Bob Evans Farms fiscal 4Q profit rises 5 percent

For the period ended April 25, the company reported income of $16.1 million, or 52 cents per share, compared with $15.3 million, or 42 cents per share, in the year-ago period.

The latest quarter included a pretax gain of $700,000 from the sale of real estate assets, the company said.

Revenue rose 4 percent to $436.4 million from $418.4 million.

Analysts polled by Thomson Financial, on average, estimated earnings of 41 cents per share on sales of $441.5 million.

Same-store sales at Bob Evans brand restaurants rose 1.7 percent in the fourth quarter, with average menu prices up 2.4 percent. Same-store sales declined 5.3 percent at Mimi's Cafe.

Same-store sales, or sales at restaurants open at least a year, is a key indicator of performance since it measures growth at existing restaurants rather than newly opened ones.

Sales from the company's food products business rose 8 percent to $75.4 million.

Cost of sales rose 5 percent to $128.9 million on increased commodity costs.

For the fiscal year, Bob Evans reported income of $64.9 million, or $1.95 per share, compared with $60.5 million, or $1.66 per share, in the prior fiscal year.