Bridgford Foods Corp. Announces Results for Third Quarter of 2001 Fiscal Year.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)--Sept. 14, 2001 Bridgford Foods Corp. (Nasdaq:BRID n. 1. A bird. ) today announced a 1% increase in sales for the third quarter of its 2001 fiscal year. Sales increased by $400,000, to $36.7 million, in the fiscal quarter ended Aug. 3, 2001, compared with the similar quarter last year. Net income in the third quarter decreased 52%, to $900,000, compared with the third quarter in the 2000 fiscal year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of decreased 50%, to $0.08 per share, compared with the same quarter last year. Higher costs for commodities, labor, fuel and utilities, combined with lower demand in a weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy and lower interest income on
investments, were primarily responsible for the significant decrease in
earnings.Sales for the first 39 weeks of the 2001 fiscal year increased 4%, to $117.5 million, compared with the same period in the prior fiscal year. Net income for the 39 weeks ended Aug. 3, 2001, decreased 22%, to $5.1 million, compared with the same period last year. Earnings in the first three quarters of 2001 were adversely affected by the cost and economic factors cited above. In addition, last year's 39-week earnings included a $700,000 non-recurring pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain from the 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 land sale 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. . 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 859,000 shares on the open market at an average cost of $10.45 per share. Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,511,000 shares outstanding.
BRIDGFORD FOODS CORP.
FINANCIAL HIGHLIGHTS
13 Weeks Ended
Aug. 3, 2001 July 28, 2000
Sales $ 36,708,644 $ 36,276,606
Cost of sales $ 23,088,217 $ 22,025,980
Selling, general & admin. expenses $ 11,181,134 $ 10,503,261
Depreciation $ 1,062,750 $ 888,643
Income before taxes $ 1,376,543 $ 2,858,722
Income tax provision $ 523,000 $ 1,086,000
Net income $ 853,543 $ 1,772,722
Basic earnings per share 8 cents 16 cents
Average shares outstanding 10,517,872 10,809,098
Diluted earnings per share 8 cents 16 cents
Diluted shares computed 10,577,290 10,985,480
39 Weeks Ended
Aug. 3, 2001 July 28, 2000
Sales $ 117,485,217 $ 113,436,187
Cost of sales $ 71,371,988 $ 68,316,206
Selling, general & admin. expenses $ 34,667,490 $ 31,824,951
Depreciation $ 3,188,250 $ 2,749,500
Income before taxes $ 8,257,489 $ 10,545,530
Income tax provision $ 3,138,000 $ 4,007,000
Net income $ 5,119,489 $ 6,538,530
Basic earnings per share 49 cents 59 cents
Average shares outstanding 10,556,491 11,004,757
Diluted earnings per share 48 cents 58 cents
Diluted shares computed 10,611,876 11,181,139
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