UPDATE 1-Bob Evans Farms Q1 profit in line with view

* Q1 EPS $0.52 in line with view

* Q1 sales $429.5 mln vs est $435.9 mln

* Says will not build Bob Evans Restaurant in 2010

* Keeps 2010 operating income of about $110-$115 mln

* Shares down 8 percent in after-hours trade

Aug 11 (Reuters) - Restaurant-chain operator and meat-products producer Bob Evans Farms Inc (BOBE.O) posted a first-quarter profit in line with market view, helped by cost cuts, and said it would not build new Bob Evans Restaurants in 2010.

The company also said its share buyback program would be suspended until at least the third quarter.

Shares of the company, which sells pork sausages and other packaged foods, were down 8 percent at $25.82 in trading after the bell.

The company, which runs restaurants under its namesake and Mimi's Cafe brands, earned $16.1 million, or 52 cents a share, compared with $13.8 million, or 45 cents a share, a year ago.

Net sales fell nearly 3 percent to $429.5 million.

Analysts had expected earnings of 52 cents a share, before items, on revenue of $435.9 million, according to Reuters Estimates.

Bob Evans, which competes with larger rivals such as Darden Restaurants Inc (DRI.N) and DineEquity Inc (DIN.N), also backed its 2010 outlook for operating income of about $110 million to $115 million.

The company said it expects to build two Mimi's Cafes in 2010.

Shares of the Columbus, Ohio-based company closed at $28.22 Tuesday on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Anil D'Silva)