Exhibit 99.1
For release Western Circuit and Analyst Wire.
January 16, 2007
BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES IMPROVED RESULTS FOR 2006 FISCAL YEAR
Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the fiscal year (53 weeks) ended November 3, 2006 of $134,264,000, an increase of 2.6% compared to sales in the prior fiscal year (52 weeks). The Company reported net income of $1,240,000 (53 weeks) compared to a net loss of $943,000 (52 weeks) in the prior year.
Sales for the seventeen weeks ended November 3, 2006 increased 3.2% to $43,215,000 when compared to the same period of sixteen weeks in the prior year. Net income for the seventeen weeks ended November 3, 2006 was $1,081,000, compared to a net loss of $340,000 in the same period last year (sixteen weeks).
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
| | 53 Weeks Ended | | 52 Weeks Ended | |
| | November 3, 2006 | | October 28, 2005 | |
Sales | | $ | 134,264,000 | | $ | 130,845,000 | |
Cost of sales | | $ | 85,133,000 | | $ | 85,455,000 | |
Selling, general & administrative expenses | | $ | 43,963,000 | | $ | 43,393,000 | |
Depreciation | | $ | 3,777,000 | | $ | 4,251,000 | |
Gain on sale of equity securities | | $ | (106,000 | ) | $ | — | |
Income (loss) before taxes | | $ | 1,497,000 | | $ | (2,254,000 | ) |
Income tax provision (benefit) | | $ | 257,000 | | $ | (1,311,000 | ) |
Net income (loss) | | $ | 1,240,000 | | $ | (943,000 | ) |
Basic earnings (loss) per share | | $ | 0.13 | | $ | (0.09 | ) |
Average shares outstanding | | 9,966,000 | | 9,995,000 | |
| | 17 Weeks Ended | | 16 Weeks Ended | |
| | November 3, 2006 | | October 28, 2005 | |
| | (UNAUDITED) | |
Sales | | $ | 43,215,000 | | $ | 41,884,000 | |
Cost of sales | | $ | 27,046,000 | | $ | 27,783,000 | |
Selling, general & administrative expenses | | $ | 13,733,000 | | $ | 13,890,000 | |
Depreciation | | $ | 1,101,000 | | $ | 1,166,000 | |
Income (loss) before taxes | | $ | 1,335,000 | | $ | (955,000 | ) |
Income tax provision (benefit) | | $ | 254,000 | | $ | (615,000 | ) |
Net income (loss) | | $ | 1,081,000 | | $ | (340,000 | ) |
Basic earnings (loss) per share | | $ | 0.11 | | $ | (0.03 | ) |
Average shares outstanding | | 9,963,000 | | 9,988,000 | |
CONTACT: | | Bridgford Foods Corporation |
| | R. Lancy, 714/526-5533 |
