10-Q 1 a07-7731_110q.htm 10-Q

 

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 26, 2007

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)

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  o

Indicate by check mark whether the registrant is a large accelerated filer, anaccelerated 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 March 12, 2007 the registrant had 9,939,000 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 January 26, 2007 (unaudited) and November 3, 2006

 

b. Consolidated Condensed Statements of Operations for the twelve weeks ended January 26, 2007 and January 20, 2006 (unaudited)

 

c. Consolidated Condensed Statements of Shareholders’ Equity and Comprehensive Income (Loss) for the twelve weeks ended January 26, 2007 (unaudited)

 

d. Consolidated Condensed Statements of Cash Flows for the twelve weeks ended January 26, 2007 and January 20, 2006 (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 1A. Risk factors

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Item 6. Exhibits

 

Signatures

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 26

 

November 3

 

 

 

2007

 

2006, as restated (Note 2)

 

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,495

 

$

1,180

 

Trading Securities

 

15,200

 

                           12,200

 

Accounts receivable, less allowance for doubtful accounts of $433 and $524, respectively, and promotional allowances of $2,284 and $2,170, respectively

 

8,059

 

10,222

 

Inventories (Note 3)

 

15,076

 

19,544

 

Prepaid expenses and other current assets

 

3,104

 

2,767

 

 

 

 

 

 

 

Total current assets

 

43,934

 

45,913

 

 

 

 

 

 

 

Property, plant and equipment, less  accumulated depreciation of $54,581  and $53,941, respectively

 

12,605

 

13,041

 

 

 

 

 

 

 

Other non-current assets

 

14,040

 

13,977

 

 

 

$

70,579

 

$

72,931

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,825

 

$

3,923

 

Accrued payroll, advertising and other expenses

 

9,241

 

10,308

 

 

 

 

 

 

 

Total current liabilities

 

12,066

 

14,231

 

 

 

 

 

 

 

Non-current liabilities

 

8,118

 

8,514

 

 

 

 

 

 

 

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 - 9,952 and 9,958 shares

 

10,009

 

10,015

 

Capital in excess of par value

 

14,202

 

14,235

 

Retained earnings

 

27,169

 

27,129

 

Accumulated other comprehensive loss

 

(985

)

(1,193

)

 

 

50,395

 

50,186

 

 

 

$

70,579

 

$

72,931

 

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 26

 

January 20

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Net sales

 

$

32,314

 

$

34,575

 

 

 

 

 

 

 

Cost of products sold, excluding depreciation

 

21,556

 

23,553

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

9,921

 

10,370

 

Depreciation

 

782

 

892

 

 

 

32,259

 

34,815

 

 

 

 

 

 

 

Income (loss) before taxes

 

55

 

(240

)

 

 

 

 

 

 

Income tax provision (benefit)

 

15

 

(103

)

 

 

 

 

 

 

Net income (loss)

 

$

40

 

($137

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted income (loss) per share (Note 4)

 

$

.00

 

($.01

)

 

 

 

 

 

 

Basic and diluted shares computed

 

9,955