BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended November 3, 2006, October 28, 2005, and October 29, 2004
(in thousands)
| |
|
2006 |
2005 |
2004 |
|
|
|
|
|
| |
(as restated) |
(as restated) |
|
| Cash flows from operating activities: |
|
|
|
| |
Net income (loss) |
$1,240 |
$(943) |
$24 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| |
Depreciation |
3,777 |
4,251 |
4,345 |
| |
(Recovery) on losses on accounts receivable |
(277) |
(578) |
(246) |
| |
(Gain) on sale of property, plant and equipment |
(31) |
(11) |
(11) |
| |
(Gain) on sale of equity securities |
(106) |
— |
(553) |
| |
Provision for asset impairment |
— |
— |
54 |
| |
Deferred income taxes, net |
1,111 |
(571) |
(601) |
| Changes in operating assets and liabilities: |
|
|
|
| |
Trading securities |
(7,700) |
(4,500) |
— |
| |
Accounts receivable |
(436) |
2,243 |
1,346 |
| |
Inventories |
1,780 |
1,154 |
(4,445) |
| |
Prepaid expenses |
52 |
78 |
(619) |
| |
Income taxes receivable |
(327) |
179 |
732 |
| |
Other non-current assets |
(1,484) |
(761) |
(74) |
| |
Accounts payable |
117 |
69 |
(968) |
| |
Accured payroll, advertising and other expenses |
714 |
(533) |
930 |
| |
Income taxes payable |
— |
(913) |
913 |
| |
Current portion of non-current liabilities |
1,558 |
553 |
(699) |
| |
Non-current liabilities |
(2,814) |
298 |
780 |
|
|
|
|
|
| |
|
Net cash provided by operating activities |
(2,826) |
15 |
908 |
|
|
|
|
|
| Cash used in investing activities: |
|
|
|
| |
Proceeds from sale of property, plant and equipment |
62 |
28 |
35 |
| |
Proceeds from saleof equity securities |
606 |
— |
898 |
| |
Additions to property, plant and equipment |
(2,330) |
(2,032) |
(3,444) |
|
|
|
|
|
| |
|
Net cash used in investing activities |
(1,662) |
(2,004) |
(2,511) |
| Cash used in financing activities: |
|
|
|
| |
Shares repurchased |
(187) |
(128) |
(2,108) |
| |
Cash dividends paid |
— |
— |
(513) |
|
|
|
|
|
| |
|
Net cash used in financing activities |
(187) |
(128) |
(2,621) |
|
|
|
|
|
| Net increase (decrease) in cash and cash equivalents |
(4,675) |
(2,117) |
(4,224) |
| |
|
|
|
| Cash and cash equivalents at beginning of year |
5,855 |
7,972 |
12,196 |
|
|
|
|
|
| Cash and cash equivalents at end of year |
$1,180 |
$5,855 |
$7,972 |
|
|
|
|
|
| Cash paid for income taxes |
$26 |
$687 |
$39 |
|
|
|
|
|
| |
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
