Bridgford Foods Corporation (Nasdaq:BRID) today reported sales for the second quarter (12 weeks) ended April 20, 2007 were $27,894,000, a decrease of 1.5% compared to sales in the second twelve weeks of the prior fiscal year. The Company reported a net loss of $273,000 in the second quarter of fiscal year 2007 compared to net income of $72,000 in the same quarter of fiscal year 2006.
Sales for the first half (24 weeks) of the 2007 fiscal year were $60,207,000, a 4.3% decrease compared to the same period in 2006. The Company incurred a net loss of $232,000 in the first half of 2007 compared to a net loss of $65,000 in the first half of last year.
Bridgford Foods Corporation, is a producer of frozen dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products.
| BRIDGFORD FOODS CORPORATION | ||||
| FINANCIAL HIGHLIGHTS | ||||
| (UNAUDITED) | ||||
| 12 Weeks Ended | 12 Weeks Ended | |||
| Apr 20, 2007 | Apr 14, 2006 | |||
| Sales | $27,894,000 | $28,305,000 | ||
| Cost of products sold, excluding depreciation | $17,944,000 | $17,510,000 | ||
| Selling, general & administrative expenses | $9,524,000 | $9,841,000 | ||
| Depreciation | $782,000 | $892,000 | ||
| Gain on sale of equity securities | $(106,000) | |||
| Income (loss) before taxes | $(356,000) | $168,000 | ||
| Income tax provision (benefit) | $(83,000) | $96,000 | ||
| Net income (loss) | $(273,000) | $72,000 | ||
| Basic income (loss) per share | $(0.03) | $0.01 | ||
| Average shares outstanding | 9,940,000 | 9,966,000 | ||
| 24 Weeks Ended | 24 Weeks Ended | |||
| Apr 20, 2007 | Apr 14, 2006 | |||
| Sales | $60,207,000 | $62,880,000 | ||
| Cost of products sold, excluding depreciation | $39,500,000 | $41,063,000 | ||
| Selling, general & administrative expenses | $19,444,000 | $20,211,000 | ||
| Depreciation | $1,563,000 | $1,784,000 | ||
| Gain on sale of equity securities | $(106,000) | |||
| Income (loss) before taxes | $(300,000) | $(72,000) | ||
| Income tax provision (benefit) | $(68,000) | $(7,000) | ||
| Net income (loss) | $(232,000) | $(65,000) | ||
| Basic income (loss) per share | $(0.02) | $(0.01) | ||
| Average shares outstanding | 9,948,000 | 9,970,000 | ||
