Form 10-Q for Bridgford Foods Corporation

10-Q 1 d10q.htm FORM 10-Q FOR BRIDGFORD FOODS CORPORATION Form 10-Q for Bridgford Foods Corporation

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 15, 2005

¨	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 ¨

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

Yes ¨ No x

As of May 23, 2005 the registrant had 9,998,000 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 April 15, 2005 (unaudited) and October 29, 2004	3

	b. Consolidated Condensed Statements of Operations for the twelve and twenty-four and weeks ended April 15, 2005 and April 16, 2004 (unaudited)	4

	c. Consolidated Condensed Statements of Shareholders’ Equity and Comprehensive Income (Loss) for the twenty-four weeks ended April 15, 2005 and April 16, 2004 (unaudited)	4

	d. Consolidated Condensed Statements of Cash Flows for the twenty-four weeks ended April 15, 2005 and April 16, 2004 (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	11

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	14

Item 4.	Evaluation of Disclosure Controls and Procedures	14

Part II. Other Information

Item 4.	Submission of Matters to Vote of Security Holders	16

Item 6.	Exhibits	16

Signatures		17

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.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands, except per share amounts)


	April 15 2005			October 29 2004
	(Unaudited)
ASSETS
Current assets:

Cash and cash equivalents	$	12,768		$	7,972
Accounts receivable, less allowance for doubtful accounts of $933 and $1,118, respectively, and promotional allowances of $1,828 and $2,368, respectively		8,241			11,173
Inventories (Note 2)		17,892			22,478
Prepaid expenses and other current assets		3,606			2,778

Total current assets		42,507			44,401
Property, plant and equipment, less accumulated depreciation of $49,186 and $47,120		15,393			16,755
Other non-current assets		13,650			13,786

	$	71,550		$	74,942

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:

Accounts payable	$	2,338		$	3,737
Accrued payroll, advertising and other expenses		7,278			8,015
Income taxes payable		—			913

Total current liabilities		9,616			12,665

Non-current liabilities		13,689			13,613

Commitments (Note 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 - 9,998 and 10,002 shares		10,055			10,059
Capital in excess of par value		14,478			14,506
Retained earnings		25,986			26,832
Accumulated other comprehensive loss		(2,274	)		(2,733	)

		48,245			48,664

	$	71,550		$	74,942

See accompanying notes to consolidated condensed financial statements.

Item 1.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)


	(in thousands, except per share amounts)						(in thousands, except per share amounts)
	12 weeks ended April 15 2005			12 weeks ended April 16 2004			24 weeks ended April 15 2005			24 weeks ended April 16 2004
Net sales	$	27,714		$	30,541		$	61,305		$	65,863

Cost of products sold, excluding depreciation		17,860			19,359			40,431			43,225
Selling, general and administrative expenses		9,874			10,512			20,182			21,176
Depreciation		1,029			1,006			2,057			2,020

		28,763			30,877			62,670			66,421

Loss before taxes		(1,049	)		(336	)		(1,365	)		(558	)
Income tax benefit		(399	)		(127	)		(519	)		(212	)

Net loss		($650	)		($209	)		($846	)		($346	)

Basic and diluted loss per share		($.07	)		($.02	)		($.08	)		($.03	)

Basic and diluted shares computed		9,998			10,247			9,999			10,256

Cash dividends paid per share	$	.00		$	.02		$	.00		$	.05

Item 1.

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(in thousands, except per share amounts)


	Common Stock					Capital in excess of par			Retained earnings			Accumulated other comprehensive income (loss)		Total
	Shares		Amount			Capital in excess of par			Retained earnings			Accumulated other comprehensive income (loss)		Total
October 31, 2003	10,276		$	10,333		$	16,340		$	27,321		($1,661	)	$	52,333
Shares repurchased	(32	)		(32	)		(231	)							(263	)
Cash dividends ($.05 per share)										(513	)				(513	)
Net loss										(346	)				(346	)

Comprehensive loss															(346	)

April 16, 2004	10,244		$	10,301		$	16,109		$	26,462		($1,661	)	$	51,211

October 29, 2004	10,002		$	10,059		$	14,506		$	26,832		($2,733	)	$	48,664
Shares repurchased	(4	)		(4	)		(28	)							(32	)
Cash dividends ($.00 per share)															—
Net loss										(846	)				(846	)
Other comprehensive income (loss):
Unrealized income on investment												54			54
Minimum pension liability												405			405

Comprehensive loss															(387	)

April 15, 2005	9,998		$	10,055		$	14,478		$	25,986		($2,274	)	$	48,245

See accompanying notes to consolidated condensed financial statements.

Item 1.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	24 weeks ended April 15 2005			24 weeks ended April 16 2004
	(in thousands)			(in thousands)
Cash flows from operating activities:

Net loss		($846	)		($346	)

Income charges not affecting cash:
Depreciation		2,057			2,020
Recovery on losses on accounts receivable		(192	)		117
Effect on cash of changes in assets and liabilities:
Accounts receivable, net		3,124			2,490
Inventories		4,586			85
Prepaid expenses and other current assets		(774	)		(57	)
Other non-current assets		(131	)		149
Accounts payable		(1,399	)		(311	)
Accrued payroll, advertising and other expenses		(737	)		751
Income taxes payable		(913	)		0
Non-current liabilities		748			146

Net cash provided by operating activities		5,523			5,044
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