COLUMBUS, Ohio, Nov. 19, 2009 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc. (Nasdaq:BOBE) today announced that its board of directors has approved a 12.5 percent increase in the quarterly cash dividend from 16 cents per share ($0.16) to 18 cents per share ($0.18) on the company's outstanding common stock ($0.01 par value). The increased dividend is payable on Dec. 15 to stockholders of record at the close of business on Dec. 4.
The Company also announced that its board of directors has authorized a stock repurchase program of up to one million shares. The repurchase authorization is effective immediately, through the remainder of the Company's 2010 fiscal year, which ends April 30, 2010.
Chairman and Chief Executive Officer Steve Davis said the Company's recent debt pay down, dividend increase and repurchase authorization 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 addition, we have paid down $66 million of debt in the past 12 months on the strength of our cash flows. The solid overall financial position of our Company gives us the confidence to implement these financial strategic initiatives."
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 second fiscal quarter (Oct. 23, 2009), 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 www.bobevans.com.