Bridgford Foods (BRID) - 2025 Q1 - Quarterly Report

Financial Position - Cash and cash equivalents totaled $4,659 as of January 24, 2025, down from$10,230 as of November 1, 2024[27] - The Company had total assets of $153,376 as of January 24, 2025, down from$166,755 as of January 26, 2024[61] - As of January 24, 2025, the Company had total long-term debt of $1,518, down from$1,702 as of November 1, 2024[73] Inventory Management - Total inventories increased to $36,252 as of January 24, 2025, compared to$33,338 as of November 1, 2024, with finished goods rising from $20,391 to$22,646[47] - The reserve for slow-moving and obsolete inventory was $1,166 as of January 24, 2025, compared to$1,115 as of November 1, 2024[47] Sales Performance - The Company reported total sales of $52,545 for the twelve weeks ended January 24, 2025, compared to$54,842 for the same period in 2024, representing a decrease of approximately 4.2%[61] - Promotional allowances deducted from sales were $3,823 for the twelve weeks ended January 24, 2025, compared to$4,179 for the same period in 2024[34] - Walmart accounted for 28.2% of sales and 25.9% of accounts receivable as of January 24, 2025, while Dollar General represented 12.6% of sales and 17.9% of accounts receivable[30] Operating Results - The gross margin for the Frozen Food Products segment was $3,945, while the Snack Food Products segment reported a gross margin of$8,940, leading to a total gross margin of $12,885 for the twelve weeks ended January 24, 2025[61] - The operating loss for the Snack Food Products segment was$(2,587), contributing to a total operating loss of $(2,012) for the Company during the same period[61] Tax and Compliance - The effective tax rate for the first quarter of fiscal year 2025 was 28.9$453[67] - The Company is in violation of the Fixed Charge Coverage Ratio covenant as of January 24, 2025, which was subsequently waived for that fiscal quarter[74] Lease and Debt Obligations - Future minimum lease payments total $3,243, with the present value of future minimum lease payments calculated at$3,295 as of January 24, 2025[54] - The Company has a revolving credit facility allowing borrowing up to $7,500, with an interest rate based on the daily simple secured overnight financing rate plus 2.0$90, as part of efforts to reduce delivery costs[49] - The Company leased one refrigerated truck with a net present value of $166, which will expire in fiscal year 2031[50] - Management has evaluated subsequent events through the filing date and identified no material events requiring adjustments to the financial statements[39] - The Company has not experienced any losses in cash accounts held at financial institutions exceeding FDIC insurance limits[26] - The Company is currently evaluating the impact of recently issued accounting pronouncements on its financial statements[42] Receivables - The Company recorded current and non-current receivables of$170 and $649, respectively, related to a parking lot lease in Anaheim, California[53]