Bridgford Foods Corp | Investor Service

2003 Annual Report Page 9

Item 6. Selected Financial Data

The following selected consolidated financial data as of and for the years ended November 3, 2006, October 28, 2005, October 29, 2004, October 31, 2003 and November 1, 2002 has been derived from the Company’s audited consolidated financial statements. The data set forth below should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Company’s Consolidated Financial Statements and the Notes thereto included elsewhere in this Annual Report on Form 10-K.

  Nov 3,
2006 *

Oct 28,
2005

Oct 29,
2004 		Oct 31,
2003 		Nov 1,
2002
Net Sales $134,264

$130,845

$137,865

$136,251

$139,202
Gross Margin Percent 36.6% 34.7% 34.5% 36.7% 36.5%
Net Income (Loss) 1,240 (943) 24 1,210 1,138
Basic Earnings (Loss) Per Share 0.13 (0.09) --- 0.12 0.11
Current Assets 45,913 43,738 44,401 45,686 46,413
Current Liabilities 14,231 11,841 12,665 12,489 11,800
Working Capital 31,682 31,897 31,736 33,197 34,613
Property, Plant and Equipment, Net 13,041 14,519 16,755 17,735 19,030
Total Assets 72,931 72,963 74,942 75,927 77,182
Shareholders' Equity 50,186 48,262 48,664 52,333 54,390
Cash Dividends Per Share 0.00 0.00 0.05 0.16 0.26

(In thousands, except percent and per share amounts)
* - 53 weeks.


Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Bridgford Foods Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following; general economic and business conditions; the impact of competitive products and pricing; success of operating initiatives; development and operating costs; advertising and promotional efforts; adverse publicity; acceptance of new product offerings; consumer trial and frequency; changes in business strategy or development plans; availability, terms and deployment of capital; availability of qualified personnel;
commodity, labor, and employee benefit costs; changes in, or failure to comply with, government regulations; weather conditions; construction schedules; and other factors referenced in this Report.

Results of Operations (in thousands)

Fiscal Year Ended November 3, 2006 (53 weeks) Compared to Fiscal Year Ended October 28, 2005 (52 weeks)

Sales

Sales in fiscal 2006 increased $3,419 (2.6%) when compared to the prior year. After considering the additional week in 2006, a 53 week year, sales were essentially flat compared to the prior year. Sales in the Company’s frozen food segment increased $3,638 (7.7%), as a result of increased average unit selling prices and higher unit volume primarily due to the introduction of a successful new product. Promotional spending as a percentage of sales increased to 8.4% compared to 8.0% in the prior year partially off-setting the sales increase in the frozen food division. Sales in the Company’s refrigerated and snack food products segment decreased $219 (0.3%) primarily as result of lower unit sales volume. Higher unit selling prices helped mitigate the decrease.

 


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Exhibit: 21.1 23.1 23.2 31.1 31.2 32.1 32.2