010823 Bob Evans Farms Net Income Up 12%August 8, 2001New York - Pork sausage-maker and restaurant operator Bob Evans Farms Inc served up a 12% rise in first-quarter net income, citing improved same-store sales and lower income taxes. The Columbus, Ohio-based company, which operates 470 food outlets in 22 states, said a 2.1% rise in its restaurant segment's same-store sales from a year ago helped boost profits for the quarter ended July 27 to $15 million, or 43 cents a share, from $13.4 million, or 38 cents a share, a year earlier. Four Wall Street analysts had forecast Bob Evans' first-quarter earnings per share to come in at 40 to 41 cents, according to research from Thomson Financial/First Call. The company said same-store sales for the fiscal month of July in its 401 core restaurants -- those open for the full 12 months in both fiscal years 2000 and 2001 -- rose 1.5% from the comparable period a year ago. The company reported that operating income rose 15% in the restaurant segment, which reflects continued growth in same-store sales and improved operating margins. The company said this gain was partially offset by lower profits in the smaller food products segment, affected in part by the rising cost of hogs. The company said net sales for the quarter were $267.5 million, up 6% from $253.1 million a year ago. The company said it remains comfortable with its projected earnings per share for the full year of 2002 of $1.55. The company's shares closed down 0.75% on the Nasdaq stock market on Tuesday at $18.49.
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