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Risks Relating to Dependence on Key Management
The Company’s executive officers and certain other key employees have been primarily responsible for the development and expansion of the Company’s business, and the loss of the services of one or more of these individuals could have an adverse effect on the Company. The Company’s success will be dependent in part upon its continued ability to recruit, motivate and retain qualified personnel. There can be no assurance that the Company will be successful in this regard. The Company has no employment or non-competition agreements with key personnel.
Executive Officers of the Registrant
The names, ages and positions of all the executive officers of the Company as of January 1, 2006 are listed below. Messrs. Hugh Wm. Bridgford and Allan L. Bridgford are brothers. William L. Bridgford is the son of Hugh Wm. Bridgford and the nephew of Allan L. Bridgford. Officers are normally appointed annually by the board of directors at their meeting immediately following the annual meeting of shareholders. All executive officers are full-time employees of the Company, except for Allan L. Bridgford, who worked 60% of full-time effective March, 2005.
| |
Name
|
Age
|
Position(s) with the Company
|
|
|
|
|
| |
Allan L. Bridgford |
70 |
Chairman and member of the Executive Committee |
| |
Hugh Wm. Bridgford |
74 |
Vice President and Chairman of the Executive Committee |
| |
William L. Bridgford |
51 |
President, Secretary and member of the Executive Committee |
| |
Raymond F. Lancy |
52 |
Chief Financial Officer, Executive Vice President, Treasurer and member of the Executive Committee |
Item 2. Properties
The Company owns the following facilities:
| |
Property Location
|
Building
Square
Footage
|
Acreage
|
|
|
|
|
| |
Anaheim , California |
100,000 |
5.0 |
| |
Modesto , California |
2,500 |
0.3 |
| |
Dallas , Texas |
94,000 |
4.0 |
| |
Dallas , Texas |
30,000 |
2.0 |
| |
Dallas , Texas |
16,000 |
1.0 |
| |
Dallas , Texas |
3,200 |
1.5 |
| |
Statesville , North Carolina |
42,000 |
8.0 |
| |
Chicago , Illinois |
156,000 |
1.5 |
The foregoing plants are, in general, fully utilized by the Company for processing, warehousing, distributing and administrative purposes. The Company also leases warehouse and/or office facilities throughout the United States and Canada. The Company believes that its properties are generally adequate to satisfy its foreseeable needs. Additional properties may be acquired and/or plants expanded if favorable opportunities and conditions arise.
Item 3. Legal Proceedings
No material legal proceedings were pending at October 28, 2005 against the Company. The Company is likely to be subject to claims arising from time to time in the ordinary course of its business. In certain of such actions, plaintiffs may request punitive or other damages that may not be covered by insurance and, accordingly, no assurance can be given with respect to the ultimate outcome of any such possible future claims or litigation or their effect on the Company.
Item 4. Submission of Matters to a Vote of Security Holders
Annual Meeting of Shareholders
The 2006 annual meeting of shareholders will be held at the Four Points Sheraton, 1500 South Raymond Avenue, Fullerton, California at 10:00 a.m. on Wednesday, March 15, 2006.
No matters were submitted by the Company’s shareholders during the fourth quarter of the fiscal year ended October 28, 2005.
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