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 July 07, 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  x             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 x

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 August 21, 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 July 7, 2006 (unaudited) and October 28, 2005
b. Consolidated Condensed Statements of Operations for the twelve and thirty-six weeks ended July 7, 2006 and July 8, 2005 (unaudited)
c. Consolidated Condensed Statements of Shareholders’ Equity and Comprehensive Income (Loss) for the thirty-six weeks ended July 7, 2006 (unaudited)
d. Consolidated Condensed Statements of Cash Flows for the thirty-six weeks ended July 7, 2006 and July 8, 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 6. Exhibits
Signatures
Items 1, 1A and 3-5 of Part II. have been omitted because they are not applicable with respect to the current reporting period.

 

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Part I.  Financial Information

Item 1. a.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands, except per share amounts)

 

		July 7			October 28
		2006			2005
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	15,524		$	10,355
Accounts receivable, less allowance for doubtful accounts of $491 and $468, respectively, and promotional allowances of $1,688 and $2,092, respectively		9,047			9,508
Inventories (Note 2)		17,519			21,324
Prepaid expenses and other current assets		2,505			2,551
Total current assets		44,595			43,738
Property, plant and equipment, less accumulated depreciation of $53,417 and $50,731, respectively		13,297			14,519
Other non-current assets		13,739			14,706
		$	71,631		$	72,963
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,940		$	3,806
Accrued payroll, advertising and other expenses		8,628			8,035
Total current liabilities		10,568			11,841
Non-current liabilities		10,827			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 - 9,965 and 9,986 shares		10,022			10,043
Capital in excess of par value		14,263			14,394
Retained earnings		26,047			25,889
Accumulated other comprehensive loss		(96		)	(2,064
		50,236			48,262
		$	71,631		$	72,963

 

See accompanying notes to consolidated condensed financial statements.

 

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Item 1. b.

BRIDGFORD FOODS CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

 

12 weeks ended

12 weeks ended

36 weeks ended

36 weeks ended

July 7

July 8

July 7

July 8

2006

2005

2006

2005

(in thousands, except per share amounts)

(in thousands, except per share amounts)