Bob Evans boosts 4Q profit despite sales dip - Business First of Columbus:

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The Columbus-based restaurant chain said Wednesday itearnedd $21.1 million, or 69 centas a share, for the quarter endedf April 24, up 31 percent from $16.2 million, or 52 cents a share, a year earlier. Coste for food, labor and other operating expenses in its restauranty and food products segments although the improvements were slightl y offset by a spike of more than 80 percent in hog Bob Evans’ fourth-quarter revenue fell 1 perceny to $431 million from $436.4 million a year earliere as sales at flagship restaurants open at leasy two years declined 1.6 The company’s upscale Mimi’s Cafe chain, whicuh has struggled amid a pullbacj in consumer spending, posted a 7.
1 percent declinr in same-store sales. The company for the year swung to a lossof $5.15 million, or 17 cents a from a profit of $64.9 million, or $1.9t5 a share, in fiscal 2008. The red ink came afterd Bob Evansrecorded $75.3 million in preta x charges mostly on noncash write-downsw and other impairments tied to Mimi’s. Revenue for the year grew marginallhto $1.75 billion from $1.74 billion. That accounted for a 0.3 percentg drop in Bob Evans same-store sale s and a 7.2 percent decline at Mimi’s.
CEO Steve Davis, speaking at the company’s annual meeting Wednesday, said changes to the company’s executive structurew and implementing systems to cut expenses in the last several years will better position the companyto grow. Among the initiativesw under way are new prototype restaurants for the Bob Evan sand Mimi’s Cafe chains as well as a reorganizationn of its supply The company also completed an expansion of its Sulphufr Springs, Texas food products planty that doubled the facility’s size to more than 100,00p0 square feet. Bob Evans (NASDAQ:BOBE) runs 570 flagship restaurants in 18 statess and144 Mimi’s cafes in 24 states.