BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended October 29, 2010 and October 30, 2009
(in thousands)
| |
|
2010 |
|
|
2009 |
|
|
|
 |
|
|
|
|
| |
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income
|
|
$ |
4,319 |
|
|
$ |
6,787 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation
|
|
|
2,168 |
|
|
|
2,733 |
|
Provision (recovery) for losses on accounts receivable
|
|
|
(351 |
) |
|
|
78 |
|
Gain on sale of property, plant and equipment
|
|
|
(31 |
) |
|
|
(11 |
) |
Loss on sale of equity securities
|
|
|
--- |
|
|
|
159 |
|
Deferred income taxes, net
|
|
|
395 |
|
|
|
171 |
|
Tax valuation allowance
|
|
|
(395 |
) |
|
|
(171 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
2,460 |
|
|
|
(929 |
) |
Inventories
|
|
|
(712 |
) |
|
|
457 |
|
Prepaid expenses
|
|
|
330 |
|
|
|
1 |
|
Refundable income taxes
|
|
|
(1,426 |
) |
|
|
296 |
|
Other non-current assets
|
|
|
(527 |
) |
|
|
(750 |
) |
Accounts payable
|
|
|
(863 |
) |
|
|
1,154 |
|
Accrued payroll, advertising and other expenses
|
|
|
212 |
|
|
|
(1,525 |
) |
Current portion of non-current liabilities
|
|
|
(885 |
) |
|
|
2,071 |
|
Non-current liabilities
|
|
|
20 |
|
|
|
(1,085 |
) |
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
4,714 |
|
|
|
9,436 |
|
|
|
|
|
|
|
|
Cash used in investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of equity investments
|
|
|
--- |
|
|
|
268 |
|
Proceeds from sale of property, plant and equipment
|
|
|
40 |
|
|
|
56 |
|
Additions to property, plant and equipment
|
|
|
(1,769 |
) |
|
|
(1,303 |
) |
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(1,729 |
) |
|
|
(979 |
) |
|
|
|
|
|
|
|
Cash used in financing activities: |
|
|
|
|
|
|
|
|
Shares repurchased
|
|
|
(277 |
) |
|
|
(638 |
) |
Cash dividends paid
|
|
|
(933 |
) |
|
|
--- |
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(1,210 |
) |
|
|
(638 |
) |
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
1,775 |
|
|
|
7,819 |
|
| |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
|
13,911 |
|
|
|
6,092 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
$ |
15,686 |
|
|
$ |
13,911 |
|
|
|
 |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
2,710 |
|
|
$ |
318 |
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
|
