Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the first quarter (12 weeks) ended January 25, 2008 were $31,319,000, a decrease of 3.1% compared to sales in the first twelve weeks of the prior fiscal year. The Company reported a net loss of $263,000 in the first quarter of fiscal year 2008, compared to net income of $40,000 in the same quarter of fiscal year 2007. Extraordinarily high commodity and fuel costs have reduced operating margins in recent months and therefore the Company is increasing prices to offset some of these expenses.
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 | ||||||||
| Jan 25, 2008 | Jan 26, 2007 | ||||||||
| Sales | $ | 31,319,000 | $ | 32,314,000 | |||||
| Cost of sales | $ | 20,977,000 | $ | 21,556,000 | |||||
| Selling, general & administrative expenses | $ | 10,025,000 | $ | 9,921,000 | |||||
| Depreciation | $ | 748,000 | $ | 782,000 | |||||
| (Loss) income before taxes | $ | (431,000 | ) | $ | 55,000 | ||||
| Income tax (benefit) provision | $ | (168,000 | ) | $ | 15,000 | ||||
| Net (loss) income | $ | (263,000 | ) | $ | 40,000 | ||||
| Basic (loss) earnings per share | $ | (0.03 | ) | $ | 0.00 | ||||
| Average shares outstanding | 9,880,000 | 9,955,000 | |||||||
Contacts:
R. Lancy, 714/526-5533
