Profile: Bob Evans Farms Inc (BOBE.OQ)

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 also owns and operates BEF Foods, Inc. (BEF Foods), a producer and distributor of pork sausage and complementary homestyle convenience food items. As of April 29, 2011, Bob Evans owned and operated 708 full-service restaurants, including 563 Bob Evans Restaurants in 18 states and 145 Mimi’s Cafes in 24 states. Bob Evans Restaurants are primarily located in the Midwest, mid-Atlantic and Southeast regions of the United States. Mimi’s Cafes are primarily located in California and other western states. The Company also produces and distributes pork sausage and a variety of complementary homestyle convenience food items under the Bob Evans and Owens brand names. These food products are delivered to warehouses that distribute to grocery stores throughout the United States.

Bob Evans food products include approximately 100 varieties of branded fresh, smoked and fully cooked pork sausage and hickory-smoked bacon products. It also offers over 50 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 the fiscal year ended April 29, 2011 (fiscal 2011), Bob Evans introduced approximately 25 new retail food products, including many varieties of Bob Evans Oven Bake side dishes, sausage patties for grilling, and dinner gravies.

The Company produces food products in its six manufacturing facilities. It produces fresh sausage products at its plants located in Hillsdale, Michigan, Richardson, Texas and Xenia, Ohio. Bob Evans Sulphur Springs, Texas, Bidwell, Ohio, and Springfield, Ohio, plants produce ready-to-eat products, such as sandwiches, soups and gravies. It also operates a distribution center in Springfield, Ohio.

Bob Evans Restaurants

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 Biscuit Bowls. 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 fiscal 2011, Bob Evans added a number of new items to its menu from its pipeline, including several varieties of its Big Farm Burgers. It also offers a Fit from the Farm menu to provide guests who are following a 2,000 calorie daily diet with the option of eating three balanced meals a day at Bob Evans Restaurants.

Bob Evans Restaurants range in size from approximately 3,600 to 6,500 square feet while its larger Bob Evans Restaurants and General Stores are approximately 9,800 square feet, with an approximate average of 150 seats. It offers retail gifts, food items and other novelties for sale on a limited basis in the retail areas located inside most of its Bob Evans Restaurants and on a much larger scale in its seven Bob Evans Restaurants & General Stores.

Mimi’s Cafes

Mimi’s Cafes menu includes a variety of cuisine categories, including Cafe Classics featuring signature items, such as its Chicken Pot Pie and Oven Fresh Pot Roast; Gourmet Francais featuring dishes, such as quiches, Roasted Chicken Crepes and Chicken Cordon Bleu, and Just Enough featuring entrees in smaller portions, including a salad or cup of soup and a small dessert. Mimi’s restaurants offer a selection of beer and wine. During fiscal 2011, Bob Evans upgraded nine Mimi’s to full liquor licenses, bringing the total number of Mimi’s with full liquor licenses to 126 at the end of fiscal 2011. Most Mimi’s restaurants range in size from 6,000 to 7,000 square feet. The current prototype is an approximately 6,500 to 6,800 square-foot building with an approximate average of 240 seats. The Company 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, Bob Evans Restaurants and some third-party restaurants.