Bob Evans reports higher sales, new customers
Bob Evans Farms reported strong sales in its recent quarter as it enters its last weeks as a publicly traded company.
The New Albanybased maker of refrigerated side dishes and sausage — which no longer includes the Bob Evans restaurants — also announced that the $1.5 billion sale of its business to Post Holdings is expected to become final in early January.
For its fiscal second quarter, Bob Evans reported sales of $117.6 million, compared with $96.2 million a year ago. The increase was attributed both to the acquisition of a mashed-potato maker in Maine and overall growth.
Net income was $2.3 million compared with a loss of $4 million a year ago. Higherthan-expected sow costs held net income down, according to the company.
The company also rolled out new accounts, including a “club” customer — clubs include Costco, Sam’s and a few others — plus new interest from restaurant chains. Bob Evans would not disclose those new customers and prospects.
The sale to Post Holdings will complete the breakup of Bob Evans, which has been publicly owned for decades.
Earlier this year, the company sold its restaurant division to a San Francisco-based private equity firm for $565 million.
Bob Evans then bought Pineland Farms, a potato processor in Maine, for $115 million. A few months later, Post Holdings, a St. Louisbased private company that owns several food brands, including cereals and other prepared foods, offered to buy what remained of Bob Evans for $1.5 billion.
Bob Evans’ headquarters will remain in New Albany.
Its shares closed Wednesday at $77.66, up 15 cents or 0.19 percent.