Bridgford Foods Corporation Financial Report: First Quarter Ended January 20, 2012

March 5, 2012

Bridgford Foods Corporation (NasdaqGM: BRID) reported revenues for its fiscal first quarter ended January 20, 2012 increased 3.2% to $29.72 million compared to net sales of $28.81 million for the first quarter of fiscal 2011.  Net sales benefited from an 8.4% increase in sales from the company’s refrigerated and snack food products segment which was partially offset by a 2.5% decrease in sales from the company’s frozen food products segment.

The company reported a net loss of $278 thousand or $(0.03) per share versus net income of $1.17 million or $0.13 per share for the first quarter of fiscal 2011.  Earnings for the first quarter of fiscal 2012 were negatively impacted by much lower gross profit margins primarily due to higher commodity costs.

As of January 20, 2012, the balance sheet reflected current assets of $36.6 million (including cash and cash equivalents of $9.72 million), total assets of $56.2 million, current liabilities of $13.07 million and total liabilities of $31.71 million.  Shareholders’ equity slipped 1.4% during the first quarter to $24.5 million.

Bridgford Foods Corporation is engaged in the processing and distribution of frozen food products as well as refrigerated and snack food products.

Source: Bridgford Foods Corporation

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