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Bridgford Foods Corp. (BRID) filed Quarterly Report for the period ended 2011-04-15.
Bridgford Foods Corp. has a market cap of $86.9 million; its shares were traded at around $8.89 with a P/E ratio of 15.2 and P/S ratio of 0.7.
This is the annual revenues and earnings per share of BRID over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BRID.
Highlight of Business Operations:
Net sales decreased by $1,653 (6.2%) to $25,178 in the second twelve weeks of the 2011 fiscal year compared to the same twelve-week period last year. The changes in net sales were comprised as follows:
Cost of products sold increased by $1,657 (11.0%) to $16,720 in the second twelve weeks of the 2011 fiscal year compared to the same twelve-week period in fiscal 2010. The gross margin decreased from 43.9% to 33.6% due primarily to significantly higher commodity costs described in the segment analysis below and lower unit sales volumes .
Cost of products sold in the Frozen Food Products Segment increased by $348 (4.6%) to $7,923 in the second twelve weeks of the 2011 fiscal year compared to the same twelve-week period in fiscal year 2010. Higher flour commodity costs were the primary contributing factor to this increase. The cost of purchased flour increased approximately $445 in the second twelve weeks of fiscal 2011 compared to the prior year period. Consistent with the increase in flour costs, the gross margin percentage decreased from 43.4% to 36.0% in the second twelve weeks of fiscal year 2011 compared to the same twelve week period in the prior fiscal year.
Cost of products sold in the Refrigerated and Snack Food Products Segment increased by $1,315 (16.9%) to $9,092 in the second twelve weeks of the 2011 fiscal year compared to the same twelve-week period in fiscal year 2010. The cost of significant meat commodities increased approximately $694 in the second twelve weeks of fiscal 2011 compared to the same period in the prior year. The gross margin earned in this segment decreased from 44.3% to 31.2% in the second twelve weeks of fiscal year 2011 due primarily to higher commodity costs and to a lesser extent as a result of sales mix changes.
The net loss of $144 in the twelve weeks ended April 15, 2011 includes a non-taxable gain on life insurance policies in the amount of $175. The net income of $1,905 in the twelve weeks ended April 16, 2010 includes a non-taxable gain on life insurance policies in the amount of $268. Gains and losses on life insurance policies are dependent upon the performance of the underlying equities and future results may vary considerably.
Net sales decreased by $2,092 (3.7%) to $53,987 in the first twenty-four weeks of the 2011 fiscal year compared to the same twenty-four week period last year. The changes in net sales were comprised as follows:
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