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Bob Evans Restaurants
Type
Private
Industry Restaurant
Founded 1948
Founder Bob Evans
Headquarters New Albany, Ohio,
Key people
Saed Mohseni, President
Products Bob Evans Restaurants
Revenue Decrease $1.669 billion (FY 2012)
Operating income
Increase $107 million (FY 2012)
Net income
Increase $72.85 million (FY 2012)
Total assets Decrease $1.066 billion (FY 2012)
Total equity Decrease $657 million (FY 2012)
Owner Golden Gate Capital
Number of employees
46,818 (Apr 2012)
Website bobevans.com

Bob Evans Restaurants is an American national chain of restaurants currently owned by Golden Gate Capital and based in New Albany, Ohio. The restaurants were formerly operated by Bob Evans Farms, Inc., a food service, processing, and retail company also based in New Albany. Both companies are named after their founder, Bob Evans (1918–2007).

The Bob Evans chain has over 600 locations in 24 states, primarily in the Mid-Atlantic, Midwestern, and upper Southern states. All locations are corporately owned, not franchised.

The restaurants offer a theme of country living, and a close connection to farms. Breakfast is served at the restaurants all day long. Baked goods, snacks, greeting cards, and small gift items are also sold at some Bob Evans restaurants.

Prior to the restaurant division's sale in 2017, the company also offered pork products to the retail grocery market, as well as other prepared food products to the grocery and food service segments. These products remained with Bob Evans Farms after the sale of the restaurant division and are sold under the Bob Evans and Owens Country Sausage brand names.

In 1946, the Bob Evans Restaurant chain started from a single truck stop diner near the Bob Evans Farm in Rio Grande, Ohio.

The restaurant chain started up after Bob Evans began processing and packaging his own sausage for his diner. Truck drivers and other patrons began telling him that his sausage was superior. He did not have the capacity to fill large orders. As a result, he contracted with his cousin Tim Evans of Evans Packing Co. to package Bob Evans Sausage products. Bob made his way across the Southern Ohio Hills seeking some of the best cuts of meat. He was very well known in the town of Gallipolis, Ohio, where at the local Meat Market & Grocery Store he and Earl Nance created sausage recipes. Evans tried to sell his sausage to area restaurants, but they turned him down, saying that customers wouldn't pay more for quality. Evans felt differently and opened his own restaurant on his farm in Rio Grande in 1962.

Another relative, Dan Evans, served as CEO until his retirement in 2000.

The company acquired Texas-based Owens Country Sausage in 1987. The company branded its otherwise identical restaurants in Texas as Owens Restaurants due to trademark issues. By January 2006, all Owens restaurants were closed.

The company operated a Mexican-themed restaurant called Cantina del Rio in the mid-1990s, a move which Bob Evans called "a disaster" in 2003.

The Evans family controlled daily operations of the company until 2000 when Dan Evans retired as CEO. After Dan's retirement, Stewart K. Owens (a former officer of the Owens Country Sausage company and later president of BOBE) assumed control of Bob Evans Farms Inc. as CEO. In 2001, he became Chairman of the Board. Company profits faltered under Owens' tenure. In August 2005, after corporate profits had dropped in eight of the previous nine quarters, Owens announced his resignation. After operating for several months under interim CEO Larry Corbin, the company hired Steven Davis, former president of Long John Silver's, as CEO in May 2006.

In July 2004, Bob Evans Farms purchased the California-based Mimi's Cafe restaurant chain (operating under SWH Corporation) for $182 million. Mimi's Cafe had 144 locations throughout the U.S. at the time. They featured casual dining and American food with a French emphasis and decorative elements. Bob Evans Farms sold Mimi's Cafe to the U.S. branch of Groupe Le Duff in 2013.

On August 17, 2009, Bob Evans opened a prototype restaurant in Xenia, Ohio. This restaurant has a more farm-like feel and resembles the Bob Evans farm.

CEO Steven Davis resigned in December 2014.

As of Q4 2015, the chain announced its intention to sell 145 properties to Mesirow Financial Holdings Inc. for a total price of $200 million. The net proceeds are expected to be approximately $165 million and the deal is expected to close in Q2 2016.

On 24 January 2017, Bob Evans Farms sold its restaurants business unit to the private equity company Golden Gate Capital (owners of Red Lobster and California Pizza Kitchen) for US$565 million plus the assumption of up to US$50 million in liabilities. In addition to the restaurants, Golden Gate Capital will also take ownership of the Bob Evans Farm in Bidwell, Ohio, near Rio Grande. Once the sale is finalized, Bob Evans Farms CEO Saed Mohseni will move to Golden Gate Capital to serve as President of the Bob Evans restaurant division. BFF Foods President Mike Townsley will become President and CEO of the new Bob Evans Farms, which would remain a public company and will focus on grocery products such as breakfast sausage and refrigerated side dishes. Net proceeds from the sale to Bob Evans Farms are expected to be between $475 million to $485 million.

On the same day, Bob Evans Farms entered into an agreement to acquire the Pineland Farms Potato Co. of Mars Hill, Maine, for US$115 million. Pineland Farms is a value-added potato processor, including a 900-acre (360 ha) potato farm, serving the retail and food service markets; they also operate a cheese processing business. Both the sale of the restaurant division to Golden Gate Capital and the purchase of Pineland Farms Potato Company closed on March 1, 2017.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q4 2017 2018-06-18 Future report Set alerts
Q3 2017 2018-03-06 Future report Set alerts
Q2 2017 2017-12-06 0.35 0.11
Q1 2017 2017-08-30 0.37 0.35
Q4 2016 2017-06-15 0.61 0.33
Q3 2016 2017-03-08 0.75 0.49
Q2 2016 2016-12-05 0.56 -0.21
Q1 2016 2016-08-31 0.48 0.23
Q4 2015 2016-06-14 0.48 0.30
Q3 2015 2016-03-01 0.62 0.31

Ratings

2016-06-15 Reiterated Rating Oppenheimer Buy $50.00
2016-06-15 Reiterated Rating Oppenheimer Holdings Inc. Buy $50.00
2016-05-17 Initiated Coverage Maxim Group Buy $59.00
2016-05-11 Initiated Coverage Sidoti Buy $60.00
2016-01-04 Reiterated Rating Oppenheimer Outperform
2015-12-03 Reiterated Rating Oppenheimer Buy
2015-12-03 Upgrade Stephens Underweight to Equal Weight $40.00
2015-12-02 Lower Price Target Oppenheimer Outperform $50.00 to $45.00
2015-10-16 Reiterated Rating Oppenheimer Buy
2015-10-15 Lower Price Target Oppenheimer Outperform $57.00 to $50.00
2015-06-25 Upgrade Miller Tabak Hold to Buy $50.00 to $57.00
2015-06-17 Reiterated Rating Oppenheimer Outperform $57.00
2015-06-12 Upgrade Miller Tabak Hold to Buy $50.00 to $57.00
2015-03-09 Reiterated Rating Oppenheimer Outperform $57.00
2015-03-06 Set Price Target KeyBanc Sell $45.00 to $38.00
2015-03-06 Set Price Target KeyCorp Sell $45.00 to $38.00
2015-03-04 Downgrade Janney Montgomery Scott Buy to Neutral
2015-03-04 Downgrade Miller Tabak Buy to Hold $63.00 to $53.00
2015-03-02 Boost Price Target Miller Tabak Buy $61.00 to $63.00
2015-02-27 Boost Price Target Oppenheimer Outperform $57.00 to $62.00
2015-01-05 Upgrade Janney Montgomery Scott Neutral to Buy $44.00 to $60.00
2014-12-03 Downgrade KeyBanc Hold to Underweight $45.00
2014-12-01 Reiterated Rating Miller Tabak Buy $54.00 to $59.00
2014-11-20 Boost Price Target Oppenheimer Outperform $52.00 to $57.00
2014-09-22 Upgrade CL King Sell to Neutral
2014-09-11 Lower Price Target Miller Tabak Buy $56.00 to $52.00
2014-08-28 Downgrade Stephens Equal Weight to Underweight $46.00 to $40.00
2014-08-21 Boost Price Target Miller Tabak Buy $55.00 to $56.00
2014-07-10 Lower Price Target Janney Montgomery Scott Neutral to Fair Value $45.00 to $44.00
2014-06-11 Boost Price Target Miller Tabak Buy $57.00 to $59.00
2014-05-12 Upgrade Ned Davis Research Neutral to Buy
2014-04-11 Lower Price Target Oppenheimer Outperform $58.00 to $52.00
2014-04-07 Downgrade CL King Neutral to Sell
2014-03-06 Upgrade Miller Tabak Hold to Buy $50.00 to $58.00
2013-12-05 Downgrade Stephens Overweight to Equal Weight $62.00 to $60.00
2013-12-04 Reiterated Rating Miller Tabak Hold $59.00 to $56.00
2013-11-27 Reiterated Rating Janney Montgomery Scott Neutral
2013-09-30 Reiterated Miller Tabak Hold $54 to $55
2013-09-25 Boost Price Target Oppenheimer Outperform $57.00 to $67.00
2013-09-24 Boost Price Target Miller Tabak Hold $53.00 to $54.00
2013-06-12 Initiated Oppenheimer Outperform $57
2011-06-28 Downgrade Miller Tabak Buy to Hold
2011-06-08 Upgrade Miller Tabak Hold to Buy $35 to $35
2011-05-10 Initiated Miller Tabak Hold $35
2009-12-04 Upgrade CL King Neutral to Accumulate $30
2009-08-12 Reiterated MKM Partners Buy $35 to $34
2009-06-04 Reiterated MKM Partners Buy $27 to $35
2009-04-29 Upgrade Sun Trust Rbsn Humphrey Neutral to Buy $30
2016-06-15 Reiterated Rating Oppenheimer Buy $50.00
2016-06-15 Reiterated Rating Oppenheimer Holdings Inc. Buy $50.00
2016-05-17 Initiated Coverage Maxim Group Buy $59.00
2016-05-11 Initiated Coverage Sidoti Buy $60.00
2016-01-04 Reiterated Rating Oppenheimer Outperform

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
DAVIS STEVEN A CEO/COB 2.04%  (482359) BOBE / MPC / SONC / WAG /
CORBIN LARRY C 0.29%  (68465) BOBE /
BROWNLEE HARVEY JR EXEC VP CHIEF REST OPS OFFICER 0.24%  (56505) BOBE /
HICKS RANDALL J PRESIDENT OF BE RESTAURANTS 0.17%  (41123) BOBE /
EULBERG JOSEPH R EXEC VP HUMAN RESOURCES 0.13%  (30876) BOBE /
DeSantis Paul F CFO 0.12%  (28569) BOBE / OMN /
Green Richard B CHIEF RISK & COMPLIANCE OFFICE 0.10%  (24152) BOBE /
WILLIAMS PAUL S 0.10%  (22644) BOBE / CMP / STFC / USTR /
KRUEGER HORN CHERYL L 0.07%  (15568) BOBE /
LUCAS G ROBERT 0.06%  (13838) BOBE /
GASSER MICHAEL J 0.04%  (10447) BOBE / GEF /
SHEEHAN KEVIN M 0.04%  (9557) BOBE / NCLH / NEWM / PLAY / SGMS /
GEE GORDON 0.04%  (9230) BOBE /
Mohseni Saed Chief Executive Officer 0.04%  (9141) BBRG / BOBE / CHUY /
Fisher John Joseph EVP & Chief Concept Officer 0.04%  (8460) BOBE / PTRY /
ONEIL KEVIN C VP ASSOC GEN COUNS & ASST CORP 0.03%  (7835) BOBE /
INGRAM E W III 0.03%  (7557) BOBE /
TAGGART SCOTT C VP INVESTOR RELATIONS 0.02%  (5858) BOBE /
Mitchell Edward A VP CORP CONTROLLER 0.02%  (5546) BOBE /
Domecq Drew T. SVP - Chief Information Office 0.02%  (4809) BOBE /
Rauschenberger Beth A SVP, Chief Accounting Officer 0.01%  (3057) BOBE /

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