Bridgford Foods Corp. Files 10-Q for Period Ending January 26, 2024

TL;DR

<b>Bridgford Foods Corp. filed its Q1 2024 10-Q report on March 8, 2024, detailing financial information for the period ending January 26, 2024.</b>

AI Summary

BRIDGFORD FOODS CORP (BRID) filed a Quarterly Report (10-Q) with the SEC on March 8, 2024. Bridgford Foods Corp. filed a 10-Q report for the period ending January 26, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on November 1st. Key dates include filing as of March 8, 2024, and report period ending January 26, 2024. The company is incorporated in California and operates in the sausage and prepared meat products industry.

Why It Matters

For investors and stakeholders tracking BRIDGFORD FOODS CORP, this filing contains several important signals. This filing provides investors with an update on Bridgford Foods' financial performance and position during the first quarter of its fiscal year. Understanding the details within this 10-Q is crucial for assessing the company's operational health, revenue trends, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — BRIDGFORD FOODS CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate indicators of significant financial distress or unusual events, suggesting a low level of immediate risk based solely on this document.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Bridgford Foods' current operational and financial standing.

Key Numbers

• 2024-01-26 — Period End Date (Conformed period of report)
• 2024-03-08 — Filing Date (Filed as of date)
• 1101 — Fiscal Year End (Fiscal year end)
• 7145265533 — Business Phone (Business phone number)

Key Players & Entities

• BRIDGFORD FOODS CORP (company) — Filer name
• 2024-01-26 (date) — Conformed period of report
• 2024-03-08 (date) — Filed as of date
• CA (location) — State of incorporation
• SAUSAGE, OTHER PREPARED MEAT PRODUCTS (industry) — Standard Industrial Classification
• WalMart (company) — Customer concentration risk
• DollarGeneral (company) — Customer concentration risk
• Racine Partners (company) — Entity mentioned

FAQ

Industry Context

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

Regulatory Implications

The filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934 for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review any disclosed risk factors related to operations, market conditions, or customer concentration.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-01-26: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-03-08: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 1101: Fiscal Year End — Indicates the end of Bridgford Foods Corp.'s annual fiscal cycle.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an initial look at the company's performance for the current year.

Filing Documents

• form10-q.htm (10-Q) — 606KB
• form10-q_001.jpg (GRAPHIC) — 20KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-009386.txt (&nbsp;) — 3218KB
• brid-20240126.xsd (EX-101.SCH) — 23KB
• brid-20240126_cal.xml (EX-101.CAL) — 47KB
• brid-20240126_def.xml (EX-101.DEF) — 68KB
• brid-20240126_lab.xml (EX-101.LAB) — 206KB
• brid-20240126_pre.xml (EX-101.PRE) — 154KB
• form10-q_htm.xml (XML) — 412KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 a. Condensed Consolidated Balance Sheets as of January 26, 2024 (unaudited) and November 3, 2023 3 b. Condensed Consolidated Statements of Operations for the twelve weeks ended January 26, 2024 (unaudited) and January 20, 2023 (unaudited) 4 c. Condensed Consolidated Statements of Shareholders' Equity for the twelve weeks ended January 26, 2024 (unaudited) and January 20, 2023 (unaudited) 5 d. Condensed Consolidated Statements of Cash Flows for the twelve weeks ended January 26, 2024 (unaudited) and January 20, 2023 (unaudited) 6 e. Notes to Condensed Consolidated Financial Statements (unaudited) 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

Other Information

Part II. Other Information 22

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 23

Signatures

Signatures 24 Items 2 through 4 of Part II have been omitted because they are not applicable with respect to the Company and/or the current reporting period. 2 of 25 Part I. Financial Information Item 1. a. BRIDGFORD FOODS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) January 26, 2024 November 3, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 12,648 $ 15,708 Accounts receivable, less allowance for doubtful accounts of $ 233 and $ 248 , respectively, and promotional allowances of $ 2,983 and $ 2,093 , respectively 30,038 28,593 Inventories, net 39,275 40,573 Refundable income taxes 1,666 2,168 Prepaid expenses and other current assets 2,388 435 Total current assets 86,015 87,477 Property, plant and equipment, net of accumulated depreciation and amortization of $ 72,300 and $ 73,397 , respectively 67,802 67,487 Other non-current assets 12,938 12,034 Total assets $ 166,755 $ 166,998 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,603 $ 7,201 Accrued payroll, advertising, and other expenses 5,294 6,404 Income taxes payable 256 256 Current notes payable - equipment 1,052 1,045 Current right-of-use leases payable 1,032 1,120 Other current liabilities 2,031 1,955 Total current liabilities 18,268 17,981 Long-term notes payable - equipment 2,608 2,786 Deferred income taxes, net 8,342 8,342 Long-term right-of-use leases payable 2,222 2,450 Executive retirement, pension plans and other 4,545 5,904 Total long-term liabilities 17,717 19,482 Total liabilities 35,985 37,463 Contingencies and commitments (Note 3) - - Shareholders' equity: Preferred stock, without par value; authorized – 1,000,000 shares; issued and outstanding – none - - Common stock, $ 1.00 par value; authorized – 20,000,000 shares; issued and outstanding – 9,076,832 and 9,076,832 s

View Full Filing

View this 10-Q filing on SEC EDGAR