Bridgford Foods Corporation Announces Results for Third 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)--Aug. 25, 2003 Bridgford Foods Corp. (Nasdaq:BRID n. 1. A bird. ) today reported sales of $29,977,000 for the third quarter (12 weeks) of the 2003 fiscal year compared to sales of $32,025,000 recorded for the third quarter (13 weeks) last year, a decrease of 6.4%. As was announced in the first quarter, the company adopted a reporting schedule based on 12, 24, 36 and 52 week periods this year compared to the historical presentation of four quarters with 13 weeks each. The decrease in sales relates to the one less week in the reporting period for 2003. Similarly, year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. information listed herein consists of 36 weeks in 2003 compared to 39 weeks last year. The company reported net income of $412,000 in the third quarter (12 weeks) that ended July July: see month. 11, 2003 compared to the loss of $430,000 incurred for the third quarter last year. The increase in earnings for the third quarter of 2003 relates to improved gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. and to moderating operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Through Aug. 22, the company has purchased 158,042 shares of treasury stock in the 2003 fiscal year. These shares were purchased in the open market at an average cost of $7.59 per share. The purchases were made as part of the 1.5 million share stock purchase plan previously authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the Board of Directors. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 420,000 shares remain available for purchase under the plan. Bridgford Foods Corp., a producer of frozen dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10.3 million common shares outstanding.
BRIDGFORD FOODS CORPORATION
FINANCIAL HIGHLIGHTS
12 Weeks Ended 13 Weeks Ended
July 11, 2003 Aug. 2, 2002
Sales $ 29,977,000 $ 32,025,000
Cost of sales $ 18,482,000 $ 20,258,000
Selling, general &
administrative expenses $ 9,839,000 $ 11,363,000
Depreciation $ 991,000 $ 1,097,000
Income/(loss) before taxes $ 665,000 $ (693,000)
Income tax provision/(benefit) $ 253,000 $ (263,000)
Net income/(loss) $ 412,000 $ (430,000)
Basic earnings/(loss) per share $ 0.04 $ (0.04)
Average shares outstanding 10,375,000 10,448,000
36 Weeks Ended 39 Weeks Ended
July 11, 2003 Aug. 2, 2002
Sales $ 91,496,000 $104,927,000
Cost of sales $ 57,564,000 $ 65,795,000
Selling, general &
administrative expenses $ 30,366,000 $ 31,611,000
Depreciation $ 2,973,000 $ 3,295,000
Income before taxes $ 593,000 $ 4,226,000
Income tax provision $ 225,000 $ 1,606,000
Net income $ 368,000 $ 2,620,000
Basic earnings per share $ 0.04 $ 0.25
Average shares outstanding 10,421,000 10,495,000
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