Bridgford Foods Corp. (BRID, Financial) filed Quarterly Report for the period ended 2009-01-23.
Bridgford Foods Corporation operates in one business segment - the manufacture and distribution of frozen refrigerated and snack food products. The products manufactured and distributed by Bridgford consist of an extensive line of food products including a variety of sliced luncheon meats and cheeses wieners bacon sandwiches dry sausages biscuits bread dough items and roll dough items. The products purchased by Bridgford for resale include a variety of jerky cheeses salads party dips Mexican foods nuts and other delicatessen type food products. Bridgford Foods Corp. has a market cap of $30.09 million; its shares were traded at around $3.19 with and P/S ratio of 0.25.
Cost of products sold decreased by $1,634 (7.8%) to $19,343 in the first twelve weeks of the 2009 fiscal year compared to the same twelve-week period in fiscal 2008. The gross margin before depreciation increased from 33.0% to 38.6% in the first twelve weeks of the 2009 fiscal year primarily due to lower commodity costs when compared to the same twelve-week period in fiscal 2008.
Depreciation expense decreased by $34 (4.5%) to $714 in the first twelve weeks of the 2009 fiscal year compared to the same twelve-week period in fiscal year 2008. The decrease in depreciation expense reflects a decline in current capital expenditure projects and routine asset disposals during the first twelve weeks of fiscal 2009. Compared to the prior sixteen-week period ended October 31, 2008 (not shown), average weekly depreciation declined by $5 (7.9%) also due to lower capital expenditures and routine asset disposals.
The net income of $1,481 in the twelve weeks ended January 23, 2009 includes a non-taxable loss on life insurance policies in the amount of $240. Gains and losses on life insurance policies are dependent upon the performance of the underlying equities and future results may vary considerably. Taxable investment income also decreased on a comparative basis during the first twelve weeks of fiscal 2009 in the amount of $81 due to lower cash balances and lower short-term interest rates.
January 23, 2009 Sources of cash included reductions in inventory of $3,068. The decrease in operating cash flows for the period ended January 23, 2009 included an increase in prepaid expenses and other current assets in the amount of $274, an increase in other non-current assets of $3,418 as well as a reduction in accrued payroll, advertising and other expenses in the amount of $519. During the period we funded $145 towards our defined benefit pension plan.
January 25, 2008 Operating cash flows increased primarily due to a significant reduction in inventories in the amount of $4,897 offset by a reduction in accrued payroll, advertising and other expenses in the amount of $1,211. During the period we funded $1,442 towards our defined benefit pension plan.
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Bridgford Foods Corporation operates in one business segment - the manufacture and distribution of frozen refrigerated and snack food products. The products manufactured and distributed by Bridgford consist of an extensive line of food products including a variety of sliced luncheon meats and cheeses wieners bacon sandwiches dry sausages biscuits bread dough items and roll dough items. The products purchased by Bridgford for resale include a variety of jerky cheeses salads party dips Mexican foods nuts and other delicatessen type food products. Bridgford Foods Corp. has a market cap of $30.09 million; its shares were traded at around $3.19 with and P/S ratio of 0.25.
Highlight of Business Operations:
Net sales in the Frozen Food Products Segment, excluding inter-segment sales and including shelf-stable sandwiches, increased by $666 (5.0%) to $14,114 in the first twelve weeks of the 2009 fiscal year compared to the same twelve-week period last year. Sales volume decreased 8.2% offset by selling price per pound increase of 15.1% when compared to the comparative twelve-week period last year. Promotional allowances increased by approximately 0.1%, as a percent of sales, compared to the same twelve-week period last year. Our new Shelf Stable Sandwich products contributed sales of $965 to the Frozen Foods Product Segment in the first twelve weeks of the 2009 fiscal year. No Shelf Stable Sandwich sales were recorded in the first twelve weeks of fiscal 2008.Cost of products sold decreased by $1,634 (7.8%) to $19,343 in the first twelve weeks of the 2009 fiscal year compared to the same twelve-week period in fiscal 2008. The gross margin before depreciation increased from 33.0% to 38.6% in the first twelve weeks of the 2009 fiscal year primarily due to lower commodity costs when compared to the same twelve-week period in fiscal 2008.
Depreciation expense decreased by $34 (4.5%) to $714 in the first twelve weeks of the 2009 fiscal year compared to the same twelve-week period in fiscal year 2008. The decrease in depreciation expense reflects a decline in current capital expenditure projects and routine asset disposals during the first twelve weeks of fiscal 2009. Compared to the prior sixteen-week period ended October 31, 2008 (not shown), average weekly depreciation declined by $5 (7.9%) also due to lower capital expenditures and routine asset disposals.
The net income of $1,481 in the twelve weeks ended January 23, 2009 includes a non-taxable loss on life insurance policies in the amount of $240. Gains and losses on life insurance policies are dependent upon the performance of the underlying equities and future results may vary considerably. Taxable investment income also decreased on a comparative basis during the first twelve weeks of fiscal 2009 in the amount of $81 due to lower cash balances and lower short-term interest rates.
January 23, 2009 Sources of cash included reductions in inventory of $3,068. The decrease in operating cash flows for the period ended January 23, 2009 included an increase in prepaid expenses and other current assets in the amount of $274, an increase in other non-current assets of $3,418 as well as a reduction in accrued payroll, advertising and other expenses in the amount of $519. During the period we funded $145 towards our defined benefit pension plan.
January 25, 2008 Operating cash flows increased primarily due to a significant reduction in inventories in the amount of $4,897 offset by a reduction in accrued payroll, advertising and other expenses in the amount of $1,211. During the period we funded $1,442 towards our defined benefit pension plan.
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