July 25, 2016 3:30 AM ET

Food Products

Company Overview of BEF Foods, Inc.

Company Overview

BEF Foods, Inc. produces and distributes retail pork sausage, refrigerated side dishes, and frozen convenience and foodservice items. The company was incorporated in 2011 and is based in New Albany, Ohio. BEF Foods, Inc. operates as a subsidiary of Bob Evans Farms, LLC.

8111 Smiths Mill Road

New Albany, OH 43054-1183

United States

Founded in 2011

Phone:

614-491-2225

Key Executives for BEF Foods, Inc.

President
Age: 57
Compensation as of Fiscal Year 2016.

BEF Foods, Inc. Key Developments

BEF Foods Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended January 22, 2016; Provides Same-Store Sales Guidance for the Full Year 2016

BEF Foods reported unaudited earnings results for the third quarter and nine months ended January 22, 2016. For the quarter, GAAP operating income was $20.6 million, compared to $15.3 million in the year ago period. Non-GAAP operating income was $20.6 million compared to $15.5 million in the prior year, an improvement of $5.1 million. The improvement resulted from approximately $3.4 million of favorable sales mix, and $2.3 million resulting from decreased S,G&A costs, plant efficiencies, and sales leverage; partially offset by $0.6 million of increased net sow cost ($8.2 million of increased trade spending partially offset by $7.6 million of sow cost favorability). Net sales were $107.9 million, an increase of $1.1 million, or 1.0% compared to $106.8 million in the corresponding period last year. For the nine months, operating income as reported was $50.44 million compared to $24.68 million a year ago. Net sales were $285.22 million compared to $285.11 million a year ago. Non-GAAP operating income was $54.05 million compared to $25.55 million a year ago. The company provided same-store sales guidance for the full year 2016. The company’s net sales are expected to be in the range of $380 to $390 million.

Bob Evans Investor Wants To Sell Packaged Food Unit To Post

An activist investor of Bob Evans Farms, Inc. (NasdaqGS:BOBE) (company) has been pressuring the company to sell BEF Foods, Inc. to Post Holdings, Inc. (NYSE:POST), according to a report from the Wall Street Journal. The Journal reported on December 3, 2015, that Sandell Asset Management Corp., a private equity firm that gained board four seats with Bob Evans in 2014, wrote a letter to the company urging it to sell BEF Foods to Post, which Sandell execs believed would pay as much as $950 million for the business.

BEF Foods, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended October 23, 2015; Provides Sales Guidance for the Fiscal Year 2016

BEF Foods, Inc. reported earnings results for the second quarter and six months ended October 23, 2015. For the quarter, the company's net sales were $94.3 million, an increase of $2.2 million, or 2.3%, compared to $92.1 million in the corresponding period last year. GAAP operating income was $14.0 million, compared to $6.4 million in the year ago period. Non-GAAP operating income was $17.6 million, compared to $6.4 million in the prior year, an improvement of $11.2 million. The improvement resulted from approximately $6.5 million of favorable sales mix, $3.4 million of net sow cost favorability, and $1.3 million resulting from sales leverage and plant efficiencies partially offset by increased advertising and S,G&A. For the six months, the company's net sales were $177.3 million compared with $178.3 million a year ago. Operating income was $29.8 million compared with $9.4 million a year ago. Total non-GAAP operating income was $33.4 million compared with $10.1 million a year ago. For the fiscal 2016, the company expects net sales in the range of $380 million to $390 million.

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