SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES AND EXCHANGE ACT OF 1934

 

For the quarterly period ended April 14, 2006

 

OR

 

o 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)

 

 

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 ý                    No o

 

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

 

Large accelerated filer o                    Accelerated Filer o                             Non-accelerated filer ý

 

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

 

Yes o                    No ý

 

As of May 30, 2006 the registrant had 9,964,000 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.

 

Part I. Financial Information
Item 1. Financial Statements
a. Consolidated Condensed Balance Sheets at April 14, 2006 (unaudited) and October 28, 2005
b. Consolidated Condensed Statements of Operations for the twelve and twenty-four weeks ended April 14, 2006 and April 15, 2005 (unaudited)
c. Consolidated Condensed Statements of Shareholders’ Equity and Comprehensive Income (Loss) for the twenty-four weeks ended April 14, 2006 (unaudited)
d. Consolidated Condensed Statements of Cash Flows for the twenty-four weeks ended April 14, 2006 and April 15, 2005 (unaudited)
e. Notes to Consolidated Condensed Financial Statements (unaudited)
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Submission of Matters to Vote of Security Holders
Item 6. Exhibits
Signatures
Items 1, 3 and 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)

 

		April 14			October 28
		2006			2005
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	17,567		$	10,355
Accounts receivable, less allowance for doubtful accounts of $477 and $468, respectively, and promotional allowances of $1,664 and $2,092, respectively		7,981			9,508
Inventories (Note 2)		16,090			21,324
Prepaid expenses and other current assets		2,591			2,551
Total current assets		44,229			43,738
Property, plant and equipment, less accumulated depreciation of $52,515 and $50,731, respectively		13,750			14,519
Other non-current assets		14,729			14,706
		$	72,708		$	72,963
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	3,062		$	3,806
Accrued payroll, advertising and other expenses		8,325			8,035
Total current liabilities		11,387			11,841
Non-current liabilities		12,807			12,860
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 - 9,966 and 9,986 shares		10,023			10,043
Capital in excess of par value		14,268			14,394
Retained earnings		25,824			25,889
Accumulated other comprehensive loss		(1,601		)	(2,064		)
		48,514			48,262
		$	72,708		$	72,963

 

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)						(in thousands, except per share amounts)
		12 weeks ended			12 weeks ended			24 weeks ended			24 weeks ended
		April 14			April 15			April 14			April 15
		2006			2005			2006			2005
Net sales		$	28,305		$	27,714		$	62,880		$	61,305
Cost of products sold, excluding depreciation		17,510			17,860			41,063			40,431
Selling, general and administrative expenses		9,841			9,874			20,211			20,182
Depreciation		892			1,029			1,784			2,057
Gain on sale of equity securities		(106		)	—			(106		)