Exhibit 99.1
For release Western Circuit and Analyst Wire.
August 16, 2006
BRIDGFORD FOODS CORPORATION ANNOUNCES IMPROVED RESULTS FOR THIRD QUARTER
Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the third quarter (12 weeks) ended July 7, 2006 of $28,169,000, an increase of 1.9% compared to sales in the third twelve weeks of the prior fiscal year. The Company reported net income of $224,000 in the third quarter of 2006 compared to a net income of $243,000 in the same quarter of 2005.
Sales for the first thirty-six weeks of the 2006 fiscal year were $91,049,000, a 2.3% increase compared to the same period in 2005. The Company reported net income of $158,000 in the first thirty-six weeks of 2006 compared to a net loss of $603,000 in the first thirty-six weeks of last year. The gross margin increased on a comparative basis due primarily to higher unit selling prices, a more profitable product mix 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 | |
| | July 7, 2006 | | July 8, 2005 | |
Sales | | $ | 28,169,000 | | $ | 27,656,000 | |
Cost of sales | | $ | 17,024,000 | | $ | 17,241,000 | |
Selling, general & administrative expenses | | $ | 10,019,000 | | $ | 9,321,000 | |
Depreciation | | $ | 892,000 | | $ | 1,028,000 | |
Income before taxes | | $ | 234,000 | | $ | 66,000 | |
Income tax provision (benefit) | | $ | 10,000 | | $ | (177,000 | ) |
Net income | | $ | 224,000 | | $ | 243,000 | |
Basic income per share | | $ | 0.02 | | $ | 0.03 | |
Average shares outstanding | | 9,964,000 | | 9,994,000 | |
| | 36 Weeks Ended | | 36 Weeks Ended | |
| | July 7, 2006 | | July 8, 2005 | |
Sales | | $ | 91,049,000 | | $ | 88,961,000 | |
Cost of sales | | $ | 58,087,000 | | $ | 57,672,000 | |
Selling, general & administrative expenses | | $ | 30,230,000 | | $ | 29,503,000 | |
Depreciation | | $ | 2,676,000 | | $ | 3,085,000 | |
Gain on sale of equity securities | | $ | (106,000 | ) | — | |
Income (loss) before taxes | | $ | 162,000 | | $ | (1,299,000 | ) |
Income tax provision (benefit) | | $ | 4,000 | | $ | (696,000 | ) |
Net income (loss) | | $ | 158,000 | | $ | (603,000 | ) |
Basic income (loss) per share | | $ | 0.02 | | $ | (0.06 | ) |
Average shares outstanding | | 9,968,000 | | 9,998,000 | |
CONTACT: | Bridgford Foods Corporation |
| R. Lancy, 714/526-5533 |
