Bob Evans Farms, Inc. (NASDAQ: BOBE) is a food service, processing, and retail company based in Columbus, Ohio. The company is named after its founder, Bob Evans (1918–2007).[1] It operates two family dining restaurant chains in the United States, Bob Evans Restaurants and Mimi's Cafe. Its food processing and retail enterprise products are manufactured and sold under the Bob Evans and Owens Country Sausage brand names.
Bob Evans Farms, Inc. (Bob Evans), incorporated in 1985, is a full-service restaurant company that operates two restaurant concepts: Bob Evans Restaurants and Mimi’s Cafes. The Company is also a producer and distributor of pork sausage and homestyle convenience food items. As of April 30, 2010, Bob Evans Restaurants (including Bob Evans Restaurants & General Stores) were located in 18 states, primarily in the Midwest, mid-Atlantic and Southeast, and Mimi’s Cafes were located in 24 states, primarily in California and other western states. Bob Evans offers a variety of quality, homestyle food products to retail and foodservice customers. It sells its retail food products under the Bob Evans and Owens brand names. The Company’s food products include approximately 100 varieties of fresh, smoked and fully cooked pork sausage and hickory-smoked bacon products. It also offers approximately 100 complementary, convenience food items in the refrigerated and frozen areas of grocery stores, such as mashed potatoes, macaroni and cheese, microwaveable sandwiches and slow-roasted main dish entrees.
Bob Evans Restaurants
The Bob Evans Restaurants feature a variety of foods, such as Bob Evans sausage gravy and chicken pot pie. Breakfast entrees are served all day and feature traditional favorites, such as sausage, bacon, eggs and hotcakes, as well as specialty offerings like crepes and stuffed French toast. It also offers a variety of lunch and dinner entrees, including a full line-up of Big Farm Salads and signature dinner items, such as country fried steak and slow-roasted turkey. During the fiscal year ended April 30, 2010 (fiscal 2010), Bob Evans added a number of items to its menu, including varieties of its Deep Dish Pastas and Farm-Fresh Wraps.
Most traditional Bob Evans Restaurants range in size from approximately 3,600 to 6,500 square feet while its larger Bob Evans Restaurants & General Stores are approximately 9,800 square feet. During fiscal 2010, breakfast, lunch and dinner accounted for 32%, 37% and 31%, respectively, of total Bob Evans Restaurant revenue. Sales on Saturday and Sunday accounted for approximately 39 % of a typical week’s revenue during fiscal 2010. The Company offers retail gifts, food items and other novelties for sale on a limited basis in the Corner Cupboard areas located inside most of its traditional Bob Evans Restaurants and on a much larger scale in its seven Bob Evans Restaurants & General Stores.
Mimi’s Cafes
Mimi’s Cafe is a casual dining concept positioned as the all day fresh cafe. Mimi’s Cafe offers customers a place to relax and connect while enjoying freshly prepared meals. The concept combines elements of an upscale casual experience with everyday appeal. The menu includes a variety of American and ethnic cuisine categories, including Cafe Classics featuring signature items, such as its Chicken Pot Pie and Oven Fresh Pot Roast; Gourmet Francais featuring French-inspired dishes, such as quiches, French Country Brie Salad and Chicken Cordon Bleu, and Fresh & Fit featuring items with 650 calories or less. It also owns and operates SWH Custom Foods, an approximately 25,000 square-foot prep kitchen in Fullerton, California, that prepares signature muffin mixes, dressings, sauces and soups for Mimi’s and third-party restaurants.
Food Products Operations
Bob Evans offers a variety of quality, homestyle food products to retail and foodservice customers. It sells its retail food products under the Bob Evans and Owens brand names. Its food products include approximately 100 varieties of fresh, smoked and fully cooked pork sausage and hickory-smoked bacon products. It also offers approximately 100 complementary, convenience food items in the refrigerated and frozen areas of grocery stores, such as mashed potatoes, macaroni and cheese, microwaveable sandwiches and slow-roasted main dish entrees. During fiscal 2010, the Company refined its product pipeline and introduced 30 retail food products, including an assortment of Bob Evans Wrappers (sausage wrapped in dough) and Bob Evans Stuffers (biscuits stuffed with a variety of fillings).
The Company produces food products in its seven manufacturing facilities. It produces sausage products at its plants located in Galva, Illinois, Hillsdale, Michigan, Richardson, Texas and Xenia, Ohio. Its Bidwell, Ohio and Richardson, Texas plants produce both fresh and fully cooked sausage products. Its Sulphur Springs, Texas and Springfield, Ohio plants produce ready-to-eat products, such as sandwiches, soups and gravies. It also operates a distribution center in Springfield, Ohio.
Dan Evans retired as chairman in April 2001, having served 30 years in that position. He remained on the board of directors, however, while Owens added the chairmanship to his duties. That same month the company opened a restaurant in its 22nd state, Mississippi. For the fiscal year ending that month, Bob Evans Farms reported that its revenues surpassed the $1 billion mark for the first time.
Although the company maintained a much slower growth rate over the next two years, profits jumped from $50.8 million to $75.1 million in 2003, while net profit margins increased from 5 percent to 6.9 percent. Bob Evans Farms opened 27 restaurants in 2002 and 29 the following year. In October 2002 the company's 500th restaurant opened in Canton, Michigan. Also during 2003, a new restaurant prototype was tested in Zanesville, Ohio, that cost about $150,000 less to build than the previous version because of a smaller footprint, fewer decorative elements, and a smaller porch. The new design also sported a separate entrance for carryout orders, a design element that was increasingly common among casual-dining restaurants.
On the food products side, the firm successfully rolled out a new refrigerated potato product line, which included home fries, hash browns, and regular and garlic-flavored mashed potatoes. In May 2002 a new line of frozen, microwavable products called Brunch Bowls debuted. This line included such selections as country gravy and sausage with potatoes, and grilled chicken and potatoes. The Bob Evans Express line was introduced into grocery stores in February 2003. This product line featured three varieties (original, maple, and lite) of fully-cooked, microwavable sausage links. Another significant development on the food products side was the September 2002 opening of a $6 million, 55,000-square-foot distribution center in Springfield, Ohio--the company's first such facility. Also during 2002 Hickory Specialties, the smoke flavorings subsidiary, was sold to Kerry Group plc, an Irish food product manufacturer, for $16.3 million.
In June 2003 the company purchased a 56,000-square-foot food production plant in Sulphur Springs, Texas. In November of that year the company reopened the plant, where it began producing its SnackWiches line of convenience sandwich items for the retail, foodservice, and convenience store markets. Also during the fall of 2003, the Bob Evans Restaurant chain rolled out its Dinner Sensations line of entrees in an effort to boost dinner business. The line included four protein-rich choices: T-bone steak, grilled chicken, pork chops, and salmon fillet. Another effort to increase dinner business came via the testing of a curbside carryout service in which customers parked in designated spaces where they could pick up and pay for their orders from their cars. Such efforts made it clear that Bob Evans Farms was determined to remain one of the key players in the U.S. family-dining sector, while keeping its commitment to quality and "down on the farm" hospitality.
Principal Subsidiaries: Owens Country Sausage, Inc.; Owens Foods, Inc.; Owens Country Foods, Inc.; BEF Aviation Co., Inc.; Bob Evans Restaurants, Inc.; Bob Evans Restaurants of Michigan, Inc.; Bob Evans Restaurants of Indiana, L.P.; Bob Evans Transportation Company, LLC.
Principal Competitors: CBRL Group, Inc.; Shoney's, Inc.; Applebee's International, Inc.; Denny's Corporation; Brinker International, Inc.; Waffle House, Inc.; IHOP Corporation; The Restaurant Company; American Hospitality Concepts, Inc.
OVERALL
Beta: 0.86
Market Cap (Mil.): $950.35
Shares Outstanding (Mil.): 30.30
Annual Dividend: 0.80
Yield (%): 2.55
FINANCIALS
BOBE.OQ Industry Sector
P/E (TTM): 16.90 24.02 13.52
EPS (TTM): -18.81 -- --
ROI: 6.16 2.22 1.28
ROE: 8.84 2.94 2.12
Statistics:
Public Company
Incorporated: 1957 as Bob Evans Farm Sales, Inc.
Employees: 40,446
Sales: $1.09 billion (2003)
Stock Exchanges: NASDAQ
Ticker Symbol: BOBE
NAIC: 722110 Full-Service Restaurants; 311612 Meat Processed from Carcasses
Key Dates:
1946: Bob Evans opens a 12-stool, 24-hour restaurant--the Bob Evans Steak House--in Gallipolis, Ohio.
1948: Evans starts making his own sausage for his restaurant and soon expands into distributing the product to grocery stores.
1953: Evans and a group of friends and family members join as partners in the sausage production operation; they buy a packing plant in Xenia, Ohio.
1957: The company is incorporated as Bob Evans Farms Sales, Inc.
1962: Evans opens a new restaurant--the Sausage Shop--on the family farm.
1963: The company changes its name to Bob Evans Farms, Inc. and goes public.
1964: The first expansion outside Ohio occurs, with the opening of a new plant in Hillsdale, Michigan.
1968: The first Bob Evans Restaurant opens in Chillicothe, Ohio.
1971: Bob Evans's cousin Daniel E. Evans becomes company chairman and CEO.
1974: The fourth sausage production plant opens in Galva, Illinois.
1983: The 100th Bob Evans Restaurant opens in Schaumburg, Illinois.
1987: Bob Evans Farms acquires Owens Country Sausage, Inc. of Richardson, Texas.
1988: The first Owens Restaurant opens in Irving, Texas.
1991: Mrs. Giles Country Kitchens, a producer of refrigerated deli salads, is acquired.
1992: The company opens its first Cantina del Rio, a Mexican-style restaurant and bar.
1996: The Cantina del Rio chain is shuttered.
1999: Mrs. Giles is divested.
2000: Stewart K. Owens becomes the first non-Evans family member to serve as CEO.
2001: Revenues top $1 billion for first time.
2002: The company opens a distribution center in Springfield, Ohio; its 500th restaurant opens in Canton, Michigan.
2003: A food production plant in Sulphur Springs, Texas, is purchased.
Name Age Since Current Position
Davis, Steven 52 2006 Chairman of the Board, Chief Executive Officer
Brownlee, Harvey 48 2009 President, Chief Restaurant Operations Officer
DeSantis, Paul 46 2011 Chief Financial Officer, Treasurer, Assistant Corporate Secretary
Hicks, Randall 50 2009 President and Chief Concept Officer of Bob Evans Restaurants
Townsley, J. Michael 51 2008 President - Food Products
Mears, Mark 2011 President and Chief Concept Officer of Mimi's Cafe
Eulberg, Joseph 52 2008 Executive Vice President - Human Resources
Hall, Richard 54 2008 Executive Vice President - Supply Chain Management
Cusick, Mary 54 2007 Senior Vice President - Bob Evans Restaurant Marketing
Garceau, Mary 37 2007 Vice President, General Counsel, Corporate Secretary
Mitchell, Edward 44 2010 Vice President, Corporate Controller
Green, Richard 52 2011 Chief Compliance Officer, Chief Risk Officer
Gasser, Michael 59 2006 Lead Independent Director
Corbin, Larry 68 2006 Director
Ingram, E. William 59 1998 Director
Krueger, Cheryl 58 1993 Director
Lucas, G. Robert 66 1986 Director
Stockton, Bryan 57 2006 Director
Williams, Paul 51 2007 Director
Mallesch, Eileen 55 2008 Director
Gee, E. Gordon 66 2009 Director
Address:
3776 South High Street
Columbus, Ohio 43207-4000
U.S.A.
Bob Evans Farms, Inc. (Bob Evans), incorporated in 1985, is a full-service restaurant company that operates two restaurant concepts: Bob Evans Restaurants and Mimi’s Cafes. The Company is also a producer and distributor of pork sausage and homestyle convenience food items. As of April 30, 2010, Bob Evans Restaurants (including Bob Evans Restaurants & General Stores) were located in 18 states, primarily in the Midwest, mid-Atlantic and Southeast, and Mimi’s Cafes were located in 24 states, primarily in California and other western states. Bob Evans offers a variety of quality, homestyle food products to retail and foodservice customers. It sells its retail food products under the Bob Evans and Owens brand names. The Company’s food products include approximately 100 varieties of fresh, smoked and fully cooked pork sausage and hickory-smoked bacon products. It also offers approximately 100 complementary, convenience food items in the refrigerated and frozen areas of grocery stores, such as mashed potatoes, macaroni and cheese, microwaveable sandwiches and slow-roasted main dish entrees.
Bob Evans Restaurants
The Bob Evans Restaurants feature a variety of foods, such as Bob Evans sausage gravy and chicken pot pie. Breakfast entrees are served all day and feature traditional favorites, such as sausage, bacon, eggs and hotcakes, as well as specialty offerings like crepes and stuffed French toast. It also offers a variety of lunch and dinner entrees, including a full line-up of Big Farm Salads and signature dinner items, such as country fried steak and slow-roasted turkey. During the fiscal year ended April 30, 2010 (fiscal 2010), Bob Evans added a number of items to its menu, including varieties of its Deep Dish Pastas and Farm-Fresh Wraps.
Most traditional Bob Evans Restaurants range in size from approximately 3,600 to 6,500 square feet while its larger Bob Evans Restaurants & General Stores are approximately 9,800 square feet. During fiscal 2010, breakfast, lunch and dinner accounted for 32%, 37% and 31%, respectively, of total Bob Evans Restaurant revenue. Sales on Saturday and Sunday accounted for approximately 39 % of a typical week’s revenue during fiscal 2010. The Company offers retail gifts, food items and other novelties for sale on a limited basis in the Corner Cupboard areas located inside most of its traditional Bob Evans Restaurants and on a much larger scale in its seven Bob Evans Restaurants & General Stores.
Mimi’s Cafes
Mimi’s Cafe is a casual dining concept positioned as the all day fresh cafe. Mimi’s Cafe offers customers a place to relax and connect while enjoying freshly prepared meals. The concept combines elements of an upscale casual experience with everyday appeal. The menu includes a variety of American and ethnic cuisine categories, including Cafe Classics featuring signature items, such as its Chicken Pot Pie and Oven Fresh Pot Roast; Gourmet Francais featuring French-inspired dishes, such as quiches, French Country Brie Salad and Chicken Cordon Bleu, and Fresh & Fit featuring items with 650 calories or less. It also owns and operates SWH Custom Foods, an approximately 25,000 square-foot prep kitchen in Fullerton, California, that prepares signature muffin mixes, dressings, sauces and soups for Mimi’s and third-party restaurants.
Food Products Operations
Bob Evans offers a variety of quality, homestyle food products to retail and foodservice customers. It sells its retail food products under the Bob Evans and Owens brand names. Its food products include approximately 100 varieties of fresh, smoked and fully cooked pork sausage and hickory-smoked bacon products. It also offers approximately 100 complementary, convenience food items in the refrigerated and frozen areas of grocery stores, such as mashed potatoes, macaroni and cheese, microwaveable sandwiches and slow-roasted main dish entrees. During fiscal 2010, the Company refined its product pipeline and introduced 30 retail food products, including an assortment of Bob Evans Wrappers (sausage wrapped in dough) and Bob Evans Stuffers (biscuits stuffed with a variety of fillings).
The Company produces food products in its seven manufacturing facilities. It produces sausage products at its plants located in Galva, Illinois, Hillsdale, Michigan, Richardson, Texas and Xenia, Ohio. Its Bidwell, Ohio and Richardson, Texas plants produce both fresh and fully cooked sausage products. Its Sulphur Springs, Texas and Springfield, Ohio plants produce ready-to-eat products, such as sandwiches, soups and gravies. It also operates a distribution center in Springfield, Ohio.
Dan Evans retired as chairman in April 2001, having served 30 years in that position. He remained on the board of directors, however, while Owens added the chairmanship to his duties. That same month the company opened a restaurant in its 22nd state, Mississippi. For the fiscal year ending that month, Bob Evans Farms reported that its revenues surpassed the $1 billion mark for the first time.
Although the company maintained a much slower growth rate over the next two years, profits jumped from $50.8 million to $75.1 million in 2003, while net profit margins increased from 5 percent to 6.9 percent. Bob Evans Farms opened 27 restaurants in 2002 and 29 the following year. In October 2002 the company's 500th restaurant opened in Canton, Michigan. Also during 2003, a new restaurant prototype was tested in Zanesville, Ohio, that cost about $150,000 less to build than the previous version because of a smaller footprint, fewer decorative elements, and a smaller porch. The new design also sported a separate entrance for carryout orders, a design element that was increasingly common among casual-dining restaurants.
On the food products side, the firm successfully rolled out a new refrigerated potato product line, which included home fries, hash browns, and regular and garlic-flavored mashed potatoes. In May 2002 a new line of frozen, microwavable products called Brunch Bowls debuted. This line included such selections as country gravy and sausage with potatoes, and grilled chicken and potatoes. The Bob Evans Express line was introduced into grocery stores in February 2003. This product line featured three varieties (original, maple, and lite) of fully-cooked, microwavable sausage links. Another significant development on the food products side was the September 2002 opening of a $6 million, 55,000-square-foot distribution center in Springfield, Ohio--the company's first such facility. Also during 2002 Hickory Specialties, the smoke flavorings subsidiary, was sold to Kerry Group plc, an Irish food product manufacturer, for $16.3 million.
In June 2003 the company purchased a 56,000-square-foot food production plant in Sulphur Springs, Texas. In November of that year the company reopened the plant, where it began producing its SnackWiches line of convenience sandwich items for the retail, foodservice, and convenience store markets. Also during the fall of 2003, the Bob Evans Restaurant chain rolled out its Dinner Sensations line of entrees in an effort to boost dinner business. The line included four protein-rich choices: T-bone steak, grilled chicken, pork chops, and salmon fillet. Another effort to increase dinner business came via the testing of a curbside carryout service in which customers parked in designated spaces where they could pick up and pay for their orders from their cars. Such efforts made it clear that Bob Evans Farms was determined to remain one of the key players in the U.S. family-dining sector, while keeping its commitment to quality and "down on the farm" hospitality.
Principal Subsidiaries: Owens Country Sausage, Inc.; Owens Foods, Inc.; Owens Country Foods, Inc.; BEF Aviation Co., Inc.; Bob Evans Restaurants, Inc.; Bob Evans Restaurants of Michigan, Inc.; Bob Evans Restaurants of Indiana, L.P.; Bob Evans Transportation Company, LLC.
Principal Competitors: CBRL Group, Inc.; Shoney's, Inc.; Applebee's International, Inc.; Denny's Corporation; Brinker International, Inc.; Waffle House, Inc.; IHOP Corporation; The Restaurant Company; American Hospitality Concepts, Inc.
OVERALL
Beta: 0.86
Market Cap (Mil.): $950.35
Shares Outstanding (Mil.): 30.30
Annual Dividend: 0.80
Yield (%): 2.55
FINANCIALS
BOBE.OQ Industry Sector
P/E (TTM): 16.90 24.02 13.52
EPS (TTM): -18.81 -- --
ROI: 6.16 2.22 1.28
ROE: 8.84 2.94 2.12
Statistics:
Public Company
Incorporated: 1957 as Bob Evans Farm Sales, Inc.
Employees: 40,446
Sales: $1.09 billion (2003)
Stock Exchanges: NASDAQ
Ticker Symbol: BOBE
NAIC: 722110 Full-Service Restaurants; 311612 Meat Processed from Carcasses
Key Dates:
1946: Bob Evans opens a 12-stool, 24-hour restaurant--the Bob Evans Steak House--in Gallipolis, Ohio.
1948: Evans starts making his own sausage for his restaurant and soon expands into distributing the product to grocery stores.
1953: Evans and a group of friends and family members join as partners in the sausage production operation; they buy a packing plant in Xenia, Ohio.
1957: The company is incorporated as Bob Evans Farms Sales, Inc.
1962: Evans opens a new restaurant--the Sausage Shop--on the family farm.
1963: The company changes its name to Bob Evans Farms, Inc. and goes public.
1964: The first expansion outside Ohio occurs, with the opening of a new plant in Hillsdale, Michigan.
1968: The first Bob Evans Restaurant opens in Chillicothe, Ohio.
1971: Bob Evans's cousin Daniel E. Evans becomes company chairman and CEO.
1974: The fourth sausage production plant opens in Galva, Illinois.
1983: The 100th Bob Evans Restaurant opens in Schaumburg, Illinois.
1987: Bob Evans Farms acquires Owens Country Sausage, Inc. of Richardson, Texas.
1988: The first Owens Restaurant opens in Irving, Texas.
1991: Mrs. Giles Country Kitchens, a producer of refrigerated deli salads, is acquired.
1992: The company opens its first Cantina del Rio, a Mexican-style restaurant and bar.
1996: The Cantina del Rio chain is shuttered.
1999: Mrs. Giles is divested.
2000: Stewart K. Owens becomes the first non-Evans family member to serve as CEO.
2001: Revenues top $1 billion for first time.
2002: The company opens a distribution center in Springfield, Ohio; its 500th restaurant opens in Canton, Michigan.
2003: A food production plant in Sulphur Springs, Texas, is purchased.
Name Age Since Current Position
Davis, Steven 52 2006 Chairman of the Board, Chief Executive Officer
Brownlee, Harvey 48 2009 President, Chief Restaurant Operations Officer
DeSantis, Paul 46 2011 Chief Financial Officer, Treasurer, Assistant Corporate Secretary
Hicks, Randall 50 2009 President and Chief Concept Officer of Bob Evans Restaurants
Townsley, J. Michael 51 2008 President - Food Products
Mears, Mark 2011 President and Chief Concept Officer of Mimi's Cafe
Eulberg, Joseph 52 2008 Executive Vice President - Human Resources
Hall, Richard 54 2008 Executive Vice President - Supply Chain Management
Cusick, Mary 54 2007 Senior Vice President - Bob Evans Restaurant Marketing
Garceau, Mary 37 2007 Vice President, General Counsel, Corporate Secretary
Mitchell, Edward 44 2010 Vice President, Corporate Controller
Green, Richard 52 2011 Chief Compliance Officer, Chief Risk Officer
Gasser, Michael 59 2006 Lead Independent Director
Corbin, Larry 68 2006 Director
Ingram, E. William 59 1998 Director
Krueger, Cheryl 58 1993 Director
Lucas, G. Robert 66 1986 Director
Stockton, Bryan 57 2006 Director
Williams, Paul 51 2007 Director
Mallesch, Eileen 55 2008 Director
Gee, E. Gordon 66 2009 Director
Address:
3776 South High Street
Columbus, Ohio 43207-4000
U.S.A.