Bridgford Foods Corporation Announces Improved Results for Second Quarter.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. -- Bridgford Foods Corporation (Nasdaq:BRID n. 1. A bird. ) today reported sales for the second quarter (12 weeks) ended April 14, 2006 of $28,305,000, an increase of 2.1% compared to sales in the second twelve weeks of the prior fiscal year. The Company reported net income of $72,000 in the second quarter of 2006 compared to a net loss of $650,000 in the same quarter of 2005. Sales for the first half (24 weeks) of the 2006 fiscal year were $62,880,000, a 2.6% increase compared to the same period in 2005. The Company incurred a net loss of $65,000 in the first half of 2006 compared to a net loss of $846,000 in the first half of last year. The gross margin increased slightly on a comparative basis due primarily to higher selling prices and lower meat commodity costs. Bridgford Foods Corporation is a producer of frozen dough, microwaveable and shelf-stable sandwiches, dry sausages, processed meats and other convenience food products.
BRIDGFORD FOODS CORPORATION
FINANCIAL HIGHLIGHTS
(UNAUDITED)
12 Weeks Ended 12 Weeks Ended
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Apr 14, 2006 Apr 15, 2005
Sales $28,305,000 $27,714,000
Cost of sales $17,510,000 $17,860,000
Selling, general & administrative
expenses $9,841,000 $9,874,000
Depreciation $892,000 $1,029,000
Gain on sale of equity securities $(106,000) --
Income (loss) before taxes $168,000 $(1,049,000)
Income tax provision (benefit) $96,000 $(399,000)
Net income (loss) $72,000 $(650,000)
Basic income (loss) per share $0.01 $(0.07)
Average shares outstanding 9,966,000 9,998,000
24 Weeks Ended 24 Weeks Ended
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Apr 14, 2006 Apr 15, 2005
Sales $62,880,000 $61,305,000
Cost of sales $41,063,000 $40,431,000
Selling, general & administrative
expenses $20,211,000 $20,182,000
Depreciation $1,784,000 $2,057,000
Gain on sale of equity securities $(106,000) --
Loss before taxes $(72,000) $(1,365,000)
Income tax benefit $(7,000) $(519,000)
Net loss $(65,000) $(846,000)
Basic loss per share $0.00 $(0.08)
Average shares outstanding 9,970,000 9,999,000
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