Bob Evans Farms, Inc. (BOBE)

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Bob Evans Farms, Inc. (BOBE)

UBS Global Consumer Conference

March 13, 2013 10:30 am ET


Paul F. DeSantis - Chief Financial Officer, Principal Accounting officer, Treasurer and Assistant Corporate Secretary

Scott C. Taggart - Vice President, Investor Relations

Steven A. Davis - Chairman and Chief Executive Officer


David Palmer - UBS Investment Bank, Research Division


David Palmer - UBS Investment Bank, Research Division

Okay, so we're going to kick things off. Good morning. I'm David Palmer. As the food and the restaurant analyst, it's perhaps doubly appropriate that I introduce a company that's looking for growth in both segments of where we eat. We're honored to have Steve Davis, Chairman and CEO of Bob Evans Farms, with us here today; Paul DeSantis, CFO; Scott Taggart, IR.

Before joining Bob Evans, Steve worked at Yum! Brands, company that we've known and liked for quite some time, where he'd been President of Long John Silver's, an A&W All-American Food restaurants since 2002. And previous to that, he served a variety of operations management and other executive positions at Yum! Brands' Pizza Hut division, including Senior VP of the Concept Development when his team introduced the WingStreet concept. before joining Pizza Hut in '93, he was with Kraft General Foods for 9 years. His last position with Kraft was Director of Marketing for All American Gourmet. Earlier in his career, he spent some time in the Cheese division. He has an MBA from Chicago and a Bachelor of Science from University of Wisconsin in Milwaukee.

Thank you again to Scott, Paul and Steve for joining us here today. I'm going to pass it off to -- okay, Paul?

Paul F. DeSantis


Scott C. Taggart

Okay. Before we -- good morning. Before we begin, I'd like to refer you to our Safe Harbor Statement on Slide 2.

Certain information that we may discuss today regarding future performance is forward-looking. Various factors could affect the company's future results and cause those results to differ materially from those expressed in our forward-looking statements. Please refer to our recent filings with the Securities and Exchange Commission for further discussion of these risk factors. Also, I'd like to point out that our DAC [ph] is available on our corporate website at

And with that, it's my pleasure to introduce Steve Davis, our Chairman and Chief Executive Officer.

Steven A. Davis

Thank you, Scott. How's everybody doing this morning? Good. Thanks for coming and spending some time with us. And I just always like to start with our investor fact sheet that's on our website. So it gives you a quick sense for who we are, our products, where we sell our products. And then on the other side of the investor fact sheet are our 5 key strategies, which we refer to as our BEST Brand Builders: Win Together as a Team, Consistently Drive Sales Growth, Improve Margins with an Eye on Guest Satisfaction, Be Great at Operations and Increase Returns on Invested Capital. That's what we're all about. So if you get a chance and you go to our website, that investor fact sheet is there. It's a quick 1-page summary for understanding what we're trying to do with the business.

I'd like to spend the majority of the time talking about where we're trying to take Bob Evans Farms Inc. post the separation of Mimi’s Café and what some of the growth opportunities are going to be.

Our vision has not changed: make our regional brands powerful national brands, but now it's focused on what I'll call the Bob Evans 2. It's Bob Evans Restaurants and it's Bob Evans Farms Food Inc.

I'll do a drill-down on both of those in terms of not only the composition of the business but also where we're trying to take it strategically.

I want to start out overall with our long-term guidance. Our shareholder value creation goal is to drive our adjusted long-term earnings per share growth 8% to 12%, and that's driven by 3 strategic pillars: One, transform our core businesses to enable expansion. And you'll see, over time, we've made some major transformations to the 2 businesses. One of the biggest transformations that's taking place right now is what we're calling our Farm-Fresh Refresh remodel program for Bob Evans Restaurants, and a series of transformations have happened with food products, and I'll show you the financial impact of those transformations. I think they're quite significant and gives you a sense for what we're trying to do with our Food Products business.

Selectively invest in high return on invested capital growth opportunities, both internal and external. So some of the acquisition work that you have seen us accomplish over the last 6 months was an example of external, inorganic opportunities that have been able to transform the food product business. But we always have a very, very laser focused on making sure that, when we make these acquisitions, that they're going to be accretive and we'll get a great return on them.

And then, finally, drive shareholder value with disciplined capital allocation. If we do the first 2 pillars, which is transform and drive sales growth, grow the enterprise, make the right selective investments, it's easier to deliver on that third pillar, which is making sure you're driving stakeholder value, but it's all about disciplined capital allocation.

When you look at our 8% to 12% growth, we say, "Well, how can you get there?" and then I always say, "The past is not a predictor of the future, but it's always the place to start." And as you can see, with the configuration of our 3 businesses in the past, we were able to drive adjusted EPS growth of 9% from fiscal year 2007 to fiscal year 2012.

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