Bob Evans Reports Earnings Miss

Bob Evans Farms Inc. reported late Tuesday it earned $5.9 million, or 25 cents a share, in the fiscal third quarter, compared with 24 cents a year earlier. The company also reported sales of $357.2 million in the quarter. Adjusted for one-time items, Bob Evans earned 60 cents a share on the quarter, compared with 31 cents a share a year earlier, it said. Analysts polled by FactSet had expected the restaurant chain and food retailer to report earnings of 70 cents a share on sales of $360 million. The company said it would not pursue a sale or spinoff of BEF Foods at this time as "it would not enhance shareholder value", and that J.P. Morgan has been hired to review "strategic alternatives" for the company's real estate, which could include forming a REIT. Bob Evans's BEF Foods unit sells refrigerated and frozen foods.