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BOBE > SEC Filings for BOBE > Form 10-Q/A on 15-May-2013All Recent SEC Filings

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Form 10-Q/A for BOB EVANS FARMS INC


15-May-2013

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations

General Overview

In this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we use the terms "Bob Evans," "Company," "we," "us" and "our" to collectively refer to Bob Evans Farms, Inc., a Delaware corporation, and its subsidiaries. The following terms used herein are registered trademarks or service marks of Bob Evans: Bob Evans ®, Bob Evans Restaurants®, Bob Evans Special Touch®, Best Brand BuildersSM, Farm Fresh ®, Kettle Creations®, Owens® and Taste of the Farm ®. We may use other trademarks or service marks in this document.

As of January 25, 2013, we owned and operated 710 full-service restaurants, including 565 Bob Evans Restaurants in 19 states and 145 Mimi's Cafés ("Mimi's") in 24 states. Bob Evans Restaurants are primarily located in the Midwest, mid-Atlantic and Southeast regions of the United States. Mimi's are primarily located in California and other western states. Revenue in the Bob Evans Restaurants and Mimi's segments is recognized at the point of sale, other than revenue from the sale of gift cards, which is deferred and recognized upon redemption.

Effective December 28, and 31, 2012, we completed the conversions of Bob Evans Farms, Inc., an Ohio corporation, and SWH Corporation, a California corporation, from corporations to limited liability companies.

Effective January 28, 2013, we entered into a definitive agreement to sell our segment, Mimi's Café, to Le Duff America, Inc. Le Duff America is a U.S.-based subsidiary of Groupe Le Duff, a global bakery and restaurant company headquartered in France.

Effective February 15, 2013, we completed the sale of Mimi's Café to Le Duff America, Inc.

We also produce and distribute pork sausage products and a variety of complementary homestyle refrigerated side dishes and frozen food items under the Bob Evans and Owens brand names. These food products are distributed primarily to warehouses that distribute to grocery stores throughout the United States. Additionally, we manufacture and sell similar products to foodservice accounts, including Bob Evans Restaurants and Mimi's and other restaurants and food sellers. Revenue in the BEF Foods segment is recognized when products are received by our customers. All revenue is presented net of sales tax collections.

The Securities and Exchange Commission ("SEC") encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. This MD&A and other written or oral statements that we make from time to time may contain forward-looking statements that set forth anticipated results based on management's plans and assumptions. Statements in this MD&A that are not historical facts are forward-looking statements. These statements are often indicated by words such as "expects," "anticipates," "believes," "estimates," "intends" and "plans." 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, including the assumptions, risks and uncertainties discussed in our Annual Report on Form 10-K for the fiscal year ended April 27, 2012, under the heading "Item 1A. Risk Factors", and as supplemented in our other filings with the SEC. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. It is impossible to predict or identify all of the risk factors that we face. Consequently, you should not consider any such list to be a complete set of all potential assumptions, risks or 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 for circumstances or events that occur after the date on which the statement is made. Any further disclosures we make in our filings with the SEC should also be consulted.

The following table reflects data for our restated third fiscal quarter ended January 25, 2013, compared to the prior year's third fiscal quarter ended January 27, 2012. The consolidated information is derived from the accompanying Consolidated Statements of Income. The table also includes data for our three segments - Bob Evans Restaurants, Mimi's Café and BEF Foods. The ratios presented reflect the underlying dollar values expressed as a percentage of the applicable net sales amount.

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