|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.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 20, 2017 06:30 PM EST Reads: 5,444
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Jan. 20, 2017 05:45 PM EST Reads: 2,085
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 20, 2017 05:30 PM EST Reads: 1,462
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 20, 2017 05:15 PM EST Reads: 4,942
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 20, 2017 05:15 PM EST Reads: 3,801
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 20, 2017 05:15 PM EST Reads: 3,531
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 20, 2017 04:45 PM EST Reads: 1,071
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 20, 2017 03:00 PM EST Reads: 1,641
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 20, 2017 02:30 PM EST Reads: 1,119
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 20, 2017 02:15 PM EST Reads: 608
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 20, 2017 01:30 PM EST Reads: 5,729
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 20, 2017 01:30 PM EST Reads: 5,233
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Jan. 20, 2017 01:30 PM EST Reads: 3,591
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, 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. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Jan. 20, 2017 01:00 PM EST Reads: 2,575
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Jan. 20, 2017 12:30 PM EST Reads: 3,187