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 13, 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)

 

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 24, 2007 the registrant had 9,903,000 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 13, 2007 (unaudited) and November 3, 2006
	b.	Consolidated Condensed Statements of Operations for the twelve and thirty-six weeks ended July 13, 2007 and July 7, 2006 (unaudited)
	c.	Consolidated Condensed Statements of Shareholders’ Equity and Comprehensive Income (Loss) for the thirty-six weeks ended July 13, 2007 (unaudited)
	d.	Consolidated Condensed Statements of Cash Flows for the thirty-six weeks ended July 13, 2007 and July 7, 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.

 

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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 13			November 3
		2007			2006
		(Unaudited)			As restated (Note 2)
ASSETS
Current assets:
Cash and cash equivalents		$	13,002		$	1,180
Trading securities		—			12,200
Accounts receivable, less allowance for doubtful accounts of $363 and $524, respectively, and promotional allowances of $2,143 and $2,170, respectively		7,506			10,222
Inventories (Note 3)		18,798			19,544
Prepaid expenses and other current assets		3,382			2,767
Total current assets		42,688			45,913
Property, plant and equipment, less  accumulated depreciation of $55,686  and $53,941, respectively		11,817			13,041
Other non-current assets		14,312			13,977
		$	68,817		$	72,931
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	2,845		$	3,923
Accrued payroll, advertising and other expenses		8,453			10,308
Total current liabilities		11,298			14,231
Non-current liabilities		7,431			8,514
Commitments (Notes 5 and 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 - 9,911 and 9,958 shares		9,968			10,015
Capital in excess of par value		13,929			14,235
Retained earnings		26,930			27,129
Accumulated other comprehensive loss		(739		)	(1,193		)
		50,088			50,186
		$	68,817		$	72,931

 

See accompanying notes to consolidated condensed financial statements.

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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			36 weeks ended			36 weeks ended
		July 13			July 7			July 13			July 7
		2007			2006			2007			2006
Net sales		$	26,686		$	28,169		$	86,893		$	91,049
Cost of products sold, excluding depreciation		16,954			17,024			56,454			58,087