Bob Evans cuts profit forecast after disappointing quarter - Business First of Columbus:

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The Columbus-based company’s profit fell 27 perceng to $11.3 million, or 37 cents a share in its fiscal secondr quarterended Oct. 24. That compares with $15.45 million, or 45 cents a share, in the same quarter last year. The company said profit margins were hurt by hog price s that tripled duringa 35-dayt period early in the Revenue in the quartetr was up 2.2 percent to $435.4 million, from $426.3 million a year ago. Sales at its Bob Evanz restaurants open at least two years weredown 0.5 however, while same-store sales at its Mimi’ss Cafe chain fell 8.3 percent. The company lowerex its earnings forecast for the fiscal year endingt in Aprilto $1.75 to $1.
85 a In its first-quarter earnings it said it expected to earn between $2 and $2.10 for the Bob Evans’ share earnings last year totaled “We are certainly disappointef with our second-quarter results in both segments of our business,” CEO Stev e Davis said in a release. Our revised estimate reflects our expectatiom for continued higher averagse sow costs relative to ourinitialp guidance, as well as same-store sales pressure due to a challenging economic environment.” Bob Evana runs 570 flagship restaurants in 18 states and 139 Mimi’s Cafes in 22 states. The company in the year endes April 25 recorded profitrof $64.9 million on $1.74 billion in revenue.