BRIDGFORD FOODS CORP (Form: 10-Q, Received: 03/09/2004 06:04:09)

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 April 16, 2004

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

For the transition period from

Commission file number 0-2396

BRIDGFORD FOODS CORPORATION

(Exact name of Registrant as specified in its charter)

California

95-1778176

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

identification number)

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 ¨

As of May 25, 2004 the registrant had 10,020,000 shares of common stock outstanding.

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of The Exchange Act).

Yes ¨ No x

Page 1 of 12 pages

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 April 16, 2004 (unaudited) and October 31, 2003	3

b.	Consolidated Condensed Statements of Income for the twenty-four weeks ended April 16, 2004 and April 18, 2003 (unaudited)	4

c.	Consolidated Condensed Statements of Shareholders’ Equity for the twenty-four weeks ended April 16, 2004 and April 18, 2003 (unaudited)	4

d.	Consolidated Condensed Statements of Cash Flows for the twenty-four weeks ended April 16, 2004 and April 18, 2003 (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		8

Item 3. Quantitative and Qualitative Disclosures about Market Risk		10

Item 4. Controls and Procedures		10

Part II. Other Information

Item 4. Submission of Matters to Vote of Security Holders		10

Item 6. Exhibit and Reports on Form 8-K		11

Signatures		12

Items 1-3 and 5 of Part II. have been omitted because they are not applicable with respect to the current reporting period.

Part I. Financial Information

Item 1. a.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands, except per share amounts)


	April 16 2004			October 31 2003
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	14,582		$	12,196
Accounts receivable, less allowance for doubtful accounts of $1,325 and $1,429		9,666			12,273
Inventories (Note 2)		17,948			18,033
Prepaid expenses and other current assets		3,241			3,184

Total current assets		45,437			45,686
Property, plant and equipment, less accumulated depreciation of $45,106 and $43,084		17,597			17,735
Other non-current assets		12,357			12,506

	$	75,391		$	75,927

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	4,394		$	4,705
Accrued payroll and other expenses		8,535			7,784

Total current liabilities		12,929			12,489

Non-current liabilities		11,251			11,105

Contingencies and commitments (Note 5)
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—10,244 and 10,276 shares		10,301			10,333
Capital in excess of par value		16,109			16,340
Retained earnings		26,462			27,321
Accumulated other comprehensive loss		(1,661	)		(1,661	)

		51,211			52,333

	$	75,391		$	75,927

See accompanying notes to consolidated condensed financial statements.

Page 3 of 12 pages

Item 1. b.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Unaudited)


	(in thousands, except per share amounts)					(in thousands, except per share amounts)
	12 weeks ended			12 weeks ended		24 weeks ended			24 weeks ended
	April 16 2004			April 18 2003		April 16 2004			April 18 2003
Net sales	$	30,541		$	29,074	$	65,863		$	61,519

Cost of products sold, excluding depreciation		19,359			17,925		43,225			39,082
Selling, general and administrative expenses		10,512			9,984		21,176			20,527
Depreciation		1,006			991		2,020			1,982

		30,877			28,900		66,421			61,591


(Loss) income before taxes		(336	)		174		(558	)		(72	)

Income tax (benefit) provision		(127	)		66		(212	)		(27	)


Net (loss) income	$	(209	)	$	108	$	(346	)	$	(45	)


Basic (loss) Income per share	$	(.02	)	$	.01	$	(.03	)	$	(.00	)


Basic shares computed		10,247			10,442		10,256			10,445


Diluted (loss) income per share	$	(.02	)	$	.01	$	(.03	)	$	(.00	)


Diluted shares computed		10,247			10,442		10,256			10,445


Cash dividends paid per share	$	.02		$	.05	$	.05		$	.10

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands, except per share amounts)


	Common Stock					Capital in excess			Retained			Accumulated other comprehensive
	Common Stock					Capital in excess			Retained			Accumulated other comprehensive
	Shares		Amount			of par			earnings			loss
November 1, 2002	10,448		$	10,505		$	17,475		$	27,776		$	(1,366	)
Net loss										(45	)
Shares repurchased	(24	)		(24	)		(161	)
Cash dividends ($.10 per share)										(1,045	)

April 18, 2003	10,424		$	10,481		$	17,314		$	26,686		$	(1,366	)

October 31, 2003	10,276		$	10,333		$	16,340		$	27,321		$	(1,661	)
Net loss										(346	)
Shares repurchased	(32	)		(32	)		(231	)
Cash dividends ($.05 per share)										(513	)

April 16, 2004	10,244		$	10,301		$	16,109		$	26,462		$	(1,661	)

See accompanying notes to consolidated condensed financial statements.

Page 4 of 12 pages

Item 1.c.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	24 weeks ended			24 weeks ended
	April 16 2004			April 18 2003
	(in thousands)			(in thousands)
Cash flows from operating activities:
Net loss	$	(346	)	$	(45	)
Income charges not affecting cash:
Depreciation		2,020			1,982
Provision for losses on accounts receivable		117			378
Effect on cash of changes in assets and liabilities:
Accounts receivable		2,490			1,807
Inventories		85			2,890
Prepaid expenses and other current assets		(57	)		154
Other non-current assets		149			0
Accounts payable		(311	)		(793	)
Income taxes payable		0			0
Accrued payroll and other expenses		751			510
Non-current liabilities		146			(638	)

Net cash provided by operating activities		5,044			6,245