Bridgford Foods (BRID)

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Bridgford Foods (BRID) - 2021 Q1 - Quarterly Report
2021-03-04 16:00
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 January 22, 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 ...
Bridgford Foods (BRID) - 2020 Q4 - Annual Report
2021-01-14 16:00
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 30, 2020 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 ...
Bridgford Foods (BRID) - 2020 Q3 - Quarterly Report
2020-08-21 20:32
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 July 10, 2020 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 num ...
Bridgford Foods (BRID) - 2020 Q2 - Quarterly Report
2020-05-29 20:09
Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market UNITED STATES 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 EXCHANGE ACT OF 1934 For the quarterly period ended April 17, 2020 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 ...
Bridgford Foods (BRID) - 2020 Q1 - Quarterly Report
2020-03-06 21:06
Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock BRID Nasdaq Global Market UNITED STATES 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 EXCHANGE ACT OF 1934 For the quarterly period ended January 24, 2020 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 ...
Bridgford Foods (BRID) - 2019 Q4 - Annual Report
2020-01-24 21:50
Sales Performance - Net sales in fiscal year 2019 increased by $14,528 (8.3%) compared to the prior fiscal year, driven by a 6.8% increase in unit sales volume and a 2.7% increase in selling price per pound [77]. - Net sales in the Frozen Food Products segment increased by $3,968 (8.4%) in fiscal year 2019, primarily due to a 5.3% increase in unit sales volume and a 4.5% increase in selling price per pound [78]. - Net sales in the Snack Food Products segment increased by $10,560 (8.3%) in fiscal year 2019, attributed to significant new product offerings and a 7.3% increase in unit sales volume [80]. Cost and Expenses - Cost of products sold increased by $9,370 (8.0%) in fiscal year 2019, with the gross margin improving from 32.4% to 32.7% [81]. - Selling, general and administrative expenses (SG&A) increased by $2,908 (5.8%) in fiscal year 2019, with higher wages and bonuses being a significant factor [85]. - SG&A expenses in the Frozen Food Products segment increased by $641 (4.5%) to $14,867, driven by higher unit sales volume and advertising costs [89]. - SG&A expenses in the Snack Food Products segment increased by $2,267 (6.3%) to $37,970, primarily due to higher unit sales volume and increased wages and bonuses [90]. Tax and Cash Flow - The effective income tax rate decreased to 24.0% in fiscal year 2019 from 49.1% in fiscal year 2018, primarily due to tax reform adjustments [92]. - Net cash provided by operating activities was $7,247 for the fifty-two weeks ended November 1, 2019, a decrease of $1,018 compared to the prior year [96]. - The cash conversion cycle increased to 67 days for the fifty-two weeks ended November 1, 2019, compared to 64 days for the prior year [97]. Investment Activities - Cash used in investing activities totaled $(25,678) for the fifty-two weeks ended November 1, 2019, compared to $(12,112) for the same period in 2018, indicating a significant increase in investment outflows [99]. - Additions to property, plant, and equipment were $25,739 for the fifty-two weeks ended November 1, 2019, up from $18,147 in the previous year, reflecting a 42.1% increase [100]. - The company invested $13,723 in projects related to a new facility in Chicago during the fiscal year ended November 1, 2019 [100]. Financing Activities - The company reported net cash provided by financing activities of $(3,253) for the fifty-two weeks ended November 1, 2019, compared to $(83) in the previous year [101]. - The company has a line of credit with Wells Fargo Bank, N.A. allowing borrowing up to $7,500, with a waiver for a capital expenditure covenant violation received on December 16, 2019 [104]. - The company has no off-balance sheet arrangements as of November 1, 2019, and no other debt or contractual obligations [109]. Future Liabilities and Compliance - Future liabilities related to the construction of the new Chicago processing facility are estimated at approximately $13,900 as of January 8, 2020 [110]. - The company maintains compliance with all covenants under its master collateral loan and security agreement as of November 1, 2019 [106]. Economic Impact - The impact of inflation on the company's financial position and results of operations has not been significant, although future volatility could adversely affect results [107]. - The company believes its strong financial position and capital resources are sufficient to meet operating needs and capital expenditures for fiscal year 2020 [108].
Bridgford Foods (BRID) - 2019 Q3 - Quarterly Report
2019-08-23 21:21
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 July 12, 2019 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 num ...
Bridgford Foods (BRID) - 2019 Q2 - Quarterly Report
2019-05-31 21:07
UNITED STATES 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 EXCHANGE ACT OF 1934 For the quarterly period ended April 19, 2019 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 (BRID) - 2019 Q1 - Quarterly Report
2019-03-08 21:43
[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section presents the company's financial performance and position for the twelve weeks ended January 25, 2019 [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements for the twelve weeks ended January 25, 2019, and January 26, 2018, covering balance sheets, operations, equity, cash flows, and notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=a.%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$107.7 million** from **$101.5 million**, primarily due to property, plant, and equipment, with corresponding increases in liabilities and equity Condensed Consolidated Balance Sheets (in thousands) | | January 25, 2019 (unaudited) | November 2, 2018 | | :--- | :--- | :--- | | **ASSETS** | | | | Total current assets | $53,184 | $53,216 | | Property, plant and equipment, net | $38,869 | $32,638 | | Other non-current assets | $11,620 | $11,630 | | Deferred income taxes | $4,010 | $4,010 | | **Total assets** | **$107,683** | **$101,494** | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Total current liabilities | $18,408 | $18,367 | | Long-term notes payable - equipment | $6,556 | $- | | Non-current liabilities | $21,719 | $17,447 | | **Total liabilities** | **$40,127** | **$35,814** | | **Total shareholders' equity** | **$67,556** | **$65,680** | | **Total liabilities and shareholders' equity** | **$107,683** | **$101,494** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=b.%20Condensed%20Consolidated%20Statements%20of%20Operations) Net sales increased to **$45.0 million**, resulting in a net income of **$1.9 million** or **$0.21 per share**, a turnaround from a prior-year loss Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | | 12 weeks ended Jan 25, 2019 | 12 weeks ended Jan 26, 2018 | | :--- | :--- | :--- | | Net sales | $45,041 | $41,192 | | Gross margin | $15,654 | $13,959 | | Income before taxes | $2,567 | $2,095 | | Provision for income taxes | $691 | $3,722 | | **Net income (loss)** | **$1,876** | **$(1,627)** | | **Basic earnings (loss) per share** | **$0.21** | **$(0.18)** | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=c.%20Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to **$67.6 million** from **$65.7 million**, solely due to the **$1.876 million** net income for the quarter - Shareholders' equity increased by **$1.876 million** during the 12 weeks ended January 25, 2019, driven entirely by net income[15](index=15&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=d.%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$0.7 million**, with **$7.2 million** used in investing and **$7.5 million** provided by financing, leading to a **$1.0 million** net cash increase Condensed Consolidated Statements of Cash Flows (in thousands) | | 12 weeks ended Jan 25, 2019 | 12 weeks ended Jan 26, 2018 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $713 | $(1,240) | | Net cash used in investing activities | $(7,191) | $(3,613) | | Net cash provided by (used in) financing activities | $7,500 | $(35) | | **Net increase (decrease) in cash** | **$1,022** | **$(4,888)** | | Cash and cash equivalents at end of period | $9,201 | $7,221 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=e.%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details significant accounting policies, including ASC 606 adoption, customer concentration, segment performance, a new **$7.5 million** equipment loan, and tax rate impacts Customer Concentration (as of Jan 25, 2019) | Customer | % of Sales | % of Accounts Receivable | | :--- | :--- | :--- | | Wal-Mart | 35.6% | 33.4% | | Dollar General | 9.7% | 23.6% | Segment Performance (12 weeks ended Jan 25, 2019, in thousands) | Segment | Sales | Income before taxes | | :--- | :--- | :--- | | Frozen Food Products | $11,872 | $110 | | Snack Food Products | $33,169 | $2,457 | | **Total** | **$45,041** | **$2,567** | - On December 26, 2018, the company entered into a loan agreement with Wells Fargo for **$7.5 million** to purchase equipment for its new Chicago facility, with a seven-year term at a fixed rate of **4.13%**[53](index=53&type=chunk) - The company adopted the new revenue recognition standard (ASC 606) in the first quarter of fiscal 2019 using the modified retrospective method, which did not have a material impact on the financial statements[101](index=101&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a strong start to fiscal 2019, with **9.3%** net sales growth to **$45.0 million**, improved gross margin, and **$1.9 million** net income, supported by positive operating cash flow and a new **$7.5 million** equipment loan Consolidated Net Sales Change Analysis (Q1'19 vs Q1'18) | Factor | % Change | $ Change (in thousands) | | :--- | :--- | :--- | | Selling price per pound | 1.6% | $702 | | Unit sales volume in pounds | 8.6% | $3,787 | | Returns activity | -0.9% | $(452) | | **Total Increase in net sales** | **9.3%** | **$3,849** | - Snack Food Products segment sales increased **8.4%** to **$33.2 million**, driven by new product offerings like smokehouse sausage sticks, while Frozen Food Products segment sales grew **12.1%** to **$11.9 million**, primarily from increased volume in the shelf-stable sandwich business[74](index=74&type=chunk)[76](index=76&type=chunk) - Consolidated SG&A expenses increased by **10.2%** (**$1.2 million**), mainly due to higher profit-sharing accruals, increased product advertising, and a substantial decrease in the cash surrender value of life insurance policies[81](index=81&type=chunk)[82](index=82&type=chunk) - The company's cash conversion cycle improved to **57 days** from **67 days** in the prior-year period, indicating better working capital management[91](index=91&type=chunk) - Capital expenditures totaled **$7.2 million**, a significant increase from **$3.6 million** in the prior year, with the majority (**$7.0 million**) allocated to projects in process, primarily for the new Chicago facility[93](index=93&type=chunk)[94](index=94&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=24&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable as the company qualifies as a smaller reporting company - The company is a smaller reporting company and is therefore not required to provide disclosures under this item[113](index=113&type=chunk) [Controls and Procedures](index=24&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal controls over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective[114](index=114&type=chunk) - There were no changes in internal controls over financial reporting during the fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[119](index=119&type=chunk) [Part II. Other Information](index=24&type=section&id=Part%20II.%20Other%20Information) Presents other information not covered in the financial statements, including risk factors, equity sales, and exhibits [Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the previous disclosure in the Annual Report on Form 10-K - There have been no material changes to the risk factors as previously disclosed in the Annual Report[120](index=120&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell or repurchase any equity securities during the reporting period - The company has not sold or repurchased any equity securities during the period covered by this Report[122](index=122&type=chunk) [Exhibits](index=26&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO and CFO certifications and XBRL data files - Filed exhibits include CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906, and various XBRL documents[123](index=123&type=chunk)
Bridgford Foods (BRID) - 2018 Q4 - Annual Report
2019-01-18 21:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 2, 2018 Commission file number: 000-02396 BRIDGFORD FOODS CORPORATION (Exact name of Registrant as specified in its charter) California 95-1778176 (State of (I.R.S. Employer incorporation) Identification No.) 1308 North Patt Street Anaheim, California 92801 (Address of principal executive offices) (714) 526-5 ...