Bridgford Foods Corp. Announces Results for 2001 Fiscal Year.

Business Editors

ANAHEIM, Calif.--(BUSINESS WIRE)--Dec. 21, 2001

Bridgford Foods Corp. (Nasdaq:BRID), today announced slightly higher sales for the 2001 fiscal year.

Sales for the fiscal year (52 weeks) ended Nov. 2, 2001 totaled $156.4 million compared with the $156.3 million recorded in the prior fiscal year (53 weeks). This represents the 16th consecutive year of record sales for the company. Net income for the 2001 fiscal year totaled $6.2 million, a decrease of 28.8% compared with the amount earned in the prior year.

Sales for the fourth quarter in 2001 (13 weeks) totaled $38.9 million, a decrease of 9.3% compared with the 14-week fourth quarter of the prior fiscal year. Net income for the 2001 fourth quarter was $1.1 million, a 49.5% decrease from the comparable quarter last year.

Having one week less in the 2001 fourth quarter was the primary reason for the sales decrease when compared with the 14-week fourth quarter last year. As was discussed in the report from the prior quarter, higher costs, reduced profit margins and lower demand in a less vibrant economy continued in the fourth quarter of 2001 and caused a significant reduction in operating results.

The company also today announced an expansion in its stock repurchase program. The board of directors voted to increase the number of shares authorized to be purchased from 1 million to 1.5 million. Since the adoption of the plan in 1999, the company has purchased approximately 922,000 shares at an average cost of $10.63 per share.

Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,448,271 shares outstanding.

                         BRIDGFORD FOODS CORP.
                         FINANCIAL HIGHLIGHTS

                                         Fiscal Quarter Ended

                                   Nov. 2, 2001         Nov. 3, 2000
                                    (13 weeks)           (14 weeks)

Sales                             $  38,875,996         $  42,855,618
Cost of sales                     $  24,933,304         $  26,979,168
Selling, general
 & admin expenses                 $  11,283,461         $  11,258,545
Depreciation                      $     844,805         $   1,022,966
Income before taxes               $   1,814,426         $   3,594,939
Income tax provision              $     690,000         $   1,367,000
Net income                        $   1,124,426         $   2,227,939
Basic earnings per share          $        0.11         $        0.21
Average shares outstanding           10,482,892            10,656,332
Diluted earnings per share        $        0.11         $        0.21
Diluted shares computed              10,553,894            10,710,271

                                           Fiscal Year Ended

                                    Nov. 2, 2001        Nov. 3, 2000
                                     (52 weeks)          (53 weeks)

Sales                             $ 156,361,213         $ 156,291,805
Cost of sales                     $  96,305,292         $  95,295,374
Selling, general
 & admin expenses                 $  45,950,951         $  43,083,496
Depreciation                      $   4,033,055         $   3,772,466
Income before taxes               $  10,071,915         $  14,140,469
Income tax provision              $   3,828,000         $   5,374,000
Net income                        $   6,243,915         $   8,766,469
Basic earnings per share          $        0.59         $        0.80
Average shares outstanding           10,538,091            10,907,701
Basic and Diluted earnings
 per share                        $        0.59           $      0.80
Diluted shares computed              10,595,105            10,926,630