Bridgford's Investor
 

2010 Annual Report Page 26

BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended October 28, 2011 and October 29, 2010
(in thousands)
 
   
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:
               
Cash paid for income taxes
 
$
179
   
$
2,710
 
 
See accompanying notes to consolidated financial statements.
 
 
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