Bridgford Foods Corp. (BRID, Financial) filed Quarterly Report for the period ended 2010-07-09.
Bridgford Foods Corp. has a market cap of $122.78 million; its shares were traded at around $13.16 with a P/E ratio of 16.45 and P/S ratio of 1.
Compared to the prior twelve-week period ended April 16, 2010 (not shown), average weekly net sales increased $9 (0.4%). The average selling price per pound increased 10.5% during the third twelve weeks of the 2010 fiscal year compared to the previous twelve-week period partially offset by a unit sales volume decrease of 9.9%. Promotional and returns activity caused an aggregate increase of 0.5%.
Cost of products sold in the Frozen Food Products Segment increased by $97 (1.5%) to $6,657 in the third twelve weeks of the 2010 fiscal year compared to the same twelve-week period in fiscal year 2009. The increase in cost of products sold did not directly correlate to the change in sales due to increases in production overheads including utilities, healthcare and workers' compensation benefits, which reduced the gross margin earned in this segment from 41.4% to 39.5%, compared to the same period last year. The cost of purchased flour declined approximately $120 in the third twelve weeks of fiscal 2010 compared to the prior year period partially off-setting the overhead cost increase.
Cost of products sold decreased by $1,237 (2.5%) to $49,229 in the first thirty-six weeks of the 2010 fiscal year compared to the same thirty-six-week period in fiscal 2009. The decrease in cost of products sold relates to lower unit sales volume, increased utilization of production facilities and lower flour costs. The gross margin increased from 39.5% to 40.7% due to these factors.
Cost of products sold in the Frozen Food Products Segment decreased by $6 (0.0%) to $21,816 in the first thirty-six weeks of the 2010 fiscal year compared to the same thirty-six-week period in fiscal year 2009. Lower flour costs and lower sales levels contributed to this decrease in the current year period. The cost of purchased flour declined approximately $360 in the first thirty-six weeks of fiscal 2010 compared to same period in the prior year. The gross margin decreased from 40.9% to 40.4% due to these factors.
Cost of products sold in the Refrigerated and Snack Food Products Segment decreased by $853 (2.9%) to $28,272 in the first thirty-six weeks of the 2010 fiscal year compared to the same thirty-six-week period in fiscal year 2009. This decrease corresponds to lower sales levels, increased in-sourcing of products previously purchased from outside suppliers and lower commodity costs compared to the same thirty-six week period in the prior fiscal year. The cost of significant meat commodities decreased approximately $494 in the first thirty-six weeks of fiscal 2010 compared to the same period in the prior year. The gross margin increased from 38.4% to 40.9% due to these factors.
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Bridgford Foods Corp. has a market cap of $122.78 million; its shares were traded at around $13.16 with a P/E ratio of 16.45 and P/S ratio of 1.
Highlight of Business Operations:
Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The provision for doubtful accounts receivable is based on historical trends and current collection risk. We have significant amounts receivable with a few large, well known customers which, although historically secure, could be subject to material risk should these customers operations suddenly deteriorate. We monitor these customers closely to minimize the risk of loss. Sales to Wal-Mart® comprised 14.4% of revenues in the first thirty-six weeks of fiscal year 2010 and 9.4% of accounts receivable was due from Wal-Mart® at July 9, 2010. In comparison, Wal-Mart® comprised 11.7% of revenues for the first thirty-six weeks of fiscal year 2009 and 15.2% of accounts receivable at the end of the third quarter of fiscal year 2009. Sales to Dollar General® comprised 10.4% of revenues in the first thirty-six weeks of fiscal year 2010 and 32.6% of accounts receivable was due from Dollar General® at July 9, 2010.Compared to the prior twelve-week period ended April 16, 2010 (not shown), average weekly net sales increased $9 (0.4%). The average selling price per pound increased 10.5% during the third twelve weeks of the 2010 fiscal year compared to the previous twelve-week period partially offset by a unit sales volume decrease of 9.9%. Promotional and returns activity caused an aggregate increase of 0.5%.
Cost of products sold in the Frozen Food Products Segment increased by $97 (1.5%) to $6,657 in the third twelve weeks of the 2010 fiscal year compared to the same twelve-week period in fiscal year 2009. The increase in cost of products sold did not directly correlate to the change in sales due to increases in production overheads including utilities, healthcare and workers' compensation benefits, which reduced the gross margin earned in this segment from 41.4% to 39.5%, compared to the same period last year. The cost of purchased flour declined approximately $120 in the third twelve weeks of fiscal 2010 compared to the prior year period partially off-setting the overhead cost increase.
Cost of products sold decreased by $1,237 (2.5%) to $49,229 in the first thirty-six weeks of the 2010 fiscal year compared to the same thirty-six-week period in fiscal 2009. The decrease in cost of products sold relates to lower unit sales volume, increased utilization of production facilities and lower flour costs. The gross margin increased from 39.5% to 40.7% due to these factors.
Cost of products sold in the Frozen Food Products Segment decreased by $6 (0.0%) to $21,816 in the first thirty-six weeks of the 2010 fiscal year compared to the same thirty-six-week period in fiscal year 2009. Lower flour costs and lower sales levels contributed to this decrease in the current year period. The cost of purchased flour declined approximately $360 in the first thirty-six weeks of fiscal 2010 compared to same period in the prior year. The gross margin decreased from 40.9% to 40.4% due to these factors.
Cost of products sold in the Refrigerated and Snack Food Products Segment decreased by $853 (2.9%) to $28,272 in the first thirty-six weeks of the 2010 fiscal year compared to the same thirty-six-week period in fiscal year 2009. This decrease corresponds to lower sales levels, increased in-sourcing of products previously purchased from outside suppliers and lower commodity costs compared to the same thirty-six week period in the prior fiscal year. The cost of significant meat commodities decreased approximately $494 in the first thirty-six weeks of fiscal 2010 compared to the same period in the prior year. The gross margin increased from 38.4% to 40.9% due to these factors.
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