010611 Bob Evans Profits Rise; Outlook Tempered

Columbus, OH - Restaurant operator and sausage maker Bob Evans Farms, Inc. said its fiscal fourth-quarter earnings per share rose 10% due to a lower tax rate and share repurchase program, but warned that higher costs and general economic conditions in the U.S. have tempered its outlook for the current year.

Bob Evans Farms said it believes its previous earnings guidance for the year ending in April 2002 may be somewhat aggressive, and the company is more comfortable with estimates in the range of $1.55 per share, due to higher hog costs and continuing pressures on operating margins at its restaurants.

Analysts estimate fiscal 2002 earnings at $1.61 a share, according to Thomson Financial/First Call.

Net income for the fourth quarter ended April 27 increased to $11.85 million, or 34 cents per share, from $11.07 million, or 31 cents, a year earlier. Analysts had pegged fourth-quarter earnings at 36 cents a share, according to First Call.

Net sales for the quarter were up 5% to $251.5 million from $239.0 million a year ago.

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