BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended October 28, 2011 and October 29, 2010
| |
|
2011 
|
|
|
2010
|
|
| |
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
(443 |
) |
|
$ |
4,319 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
1,802 |
|
|
|
2,168 |
|
Provision (recovery) for losses on accounts receivable |
|
|
126 |
|
|
|
(351 |
) |
Gain on sale of property, plant and equipment |
|
|
(15 |
) |
|
|
(31 |
) |
Deferred income taxes, net |
|
|
(3,427 |
) |
|
|
395 |
|
Tax valuation allowance |
|
|
3,427 |
|
|
|
(395 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,219 |
) |
|
|
2,460 |
|
Inventories |
|
|
(581 |
) |
|
|
(712 |
) |
Prepaid expenses |
|
|
(50 |
) |
|
|
330 |
|
Refundable income taxes |
|
|
558 |
|
|
|
(1,426 |
) |
Other non-current assets |
|
|
(632 |
) |
|
|
(527 |
) |
Accounts payable |
|
|
882 |
|
|
|
(863 |
) |
Accrued payroll, advertising and other expenses |
|
|
58 |
|
|
|
212 |
|
Current portion of non-current liabilities |
|
|
674 |
|
|
|
(885 |
) |
Non-current liabilities |
|
|
(2,480
|
) |
|
|
20
|
|
Net cash (used) provided by operating activities |
|
|
(2,320
|
) |
|
|
4,714
|
|
Cash used in investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of property, plant and equipment |
|
|
54 |
|
|
|
40 |
|
Additions to property, plant and equipment |
|
|
(1,852
|
) |
|
|
(1,769
|
) |
Net cash used in investing activities |
|
|
(1,798
|
) |
|
|
(1,729
|
) |
Cash used in financing activities: |
|
|
|
|
|
|
|
|
Shares repurchased |
|
|
(1,312 |
) |
|
|
(277 |
) |
Cash dividends paid |
|
|
(932
|
) |
|
|
(933
|
) |
Net cash used in financing activities |
|
|
(2,244
|
) |
|
|
(1,210
|
) |
Net increase (decrease) in cash and cash equivalents |
|
|
(6,362 |
) |
|
|
1,775 |
|
| |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
|
15,686
|
|
|
|
13,911
|
|
Cash and cash equivalents at end of year |
|
$ |
9,324
|
|
|
$ |
15,686
|
|
| |
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
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|
|
|
|
|
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Cash paid for income taxes |
|
$ |
179
|
|
|
$ |
2,710
|
|
See accompanying notes to consolidated financial statements.
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