Exhibit 99.1
June 1, 2007
BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES EARNINGS FOR THE SECOND QUARTER OF FISCAL YEAR 2007
Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the second quarter (12 weeks) ended April 20, 2007 were $27,894,000, a decrease of 1.5% compared to sales in the second twelve weeks of the prior fiscal year. The Company reported a net loss of $273,000 in the second quarter of fiscal year 2007 compared to net income of $72,000 in the same quarter of fiscal year 2006.
Sales for the first half (24 weeks) of the 2007 fiscal year were $60,207,000, a 4.3% decrease compared to the same period in 2006. The Company incurred a net loss of $232,000 in the first half of 2007 compared to a net loss of $65,000 in the first half of last year.
Bridgford Foods Corporation, is a producer of frozen dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products.
BRIDGFORD FOODS CORPORATION
FINANCIAL HIGHLIGHTS
(UNAUDITED)
| | 12 Weeks Ended | | 12 Weeks Ended | |
| | Apr 20, 2007 | | Apr 14, 2006 | |
| | | | | |
Sales | | $ | 27,894,000 | | $ | 28,305,000 | |
Cost of products sold, excluding depreciation | | $ | 17,944,000 | | $ | 17,510,000 | |
Selling, general & administrative expenses | | $ | 9,524,000 | | $ | 9,841,000 | |
Depreciation | | $ | 782,000 | | $ | 892,000 | |
Gain on sale of equity securities | | | | $ | (106,000 | ) |
Income (loss) before taxes | | $ | (356,000 | ) | $ | 168,000 | |
Income tax provision (benefit) | | $ | (83,000 | ) | $ | 96,000 | |
Net income (loss) | | $ | (273,000 | ) | $ | 72,000 | |
Basic income (loss) per share | | $ | (0.03 | ) | $ | 0.01 | |
Average shares outstanding | | 9,940,000 | | 9,966,000 | |
| | 24 Weeks Ended | | 24 Weeks Ended | |
| | Apr 20, 2007 | | Apr 14, 2006 | |
| | | | | |
Sales | | $ | 60,207,000 | | $ | 62,880,000 | |
Cost of products sold, excluding depreciation | | $ | 39,500,000 | | $ | 41,063,000 | |
Selling, general & administrative expenses | | $ | 19,444,000 | | $ | 20,211,000 | |
Depreciation | | $ | 1,563,000 | | $ | 1,784,000 | |
Gain on sale of equity securities | | | | $ | (106,000 | ) |
Income (loss) before taxes | | $ | (300,000 | ) | $ | (72,000 | ) |
Income tax provision (benefit) | | $ | (68,000 | ) | $ | (7,000 | ) |
Net income (loss) | | $ | (232,000 | ) | $ | (65,000 | ) |
Basic income (loss) per share | | $ | (0.02 | ) | $ | (0.01 | ) |
Average shares outstanding | | 9,948,000 | | 9,970,000 | |
CONTACT: Bridgford Foods Corporation
R. Lancy, 714/526-5533
