COLUMBUS, Ohio, Aug. 25 /PRNewswire-FirstCall/ -- Bob Evans Farms, Inc. today announced that its board of directors has approved an 11.1 percent increase in the quarterly cash dividend from 18 cents ($0.18) per share to 20 cents ($0.20) per share on the company's outstanding common stock. The increased dividend is payable on Sept. 21 to stockholders of record at the close of business on Sept. 7.
Chairman and Chief Executive Officer Steve Davis said the Company's recent debt pay down, dividend increase and share repurchases are indicative of the Company's efforts to utilize its strong balance sheet to build stockholder value. "Increasing our dividend at the same time that we are repurchasing shares demonstrates our ongoing commitment to our stockholders," Davis said.
In the first quarter of fiscal 2011, the Company repurchased 170,000 shares for a total of $4.4 million and reduced its total debt by $8.9 million. The Company's board of directors has authorized share repurchases of up to $25 million for fiscal 2011, which ends April 29, 2011.
About Bob Evans Farms, Inc.
Bob Evans Farms, Inc. owns and operates full-service restaurants under the Bob Evans and Mimi's Cafe brand names. At the end of the first fiscal quarter (July 30, 2010), Bob Evans owned and operated 569 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States, while Mimi's Cafe owned and operated 145 casual restaurants located in 24 states, primarily in California and other western states. Bob Evans Farms, Inc. is also a leading producer and distributor of pork sausage and a variety of complementary homestyle convenience food items under the Bob Evans and Owens brand names. For more information about Bob Evans Farms, Inc., visit the company's Web site at http://www.bobevans.com/.
Bob Evans Farms, Inc.
CONTACT: David D. Poplar , Vice President, Investor Relations,
+1-614-492-4954
Web Site: http://www.bobevans.com/
