Bob Evans Farms announced its financial results for the fiscal 2016 first quarter ended July 24, 2015. On a GAAP basis, the company reported net income of $4.3 million, or $0.19 per diluted share.
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This compares with a net loss of $1 million, or $0.04 per diluted share, in the corresponding period last year.
On an adjusted basis(1), non-GAAP net income was $11.7 million, or $0.51 per diluted share, compared with net income of $2.3 million, or $0.10 per diluted share, in the corresponding period last year.
Bob Evans Restaurants' GAAP operating income was $9.8 million, compared to GAAP operating income of $14.9 million in the corresponding period last year.
First-quarter fiscal 2016 GAAP operating income includes $10.5 million of costs for expected settlement of legal matters; see attached schedules for a reconciliation of GAAP to non-GAAP operating income. Bob Evans Restaurants' non-GAAP operating income was $20.3 million; an increase of $3.5 million compared to $16.8 million in the year ago period.
BEF Foods' net sales were $83 million, a decrease of $3.1 million, or 3.7 percent, compared to net sales of $86.2 million in the corresponding period last year. Overall, total pounds sold increased 0.4 percent compared to the prior year period.
From a net sales perspective, a 17.2 percent increase in side-dish volume and a 14.8 percent increase in sausage volume were offset by a $5.6 million increase in trade spending (reduces net sales) to reflect current market conditions including sow costs, as well as a 42.6 percent decline in foodservice volume.
Corporate and Other's GAAP operating costs were $17.4 million, compared to GAAP operating costs of $17.9 million in the year ago period.
Corporate and Other's non-GAAP operating costs were $17.4 million, compared to $15.4 million in the prior year, an increase of $2 million due to $1.2 million of increased S,G&A costs associated primarily with higher performance-based compensation expense, partially offset by cost savings initiatives, and $0.8 million resulting from increased depreciation expense related primarily to ERP capital expenditures. ■