Bridgford Foods Corp. Files Annual 10-K Report
Ticker: BRID · Form: 10-K · Filed: Jan 29, 2025 · CIK: 14177
Sentiment: neutral
Topics: 10-k, annual-report, food-industry
TL;DR
Bridgford Foods 10-K filed. All good.
AI Summary
Bridgford Foods Corp. filed its 10-K for the fiscal year ending November 1, 2024. The company, primarily involved in sausage and prepared meat products, is headquartered in Anaheim, California. The filing provides financial data and operational details for the period.
Why It Matters
This filing provides investors and stakeholders with a comprehensive overview of Bridgford Foods Corp.'s financial performance and business operations for the past fiscal year.
Risk Assessment
Risk Level: low — The filing is a standard annual report and does not indicate any immediate or significant new risks.
Key Players & Entities
- BRIDGFORD FOODS CORP (company) — Filer
- 2024-11-01 (date) — Fiscal Year End
- SAUSAGE, OTHER PREPARED MEAT PRODUCTS (industry) — Standard Industrial Classification
- 951778176 (tax_id) — IRS Number
- CA (state) — State of Incorporation
- ANAHEIM (city) — Business Address City
- 7145265533 (phone) — Business Phone
- DALLAS (city) — Mail Address City
- 75226 (zip_code) — Mail Address Zip
FAQ
What is Bridgford Foods Corp.'s primary business activity?
Bridgford Foods Corp. is primarily involved in the 'SAUSAGE, OTHER PREPARED MEAT PRODUCTS' industry, as indicated by its Standard Industrial Classification.
When did Bridgford Foods Corp. file its 10-K report?
The 10-K report was filed on January 29, 2025.
What is the fiscal year end for Bridgford Foods Corp. as reported in this filing?
The fiscal year end for Bridgford Foods Corp. is November 1, 2024.
Where is Bridgford Foods Corp. incorporated?
Bridgford Foods Corp. is incorporated in California (CA).
What is the business phone number listed for Bridgford Foods Corp.?
The business phone number listed is 7145265533.
Filing Stats: 4,403 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2025-01-29 17:29:12
Filing Documents
- form10-k.htm (10-K) — 986KB
- ex19-1.htm (EX-19.1) — 179KB
- ex31-1.htm (EX-31.1) — 9KB
- ex31-2.htm (EX-31.2) — 9KB
- ex32-1.htm (EX-32.1) — 5KB
- ex32-2.htm (EX-32.2) — 5KB
- ex97-1.htm (EX-97.1) — 26KB
- image_001.jpg (GRAPHIC) — 9KB
- 0001493152-25-004182.txt ( ) — 6312KB
- brid-20241101.xsd (EX-101.SCH) — 43KB
- brid-20241101_cal.xml (EX-101.CAL) — 84KB
- brid-20241101_def.xml (EX-101.DEF) — 180KB
- brid-20241101_lab.xml (EX-101.LAB) — 433KB
- brid-20241101_pre.xml (EX-101.PRE) — 335KB
- form10-k_htm.xml (XML) — 923KB
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 10
Legal Proceedings
Item 3. Legal Proceedings 10
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 10 PART II 11
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 11
[Reserved]
Item 6. [Reserved] 11
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 12
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 18
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 20
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 20
Form 10-K Summary
Item 16. Form 10-K Summary 21
SIGNATURES
SIGNATURES 22 2 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (this "Report") contains "forward-looking statements" within the meaning of the federal securities laws, which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements included or incorporated by reference in this Report, other than statements of historical fact, are forward-looking statements. You can identify forward-looking statements by the use of words such as "anticipate," "believe," "continue" "could," "expect," "intend," "may," "will," or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to such statements. In particular, forward-looking statements included or incorporated by reference in this Report relate to, among other things: 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; 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; macroeconomic conditions, including the impact of inflation on our results of operations; changes in, or failure to comply with, government regulations; weather conditions; relationships with customers and suppliers. Our forward-looking statements are based on our management's current assumptions and expectations about future events and trends, which affect or may affect our business, strategy, operations or financial performance. Although we believe that these forward-looking
Forward-looking statements speak only as of
Forward-looking statements speak only as of the date they were made, and, except to the extent required by law or the Nasdaq listing rules, we undertake no obligation to update or review any forward-looking statement because of new information, future events or other factors. We qualify all of our forward-looking statements by these cautionary statements. PART I
Business
Item 1. Business Background of Business Bridgford Foods Corporation (collectively with its subsidiaries, "Bridgford", the "Company", "we", or "our"), a California corporation, was organized in 1952. We originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis. Currently, we are primarily engaged in the manufacturing, marketing, and distribution of an extensive line of frozen and snack food products throughout the United States. We have not been involved in any bankruptcy, receivership, or similar proceedings since inception nor have we been party to any merger, acquisition, etc. or acquired or disposed of any material amounts of assets during the past five years other than the sale of our real property located at 170 N. Green Street in Chicago in June 2022. 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 The following table shows sales, as a percentage of consolidated sales, for each business segment during the last two fiscal years: 2024 2023 Frozen Food Products 26 % 23 % Snack Food Products 74 % 77 % 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 produc
Risk Factors
Item 1A. Risk Factors In addition to the other matters set forth in this Report, the continuing operations and the price of our common stock are subject to the following risks, each of which could materially adversely affect our business, financial condition, and results of operations. The risks described below are only the risks that we currently believe are material to our business. However, additional risks not presently known, or risks that are currently believed to be immaterial, may also impair our business operations. We are subject to general risks in the food industry, including, among other things, risk relating to changes in consumer preferences and product contamination as well as general economic conditions, any of which, if realized, could negatively impact our operating results and financial position. The food industry, and the markets within the food industry in which we compete, are subject to various risks, including the following: evolving consumer preferences, nutritional and health-related concerns, federal, state, and local food inspection and processing controls, consumer product liability claims, risks of product tampering, and the availability and expense of liability insurance. The meat and poultry industries are subject to scrutiny due to the association of meat and poultry products with recent outbreaks of illness, and on rare occasions even death, caused by food borne pathogens. Outbreaks of disease and other events, which may be beyond our control, could significantly affect demand for and consumer perception of our food products and result in negative publicity that may have an adverse effect on our ability to market our products successfully. Product recalls are also sometimes required in the food industry to withdraw contaminated or mislabeled products from the market. Additionally, the failure to identify and react appropriately to changes in consumer trends, demands and preferences could lead to, among other things, reduced de