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Bob Evans Farms net income $9.8 million

Staff writer ▼ | July 9, 2014
Bob Evans Farms, Inc. announced its financial results for the fiscal 2014 fourth quarter ended Friday, April 25, 2014.
Bob Evans Farms
Bob Evans FarmsBob Evans Farms, Inc. announced its financial results for the fiscal 2014 fourth quarter ended Friday, April 25, 2014.


Net income from continuing operations was $9.8 million, or $0.40 per diluted share, compared with $29.6 million, or $1.05 per diluted share, in the comparable period last year.

For the fourth quarter of 2014, non-GAAP net income from continuing operations was $11.8 million, or $0.48 per diluted share, compared with non-GAAP net income from continuing operations of $19.4 million, or $0.69 per diluted share, in the comparable period last year.

Operating profit from continuing operations in the fourth quarter of fiscal 2014 was reduced by approximately $14.0 million, or approximately $0.39 per diluted share, compared to the prior year period due to severe winter weather, higher than projected sausage material costs, and other cost impacts.

The Company’s non-GAAP net interest expense was $1.6 million in the fourth quarter of fiscal 2014, up $1.1 million, compared to $0.5 million in the corresponding period last year. The Company had $459 million of revolver debt outstanding at the end of the period compared to $201 million in the corresponding period last year. The increase was due to share repurchases and capital expenditures. The borrowing rate on the Company’s outstanding debt was 1.54 percent at the end of the fourth quarter, compared to 1.45 percent at the end of the fourth quarter in the prior year.

The Company’s diluted weighted-average shares outstanding were 24.6 million shares in the fourth quarter of fiscal 2014, compared to 28.2 million shares in the corresponding period last year.

There were 23.5 million shares outstanding at the end of the quarter, compared to 27.4 million shares in the corresponding period last year. The Company repurchased 2.2 million shares for $110.9 million during the fourth quarter. The Company completed the authorized fiscal 2014 $225 million share repurchase of its common stock as planned prior to the end of fiscal 2014.


 

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