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2008 Annual Report Bob Evans Farms, Inc

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2008 Annual Report Bob Evans Farms, Inc Regional Brandswith National Potential 2008 Annual Report Bob Evans Farms, Inc. BOb EVANS ReSTAUrANTS MIMI’S CAFÉ bOb eVANS FOOD PrODUCTS 2008 ANNUAL REPORT BOB EVANS FARMS, INC. Regional Brandswith National Bob Evans Farms, Inc. is a growing family of regional Potential brands. The $1.7 billion company owns and operates 703 full-service restaurants and a complete line of retail products under the Bob Evans and Owens names. The nearly 600 family Bob Evans Restaurants are located in 18 states with a heavy concentration in the Midwest. Mimi’s Cafés are in 22 states with nearly one-half of the 100+ units located in California. Bob Evans Restaurants 8 51 39 3 16 59 195 7 31 17 28 3 24 22 11 4 4 49 • 7 quarters of positive same-store sales after 3 years of quarterly declines. • New Units: FY ‘07: 10 | FY ‘08: 2 571 Restaurants | 18 States as of 4/25/08 • Average Unit Volume: $1.78 million I 2008 ANNUAL REPORT BOB EVANS FARMS, INC. Mimi’s Café 4 1 3 4 2 8 22 55 2 2 1 4 2 Bob Evans Farms, Inc. is a growing family of regional 12 1 2 2 1 brands. The $1.7 billion company owns and operates 2 9 703 full-service restaurants and a complete line of 11 retail products under the Bob Evans and Owens names. • Positive same-store sales in 46 The nearly 600 family Bob Evans Restaurants are located of last 51 quarters in 18 states with a heavy concentration in the Midwest. • New Units: FY ‘07: 13 | FY ‘08: 17 132 Restaurants | 22 States as of 4/25/08 Mimi’s Cafés are in 22 states with nearly one-half of the • Average Unit Volume: $3.35 million 100+ units located in California. Bob Evans & Owens Food Products Bob Evans Bob Evans & Owens New Bob Evans FOOD PrODUCTS • 25 consecutive quarters of increased comparable pounds sold I 2008 ANNUAL REPORT BOB EVANS FARMS, INC. OuR BEST BRanD BuILDERS OuR vISIOn is to be the “Best in Class” in all of our food businesses. OuR MISSIOn is building brand loyalty by delighting customers with high-quality, delicious products, “at our place or yours,” while balancing the needs of our employees, guests and stockholders. WIn TOGETHER aS a TEaM Reported Diluted Earnings Per Share • BEST way to go to market together Q1 Q2 Q3 Q4 YEAR • Productivity enhancements FY ‘08 $0.38 $0.45 $0.61 $0.52 $1.95 • Systems integration • Compensation tied to performance and EPS FY ‘07 $0.36 $0.37 $0.51 $0.42 $1.66 COnSISTEnTLY DRIvE SaLES GROWTH Net Sales (in billions) • Innovative new products $1.7 $1.7 1 Food Products • Compelling marketing $292 million 1 2 • Outstanding service $1.6 2 Mimi’s Café $411 million 3 • Strategic expansion 3 Bob Evans Restaurants $1.03 billion FY ‘06 FY ‘07 FY ‘08 II III 2008 ANNUAL REPORT BOB EVANS FARMS, INC. IMPROvE MaRGInS WITH an EYE On CuSTOMER SaTISFaCTIOn Reported Operating Income Margin by Business Segment • Cost control — systems and technology Restaurants Food Products 9.8% 7.4% 6.0% 5.3% 5.7% 5.4% FY ‘06 FY ‘07 FY ‘08 BE THE BEST aT OPERaTIOnS EXECuTIOn Employee Turnover (Hourly) at Bob Evans Restaurants • Customer satisfaction 147.5% • Employee recruitment, training and retention 131.5% • Plant rationalization for food products 120.0% FY ‘06 FY ‘07 FY ‘08 InCREaSE RETuRnS On InvESTED CaPITaL Cash Flow from Operations (in millions) • Organic growth $159 • Share repurchase $152 1 Stock Repurchases 1 • Dividends $148 2 Dividends 3 Debt Repayment 4 2 3 • Debt reduction 4 Capital Expenditures • Acquisitions FY ‘06 FY ‘07 FY ‘08 II III 2008 ANNUAL REPORT BOB EVANS FARMS, INC. letter to stockholders: In fiscal 2008, we accepted the challenge Fiscal 2008 operating results include the of building upon the many improvements favorable impact of: we realized during fiscal 2007, a year of • Pretax income of $6.6 million from the significantly improved sales and profitability. first-time recognition of gift-certificate and gift-card “breakage” (gift certificates and gift Steve Davis I am very proud to report that we surpassed cards that consumers fail to redeem) at Bob Chairman of the Board our own high expectations this year, despite and Chief Executive Officer operating in a difficult economic environment. Evans Restaurants. Our strong performance was the result of overall • A pretax net gain of $2.9 million from the sale sales growth and effective cost management in of real estate assets, which is less than the our restaurant segment, as well as improved sales $4.4 million recorded in fiscal 2007. and profit margins in our food products segment. Fiscal 2008 operating results include the We believe this performance is a tribute to negative impact of: our commitment to the BEST Brand Builders • A pretax charge of $3.7 million related to nine strategy that we introduced during fiscal 2007: underperforming Bob Evans Restaurants that Win Together as a Team, Consistently Drive we closed in February 2008. Sales Growth, Improve Margins with an Eye • A pretax charge of $0.7 million to settle on Customer Satisfaction, Be the BEST at a third-party dispute. Operations Execution and Increase Returns FISCAL 2008 RESTauRanT SEGMEnT HIGHLIGHTS on Invested Capital. We believe this approach The restaurant segment’s net sales for the year positions us to deliver sustained growth increased 4.3 percent from a year ago, due going forward. to same-store sales increases at Bob Evans FISCAL 2008 HIGHLIGHTS Restaurants, new restaurant openings at Mimi’s Reported net sales in fiscal 2008 were $1.74 Café and the $6.6 million benefit from gift- billion, a 5.0 percent increase compared to certificate and gift-card breakage. Same-store $1.65 billion in fiscal 2007. Reported net sales at Bob Evans Restaurants were up 1.8 income was $64.9 million, or $1.95 per diluted percent for fiscal 2008, with average menu prices share in fiscal 2008. This compares with reported up 2.5 percent. At Mimi’s Café, same-store sales net income of $60.5 million, or $1.66 per share, decreased 2.4 percent for fiscal 2008, with in fiscal 2007, a 7.2 percent net income increase average menu prices up 3.2 percent. and a 17.5 percent earnings per share increase. IV V The restaurant segment’s operating income basis points primarily due to the sales increase, decreased approximately 30 basis points as as well as lower average hog costs of $34.79 per a percentage of sales in fiscal 2008 compared hundredweight compared to $38.41 a year ago. to fiscal 2007. We introduced 19 new food products during In fiscal 2008, we built 17 new Mimi’s Cafés and fiscal 2008, and we gained more than 1,100 two new Bob Evans Restaurants. We also rebuilt new retail authorizations. We also extended our eight existing Bob Evans Restaurants. streak of positive comparable pounds sold to 25 consecutive quarters, as we have increased The Bob Evans Restaurant division has now posted our retail distribution and continue to see seven consecutive quarters of same-store sales strong growth in our side-dish category. increases. We believe this is largely due to the new products that we rolled out during the year, SHaREHOLDER vaLuE CREaTIOn especially our first-quarter BOB-B-Q promotion We believe our financial position remains and our third-quarter rollout of Deep Dish Dinners. strong. We repurchased a total of 5.0 million On the cost side, our labor-management efforts shares and returned a total of $173.3 million enabled us to eliminate more than 2 million total ($154.6 million in share repurchases and labor hours in the restaurant segment this year, $18.7 million in dividends) to stockholders resulting in a 120 basis-point improvement in during fiscal 2008. In fiscal 2009, we expect operating wages as a percentage of net sales for to utilize approximately 1 million of the the restaurant segment. Moreover, we achieved 3 million share repurchase authorization this cost reduction while maintaining our guest- approved by our Board. satisfaction scores and despite significant federal and state minimum wage increases. In conclusion, we took some important steps this year that have helped us substantially Same-store sales at Mimi’s Café were down enhance our profitability and create additional compared to the prior year. We believe this is stockholder value, and I am confident that largely due to economic conditions in California, we are well positioned to unlock the national Florida, Arizona and Nevada, where Mimi’s is potential of our premium regional brands in heavily concentrated. We are planning to drive the future. top-line growth at Mimi’s with a new menu, a revised beverage strategy and a heightened focus Thank you for your support of Bob Evans Farms. on the breakfast day part for all geographies. I look forward to communicating with you as we strive to produce continued strong results FISCAL 2008 FOOD PRODuCTS in fiscal 2009. SEGMEnT HIGHLIGHTS Fiscal 2008 net sales were $292.0 million, up 8.7 percent compared to $268.6 million Sincerely, in fiscal 2007, largely due to a 5 percent increase in comparable pounds sold. Fiscal 2008 operating income for the food products segment was $28.6 million, a 43.7 percent increase compared to $19.9 million a year ago. Steve Davis Operating margins increased approximately 240 Chairman of the Board and Chief Executive Officer IV V VI UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
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