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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 1999(April 23, 1999)
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BOB EVANS FARMS, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-1667 31-4421866
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
3776 SOUTH HIGH STREET, COLUMBUS, OHIO 43207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (614) 491-2225
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
Index to Exhibits is on Page 5.
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not Applicable.
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
Not applicable.
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable.
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable.
ITEM 5. OTHER EVENTS.
On April 23, 1999, Hickory Specialties, Inc., a Tennessee
corporation and an indirectly wholly-owned subsidiary of Bob Evans Farms, Inc.,
a Delaware corporation (the "Registrant"), sold substantially all of the assets
associated with its charcoal manufacturing operations to Royal Oak Sales, Inc.,
a Tennessee corporation. Hickory Specialties, Inc. has retained its liquid smoke
flavoring business. The consummation of this transaction is described in the
press release issued on April 23, 1999, which is included herewith as Exhibit
99(a).
On April 23, 1999, Mrs. Giles Country Kitchens, Inc., an Ohio
corporation and an indirectly wholly-owned subsidiary of the Registrant, sold
substantially all of its assets associated with its salad and other food
products production, sale and distribution business to Reser's Fine Foods, Inc.,
an Oregon corporation. The consummation of this transaction is described in the
press release issued on April 23, 1999, which is included herewith as Exhibit
99(a).
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not Applicable.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) None required.
(b) None required.
(c) Exhibits.
EXHIBIT NUMBER DESCRIPTION
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99(a) Press Release issued April 23, 1999
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ITEM 8. CHANGE IN FISCAL YEAR.
Not Applicable.
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATIONS.
Not Applicable.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
BOB EVANS FARMS, INC.
Date: April 30, 1999 By: /s/ Donald J. Radkoski
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Donald J. Radkoski, Group Vice
President, Treasurer and Chief
Financial Officer
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INDEX TO EXHIBITS
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EXHIBIT NUMBER DESCRIPTION PAGE NO.
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99(a) Press Release Issued April 23, 1999 *
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*Filed herewith
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[Bob Evans Farms, Inc. Logo] Exhibit 99(a)
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FOR IMMEDIATE RELEASE Contact: Don Radkoski or
April 23, 1999 Mary Cusick
614-491-2225/800-272-7675
Bob Evans Farms Divests Non-Core Food Products Assets
COLUMBUS, Ohio -- Bob Evans Farms, Inc. (NASDAQ: BOBE) is divesting certain
non-core assets of its food products segment, announces Daniel E. Evans,
chairman of the board and chief executive officer. Royal Oak Sales, Inc. has
purchased the charcoal manufacturing operations of Hickory Specialties, Inc. and
Reser's Fine Foods, Inc. has purchased Mrs. Giles Country Kitchens, Inc., which
produces fresh, deli salads.
Hickory Specialties' charcoal operations and Mrs. Giles were expected
to generate combined sales of approximately $46 million for Bob Evans Farms in
fiscal 1999, which ends April 30. The purchase prices for the two transactions
are expected to total approximately $29 million plus the assumption of roughly
$1 million of liabilities. The company does not expect to realize a significant
net gain or loss on the two transactions.
"These divestitures will help us sharpen our focus on the many growth
opportunities in our restaurant and food products businesses and will free up
additional capital to support that growth, as well as to make further Bob Evans
stock repurchases. We anticipate a positive net impact on our earnings per share
in fiscal 2000," said Evans. "Owning these two quality operations enabled us to
build synergies with our core businesses. However, the opportunities for
long-term growth and profitability for the purchasers made the terms of the
transactions attractive to us and will provide growth opportunities for not only
these businesses but also their employees."
Bob Evans Farms acquired Mrs. Giles in September 1991 and Hickory
Specialties in March 1992. Bob Evans will retain the Hickory Specialties liquid
smoke flavoring business.
Bob Evans Farms owns and operates 420 full-service, family restaurants
in 20 states. Bob Evans Farms also produces and distributes food products in 31
states under the names of Bob Evans Sausage and Owens Country Sausage.
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Reser's Fine Foods is a privately owned and operated manufacturer and
distributor of refrigerated foods, including chilled, processed salads; Mexican
foods; meat snack products; fresh pasta; and refrigerated potato products.
Royal Oak Sales is the world's second largest charcoal sales and
marketing company with a full line of charcoal-related products for all classes
of trade, including retail, wholesale and food service.
Safe Harbor Statement under the Private Securities Litigation Act of 1995: The
statements contained in this release which are not historical fact are
"forward-looking statements" that involve various important risks, uncertainties
and other factors which could cause the company's actual results to differ
materially from those expressed in such forward-looking statements. These
important factors include, but are not limited to, changes in the prices to be
paid in the live hog market, the entrance of new competitors in the family-style
restaurant industry and increases in labor costs, as well as other risks
previously disclosed in the company's securities filings and press releases.
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