Exhibit 99.1
Press Release:
August 24, 2007
BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES EARNINGS FOR THE THIRD QUARTER OF FISCAL YEAR 2007
Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the third quarter (12 weeks) ended July 13, 2007 were $26,686,000, a decrease of 5.3% compared to sales in the third twelve weeks of the prior fiscal year. The Company reported net income of $33,000 in the third quarter of fiscal year 2007 compared to net income of $224,000 in the same quarter of fiscal year 2006.
Sales for the first thirty-six weeks of the 2007 fiscal year were $86,893,000, a 4.6% decrease compared to the same period in 2006. The Company incurred a net loss of $199,000 in the first thirty-six weeks of 2007 compared to net income of $158,000 in the first thirty-six weeks 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 | |
| | Jul 13, 2007 | | Jul 7, 2006 | |
| | | | | |
Sales | | $ | 26,686,000 | | $ | 28,169,000 | |
Cost of products sold, excluding depreciation | | $ | 16,954,000 | | $ | 17,024,000 | |
Selling, general & administrative expenses | | $ | 8,936,000 | | $ | 10,019,000 | |
Depreciation | | $ | 717,000 | | $ | 892,000 | |
Income (loss) before taxes | | $ | 79,000 | | $ | 234,000 | |
Income tax provision (benefit) | | $ | 46,000 | | $ | 10,000 | |
Net income (loss) | | $ | 33,000 | | $ | 224,000 | |
Basic income (loss) per share | | $ | 0.00 | | $ | 0.02 | |
Average shares outstanding | | 9,924,000 | | 9,964,000 | |
| | 36 Weeks Ended | | 36 Weeks Ended | |
| | Jul 13, 2007 | | Jul 7, 2006 | |
| | | | | |
Sales | | $ | 86,893,000 | | $ | 91,049,000 | |
Cost of products sold, excluding depreciation | | $ | 56,454,000 | | $ | 58,087,000 | |
Selling, general & administrative expenses | | $ | 28,380,000 | | $ | 30,230,000 | |
Depreciation | | $ | 2,280,000 | | $ | 2,676,000 | |
Gain on sale of equity securities | | | | $ | (106,000 | ) |
Income (loss) before taxes | | $ | (221,000 | ) | $ | 162,000 | |
Income tax provision (benefit) | | $ | (22,000 | ) | $ | 4,000 | |
Net income (loss) | | $ | (199,000 | ) | $ | 158,000 | |
Basic income (loss) per share | | $ | (0.02 | ) | $ | 0.02 | |
Average shares outstanding | | 9,940,000 | | 9,968,000 | |
CONTACT: Bridgford Foods Corporation
R. Lancy, 714/526-5533
