||
|
|
|
| |||||||||||||||||||||
Non-GAAP net income | 32,485 | 47,324 | $ | 1.20 | $ | 1.68 | $ | 1.20 | $ | 1.67 | ||||||||||||||
|
|
|
| |||||||||||||||||||||
Shares Outstanding | 26,970 | 28,203 | 27,063 | 28,345 | ||||||||||||||||||||
Fiscal 2014 – Quarter 3p12
| Consolidated (Includes Discontinued Ops) | Bob Evans Restaurants | |||||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
| Jan 24, 2014 | % of Sales | Jan 25, 2013 | % of Sales | Jan 24, 2014 | % of Sales | Jan 25, 2013 | % of Sales | |||||||||||||||||||||||||
| (recast) | (recast) | |||||||||||||||||||||||||||||||
Operating income as reported | ||||||||||||||||||||||||||||||||
Net sales | $ | 340,132 | $ | 434,440 | $ | 240,506 | $ | 245,494 | ||||||||||||||||||||||||
Cost of sales | 117,751 | 34.6 | % | 137,377 | 31.6 | % | 62,676 | 26.1 | % | 62,167 | 25.3 | % | ||||||||||||||||||||
Operating wages | 102,334 | 30.1 | % | 137,328 | 31.6 | % | 90,860 | 37.8 | % | 92,116 | 37.5 | % | ||||||||||||||||||||
Other operating | 49,087 | 14.4 | % | 69,464 | 16.0 | % | 40,222 | 16.7 | % | 40,870 | 16.6 | % | ||||||||||||||||||||
SG&A | 41,375 | 12.2 | % | 50,405 | 11.6 | % | 22,636 | 9.4 | % | 19,866 | 8.1 | % | ||||||||||||||||||||
Depr & amort | 22,092 | 6.5 | % | 18,898 | 4.3 | % | 17,534 | 7.3 | % | 13,487 | 5.5 | % | ||||||||||||||||||||
Impairment of assets held for sale | — | 0.0 | % | 68,409 | 15.7 | % | — | 0.0 | % | — | 0.0 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total as Reported | 7,493 | 2.2 | % | (47,441 | ) | -10.9 | % | 6,578 | 2.7 | % | 16,988 | 6.9 | % | |||||||||||||||||||
Operating wages | 137 | — | — | — | ||||||||||||||||||||||||||||
Other operating | (6 | ) | (334 | ) | — | — | ||||||||||||||||||||||||||
SG&A | (3,534 | ) | (7,108 | ) | (2,086 | ) | (2,481 | ) | ||||||||||||||||||||||||
Depr & amort | — | 3,925 | — | — | ||||||||||||||||||||||||||||
Impairment of assets held for sale | — | (68,409 | ) | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Non-GAAP operating income | 3,403 | 71,926 | 2,086 | 2,481 | ||||||||||||||||||||||||||||
Net sales | 340,132 | 434,440 | 240,506 | 245,494 | ||||||||||||||||||||||||||||
Cost of sales | 117,751 | 34.6 | % | 137,377 | 31.6 | % | 62,676 | 26.1 | % | 62,167 | 25.3 | % | ||||||||||||||||||||
Operating wages | 102,471 | 30.1 | % | 137,328 | 31.6 | % | 90,860 | 37.8 | % | 92,116 | 37.5 | % | ||||||||||||||||||||
Other operating | 49,081 | 14.4 | % | 69,129 | 15.9 | % | 40,222 | 16.7 | % | 40,870 | 16.6 | % | ||||||||||||||||||||
SG&A | 37,841 | 11.1 | % | 43,298 | 10.0 | % | 20,550 | 8.5 | % | 17,385 | 7.1 | % | ||||||||||||||||||||
Depr & amort | 22,092 | 6.5 | % | 22,823 | 5.3 | % | 17,534 | 7.3 | % | 13,487 | 5.5 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total non-GAAP operating income | 10,896 | 3.2 | % | 24,485 | 5.6 | % | 8,664 | 3.6 | % | 19,469 | 7.9 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
| Consolidated (Continuing Operations) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| Jan 24, 2014 | % of Sales | Jan 25, 2013 | % of Sales | |||||||||||||
Non-GAAP operating income | ||||||||||||||||
Net sales | $ | 340,132 | $ | 343,321 | ||||||||||||
Cost of sales | 117,751 | 34.6 | % | 113,955 | 33.2 | % | ||||||||||
Operating wages | 102,471 | 30.1 | % | 102,946 | 30.0 | % | ||||||||||
Other operating | 49,081 | 14.4 | % | 48,610 | 14.2 | % | ||||||||||
SG&A | 37,841 | 11.1 | % | 36,608 | 10.7 | % | ||||||||||
Depr & amort | 22,092 | 6.5 | % | 17,023 | 5.0 | % | ||||||||||
|
|
|
| |||||||||||||
Total non-GAAP operating income | 10,896 | 3.2 | % | 24,179 | 7.0 | % | ||||||||||
|
|
|
| |||||||||||||
Fiscal 2014 – Quarter 3p13
| BEF Foods | Discontinued Operations | |||||||||||||||||||||||||||||
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
| Jan 24, 2014 | % of Sales | Jan 25, 2013 | % of Sales | Jan 24, 2014 | % of Sales | Jan 25, 2013 | % of Sales | |||||||||||||||||||||||
| (recast) | (recast) | |||||||||||||||||||||||||||||
Operating income as reported | ||||||||||||||||||||||||||||||
Net sales | $ | 99,626 | $ | 97,827 | $ | — | $ | 91,119 | ||||||||||||||||||||||
Cost of sales | 55,075 | 55.3 | % | 51,788 | 52.9 | % | — | 23,422 | 25.7 | % | ||||||||||||||||||||
Operating wages | 11,562 | 11.6 | % | 10,830 | 11.1 | % | (88 | ) | 34,382 | 37.7 | % | |||||||||||||||||||
Other operating | 8,859 | 8.9 | % | 7,740 | 7.9 | % | 6 | 20,854 | 22.9 | % | ||||||||||||||||||||
SG&A | 18,196 | 18.3 | % | 20,772 | 21.2 | % | 543 | 9,767 | 10.7 | % | ||||||||||||||||||||
Depr & amort | 4,558 | 4.6 | % | 3,536 | 3.6 | % | — | 1,875 | 2.1 | % | ||||||||||||||||||||
Impairment of assets held for sale | — | 0.0 | % | — | 0.0 | % | — | 68,409 | 75.1 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total as Reported | 1,376 | 1.4 | % | 3,161 | 3.2 | % | (461 | ) | (67,590 | ) | -74.2 | % | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Operating wages | 49 | — | 88 | — | ||||||||||||||||||||||||||
Other operating | — | — | (6 | ) | (334 | ) | ||||||||||||||||||||||||
SG&A | (905 | ) | (1,549 | ) | (543 | ) | (3,077 | ) | ||||||||||||||||||||||
Depr & amort | — | — | — | 3,924 | ||||||||||||||||||||||||||
Impairment of assets held for sale | — | — | — | (68,409 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
| 856 | 1,549 | 461 | 67,896 | |||||||||||||||||||||||||||
Non-GAAP operating income | ||||||||||||||||||||||||||||||
Net sales | 99,626 | 97,827 | — | 91,119 | ||||||||||||||||||||||||||
Cost of sales | 55,075 | 55.3 | % | 51,788 | 52.9 | % | — | 23,422 | 25.7 | % | ||||||||||||||||||||
Operating wages | 11,611 | 11.7 | % | 10,830 | 11.1 | % | — | 34,382 | 37.7 | % | ||||||||||||||||||||
Other operating | 8,859 | 8.9 | % | 7,740 | 7.9 | % | — | 20,520 | 22.5 | % | ||||||||||||||||||||
SG&A | 17,291 | 17.4 | % | 19,223 | 19.6 | % | — | 6,690 | 7.3 | % | ||||||||||||||||||||
Depr & amort | 4,558 | 4.6 | % | 3,536 | 3.6 | % | — | 5,799 | 6.4 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total non-GAAP operating income | 2,232 | 2.2 | % | 4,710 | 4.8 | % | — | 306 | 0.3 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Fiscal 2014 – Quarter 3p14
| Consolidated (Includes Discontinued Ops) | Bob Evans Restaurants | |||||||||||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| January 24, 2014 | % of Sales | January 25, 2013 | % of Sales | January 24, 2014 | % of Sales | January 25, 2013 | % of Sales | |||||||||||||||||||||||||
| (recast) | (recast) | |||||||||||||||||||||||||||||||
Operating income as reported | ||||||||||||||||||||||||||||||||
Net sales | $ | 1,002,181 | $ | 1,255,031 | $ | 725,557 | $ | 739,762 | ||||||||||||||||||||||||
Cost of sales | 337,345 | 33.7 | % | 381,419 | 30.4 | % | 185,250 | 25.5 | % | 184,234 | 24.9 | % | ||||||||||||||||||||
Operating wages | 304,700 | 30.4 | % | 404,545 | 32.2 | % | 273,586 | 37.7 | % | 278,112 | 37.6 | % | ||||||||||||||||||||
Other operating | 148,078 | 14.8 | % | 208,688 | 16.6 | % | 123,547 | 17.0 | % | 126,923 | 17.2 | % | ||||||||||||||||||||
SG&A | 113,868 | 11.4 | % | 134,383 | 10.7 | % | 62,381 | 8.6 | % | 57,567 | 7.8 | % | ||||||||||||||||||||
Depr & amort | 57,603 | 5.7 | % | 61,986 | 4.9 | % | 46,441 | 6.4 | % | 39,486 | 5.3 | % | ||||||||||||||||||||
Impairment of assets held for sale | 12,380 | 1.2 | % | 68,409 | 5.5 | % | 9,380 | 1.3 | % | — | 0.0 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total as Reported | 28,207 | 2.8 | % | (4,399 | ) | -0.4 | % | 24,972 | 3.4 | % | 53,440 | 7.2 | % | |||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
Operating wages | 593 | — | 453 | — | ||||||||||||||||||||||||||||
Other operating | 68 | (335 | ) | — | — | |||||||||||||||||||||||||||
SG&A | (7,945 | ) | (14,893 | ) | (4,398 | ) | (5,314 | ) | ||||||||||||||||||||||||
Depr & amort | 51 | 3,926 | 51 | — | ||||||||||||||||||||||||||||
Impairment of assets held for sale | (12,380 | ) | (68,409 | ) | (9,380 | ) | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Non-GAAP operating income | 19,613 | 79,711 | 13,274 | 5,314 | ||||||||||||||||||||||||||||
Net sales | 1,002,181 | 1,255,031 | 725,557 | 739,762 | ||||||||||||||||||||||||||||
Cost of sales | 337,345 | 33.7 | % | 381,419 | 30.4 | % | 185,250 | 25.5 | % | 184,234 | 24.9 | % | ||||||||||||||||||||
Operating wages | 305,292 | 30.5 | % | 404,545 | 32.2 | % | 274,039 | 37.8 | % | 278,112 | 37.6 | % | ||||||||||||||||||||
Other operating | 148,146 | 14.8 | % | 208,353 | 16.6 | % | 123,547 | 17.0 | % | 126,923 | 17.2 | % | ||||||||||||||||||||
SG&A | 105,923 | 10.6 | % | 119,491 | 9.5 | % | 57,983 | 8.0 | % | 52,253 | 7.1 | % | ||||||||||||||||||||
Depr & amort | 57,655 | 5.8 | % | 65,911 | 5.3 | % | 46,492 | 6.4 | % | 39,486 | 5.3 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total non-GAAP operating income | 47,820 | 4.8 | % | 75,312 | 6.0 | % | 38,246 | 5.3 | % | 58,754 | 7.9 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
| Consolidated (Continuing Operations) | ||||||||||||||||
| Nine Months Ended | ||||||||||||||||
| January 24, 2014 | % of Sales | January 25, 2013 | % of Sales | |||||||||||||
Non-GAAP operating income | ||||||||||||||||
Net sales | $ | 1,002,181 | $ | 996,317 | ||||||||||||
Cost of sales | 337,345 | 33.7 | % | 313,740 | 31.5 | % | ||||||||||
Operating wages | 305,292 | 30.5 | % | 305,744 | 30.7 | % | ||||||||||
Other operating | 148,146 | 14.8 | % | 147,293 | 14.8 | % | ||||||||||
SG&A | 105,923 | 10.6 | % | 99,613 | 10.0 | % | ||||||||||
Depr & amort | 57,655 | 5.8 | % | 48,641 | 4.9 | % | ||||||||||
|
|
|
| |||||||||||||
Total non-GAAP operating income | 47,820 | 4.8 | % | 81,286 | 8.2 | % | ||||||||||
|
|
|
| |||||||||||||
Fiscal 2014 – Quarter 3p15
| BEF Foods | Discontinued Operations | |||||||||||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||
| January 24, 2014 | % of Sales | January 25, 2013 | % of Sales | January 24, 2014 | % of Sales | January 25, 2013 | % of Sales | |||||||||||||||||||||||
| (recast) | (recast) | |||||||||||||||||||||||||||||
Operating income as reported | ||||||||||||||||||||||||||||||
Net sales | $ | 276,624 | $ | 256,555 | $ | — | $ | 258,715 | ||||||||||||||||||||||
Cost of sales | 152,095 | 55.0 | % | 129,506 | 50.5 | % | — | 67,680 | 26.2 | % | ||||||||||||||||||||
Operating wages | 31,204 | 11.3 | % | 27,632 | 10.8 | % | (91 | ) | 98,801 | 38.2 | % | |||||||||||||||||||
Other operating | 24,492 | 8.9 | % | 20,370 | 7.9 | % | 39 | 61,395 | 23.7 | % | ||||||||||||||||||||
SG&A | 50,795 | 18.4 | % | 54,582 | 21.3 | % | 693 | 22,235 | 8.6 | % | ||||||||||||||||||||
Depr & amort | 11,162 | 4.0 | % | 9,155 | 3.6 | % | — | 13,344 | 5.2 | % | ||||||||||||||||||||
Impairment of assets held for sale | 3,000 | 1.1 | % | — | 0.0 | % | — | 68,409 | 26.4 | % | ||||||||||||||||||||
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| |||||||||||||||||||||||
Total as Reported | 3,876 | 1.4 | % | 15,310 | 6.0 | % | (641 | ) | (73,149 | ) | -28.3 | % | ||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||
Operating wages | 49 | — | 91 | — | ||||||||||||||||||||||||||
Other operating | 107 | — | (39 | ) | (335 | ) | ||||||||||||||||||||||||
SG&A | (2,854 | ) | (7,222 | ) | (693 | ) | (2,355 | ) | ||||||||||||||||||||||
Depr & amort | — | — | — | 3,924 | ||||||||||||||||||||||||||
Impairment of assets held for sale | (3,000 | ) | — | — | (68,409 | ) | ||||||||||||||||||||||||
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Non-GAAP operating income | 5,698 | 7,222 | 641 | 67,175 | ||||||||||||||||||||||||||
Net sales | 276,624 | 256,555 | — | 258,715 | ||||||||||||||||||||||||||
Cost of sales | 152,095 | 55.0 | % | 129,506 | 50.5 | % | — | 67,680 | 26.2 | % | ||||||||||||||||||||
Operating wages | 31,253 | 11.3 | % | 27,632 | 10.8 | % | — | 98,801 | 38.2 | % | ||||||||||||||||||||
Other operating | 24,599 | 8.9 | % | 20,370 | 7.9 | % | — | 61,060 | 23.6 | % | ||||||||||||||||||||
SG&A | 47,941 | 17.3 | % | 47,360 | 18.5 | % | — | 19,880 | 7.7 | % | ||||||||||||||||||||
Depr & amort | 11,162 | 4.0 | % | 9,155 | 3.6 | % | — | 17,268 | 6.7 | % | ||||||||||||||||||||
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Total non-GAAP operating income | 9,574 | 3.5 | % | 22,532 | 8.8 | % | — | (5,974 | ) | -2.3 | % | |||||||||||||||||||
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Fiscal 2014 – Quarter 3p16
| Consolidated Results | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| January 24, 2014 | % of sales | January 25, 2013 | % of sales | |||||||||||||
| (recast) | (recast) | |||||||||||||||
Net sales | $ | 340,132 | $ | 343,321 | ||||||||||||
Cost of sales | 117,751 | 34.6 | % | 113,955 | 33.2 | % | ||||||||||
Operating wages | 102,422 | 30.1 | % | 102,946 | 30.0 | % | ||||||||||
Other operating | 49,081 | 14.4 | % | 48,610 | 14.2 | % | ||||||||||
S,G&A | 40,832 | 12.0 | % | 40,638 | 11.8 | % | ||||||||||
Depreciation and amortization | 22,092 | 6.5 | % | 17,023 | 5.0 | % | ||||||||||
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Operating income from continuing operations | 7,954 | 2.3 | % | 20,149 | 5.9 | % | ||||||||||
Net interest expense | 875 | 0.3 | % | 7,451 | 2.2 | % | ||||||||||
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Pre-tax income from continuing operations | 7,079 | 2.1 | % | 12,698 | 3.7 | % | ||||||||||
Provision (benefit) for income taxes | 1,002 | 0.3 | % | (12,381 | ) | -3.6 | % | |||||||||
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Income from continuing operations | 6,077 | 1.8 | % | 25,079 | 7.3 | % | ||||||||||
Loss from discontinued operations, net of tax | (354 | ) | -0.1 | % | (80,219 | ) | -23.4 | % | ||||||||
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Net income (loss) | $ | 5,723 | 1.7 | % | $ | (55,140 | ) | -16.1 | % | |||||||
EPS—income from continuing operations: | ||||||||||||||||
Basic | $ | 0.23 | $ | 0.90 | ||||||||||||
Diluted | $ | 0.23 | $ | 0.89 | ||||||||||||
EPS—loss from discontinued operations: | ||||||||||||||||
Basic | $ | (0.01 | ) | $ | (2.87 | ) | ||||||||||
Diluted | $ | (0.01 | ) | $ | (2.85 | ) | ||||||||||
EPS—net income (loss): | ||||||||||||||||
Basic | $ | 0.22 | $ | (1.97 | ) | |||||||||||
Diluted | $ | 0.22 | $ | (1.96 | ) | |||||||||||
Dividends paid per share: | $ | 0.310 | $ | 0.275 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 26,336 | 27,994 | ||||||||||||||
Dilutive stock options | 41 | 142 | ||||||||||||||
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Diluted | 26,377 | 28,136 | ||||||||||||||
Shares outstanding at quarter end: | 25,686 | 27,879 | ||||||||||||||
Income taxes related to continuing operations, as a percentage of pre-tax income, were 14.2% vs. (97.5%).
| Segment Results | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| Bob Evans Restaurants | BEF Foods | |||||||||||||||
| January 24, 2014 | January 25, 2013 | January 24, 2014 | January 25, 2013 | |||||||||||||
| (recast) | (recast) | |||||||||||||||
Net sales | $ | 240,506 | $ | 245,494 | $ | 99,626 | $ | 97,827 | ||||||||
Cost of sales | 26.1 | % | 25.3 | % | 55.3 | % | 52.9 | % | ||||||||
Operating wages | 37.8 | % | 37.5 | % | 11.6 | % | 11.1 | % | ||||||||
Other operating | 16.7 | % | 16.6 | % | 8.9 | % | 7.9 | % | ||||||||
S,G&A | 9.4 | % | 8.1 | % | 18.3 | % | 21.2 | % | ||||||||
Depreciation and amortization | 7.3 | % | 5.5 | % | 4.6 | % | 3.6 | % | ||||||||
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Operating income | 2.7 | % | 6.9 | % | 1.4 | % | 3.2 | % | ||||||||
Fiscal 2014 – Quarter 3p17
| Consolidated Results | ||||||||||||||||
| Nine Months Ended | ||||||||||||||||
| January 24, 2014 | % of sales | January 25, 2013 | % of sales | |||||||||||||
| (recast) | (recast) | |||||||||||||||
Net sales | $ | 1,002,181 | $ | 996,317 | ||||||||||||
Cost of sales | 337,345 | 33.7 | % | 313,739 | 31.5 | % | ||||||||||
Operating wages | 304,790 | 30.4 | % | 305,743 | 30.7 | % | ||||||||||
Other operating | 148,039 | 14.8 | % | 147,294 | 14.8 | % | ||||||||||
S,G&A | 113,176 | 11.3 | % | 112,149 | 11.3 | % | ||||||||||
Depreciation and amortization | 57,603 | 5.8 | % | 48,642 | 4.9 | % | ||||||||||
Impairment of assets held for sale | 12,380 | 1.2 | % | — | 0.0 | % | ||||||||||
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| |||||||||
Operating income from continuing operations | 28,848 | 2.9 | % | 68,750 | 6.9 | % | ||||||||||
Net interest expense | 859 | 0.1 | % | 10,980 | 1.1 | % | ||||||||||
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| |||||||||
Pre-tax income from continuing operations | 27,989 | 2.8 | % | 57,770 | 5.8 | % | ||||||||||
Provision for income taxes | 7,283 | 0.7 | % | 2,918 | 0.3 | % | ||||||||||
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Income from continuing operations | 20,706 | 2.1 | % | 54,852 | 5.5 | % | ||||||||||
Loss from discontinued operations, net of tax | (488 | ) | 0.0 | % | (83,572 | ) | -8.4 | % | ||||||||
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Net income (loss) | $ | 20,218 | 2.0 | % | $ | (28,720 | ) | -2.9 | % | |||||||
EPS—income from continuing operations | ||||||||||||||||
Basic | $ | 0.77 | $ | 1.94 | ||||||||||||
Diluted | $ | 0.77 | $ | 1.94 | ||||||||||||
EPS—loss from discontinued operations | ||||||||||||||||
Basic | $ | (0.02 | ) | $ | (2.96 | ) | ||||||||||
Diluted | $ | (0.02 | ) | $ | (2.95 | ) | ||||||||||
EPS—net income (loss) | ||||||||||||||||
Basic | $ | 0.75 | $ | (1.02 | ) | |||||||||||
Diluted | $ | 0.75 | $ | (1.01 | ) | |||||||||||
Dividends paid per share: | $ | 0.895 | $ | 0.800 | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 26,970 | 28,203 | ||||||||||||||
Dilutive stock options | 93 | 142 | ||||||||||||||
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Diluted | 27,063 | 28,345 | ||||||||||||||
Shares outstanding at period end: | 25,686 | 27,879 | ||||||||||||||
Income taxes related to continuing operations, as a percentage of pre-tax income, were 26.0% vs. 5.1%.
| Segment Results | ||||||||||||||||
| Nine Months Ended | ||||||||||||||||
| Bob Evans Restaurants | BEF Foods | |||||||||||||||
| January 24, 2014 | January 25, 2013 | January 24, 2014 | January 25, 2013 | |||||||||||||
| (recast) | (recast) | |||||||||||||||
Net sales | $ | 725,557 | $ | 739,762 | $ | 276,624 | $ | 256,555 | ||||||||
Cost of sales | 25.5 | % | 24.9 | % | 55.0 | % | 50.5 | % | ||||||||
Operating wages | 37.7 | % | 37.6 | % | 11.3 | % | 10.8 | % | ||||||||
Other operating | 17.0 | % | 17.2 | % | 8.9 | % | 7.9 | % | ||||||||
S,G&A | 8.6 | % | 7.8 | % | 18.4 | % | 21.3 | % | ||||||||
Depreciation and amortization | 6.4 | % | 5.3 | % | 4.0 | % | 3.6 | % | ||||||||
Impairment of assets held for sale | 1.3 | % | 0.0 | % | 1.1 | % | 0.0 | % | ||||||||
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Operating income | 3.4 | % | 7.2 | % | 1.4 | % | 6.0 | % | ||||||||
Fiscal 2014 – Quarter 3p18
Bob Evans Restaurants openings and closings, by quarter:
Future quarters represent estimates for fiscal year 2014.
Fiscal Year | Beginning Total | Q1 | Q2 | Q3 | Q4 | Total | Closings | Ending Total | ||||||||||||||||||||||||
2014 | 560 | 1 | 1 | 1 | 1 | 4 | 1 | 563 | ||||||||||||||||||||||||
2013 | 565 | 2 | — | — | — | 2 | 7 | 560 | ||||||||||||||||||||||||
2012 | 563 | — | 2 | — | 2 | 4 | 2 | 565 | ||||||||||||||||||||||||
2011 | 569 | — | — | — | 2 | 2 | 8 | 563 | ||||||||||||||||||||||||
2010 | 570 | — | — | — | — | — | 1 | 569 | ||||||||||||||||||||||||
Full realization of Bob Evans Restaurant remodel benefits:
| Fiscal Year | ||||||||||||
| 2012 | 2013 | 2014 Est. | ||||||||||
Assumptions: | ||||||||||||
Remodel openings | 87 | 195 | 230 | |||||||||
Total days closed for remodels | 653 | 1,337 | 1,438 | |||||||||
Financial impact: | ||||||||||||
Closed day sales | $ | 2,701 | $ | 6,331 | $ | 5,502 | ||||||
Pre-opening expense and repair and maintenance | $ | 1,690 | $ | 3,624 | $ | 3,936 | ||||||
Fiscal 2014 – Quarter 3p19
Bob Evans Restaurant remodel openings and pre-opening expense, by fiscal year and quarter:
Future quarters represent estimates for fiscal year 2014.
| 2014 | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||
Lansing | 12 | 2 | — | — | 14 | |||||||||||||||
Tampa | 10 | 8 | — | — | 18 | |||||||||||||||
Buffalo/Erie | 10 | 2 | — | — | 12 | |||||||||||||||
Cleveland | 5 | — | — | — | 5 | |||||||||||||||
Orlando | 5 | 9 | — | — | 14 | |||||||||||||||
South Bend | 5 | 2 | — | — | 7 | |||||||||||||||
Chicago | 4 | 8 | 4 | — | 16 | |||||||||||||||
FT Myers | 6 | 3 | — | 2 | 11 | |||||||||||||||
Baltimore/DC | — | 14 | 11 | 19 | 44 | |||||||||||||||
Philadelphia | — | 6 | 5 | 10 | 21 | |||||||||||||||
St Louis | — | 7 | 7 | — | 14 | |||||||||||||||
Kansas City | — | 5 | 4 | — | 9 | |||||||||||||||
Charleston | — | — | 6 | 22 | 28 | |||||||||||||||
Charlotte | — | — | 2 | 6 | 8 | |||||||||||||||
Richmond | — | — | — | 5 | 5 | |||||||||||||||
Pittsburgh | 3 | — | — | — | 3 | |||||||||||||||
Nashville | — | — | — | 1 | 1 | |||||||||||||||
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Total | 60 | 66 | 39 | 65 | 230 | |||||||||||||||
Pre-opening and repair and maintenance expense | $ | 1,176 | $ | 1,050 | $ | 700 | $ | 1,010 | $ | 3,936 | ||||||||||
Incremental administrative expense (est) | $ | 265 | $ | 270 | $ | 236 | $ | 270 | $ | 1,041 | ||||||||||
Total days closed for remodels | 438 | 411 | 237 | 352 | 1,438 | |||||||||||||||
| 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 | |||||||||||||||
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Total restaurants | 36 | 45 | 40 | 74 | 195 | |||||||||||||||
Pre-opening and repair and maintenance expense | $ | 570 | $ | 828 | $ | 819 | $ | 1,407 | $ | 3,624 | ||||||||||
Incremental administrative expense (est) | $ | 141 | $ | 153 | $ | 146 | $ | 194 | $ | 634 | ||||||||||
Total days closed for remodels | 254 | 290 | 258 | 535 | 1,337 | |||||||||||||||
Fiscal 2014 – Quarter 3p20
| 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 | |||||||||||||||
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Pre-opening and repair and maintenance expense | $ | 36 | $ | 508 | $ | 400 | $ | 746 | $ | 1,690 | ||||||||||
Incremental administrative expense (est) | $ | 7 | $ | 108 | $ | 52 | $ | 136 | $ | 303 | ||||||||||
Total days closed for remodels | 7 | 221 | 118 | 307 | 653 | |||||||||||||||
| 2011 | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||
Prototype | — | 2 | — | — | 2 | |||||||||||||||
Dayton | — | — | 10 | 19 | 29 | |||||||||||||||
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Total restaurants | — | 2 | 10 | 19 | 31 | |||||||||||||||
Pre-opening and repair and maintenance expense | $ | — | $ | 80 | $ | 263 | $ | 245 | $ | 588 | ||||||||||
Incremental administrative expense (est) | $ | $ | 9 | $ | 43 | $ | 82 | $ | 134 | |||||||||||
Total days closed for remodels | — | 21 | 76 | 73 | 170 | |||||||||||||||
| 2010 | Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||
Total restaurants | — | — | — | 1 | 1 | |||||||||||||||
Pre-Opening Expense | $ | — | $ | — | $ | — | $ | 20 | $ | 20 | ||||||||||
Total days closed for remodels | — | — | — | 3 | 3 | |||||||||||||||
Fiscal 2014 – Quarter 3p21
Bob Evans Restaurants same-store sales analysis (18-month core; 554 restaurants):
| Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | ||||||||||||||||||||||||||||||||||
| Nominal | Menu | Real | Nominal | Menu | Real | Nominal | Menu | Real | ||||||||||||||||||||||||||||
May | (0.9 | ) | 3.0 | (3.9 | ) | 0.7 | 2.2 | (1.5 | ) | (1.5 | ) | 0.8 | (2.3 | ) | ||||||||||||||||||||||
June | 0.3 | 3.0 | (2.7 | ) | (0.3 | ) | 1.9 | (2.2 | ) | (2.0 | ) | 1.0 | (3.0 | ) | ||||||||||||||||||||||
July | (1.0 | ) | 3.8 | (4.8 | ) | 2.3 | 0.9 | 1.4 | (1.8 | ) | 2.0 | (3.8 | ) | |||||||||||||||||||||||
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Q1 | (0.6 | ) | 3.3 | (3.9 | ) | 1.0 | 1.6 | (0.6 | ) | (1.8 | ) | 1.3 | (3.1 | ) | ||||||||||||||||||||||
August | (0.7 | ) | 4.2 | (4.9 | ) | 1.5 | 0.9 | 0.6 | (2.6 | ) | 2.0 | (4.6 | ) | |||||||||||||||||||||||
September | (2.0 | ) | 3.8 | (5.8 | ) | (0.4 | ) | 1.4 | (1.9 | ) | (1.9 | ) | 2.0 | (3.9 | ) | |||||||||||||||||||||
October | (2.9 | ) | 2.2 | (5.0 | ) | 1.6 | 3.1 | (1.5 | ) | (0.3 | ) | 2.0 | (2.3 | ) | ||||||||||||||||||||||
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Q2 | (1.9 | ) | 3.3 | (5.2 | ) | 1.0 | 1.9 | (0.9 | ) | (1.5 | ) | 2.0 | (3.5 | ) | ||||||||||||||||||||||
November | 0.4 | 2.2 | (1.8 | ) | 2.1 | 2.8 | (0.7 | ) | 0.1 | 1.9 | (1.8 | ) | ||||||||||||||||||||||||
December | (1.7 | ) | 2.2 | (3.9 | ) | (0.5 | ) | 2.7 | (3.2 | ) | 2.4 | 2.2 | 0.2 | |||||||||||||||||||||||
January | (4.7 | ) | 2.2 | (6.9 | ) | 3.1 | 2.7 | 0.4 | 2.3 | 2.0 | 0.3 | |||||||||||||||||||||||||
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Q3 | (1.8 | ) | 2.2 | (3.9 | ) | 1.6 | 2.8 | (1.2 | ) | 1.6 | 2.0 | (0.4 | ) | |||||||||||||||||||||||
February | — | — | — | (4.0 | ) | 3.1 | (7.1 | ) | 2.2 | 1.7 | 0.5 | |||||||||||||||||||||||||
March | — | — | — | 3.6 | 3.5 | 0.1 | (2.0 | ) | 1.7 | (3.7 | ) | |||||||||||||||||||||||||
April | — | — | — | 1.7 | 3.4 | (1.7 | ) | (1.5 | ) | 1.8 | (3.3 | ) | ||||||||||||||||||||||||
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Q4 | — | — | — | 0.5 | 3.4 | (2.8 | ) | (0.6 | ) | 1.7 | (2.3 | ) | ||||||||||||||||||||||||
Fiscal year | (1.4 | ) | 2.9 | (4.3 | ) | 1.0 | 2.4 | (1.4 | ) | (0.6 | ) | 1.7 | (2.3 | ) | ||||||||||||||||||||||
| • | Key restaurant sales data (core restaurants only): |
| Bob Evans Restaurants | ||||
Average annual store sales ($) – FY13 | $ | 1,741,000 | ||
Q3 FY 2014 day part mix (%): | ||||
Breakfast | 33 | % | ||
Lunch | 39 | % | ||
Dinner | 28 | % | ||
Q3 FY 2014 dine-in check average per guest ($): | ||||
Breakfast | $ | 8.95 | ||
Lunch | 9.55 | |||
Dinner | 9.57 | |||
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| |||
Q3 FY 2014 dine-in check average per guest ($) | $ | 9.35 | ||
Q3 FY 2014 dine-in check average per ticket ($) | $ | 18.29 | ||
Q3 FY 2014 carry-out check average per ticket ($) | $ | 16.90 | ||
Fiscal 2014 – Quarter 3p22
BEF Foods historical sow cost review (average cost per hundredweight):
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
2014 | $ | 63.24 | $ | 77.33 | $ | 72.36 | $ | $ | 71.41 | |||||||||||
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 | ||||||||||
Total pounds sold review:
Fiscal Year | Q1 | Q2 | Q3 | Q4 | Average | |||||||||||||||
2014 | 13.0 | % | 0.2 | % | -11.1 | % | -0.8 | % | ||||||||||||
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 | % | ||||||||||
Total pounds sold, by category:
Fiscal Year 2014:
Category | Q1 | Q2 | Q3 | Q4 | ||||||||||
Sausage | 22.3 | % | 23.5 | % | 29.5 | % | ||||||||
Sides | 39.4 | % | 40.2 | % | 40.7 | % | ||||||||
Frozen | 5.0 | % | 5.1 | % | 4.8 | % | ||||||||
Food Service | 29.7 | % | 27.5 | % | 21.5 | % | ||||||||
Other | 3.6 | % | 3.7 | % | 3.5 | % | ||||||||
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 | % | ||||||||
Net sales review (dollars in thousands):
| Q3 2014 | YTD 2014 | Q3 2013 | YTD 2013 | |||||||||||||
Gross sales | $ | 115,946 | $ | 315,444 | $ | 117,760 | $ | 297,914 | ||||||||
Less: promotions | (15,520 | ) | (36,798 | ) | (19,171 | ) | (38,230 | ) | ||||||||
Less: returns and slotting | (800 | ) | (2,022 | ) | (762 | ) | (3,129 | ) | ||||||||
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Net sales | $ | 99,626 | $ | 276,624 | $ | 97,827 | $ | 256,555 | ||||||||
Fiscal 2014 – Quarter 3p23