SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
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x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
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THE SECURITIES AND EXCHANGE ACT OF 1934 |
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For the quarterly period ended April 20, 2007 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
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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)
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California |
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95-1778176 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
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incorporation or organization) |
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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, 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 June 4, 2007 the registrant had 9,931,000 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.
Items 3 and 5 of Part II. have been omitted because they are not applicable with respect to the current reporting period.
2
BRIDGFORD FOODS CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands, except per share amounts)
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April 20 |
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November 3 |
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2007 |
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2006 |
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(Unaudited) |
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As restated (Note 2) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
15,618 |
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$ |
1,180 |
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Trading Securities |
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— |
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12,200 |
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Accounts receivable, less allowance for doubtful accounts of $476 and $524, respectively, and promotional allowances of $2,279 and $2,170, respectively |
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7,890 |
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10,222 |
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Inventories (Note 3) |
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16,364 |
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19,544 |
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Prepaid expenses and other current assets |
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3,498 |
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2,767 |
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Total current assets |
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43,370 |
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45,913 |
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Property, plant and equipment, less accumulated depreciation of $55,140 and $53,941, respectively |
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12,313 |
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13,041 |
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Other non-current assets |
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13,939 |
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13,977 |
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$ |
69,622 |
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$ |
72,931 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,248 |
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$ |
3,923 |
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Accrued payroll, advertising and other expenses |
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8,444 |
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10,308 |
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Total current liabilities |
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11,692 |
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14,231 |
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Non-current liabilities |
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7,465 |
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8,514 |
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Commitments (Note 6) |
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Shareholders’ equity: |
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Preferred stock, without par value |
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Authorized - 1,000 shares |
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Issued and outstanding - none |
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— |
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— |
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Common stock, $1.00 par value |
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Authorized - 20,000 shares |
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Issued and outstanding - 9,934 and 9,958 shares |
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9,991 |
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10,015 |
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Capital in excess of par value |
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14,083 |
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14,235 |
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Retained earnings |
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26,897 |
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27,129 |
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Accumulated other comprehensive loss |
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(506 |
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(1,193 |
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50,465 |
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50,186 |
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$ |
69,622 |
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$ |
72,931 |
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See accompanying notes to consolidated condensed financial statements.
3
Item 1. b.
BRIDGFORD FOODS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
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(in thousands, except per share amounts) |
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(in thousands, except per share amounts) |
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12 weeks ended |
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12 weeks ended |
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24 weeks ended |
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24 weeks ended |
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April 20 |
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April 14 |
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April 20 |
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April 14 |
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2007 |
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2006 |
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2007 |
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2006 |
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Net sales |
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$ |
27,894 |
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$ |
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