SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

 

For the quarterly period ended January 25, 2008

 

OR

 

o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to               .

 

Commission file number 0-2396

 

BRIDGFORD FOODS CORPORATION

(Exact name of Registrant as specified in its charter)

 

 

1308 N. Patt Street, Anaheim, CA 92801

(Address of principal executive offices-Zip code)

 

714-526-5533

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes x          No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes o          No x

 

As of March 5, 2008 the registrant had 9,856,074 shares of common stock outstanding.

 

 

BRIDGFORD FOODS CORPORATION

FORM 10-Q QUARTERLY REPORT

INDEX

 

References to “Bridgford Foods” or the “Company” contained in this Quarterly Report on Form 10-Q refer to Bridgford Foods Corporation.

 

		Page
Part I. Financial Information
Item 1.	Financial Statements
	a.  Consolidated Condensed Balance Sheets at January 25, 2008 (unaudited) and November 2, 2007	3
	b.  Consolidated Condensed Statements of Operations for the twelve weeks ended January 25, 2008 and January 26, 2007 (unaudited)	4
	c.  Consolidated Condensed Statement of Shareholders’ Equity and Comprehensive Income (Loss) for the twelve weeks ended January 25, 2008 (unaudited)	4
	d.  Consolidated Condensed Statements of Cash Flows for the twelve weeks ended January 25, 2008 and January 26, 2007 (unaudited)	5
	e.  Notes to Consolidated Condensed Financial Statements (unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	15
Item 4.	Controls and Procedures	16
Part II. Other Information
Item 1A.	Risk Factors	18
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18
Item 6.	Exhibits	19
Signatures		20
Items 1 and 3-5 of Part II. have been omitted because they are not applicable with respect to the current reporting period.

 

2

 

Part I.   Financial Information

 

Item 1. a.

 

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands, except per share amounts)

 

		January 25			November 2
		2008			2007
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	15,610		$	11,336
Accounts receivable, less allowance for doubtful accounts of $475 and $482, respectively, and promotional allowances of $2,319 and $1,980, respectively		8,230			8,563
Inventories (Note 3)		13,435			18,332
Prepaid expenses and other current assets		2,856			3,124
Total current assets		40,131			41,355
Property, plant and equipment, less accumulated depreciation of $54,362 and $53,840, respectively		10,904			11,221
Other non-current assets		17,125			15,071
		$	68,160		$	67,647
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	3,177		$	2,978
Accrued payroll, advertising and other expenses		7,805			8,924
Total current liabilities		10,982			11,902
Non-current liabilities		11,612			5,776
Commitments (Notes 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 - 9,867 and 9,889 shares		9,924			9,946
Capital in excess of par value		13,666			13,789
Retained earnings		26,482			26,837
Accumulated other comprehensive loss		(4,506		)	(603		)
		45,566			49,969
		$	68,160		$	67,647

 

See accompanying notes to consolidated condensed financial statements.

 

3

 

Item 1. b.

 

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

		(in thousands, except per share amounts)
		12 weeks ended			12 weeks ended
		January 25			January 26
		2008			2007
Net sales		$	31,319		$	32,314