Bridgford Foods Corp | Investor Service

2003 Annual Report

Common Stock and Dividend Data

The common stock of the Company is traded in the national over-the-counter market and is authorized for quotation on the Nasdaq Global Market under the symbol “BRID”. The following table reflects the high and low closing prices and cash dividends paid as quoted by Nasdaq for each of the last eight fiscal quarters.

 

Fiscal Year 2007

 

High

 

Low

 

Cash 
Dividends 
Paid

 

First Quarter

 

$

8.08

 

$

6.01

 

$

0.00

 

Second Quarter

 

$

7.95

 

$

7.02

 

$

0.00

 

Third Quarter

 

$

7.70

 

$

7.23

 

$

0.00

 

Fourth Quarter

 

$

7.83

 

$

6.45

 

$

0.00

 


Fiscal Year 2006

 

High

 

Low

 

Cash 
Dividends 
Paid

 

First Quarter

 

$

7.90

 

$

6.50

 

$

0.00

 

Second Quarter

 

$

6.50

 

$

5.80

 

$

0.00

 

Third Quarter

 

$

6.80

 

$

5.99

 

$

0.00

 

Fourth Quarter

 

$

6.40

 

$

5.57

 

$

0.00

 

On January 24, 2008, the closing sale price for the Company’s common stock on the Nasdaq Global Market was $6.93 per share. As of January 24, 2008, there were 333 stockholders of record of the Company’s common stock.

The payment of any future dividends will be at the discretion of the Company’s Board of Directors and will depend upon future earnings, financial requirements and other factors.

Unregistered Sales of Equity Securities

During the period covered by this Report the Company did not sell or issue any equity securities that were not registered under the Securities Act of 1933, as amended.

Repurchases of Equity Securities by the Issuer

During fiscal year 2007, the Company repurchased an aggregate of 69,000 shares of its common stock for $515,000 pursuant to its repurchase plan previously authorized by the Board of Directors.   The following table provides information regarding the Company’s repurchases of its common stock in each of the four periods comprising the fourth quarter of fiscal year 2007.

 

 

Total Number of

 

Average Price  

 

Total Number of 
Shares Purchased 
as Part of Publicly 
Announced Plans or

 

Maximum Number 
of Shares that 
May Yet Be 
Purchased Under the 
Plans or Programs

 

Period (1)

 

Shares Purchased

 

Paid Per Share

 

Programs (2)

 

(2)

 

July 14, 2007 — August 10, 2007 (4 weeks)

 

5,568

 

$

7.65

 

5,568

 

535,417

 

August 11, 2007 — September 7, 2007
(4 weeks)

 

3,373

 

$

7.52

 

3,373

 

532,044

 

September 8, 2007 — October 
5, 2007 (4 weeks)

 

4,703

 

$

7.35

 

4,703

 

527,341

 

October 6, 2007 — November 
2, 2007 (4 weeks)

 

8,583

 

$

6.94

 

8,583

 

518,758

 

Total

 

22,227

 

$

7.29

 

22,227

 

 

 

(1) The periods shown are the Company’s fiscal periods during the sixteen-week quarter ending November 2, 2007.

(2) All repurchases reflected in the foregoing table were made on the open market.  The Company’s stock repurchase program was approved by the Board of Directors in November 1999 (1,500,000 shares authorized, disclosed in a Form 10-K filed on January 26, 2000) and was expanded in June 2005 (500,000 additional shares authorized, disclosed in a press release and Form 8-K filed on June 17, 2005).  Under the stock repurchase program, the Company is authorized, at the discretion of management and the Board of Directors, to purchase up to an aggregate of 2,000,000 shares of the Company’s common stock on the open market.  The Company’s Stock Purchase Plan (“Purchase Plan”) is administered by Citigroup Global Markets Inc. (“CGM”) for purchase of shares of common stock (“Stock”) issued by the Company in compliance with the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”). Commencing on September 16, 2007 and continuing through and including September 15, 2008, CGM shall act as the Company’s exclusive agent to purchase Stock under the Purchase Plan.   This Purchase Plan supplements any purchases of stock by the Company “outside” of the Purchase Plan, which may occur from time to time, in open market transactions pursuant to Rule 10b-18 of the Exchange Act. The daily purchase quantity is defined as a number of shares up to, but not to exceed, each day’s applicable Rule 10b-18 maximum volume limit (i.e. 25% of the prior four calendar weeks’ average daily trading volume); however, once per week a block of stock may be purchased that exceeds the Rule 10b-18  average daily trading volume condition, provided that no other Purchase Plan purchases are made on any day on which such a block is purchased.  As of November 2, 2007, the total maximum number of shares that may be purchased under the Purchase Plan is 518,758 at a total maximum aggregate price (exclusive of commission) of $5,187,580.