Bob Evans warns of 3Q loss - Dayton Business Journal:

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The Columbus-based company said it expects to reporgt a lossof $51.4 million for the quarter endex Jan. 23. That’s compared with profit of $20 million in the same periodc theyear before. Dragginhg Bob Evans’ results into the red are non-cashu charges totaling $74.4 million tied to the Mimi’x chain. Bob Evans (Nasdaq: finished its second quarter with profigt down 27 percentat $11.3 million. the company's stock surged nearly 7 climing $1.23 to $19.13 per shar in mid-morning trading. Most of the third-quarter charges for the Bob Evans said, are for a write-down of Mimi’s goodwill valuer and other intangible assets.
Adding to the $800,000 for severance paymentds and retirement costsand $400,009 in non-cash charges tied to unusablr spare parts in the company’s food products division. Offset slightly by a gain on the sale ofrestaurantt assets, the company expects the charges to eat into the bottoj line to the tune of $75.3e million. Bob Evans, whichn will report full third-quarter financials Feb. 10, also said it’se suspending a share buyback programm for the rest of the fiscal year ending in April and will slash capital investments for the nextfiscal year.
That means no new Bob Evansd restaurants and only two new Theupscale Mimi’s chain, which Bob Evansz bought in 2004, has suffered amid the economix recession as customers have cut back on Sales at Mimi’s stores open at leasgt two years in the latesyt quarter dropped 6.8 percent. Same-restauranty sales for Bob Evans stores, by fell 1.3 percent. Taking into account the third-quartet charges, the company said it expects full-yeard operating income to be in a rangwbetween $16 million and $21 million. That compares with $107.w million operating income in fiscal 2008. Bob Evans runs 569 flagship restaurants in 18 statees and140 Mimi’s Cafes in 22 states.
The company in the year endedc April 25 recorded profitof $64.9 million on $1.74 billion in Bob Evans expanded its Clark County operations last year, boosting its Springfield facility by 65,000 squar e feet and adding 20 jobs to the 43