BRIDGFORD FOODS CORP

Listed Company

BRIDCIK 0000014177NasdaqNon-AcceleratedSmaller ReportingSausages & Other Prepared Meat ProductsCaliforniaFY ends Oct 30

Period

FY 2025

Revenue

$230.99M

Net Income

$-13.36M

Total Assets

$147.21M

Equity

$115.55M

Shares Out

9.08M

Op. Cash Flow

$-5.69M

Business

BRIDGFORD FOODS CORP manufactures, markets, and distributes frozen and snack food products. It offers an extensive line of biscuits, bread and roll dough items, dry sausage products, beef jerky, and approximately 130–170 frozen and snack SKU’s sold under branded and private label programs. The company operates two business segments—Frozen Food Products and Snack Food Products—serving food service and retail channels through manufacturing, warehousing, broker networks, customer-managed distribution centers, and direct-store-delivery. Products are sold across the United States to wholesalers, broadline and specialty food service distributors, retail chains, and independent retailers.

Summary from filing dated 2025-01-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Net sales	231	224	252	266	240
Cost of products sold	186	167	181	194	189
Gross margin	45	56	70	72	51
Selling, general and administrative expenses	63	62	66	65	60
(Gain) loss on sale of property, plant and equipment	−143,000	146,000	161,000	−58	−504,000
Operating loss	−19	−6	5	65	−8
Interest expense	−314,000	−429,000	−579,000	—	—
Cash surrender value gain	1	2	445,000	−2	2
Total other income	704,000	2	−134,000	−3	957,000
Loss before taxes	−18	−5	4	61	−7
Benefit on income taxes	−5	−1	1	16	−2
Net loss	−13	−3	3	45	−6
Basic loss per share	−1.47	−0.37	0.38	4.96	−0.61
Shares used to compute basic loss per share	9	9	9	9	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Cash and cash equivalents	876,000	10	16	16	—
Accounts receivable, less allowance for credit losses accounts of $50 and $110, respectively, and promotional allowances of $1,903 and $2,399, respectively	24	30	29	35	24
Inventories, net	37	33	41	41	37
Refundable income taxes	624,000	3	2	1	6
Prepaid expenses and other current assets	908,000	609,000	435,000	321,000	3
Total current assets	64	78	87	93	70
Property, plant and equipment, net of accumulated depreciation and amortization of $82,041 and $77,160, respectively	62	65	67	72	73
Other non-current assets	22	15	12	12	14
Total assets	147	157	167	176	157
Accounts payable	9	6	7	14	12
Accrued payroll, advertising, and other expenses	7	6	6	8	7
Income taxes payable	294,000	274,000	256,000	224,000	98,000
Current notes payable equipment	1	1	1	1	1
Current right-of-use leases payable	1	1	1	1	—
Revolving credit facility	2	—	—	—	—
Other current liabilities	1	2	2	3	5
Total current liabilities	21	16	18	27	26
Long-term notes payable equipment, bridge loan and revolving credit facility	673,000	2	3	4	36
Deferred income taxes, net	3	8	8	9	3
Long-term right of use leases payable	959,000	2	2	3	—
Executive retirement plans and other non-current liabilities	6	1	6	5	—
Total long-term liabilities	10	13	19	23	—
Total liabilities	32	29	37	50	82
Contingencies and commitments (Notes 3, 5 and 6)	—	—	—	—	—
Preferred stock, without par value; Authorized - 1,000,000 shares; issued and outstanding none	—	—	—	—	—
Common stock, $1.00 par value; Authorized - 20,000,000 shares; issued and outstanding 9,076,832 shares	9	9	9	9	9
Capital in excess of par value	8	8	8	8	8
Retained earnings	106	119	123	119	74
Accumulated other comprehensive loss	−8	−9	−11	−10	−17
Total shareholders equity	116	128	130	126	75
Total liabilities and shareholders equity	147	157	167	176	157

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Depreciation and amortization	6	7	7	—	—
Provision for (recoveries on) losses on accounts receivable	274,000	−126,000	147,000	57,000	125,000
Provision for (reduction in) promotional allowances	−496,000	307,000	−679,000	−98,000	—
Deferred income taxes, net	−5	−720,000	−631,000	5	1
Accounts receivable, net	6	−2	6	−10	−1
Inventories, net	−4	7	−40,000	−4	−7
Refundable income taxes	3	−173,000	−967,000	5	3
Prepaid expenses and other current assets	−299,000	−1	−114,000	2	−2
Other non-current assets	−7	−3	−444,000	−11,000	−4
Accounts payable	3	−2	−6	1	2
Accrued payroll, advertising and other expenses	501,000	−81,000	−1	963,000	909,000
Income taxes payable	20,000	18,000	32,000	126,000	—
Other current liabilities	−828,000	47,000	−879,000	−2	722,000
Executive retirement plans and other non-current liabilities	6	−2	−1	−657,000	−1
Net cash used in operating activities	−6	−497,000	4	−8	−6
Proceeds from sale of property, plant and equipment	205,000	69,000	227,000	60	520,000
Additions to property, plant and equipment	−4	−4	−3	−4	−6
Net cash used in investing activities	−3	−4	−2	56	−6
Payment of financing lease obligations	−1	−103,000	−1	−400,000	—
Proceeds from borrowings on revolving credit facility	2	—	—	—	—
Repayments of equipment note payable	−992,000	−1	—	—	—
Net cash used in financing activities	−270,000	−1	−2	−33	7
Net decrease in cash and cash equivalents	−9	−5	−625,000	16	−5
Cash paid for income taxes	77,000	1	3	13	148,000
Cash paid for interest	419,000	429,000	579,000	1	1
Non-cash receivable from tenant	678,000	860,000	—	—	—
Non-cash liability from tenant	708,000	883,000	—	—	—

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