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2008 Annual Report Page 24

BRIDGFORD FOODS CORPORATION
CONSOLIDATED BALANCE SHEETS
October 30, 2009 and October 31, 2008
(in thousands, except per share amounts)

   
2009
   
2008
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
  $ 13,911     $ 6,092  
Accounts receivable, less allowance for doubtful accounts of $404 and $397, respectively and promotional allowances of $1,962 and $2,015, respectively
    9,718       8,867  
Inventories
    15,595       16,052  
Prepaid expenses
    621       442  
Refundable income taxes
    168       464  
Deferred income taxes, less valuation allowance of $1,852 and $2,422, respectively
           
Total current assets
    40,013       31,917  
                 
Property, plant and equipment, net of accumulated depreciation of $55,362 and $53,740, respectively
    8,300       9,775  
Other non-current assets
    10,586       10,263  
Deferred income taxes, less valuation allowance of $6,592 and $6,193, respectively
           
Total assets
  $ 58,899     $ 51,955  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
               
Current liabilities:
               
Accounts payable
  $ 4,227     $ 3,072  
Accrued payroll, advertising and other expenses
    5,320       6,850  
Current portion of non-current liabilities
    3,667       1,555  
Total current liabilities
    13,214       11,477  
Non-current liabilities
    13,262       7,943  
Total liabilities
    26,476       19,420  
                 
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 – 9,355 and 9,435 in 2009 and 2008, respectively
    9,412       9,492  
        Capital in excess of par value
    10,646       11,204  
        Retained earnings
    21,085       14,298  
        Accumulated other comprehensive loss
    (8,720 )     (2,459 )
Total shareholders’ equity
    32,423       32,535  
    $ 58,899     $ 51,955  

See accompanying notes to consolidated financial statements.
 
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