April 20, 2014 8:38 PM ET

Food Products

Company Overview of BEF Foods, Inc.

Company Overview

BEF Foods, Inc. produces and distributes retail pork sausage, refrigerated side dishes, and frozen convenience and foodservice items. The company was incorporated in 2011 and is based in Columbus, Ohio. BEF Foods, Inc. operates as a subsidiary of Bob Evans Farms, LLC.

3776 South High Street

Columbus, OH 43207

United States

Founded in 2011

Phone:

614-491-2225

Key Executives for BEF Foods, Inc.

President
Age: 54
Compensation as of Fiscal Year 2013.

BEF Foods, Inc. Key Developments

BEF Foods Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended January 24, 2014; Provides Sales Guidance for Fiscal 2015

BEF Foods reported unaudited earnings results for the third quarter and nine months ended January 24, 2014. For the quarter, operating income as reported was $1,376,000 against $3,161,000 for the same period in the last year. Total non-GAAP operating income was $2,232,000, compared to $4,710,000 in the corresponding period last year. The primary drivers of the decline were $4.5 million of incremental sow costs impacting cost of sales; $2.5 million related to the referenced supplier dispute including the profit effect of lost sales and higher co-packer prices before supply was terminated; and $2.1 million related to the startup of the Sulphur Springs facility expansion impacting the operating wages and other operating expense. The drivers of the decline were partially offset by a $3.2 million reduction in trade spending; $0.7 million of increased pricing; sales leverage; and reductions in SG&A. The company’s net sales were $99.6 million, an increase of 1.8% compared to net sales of $97.8 million in the corresponding period last year. The referenced supplier dispute impacted BEF Foods' sales as the company was unable to completely fill many orders from key customers during the holiday period. The company estimates sales were adversely impacted by approximately $7 million as a result of the supply disruption. Furthermore, the dispute hampered the company's innovation efforts as the termination of supply of a key product line necessitated several unplanned modifications to the Lima, Ohio, facility to accommodate new equipment and processes in order to manufacture the product in-house. For the nine months, the company reported operating income as reported of $3,876,000 against $15,310,000 for the same period in the last year. Total non-GAAP operating income was $9,574,000 against $22,532,000 for the same period in the last year. Net sales were $276,624,000 against $256,555,000 for the same period in the last year. The company expects sales growth of 8% to 9%, and sow costs of $70 per hundredweight for fiscal 2015.

BEF Foods Inc. Plans to Cease Operations at the Springfield Facility; Announces Expansion of Kettle Creations Unit

Bob Evans announced it will commence the planned closure of its Springfield plant in February 2014. Records filed with the Ohio Department of Job and Family Services showed BEF Foods Inc. plans to cease operations at the Springfield facility at 2110 West Jefferson St. between February 14 and February 28, 2014. In all, 40 employees will be permanently laid off in the process. While most of its employees will be transfers from the company's Bidwell site and a Hillsdale, Mich., transportation facility which is also closing, city officials said the project will create 20 new jobs locally, including mechanics and administrative positions. The company has also announced $40 million expansion of its Kettle Creations unit, projected to add 70 jobs by 2015.

BEF Foods Announces Earnings Results for the First Quarter Ended July 26, 2013; Provides Earnings Guidance for the Second Quarter 2014

BEF Foods announced earnings results for the first quarter ended July 26, 2013. For the quarter, net sales were $84,898,000 compared to $75,475,000 a year ago. Operating income was $5,517,000 compared to $7,933,000 a year ago. Total non-GAAP operating income was $6,705,000 compared to $9,285,000 a year ago. The company provided earnings guidance for the second quarter 2014. For the quarter, net sales of $380 to $400 million, up approximately 10% to 15%. Operating margins of 8.5% to 9.0%. During the second fiscal quarter, the company expects to incur total start-up expenses of $1.0 to $2.0 million for both the Sulphur Springs and Kettle Creations plants. Those start-up costs, in addition to the $6.5 to $7.0 million higher second quarter fiscal 2014 sow costs, are expected to have a significant dampening effect on BEF Foods' segment profitability in the second quarter. During the second half of fiscal 2014, the company projects cost savings of $4 to $5 million associated with the consolidation of the company's Bidwell and Springfield, Ohio, plants into the newly expanded Sulphur Springs facility. Operating margins also include the impact of ERP spending and an increased corporate overhead allocation as a result of the company providing transition services to Mimi's Cafe at less than cost.

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