Exhibit 99.1
For release Western Circuit and Analyst Wire.
May 26, 2006
BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES IMPROVED RESULTS FOR SECOND QUARTER
Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the second quarter (12 weeks) ended April 14, 2006 of $28,305,000, an increase of 2.1% compared to sales in the second twelve weeks of the prior fiscal year. The Company reported net income of $72,000 in the second quarter of 2006 compared to a net loss of $650,000 in the same quarter of 2005.
Sales for the first half (24 weeks) of the 2006 fiscal year were $62,880,000, a 2.6% increase compared to the same period in 2005. The Company incurred a net loss of $65,000 in the first half of 2006 compared to a net loss of $846,000 in the first half of last year. The gross margin increased slightly on a comparative basis due primarily to higher selling prices and lower meat commodity costs.
Bridgford Foods Corporation is a producer of frozen dough, microwaveable and shelf-stable sandwiches, dry sausages, processed meats and other convenience food products.
BRIDGFORD FOODS CORPORATION
FINANCIAL HIGHLIGHTS
(UNAUDITED)
| | 12 Weeks Ended | | 12 Weeks Ended | |
| | Apr 14, 2006 | | Apr 15, 2005 | |
| | | | | |
Sales | | $ | 28,305,000 | | $ | 27,714,000 | |
Cost of sales | | $ | 17,510,000 | | $ | 17,860,000 | |
Selling, general & administrative expenses | | $ | 9,841,000 | | $ | 9,874,000 | |
Depreciation | | $ | 892,000 | | $ | 1,029,000 | |
Gain on sale of equity securities | | $ | (106,000 | ) | | |
Income (loss) before taxes | | $ | 168,000 | | $ | (1,049,000 | ) |
Income tax provision (benefit) | | $ | 96,000 | | $ | (399,000 | ) |
Net income (loss) | | $ | 72,000 | | $ | (650,000 | ) |
Basic income (loss) per share | | $ | 0.01 | | $ | (0.07 | ) |
Average shares outstanding | | 9,966,000 | | 9,998,000 | |
| | 24 Weeks Ended | | 24 Weeks Ended | |
| | Apr 14, 2006 | | Apr 15, 2005 | |
| | | | | |
Sales | | $ | 62,880,000 | | $ | 61,305,000 | |
Cost of sales | | $ | 41,063,000 | | $ | 40,431,000 | |
Selling, general & administrative expenses | | $ | 20,211,000 | | $ | 20,182,000 | |
Depreciation | | $ | 1,784,000 | | $ | 2,057,000 | |
Gain on sale of equity securities | | $ | (106,000 | ) | | |
Loss before taxes | | $ | (72,000 | ) | $ | (1,365,000 | ) |
Income tax benefit | | $ | (7,000 | ) | $ | (519,000 | ) |
Net loss | | $ | (65,000 | ) | $ | (846,000 | ) |
Basic loss per share | | $ | 0.00 | | $ | (0.08 | ) |
Average shares outstanding | | 9,970,000 | | 9,999,000 | |
CONTACT: | Bridgford Foods Corporation |
| R. Lancy, 714/526-5533 |
