Bridgford Foods Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bridgford Foods Corp. filed its 2023 10-K, detailing operations, key customer relationships, and asset information.</b>

AI Summary

BRIDGFORD FOODS CORP (BRID) filed a Annual Report (10-K) with the SEC on January 29, 2024. Bridgford Foods Corp. filed its 10-K for the fiscal year ending November 3, 2023. The company's principal business is manufacturing sausage and other prepared meat products. Key customers include WalMart and Dollar General, representing significant sales revenue and accounts receivable. The filing details the company's assets, including buildings, machinery, transportation equipment, and land. Bridgford Foods Corp. is incorporated in California and headquartered in Anaheim, CA.

Why It Matters

For investors and stakeholders tracking BRIDGFORD FOODS CORP, this filing contains several important signals. This 10-K provides a comprehensive overview of Bridgford Foods Corp.'s financial performance and operational status for the fiscal year 2023, crucial for investors assessing the company's health. The disclosure of significant customer concentration with WalMart and Dollar General highlights potential revenue risks and opportunities for Bridgford Foods Corp.

Risk Assessment

Risk Level: — BRIDGFORD FOODS CORP shows moderate risk based on this filing. The company's reliance on major customers like WalMart and Dollar General presents a medium risk, as a significant shift in business with these entities could materially impact revenue and accounts receivable.

Analyst Insight

Investors should monitor Bridgford Foods Corp.'s relationships with its key customers and any changes in sales volume or terms to assess future revenue stability.

Key Numbers

• 2023-11-03 — Fiscal Year End (Conformed period of report)
• 2024-01-29 — Filing Date (Date filed)

Key Players & Entities

• BRIDGFORD FOODS CORP (company) — Filer name
• WalMart (company) — Key customer
• Dollar General (company) — Key customer
• Anaheim, CA (location) — Business address city and state
• Dallas, TX (location) — Mail address city and state

Forward-Looking Statements

• Bridgford Foods' revenue growth will be heavily influenced by Walmart's purchasing decisions. (Walmart) — high confidence, target: 2024-11-03
• Any adverse change in the relationship with Walmart could lead to a significant decline in Bridgford Foods' stock price. (Bridgford Foods Corp.) — medium confidence, target: 2024-11-03

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company's reliance on a few major customers, such as WalMart and Dollar General, for a significant portion of its sales revenue and accounts receivable poses a risk.

Industry Context

Bridgford Foods Corp. operates in the prepared meat products industry, specifically focusing on sausage and similar items.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and management discussion.
2. Analyze the company's customer concentration risk and its potential impact on future revenue.
3. Research Bridgford Foods Corp.'s market position within the prepared meat products industry.

Key Dates

• 2023-11-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-01-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 10-K, providing updated financial and operational information compared to previous filings.

Filing Documents

• form10-k.htm (10-K) — 1135KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 9KB
• ex32-2.htm (EX-32.2) — 8KB
• form10-k_001.jpg (GRAPHIC) — 3KB
• 0001493152-24-004024.txt (&nbsp;) — 6197KB
• brid-20231103.xsd (EX-101.SCH) — 43KB
• brid-20231103_cal.xml (EX-101.CAL) — 77KB
• brid-20231103_def.xml (EX-101.DEF) — 175KB
• brid-20231103_lab.xml (EX-101.LAB) — 383KB
• brid-20231103_pre.xml (EX-101.PRE) — 299KB
• form10-k_htm.xml (XML) — 1018KB

Risk Factors

Item 1A. Risk Factors 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 9

Cybersecurity

Item 1C. Cybersecurity 9

Properties

Item 2. Properties 9

Legal Proceedings

Item 3. Legal Proceedings 9

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 9 PART II 10

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 10

[Reserved]

Item 6. [Reserved] 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 17

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 17

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 17

Controls and Procedures

Item 9A. Controls and Procedures 17

Other Information

Item 9B. Other Information 19

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 19 PART III 20

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 20

Executive Compensation

Item 11. Executive Compensation 20

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 20

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 20

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 20 PART IV 21

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 21

Form 10-K Summary

Item 16. Form 10-K Summary 21

SIGNATURES

SIGNATURES 22 2 PART I Item 1. Business This Annual Report on Form 10-K (this "Report") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Bridgford Foods Corporation intends that such forward-looking statements be subject to the safe harbors created thereby. Readers are cautioned that such statements, which may be identified by words including "anticipates," "believes," "intends," "estimates," "expects," and similar expressions, are only predictions or estimations and are subject to known and unknown risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the following: general economic and business conditions; the impact of competitive products and pricing; success of operating initiatives; development and operating costs; advertising and promotional efforts; adverse publicity; acceptance of new product offerings; consumer trial and frequency; changes in business strategy or development plans; availability, terms and deployment of capital; availability of qualified personnel; commodity, labor, and employee benefit costs; supply chain constraints and resulting cost pressures; changes in, or failure to comply with, government regulations; weather conditions; construction schedules; relationships with customers and suppliers; and other factors referenced in this Report. The forward-looking statements included herein are based on current expectations that involve a number of risks and uncertainties. These forward-looking statements are based on assumptions regarding our business, which involve judgments with respect to, among other things, future economic and competitive conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that t

of this Report. Substantially all of our assets have been acquired in the ordinary course of business

Item 7 of this Report. Substantially all of our assets have been acquired in the ordinary course of business. Description of Business Bridgford currently operates in two business segments - the processing and distribution of frozen food products and the processing and distribution of snack food products. For information regarding the separate financial performance of the business segments refer to Note 7 of the

Notes to Consolidated Financial Statements included in this Report

Notes to Consolidated Financial Statements included in this Report. The following table shows sales, as a percentage of consolidated sales, for each business segment during the last two fiscal years: 2023 2022 Frozen Food Products 23 % 21 % Snack Food Products 77 % 79 % 100 % 100 % We manufacture nearly all of our food products and distribute an extensive line of biscuits, bread dough items, roll dough items, dry sausage products and beef jerky. Our direct store delivery network consists of non-refrigerated snack food products. Our frozen food products division serves both food service and retail customers. Although we have recently introduced several new products, most of these products have not contributed significantly to our revenue growth for fiscal year 2023. Our sales are not subject to material seasonal variations. Historically we have been able to respond quickly to the receipt of orders and, accordingly, do not maintain a significant sales backlog. Neither Bridgford nor its industry generally has unusual demands or restrictions on working capital items. During the last fiscal year, we did not enter into any new markets or any significant contractual or other material relationships. 3 Product Distribution Methods Our products are delivered to customers using several distinct distribution channels. The distribution channel utilized is dependent upon the needs of our customers, the most efficient proximity to the delivery point, trade customs, and operating segment as well as product type, life, and stability. Among our customers are many of the country's largest broadline and specialty food service distributors. These and other large-end purchasers occasionally go through extensive qualification procedures and our manufacturing capabilities are that can consistently meet increased volume requirements

View Full Filing

View this 10-K filing on SEC EDGAR