BRIDGFORD FOODS CORPORATION
CONSOLIDATED BALANCE SHEETS
October 31, 2008 and November 2, 2007
(in thousands, except per share amounts)
|
|
2008 |
|
2007 |
| ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
6,092 |
|
|
$ |
11,336 |
|
Accounts receivable, less allowance for doubtful accounts of $397 and $482,
respectively and promotional allowances of $2,015 and $1,980, respectively |
|
|
8,867 |
|
|
|
8,563 |
|
| Inventories |
|
|
16,052 |
|
|
|
18,332 |
|
| Prepaid expenses |
|
|
442 |
|
|
|
1,137 |
|
| Refundable income taxes |
|
|
464 |
|
|
|
497 |
|
| Deferred income taxes, less valuation allowance of $2,422 at October 31, 2008 |
|
|
— |
|
|
|
1,490 |
|
| Total current assets |
|
|
31,917 |
|
|
|
41,355 |
|
| |
|
|
|
|
|
|
|
|
Property, plant and equipment, net of accumulated depreciation of $53,740 and
$53,840, respectively |
|
|
9,775 |
|
|
|
11,221 |
|
| Other non-current assets |
|
|
10,263 |
|
|
|
11,191 |
|
| Deferred income taxes, less valuation allowance of $6,193 at October 31, 2008 |
|
|
— |
|
|
|
3,880 |
|
| Total assets |
|
$ |
51,955 |
|
|
$ |
67,647 |
|
| |
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
$ |
3,073 |
|
|
$ |
2,978 |
|
| Accrued payroll, advertising and other expenses |
|
|
6,850 |
|
|
|
5,253 |
|
| Current portion of non-current liabilities |
|
|
1,555 |
|
|
|
3,671 |
|
| Total current liabilities |
|
|
11,478 |
|
|
|
11,902 |
|
| Non-current liabilities |
|
|
7,943 |
|
|
|
5,776 |
|
| Total liabilities |
|
|
19,421 |
|
|
|
17,678 |
|
| |
| Contingencies and commitments (Notes 3, 5 and 6) |
|
|
|
|
|
|
|
|
| |
| Shareholders’ equity: |
|
|
|
|
|
|
|
|
| Preferred stock, without par value |
|
|
|
|
|
|
|
|
| Authorized - 1,000 shares Issued and outstanding – none |
|
|
— |
|
|
|
— |
|
| Common stock, $1.00 par value |
|
|
|
|
|
|
|
|
Authorized - 20,000 shares: Issued and outstanding – 9,435 in 2008 and
9,889 in 2007 |
|
|
9,492 |
|
|
|
9,946 |
|
| Capital in excess of par value |
|
|
11,204 |
|
|
|
13,789 |
|
| Retained earnings |
|
|
14,298 |
|
|
|
26,837 |
|
| Accumulated other comprehensive loss |
|
|
(2,459 |
) |
|
|
(603 |
) |
| Total shareholders’ equity |
|
|
32,535 |
|
|
|
49,969 |
|
|
|
$ |
51,955 |
|
|
$ |
67,647 |
|
See accompanying notes to consolidated financial statements. |
