Bridgford Foods Corp. Announces First-Quarter Results.Business Editors ANAHEIM Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , Calif.--(BUSINESS WIRE)--March 11, 2003 Bridgford Foods Corp. (Nasdaq:BRID n. 1. A bird. ) today reported that sales in the first quarter (12 weeks) of the 2003 fiscal year were $32,445,000, a 15.1% decrease, compared with first quarter (13 weeks) sales of $38,223,000 in 2002. Beginning in fiscal year 2003, the company has adopted a reporting schedule based on 12, 24, 36 and 52-week periods, compared with the historical presentation of four quarters with 13 weeks each. The change was made to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the company's internal accounting system that is based on 13 four-week periods and to prepare for the accelerated reporting deadlines mandated by the Sarbanes-Oxley Act See SOX. of 2002. In addition to one less week in the reporting period, sales decreased in the first quarter due to reduced sales volume in the highly competitive and sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. . The net loss of $153,000 recorded in the first quarter of 2003 results from reduced sales volume combined with escalating costs, including sales promotions, employee health care, pension benefits, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and general insurance and fuel related expenses. Bridgford Foods, a producer of frozen dough, microwavable mi·cro·wave n. 1. A high-frequency electromagnetic wave, one millimeter to one meter in wavelength, intermediate between infrared and short-wave radio wavelengths. 2. Informal A microwave oven. tr.v. sandwiches, dry sausages, processed meats and other convenience food products currently has 10,448,000 shares outstanding.
BRIDGFORD FOODS CORP.
FINANCIAL HIGHLIGHTS
12 Weeks Ended 13 Weeks Ended
Jan. 24, 2003 Feb. 1, 2002
Sales $32,445,000 $38,223,000
Cost of sales 21,158,000 23,221,000
Selling, general & administrative expenses 10,542,000 11,391,000
Depreciation 991,000 1,106,000
Income (loss) before taxes (246,000) 2,505,000
Income tax (benefit) provision (93,000) 952,000
Net (loss) income (153,000) 1,553,000
Basic (loss) earnings per share ($0.01) $0.15
Average shares outstanding 10,448,000 10,448,000
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion