Bob Evans 4th-Q net drops, but full-year profit increases 10%

Nation's Restaurant News,  June 18, 2007  

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COLUMBUS, OHIO -- Bob Evans Farms Inc., parent company of the Bob Evans and the Mimi's Cafe chains, reported a 25-percent drop in fourth-quarter profit on increased advertising and new-unit opening expenses that offset a 5-percent increase in net sales to $418.4 million.

Net income for the fourth quarter ended April 27 was $15.3 million, or 42 cents per share, compared with year-ago profit of $20.5 million, or 56 cents per share.

Same-store sales at Bob Evans Restaurants were up 1 percent for the quarter, with average menu prices up 2.2 percent, the company said, adding that new menu items and marketing aided sales. At Mimi's Cafe, same-store sales rose 1.2 percent, with average menu prices up 4.9 percent.

For the full year, Bob Evans posted a 10-percent jump in earnings, as net income totaled $60.5 million, or $1.66 per share, up from $54.8 million, or $1.52 a share, the previous year.

Annual net sales totaled $1.7 billion, up 4 percent from fiscal 2006. Same-store sales rose 0.1 percent at Bob Evans restaurants and increased 1.6 percent at Mimi's Cafe, the company reported.

Bob Evans ended the year with 579 namesake locations and 115 Mimi's Cafes.

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