Bridgford Foods Corporation (Nasdaq:BRID) today reported sales for the fiscal year (52 weeks) ended November 2, 2007 of $125,091,000, a decrease of 6.8% compared to sales in the prior fiscal year (53 weeks). The Company reported a net loss of $292,000 (52 weeks) compared to a net income of $1,240,000 (53 weeks) in the prior year.
Sales for the sixteen weeks ended November 2, 2007 decreased 11.6% to $38,197,000 when compared to the same period of seventeen weeks in the prior year. Net loss for the sixteen weeks ended November 2, 2007 was $92,000, compared to net income of $1,081,000 in the same period last year (seventeen weeks).
Bridgford Foods Corporation is a producer of frozen dough, microwaveable and shelf-stable sandwiches, dry sausages, processed meats and other convenience food products.
| BRIDGFORD FOODS CORPORATION | ||||||||
| FINANCIAL HIGHLIGHTS | ||||||||
| 52 Weeks Ended | 53 Weeks Ended | |||||||
| November 2, 2007 | November 3, 2006 | |||||||
| Sales | $ | 125,091,000 | $ | 134,264,000 | ||||
| Cost of sales | $ | 81,126,000 | $ | 85,133,000 | ||||
| Selling, general & administrative expenses | ||||||||
| $ | 41,249,000 | $ | 43,963,000 | |||||
| Depreciation | $ | 3,389,000 | $ | 3,777,000 | ||||
| Gain on sale of equity securities | $ | - | $ | (106,000 | ) | |||
| (Loss) income before taxes | $ | (673,000 | ) | $ | 1,497,000 | |||
| Income tax (benefit) provision | $ | (381,000 | ) | $ | 257,000 | |||
| Net (loss) income | $ | (292,000 | ) | $ | 1,240,000 | |||
| Basic (loss) earnings per share | $ | (0.03 | ) | $ | 0.13 | |||
| Average shares outstanding | 9,928,000 | 9,966,000 | ||||||
(UNAUDITED) | |||||||
| 16 Weeks Ended | 17 Weeks Ended | ||||||
| November 2, 2007 | November 3, 2006 | ||||||
| Sales | $ | 38,197,000 | $ | 43,215,000 | |||
| Cost of sales | $ | 24,672,000 | $ | 27,046,000 | |||
| Selling, general & administrative expenses | |||||||
| $ | 12,868,000 | $ | 13,733,000 | ||||
| Depreciation | $ | 1,108,000 | $ | 1,101,000 | |||
| (Loss) income before taxes | $ | (451,000 | ) | $ | 1,335,000 | ||
| Income tax (benefit) provision | $ | (359,000 | ) | $ | 254,000 | ||
| Net (loss) income | $ | (92,000 | ) | $ | 1,081,000 | ||
| Basic (loss) earnings per share | $ | 0.00 | $ | 0.11 | |||
| Average shares outstanding | 9,901,000 | 9,963,000 | |||||
Contacts:
R. Lancy, 714-526-5533
