BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
For the years ended October 28, 2005, October 29, 2004, and October 31, 2003
(in thousands, except share and per share amounts)
| |
|
2005
|
2004
|
2003
|
|
|
|
|
|
| |
Net Sales |
$130,845 |
$137,865 |
$136,251 |
|
|
|
|
|
| |
Cost of products sold, excluding depreciation |
85,455 |
90,306 |
86,211 |
| |
Selling, general and administrative expenses |
43,393 |
43,728 |
43,776 |
| |
Depreciation |
4,251 |
4,345 |
4,313 |
| |
Gain on sale of equity securities |
— |
(553 ) |
— |
|
|
|
|
|
| |
|
133,099 |
137,826 |
134,300 |
|
|
|
|
|
| |
(Loss) income before taxes |
(2,254 ) |
39 |
1,951 |
| |
(Benefit) provision for taxes on income |
(1,311 ) |
15 |
741 |
|
|
|
|
|
| |
Net (loss) income |
$ (943 ) |
$ 24 |
$ 1,210 |
|
|
|
|
|
| |
Basic (loss) earnings per share |
$ (0.09 ) |
$ — |
$ 0.12 |
|
|
|
|
|
| |
Shares used to compute basic (loss) earnings per share |
9,994,816 |
10,131,570 |
10,381,477 |
|
|
|
|
|
| |
Diluted (loss) earnings per share |
$ (0.09 ) |
$ — |
$ 0.12 |
|
|
|
|
|
| |
Shares used to compute diluted (loss) earnings per share |
9,994,816 |
10,131,570 |
10,381,477 |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
AND COMPREHENSIVE INCOME
For the years ended October 28, 2005, October 29, 2004, and October 31, 2003
(in thousands, except per share amounts)
|
Shares
|
Amount
|
Capital in
excess of par value
|
Retained
earnings
|
Accumulated
other
comprehensive
income (loss)
|
Total
Shareholders’
equity
|
|
|
|
|
|
|
|
Balance, November 1, 2002 |
10,448 |
$ 10,505 |
$ 17,475 |
$ 27,776 |
$ (1,366 ) |
$ 54,390 |
Shares repurchased and retired |
(172 ) |
(172 ) |
(1,135 ) |
|
|
(1,307 ) |
Cash dividends paid ($.16 per share) |
|
|
|
(1,665 ) |
|
(1,665 ) |
Net income |
|
|
|
1,210 |
|
1,210 |
Other comprehensive (loss): |
|
|
|
|
|
|
Minimum pension liability |
|
|
|
|
(295 ) |
(295 ) |
|
|
|
|
|
|
|
Comprehensive income |
|
|
|
|
|
915 |
|
|
|
|
|
|
|
Balance, October 31, 2003 |
10,276 |
10,333 |
16,340 |
27,321 |
(1,661 ) |
52,333 |
Shares repurchased and retired |
(274 ) |
(274 ) |
(1,834 ) |
|
|
(2,108 ) |
Cash dividends paid ($.05 per share) |
|
|
|
(513 ) |
|
(513 ) |
Net income |
|
|
|
24 |
|
24 |
Other comprehensive income (loss): |
|
|
|
|
|
|
Unrealized gain on investment |
|
|
|
|
25 |
25 |
Minimum pension liability |
|
|
|
|
(1,097 ) |
(1,097 ) |
|
|
|
|
|
|
|
Comprehensive loss |
|
|
|
|
|
(1,048 ) |
|
|
|
|
|
|
|
Balance, October 29, 2004 |
10,002 |
10,059 |
14,506 |
26,832 |
(2,733 ) |
48,664 |
Shares repurchased and retired |
(16 ) |
(16 ) |
(112 ) |
|
|
(128 ) |
Net loss |
|
|
|
(943 ) |
|
(943 ) |
Other comprehensive income (loss): |
|
|
|
|
|
|
Unrealized gain on investment |
|
|
|
|
30 |
30 |
Minimum pension liability |
|
|
|
|
639 |
639 |
|
|
|
|
|
|
|
Comprehensive loss |
|
|
|
|
|
(274 ) |
|
|
|
|
|
|
|
Balance, October 28, 2005 |
9,986 |
$ 10,043 |
$ 14,394 |
$ 25,889 |
$ (2,064 ) |
$ 48,262 |
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
