Exhibit 99.1
For release Western Circuit and Analyst Wire.
January 18, 2008
BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES RESULTS FOR 2007 FISCAL YEAR
Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the fiscal year (52 weeks) ended November 2, 2007 of $125,091,000, a decrease of 6.8% compared to sales in the prior fiscal year (53 weeks). The Company reported a net loss of $292,000 (52 weeks) compared to a net income of $1,240,000 (53 weeks) in the prior year.
Sales for the sixteen weeks ended November 2, 2007 decreased 11.6% to $38,197,000 when compared to the same period of seventeen weeks in the prior year. Net loss for the sixteen weeks ended November 2, 2007 was $92,000, compared to net income of $1,081,000 in the same period last year (seventeen 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
| | 52 Weeks Ended
November 2, 2007 | | 53 Weeks Ended
November 3, 2006 | |
| | | | | |
Sales | | $ | 125,091,000 | | $ | 134,264,000 | |
Cost of sales | | $ | 81,126,000 | | $ | 85,133,000 | |
Selling, general & administrative expenses | | $ | 41,249,000 | | $ | 43,963,000 | |
Depreciation | | $ | 3,389,000 | | $ | 3,777,000 | |
Gain on sale of equity securities | | $ | — | | $ | (106,000 | ) |
(Loss) income before taxes | | $ | (673,000 | ) | $ | 1,497,000 | |
Income tax (benefit) provision | | $ | (381,000 | ) | $ | 257,000 | |
Net (loss) income | | $ | (292,000 | ) | $ | 1,240,000 | |
Basic (loss) earnings per share | | $ | (0.03 | ) | $ | 0.13 | |
Average shares outstanding | | 9,928,000 | | 9,966,000 | |
| | (UNAUDITED) | |
| | 16 Weeks Ended
November 2, 2007 | | 17 Weeks Ended
November 3, 2006 | |
| | | | | |
Sales | | $ | 38,197,000 | | $ | 43,215,000 | |
Cost of sales | | $ | 24,672,000 | | $ | 27,046,000 | |
Selling, general & administrative expenses | | $ | 12,868,000 | | $ | 13,733,000 | |
Depreciation | | $ | 1,108,000 | | $ | 1,101,000 | |
(Loss) income before taxes | | $ | (451,000 | ) | $ | 1,335,000 | |
Income tax (benefit) provision | | $ | (359,000 | ) | $ | 254,000 | |
Net (loss) income | | $ | (92,000 | ) | $ | 1,081,000 | |
Basic (loss) earnings per share | | $ | 0.00 | | $ | 0.11 | |
Average shares outstanding | | 9,901,000 | | 9,963,000 | |
CONTACT: | Bridgford Foods Corporation |
| R. Lancy, 714/526-5533 |
