Sales Performance - Net sales decreased by $5,330 (9.0%) to $54,189 in the third twelve-week period of the 2023 fiscal year compared to the same period in fiscal year 2022[32]. - Net sales decreased by $12,270 (6.7%) to $171,321 for the thirty-six weeks ended July 7, 2023, compared to the same period in fiscal year 2022[81]. - Net sales in the Snack Food Products segment decreased by $12,870 (8.8%) to $134,165 for the thirty-six weeks ended July 7, 2023[82]. - Net sales in the Frozen Food Products segment increased by $600 (1.6%) to $37,156 for the thirty-six weeks ended July 7, 2023[81]. - Total sales for the twelve weeks ended July 7, 2023, were $54,189 million, a decrease of 8.4% from $59,519 million in the same period in 2022[214]. - For the thirty-six weeks ended July 7, 2023, total sales were $171,321 million, compared to $183,591 million for the same period in 2022, reflecting a decline of 6.7%[214]. Financial Position - Total long-term debt as of July 7, 2023, was $3,139, down from $3,824 as of October 28, 2022[48]. - The total debt as of July 7, 2023, was $4,171 million, with total long-term debt amounting to $3,139 million[165]. - The company had $68,173 of net working capital as of July 7, 2023[119]. - The company maintains a revolving line of credit with Wells Fargo Bank, N.A., with a borrowing limit of up to $15,000 million[145]. - The company is in discussions to amend its line of credit with Wells Fargo Bank, decreasing it to $7,500 from $15,000, with an expiration date of August 31, 2024[85]. Income and Expenses - As of July 7, 2023, the company reported a net income of $1,765 compared to $42,410 for the same period in 2022, reflecting a significant decrease[119]. - The company recorded a provision for income taxes of $258 for the twelve-week period ended July 7, 2023, based on the expected annual effective tax rate[80]. - The effective tax rate for the third quarter of fiscal year 2023 was 31.7%, compared to 29.0% in the same quarter of fiscal year 2022, reflecting a tax expense of $820[89]. - The company recorded a tax provision of $820 for the thirty-six-week period ended July 7, 2023, based on the expected annual effective tax rate[115]. - Operating income significantly dropped to $2.2 million for the 36 weeks ended July 7, 2023, compared to $62.6 million for the same period in 2022, reflecting a decline of approximately 96.5%[195]. - Net income for the 36 weeks ended July 7, 2023, was $1.8 million, a substantial decrease from $42.4 million in the previous year, marking a decline of about 95.8%[195]. Cost of Goods Sold - Cost of products sold in the Frozen Food Products segment increased by $57 (0.7%) to $8,809 in the third twelve-week period of fiscal year 2023 compared to the same period in fiscal year 2022[97]. - Cost of products sold in the Snack Food Products segment decreased by $3,657 (10.8%) to $30,089 in the third twelve-week period of fiscal year 2023 compared to the same period in fiscal year 2022[98]. - Cost of products sold decreased by $9,988 (7.5%) to $123,507 in the thirty-six-week period ended July 7, 2023, compared to the same period in fiscal year 2022, with gross margin increasing from 27.3% to 27.9%[108]. - The cost of products sold in the Frozen Food Products segment increased by $2,780 (10.6%) to $29,032 in the first thirty-six-week period of fiscal year 2023 compared to the same period in fiscal year 2022[132]. - The cost of products sold in the Snack Food Products segment decreased by $12,768 (11.9%) to $94,475 in the first thirty-six-week period of fiscal year 2023 compared to the same period in fiscal year 2022[133]. Customer Concentration - Walmart accounted for 29.6% of consolidated sales and 27.4% of accounts receivable as of July 7, 2023, compared to 30.8% and 19.8% respectively as of July 8, 2022[26]. - Major customers included Walmart and Dollar General, with sales percentages of 27.8% and 17.9% respectively for the period ended July 7, 2023[201]. - Dollar General represented 16.8% of sales as of July 7, 2023, down from 18.2% in the prior year[219]. Operational Challenges - The business disruptions associated with the COVID-19 pandemic had a minimal impact on the company’s financial statements for the fiscal year ended October 28, 2022, and during the twelve and thirty-six weeks ended July 7, 2023[53]. - Management expects inflation trends, including higher costs for labor, freight, and specific materials, to continue through the remainder of fiscal year 2023[166]. - The company has implemented remediation steps to address a material weakness in internal control over financial reporting, which is expected to be resolved before the end of fiscal year 2023[154]. Market Strategy - The company plans to focus on market expansion and new product development to drive future growth[215]. - The company maintains a network of independent food service and retail brokers, which is considered a valuable asset for new product opportunities[29].

Financial Performance - The net income for the twelve weeks ended April 14, 2023, was $1,081, a decrease from $1,112 for the same period in 2022, reflecting a decline of about 2.8%[244] - The provision for income taxes for the twelve weeks ended April 14, 2023, was $562, compared to $457 for the same period in 2022, representing an increase of about 22.9%[243] Sales and Promotions - For the twelve weeks ended April 14, 2023, promotional allowances deducted from sales were $4,520, compared to $3,862 for the same period in 2022, representing an increase of approximately 17%[69] Working Capital and Credit - As of April 14, 2023, the company had $67,920 in net working capital and $15,000 available under its revolving line of credit with Wells Fargo Bank, N.A.[243] - The company borrowed a total of $18,000 under its revolving line of credit, which was paid off on June 7, 2022, using proceeds from the sale of real property[243] Cash Flow and Cycle - The cash conversion cycle increased from 72 days for the twenty-four weeks ended April 15, 2022, to 80 days for the twenty-four weeks ended April 14, 2023, primarily due to higher days sales outstanding[245] Capital Expenditures - The company recorded a total of $1,132 in additions to property, plant, and equipment for the twelve weeks ended April 14, 2023, compared to $629 for the same period in 2022, indicating an increase of approximately 80%[246] Compliance and Internal Control - As of April 14, 2023, the company was in violation of the net income after taxes covenant, which was subsequently waived[250] - The company has implemented remediation steps to improve internal control over financial reporting, expecting to resolve the material weakness prior to the end of fiscal year 2023[233] Real Estate Transactions - The company received approximately $60,000 in gross proceeds from the sale of real property located at 170 N. Green Street in Chicago on June 1, 2022[243]

As of January 20, 2023, the Company has a federal NOL carry forward of approximately $0 and state NOL carry forwards of approximately $4,600 million. We maintain a revolving line of credit with Wells Fargo Bank, N.A. that extends to August 31, 2023. As of year-end October 28, 2022, under the terms of this line of credit, we could borrow up to $15,000 at an interest rate equal to the bank's prime rate or secured overnight financing rate ("SOFR") plus 2.0%. The line of credit has an unused commitment fee of 0 ...

Mr. Bridgford is one of the principal owners of Bridgford Industries Inc., the Company's majority shareholder. He has extensive knowledge of the Company's business and experience in the food industry developed during his long tenure with the Company. The Board believes he is qualified to serve as a director based on these experiences as well as his other valuable attributes and skills. 21 Todd C. Andrews Todd C. Andrews is a Certified Public Accountant (inactive) and retired in April 2021 as Senior Vice Pre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 08, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ____ Commission file number: 0 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 15, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ____ Commission file number 0 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 21, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ____ Commission file number 000-02396 BRIDGFORD FOODS CORPORATION (Exact name of registrant as specified in its charter) Texas 95-1778176 (State o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 29, 2021 Commission file number: 000-02396 BRIDGFORD FOODS CORPORATION (Exact name of Registrant as specified in its charter) California 95-1778176 (State of incorporation) (I.R.S. Employer Id ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 9, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ____ . Commission file number 0 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market FORM 10-Q (Mark one) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 16, 2021 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ____ . Commission file nu ...