Bridgford Foods Corp. Announces Results for First Quarter.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 10, 2000 Bridgford Foods Corp. (Nasdaq:BRID n. 1. A bird. ) Friday announced a 10.4% increase in sales for the first quarter of its 2000 fiscal year. Sales increased by $3.8 million to $40.3 million for the quarter ended Jan. 28, 2000 compared with the same period last year. Net income decreased 8.8% in the first quarter of 2000 to $2.4 million compared with the $2.6 million earned in the first quarter of 1999. Earnings in the first quarter of 2000 were adversely affected by the significant increase in the cost of pork pork, flesh of swine prepared as food, one of the principal commodities of the meatpacking industry. Pork has long been a staple food in most of the world, although religious taboos have limited its use, especially among Jews and Muslims. supplies. First quarter pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings in 2000 includes a $675,000 gain on the sale of land from eminent domain eminent domain, the right of a government to force the owner of private property sell it if it is needed for a public use. The right is based on the doctrine that a sovereign state has dominion over all lands and buildings within its borders, which has its origins in proceedings in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . A similar transaction in the first quarter of 1999 resulted in a pretax gain of $615,000. On Dec. 15, 1999 the company announced the adoption of a stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . The plan authorizes the company to purchase up to 1 million shares (9%) of its outstanding common stock. To date, the company has purchased approximately 480,000 shares on the open market at an average cost of $9.17 per share. On Jan. 3, 2000 the company paid a regular quarterly cash dividend of $0.07 per share, a 16.7% increase over the previous quarterly rate of $0.06 per share. Bridgford Foods, a producer of frozen bread dough, microwaveable hamburgers, dry sausages, processed meats, and other convenience food products, currently has 10,889,000 shares outstanding.
BRIDGFORD FOODS CORPORATION
FINANCIAL HIGHLIGHTS
13 Weeks Ended
Jan. 28, 2000 Jan. 29, 1999
Sales $ 40,343,872 $ 36,559,632
Cost of sales $ 24,448,917 $ 21,190,270
Selling, general & admin expenses $ 11,109,929 $ 10,332,169
Depreciation $ 928,688 $ 809,250
Income before taxes $ 3,856,338 $ 4,227,943
Income tax provision $ 1,465,000 $ 1,607,000
Net income $ 2,391,338 $ 2,620,943
Basic earnings per share 21 cents 23 cents
Average shares outstanding 11,306,196 11,369,812
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