Bridgford Foods Corporation (NASDAQ: BRID) Announces Results for the Second Quarter of Fiscal Year 2008
ANAHEIM, Calif.--(Business Wire)--
Bridgford Foods Corporation (Nasdaq:BRID) today reported sales for
the second quarter (12 weeks) ended April 18, 2008 were $24,900,000, a
decrease of 10.7% compared to sales in the second twelve weeks of the
prior fiscal year. The Company reported a net loss of $784,000 in the
second quarter of fiscal year 2008, compared to a loss of $273,000 in
the same quarter of fiscal year 2007. Extraordinarily high commodity
and fuel costs have continued to reduce operating margins in recent
months and therefore the Company has increased prices to offset some
of these expenses while pursuing additional distribution channels for
its products.
Sales for the first half (24 weeks) of the 2008 fiscal year were
$56,218,000, a 6.6% decrease compared to the same period in 2007. The
Company incurred a net loss of $1,049,000 in the first half of 2008
compared to a net loss of $232,000 in the first half of last year.
Bridgford Foods Corporation is a producer of frozen dough,
microwaveable sandwiches, dry sausages, processed meats and other
convenience food products.
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BRIDGFORD FOODS CORPORATION
FINANCIAL RESULTS
(UNAUDITED)
12 Weeks Ended 12 Weeks Ended
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Apr 18, 2008 Apr 20, 2007
Sales $ 24,900,000 $ 27,894,000
Cost of sales $ 16,349,000 $ 17,944,000
Selling, general & administrative
expenses $ 9,068,000 $ 9,524,000
Depreciation $ 748,000 $ 782,000
Income (loss) before taxes $ (1,265,000) $ (356,000)
Income tax provision (benefit) $ (481,000) $ (83,000)
Net income (loss) $ (784,000) $ (273,000)
Basic earnings (loss) per share $ (0.08) $ (0.03)
Average shares outstanding 9,691,000 9,940,000
24 Weeks Ended 24 Weeks Ended
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Apr 18, 2008 Apr 20, 2007
Sales $ 56,218,000 $ 60,207,000
Cost of sales $ 37,326,000 $ 39,500,000
Selling, general & administrative
expenses $ 19,093,000 $ 19,444,000
Depreciation $ 1,497,000 $ 1,563,000
Income (loss) before taxes $ (1,698,000) $ (300,000)
Income tax provision (benefit) $ (649,000) $ (68,000)
Net income (loss) $ (1,049,000) $ (232,000)
Basic earnings (loss) per share $ (0.11) $ (0.02)
Average shares outstanding 9,784,000 9,948,000
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Bridgford Foods Corporation
R. Lancy, 714-526-5533
Copyright Business Wire 2008
