Bridgford Foods Corp. (BRID, Financial) filed Annual Report for the period ended 2012-11-02.
Bridgford Foods Corporation has a market cap of $61.4 million; its shares were traded at around $6.7 with a P/E ratio of 97.1 and P/S ratio of 0.5.
Cost of products sold in the Frozen Food Products segment in fiscal 2012 increased $752 (2.3%) compared to the prior year primarily related to unfavorable product mix changes. The gross margin in the Frozen Food Products segment decreased from 39.0% in fiscal 2011 to 38.5% in fiscal 2012. Although the cost of purchased flour decreased approximately $346 in fiscal 2012 compared to the prior year, the decrease in flour commodity costs was insufficient to off-set unfavorable product mix changes and sales related promotional spending increases.
Cost of products sold in the Refrigerated and Snack Food Products segment in fiscal 2012 increased $1,431 (3.0%) compared to the prior year. Unfavorable changes in product mix input costs increased cost of sales due to a higher proportion of beef commodity costs than the comparison period. In addition, the combined cost of major meat commodity products increased approximately $333 and direct production labor also increased $732 compared to the prior year. The gross margin in the Refrigerated and Snack Food Products segment increased from 25.5% in fiscal 2011 to 31.9% in fiscal 2012 due to higher selling prices and favorable sales mix changes.
SG&A expenses in the Frozen Food Products segment increased by $264 (1.5%) to $17,338 in fiscal year 2012 compared to the prior fiscal year. Increases in this category were caused by increased profit sharing expenses and promotional spending partially offset by a favorable settlement of OSHA penalties related to citations received during the prior fiscal year.
SG&A in the Refrigerated and Snack Food Products segment increased by $1,401 (6.5%) to $22,842 in fiscal year 2012 compared to the prior fiscal year. Higher profits and profit sharing accruals resulted in increased wages and bonus in the 2012 fiscal year compared to the prior year. The increase in SG&A costs also relates to increased costs for product advertising related to a one-time significant specialty product shipment during the fiscal year.
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Bridgford Foods Corporation has a market cap of $61.4 million; its shares were traded at around $6.7 with a P/E ratio of 97.1 and P/S ratio of 0.5.
Highlight of Business Operations:
Cost of products sold in fiscal 2012 increased $2,323 (2.9%) compared to the prior year. Changes in unit sales volumes and commodity costs are described in the segment analysis below and were the primary contributing factors to the increase in cost of goods sold. The gross margin increased to 34.8% in fiscal year 2012 from 31.7% in fiscal year 2011.Cost of products sold in the Frozen Food Products segment in fiscal 2012 increased $752 (2.3%) compared to the prior year primarily related to unfavorable product mix changes. The gross margin in the Frozen Food Products segment decreased from 39.0% in fiscal 2011 to 38.5% in fiscal 2012. Although the cost of purchased flour decreased approximately $346 in fiscal 2012 compared to the prior year, the decrease in flour commodity costs was insufficient to off-set unfavorable product mix changes and sales related promotional spending increases.
Cost of products sold in the Refrigerated and Snack Food Products segment in fiscal 2012 increased $1,431 (3.0%) compared to the prior year. Unfavorable changes in product mix input costs increased cost of sales due to a higher proportion of beef commodity costs than the comparison period. In addition, the combined cost of major meat commodity products increased approximately $333 and direct production labor also increased $732 compared to the prior year. The gross margin in the Refrigerated and Snack Food Products segment increased from 25.5% in fiscal 2011 to 31.9% in fiscal 2012 due to higher selling prices and favorable sales mix changes.
SG&A expenses in the Frozen Food Products segment increased by $264 (1.5%) to $17,338 in fiscal year 2012 compared to the prior fiscal year. Increases in this category were caused by increased profit sharing expenses and promotional spending partially offset by a favorable settlement of OSHA penalties related to citations received during the prior fiscal year.
SG&A in the Refrigerated and Snack Food Products segment increased by $1,401 (6.5%) to $22,842 in fiscal year 2012 compared to the prior fiscal year. Higher profits and profit sharing accruals resulted in increased wages and bonus in the 2012 fiscal year compared to the prior year. The increase in SG&A costs also relates to increased costs for product advertising related to a one-time significant specialty product shipment during the fiscal year.
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