|By PR Newswire||
|January 21, 2014 04:01 PM EST||
NEW ALBANY, Ohio, Jan. 21, 2014 /PRNewswire/ -- Bob Evans Farms, Inc. (NASDAQ: BOBE) said today that a number of factors have affected its performance in the fiscal third quarter ending January 24, 2014, and it is updating its fiscal year 2014 forecast.
Chairman and Chief Executive Officer Steve Davis said, "The unusually severe winter weather, particularly in the northern Midwest, the region with the heaviest concentration of Bob Evans Restaurants, has had a significant negative impact on Bob Evans Restaurants' performance throughout the third quarter to date. Based on fiscal third quarter results through the first half of January, we estimate a negative operating profit impact of $3.0 million to $3.5 million for lost sales, and additional weather-related operating expenses of $1.0 million to $1.5 million. Severe weather continues to negatively impact restaurant guest traffic and sales, and increase operating expenses. With well-below average temperatures and additional snow in the forecast, it is likely we will experience an additional weather impact during the remainder of the quarter. Although we are seeing improvement in same-store sales in states not impacted by severe weather such as Florida, overall same-store sales trends are lower than our flat to 1 percent guidance.
"Additionally, BEF Foods is experiencing higher than expected sow costs. As a result, we expect a negative sow cost impact of $4.5 million to $5.5 million above our previous forecast for the second half of fiscal 2014 and we are raising our sow cost guidance for the second half of fiscal 2014 to $72 to $77 per hundredweight, from the previous guidance range of $65 to $70. Sow costs have averaged $72.66 per hundredweight quarter-to-date, a nearly 24% increase relative to average costs of $58.72 per hundredweight during the third quarter of fiscal 2013. Finally, professional fees including fees related to litigation and legal matters and remediation efforts related to our internal controls during the second half of fiscal 2014 are expected to be $2.0 million to $2.5 million higher than initially forecast."
Davis continued, "As a result of these factors, we now expect non-GAAP earnings per diluted share for fiscal year 2014 of $2.20 to $2.30, including the net accretive effect of our $225 million fiscal 2014 share repurchase program. As we work to put these challenges in fiscal 2014 behind us, we remain committed to delivering improved sales and earnings growth in fiscal year 2015. We expect fiscal year 2015 to produce earnings growth exceeding our long-term average annual growth guidance of 8 to 12 percent, thereby providing strong free cash flow which, along with our $750 million revolving line of credit, will further enhance our ability to invest in the profitable growth of our businesses while rewarding our shareholders with continued dividend and share repurchase programs.
"Improved earnings during fiscal year 2015 are expected to result from the significant margin innovation and transformational investment programs at both Bob Evans Restaurants and BEF Foods. At Bob Evans Restaurants, our chain-wide Farm Fresh Refresh remodel program will be complete and we expect to open ten new restaurants during fiscal 2015. As a result, we expect more consistent positive same-sales trends in addition to cost savings from the absence of closed store days and expenses related to the Farm Fresh Refresh remodel program as well as labor savings from our workforce management initiatives. At BEF Foods, we expect to realize the sales and operating cost benefits of our recent state-of-the-art expansions of our Sulphur Springs, Texas, ready-to-eat plant and Lima, Ohio, refrigerated side dish plant. The same operating discipline and lean manufacturing techniques that we applied to our sausage business are now being brought to bear on our recently vertically integrated refrigerated side dish business."
Further details regarding third quarter performance and the revised outlook for fiscal year 2014 will be addressed in the Company's earnings release for the third quarter of fiscal 2014 to be issued after the market closes on March 4, 2014.
About Bob Evans Farms, Inc.
Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans Restaurants brand name. At the end of the second fiscal quarter (October 25, 2013), Bob Evans Restaurants owned and operated 561 family restaurants in 19 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans Farms, Inc., through its BEF Foods, Inc. segment, is also a leading producer and distributor of refrigerated side dishes, pork sausage and a variety of refrigerated and frozen convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit www.bobevans.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements involve various important assumptions, risks and uncertainties. Actual results may differ materially from those predicted by the forward-looking statements because of various factors and possible events. We discuss these factors and events, along with certain other risks, uncertainties and assumptions, under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 26, 2013, and in our other filings with the Securities and Exchange Commission. We note these factors for investors as contemplated by the Private Securities Litigation Reform Act of 1995. Predicting or identifying all such risk factors is impossible. Consequently, investors should not consider any such list to be a complete set of all potential risks and uncertainties. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date of the statement to reflect unanticipated events. All subsequent written and oral forward-looking statements attributable to us or any person acting on behalf of the Company are qualified by the cautionary statements in this section.
SOURCE Bob Evans Farms, Inc.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Mar. 22, 2017 10:15 PM EDT Reads: 3,155
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Mar. 22, 2017 10:15 PM EDT Reads: 3,212
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, will discuss some of the security challenges of the IoT infrastructure and relate how these aspects impact Smart Living. The material will be delivered i...
Mar. 22, 2017 10:15 PM EDT Reads: 1,677
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 22, 2017 09:30 PM EDT Reads: 2,273
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 22, 2017 06:30 PM EDT Reads: 1,080
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, will provide a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services ...
Mar. 22, 2017 06:15 PM EDT Reads: 3,906
VeriStor Systems has announced that CRN has named VeriStor to its 2017 Managed Service Provider (MSP) 500 list in the Elite 150 category. This annual list recognizes North American solution providers with cutting-edge approaches to delivering managed services. Their offerings help companies navigate the complex and ever-changing landscape of IT, improve operational efficiencies, and maximize their return on IT investments. In today’s fast-paced business environments, MSPs play an important role...
Mar. 22, 2017 05:45 PM EDT Reads: 1,777
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 22, 2017 04:30 PM EDT Reads: 771
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 22, 2017 03:45 PM EDT Reads: 1,119
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 22, 2017 03:30 PM EDT Reads: 757
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 22, 2017 03:15 PM EDT Reads: 506
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Mar. 22, 2017 02:45 PM EDT Reads: 2,203
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 22, 2017 02:15 PM EDT Reads: 2,148
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
Mar. 22, 2017 02:00 PM EDT Reads: 1,351
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Mar. 22, 2017 02:00 PM EDT Reads: 805