Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 30, 2015 | Jan. 11, 2016 | Apr. 17, 2015 | |
Entity Registrant Name | BRIDGFORD FOODS CORP | ||
Entity Central Index Key | 14,177 | ||
Trading Symbol | brid | ||
Current Fiscal Year End Date | --10-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,079,019 | ||
Entity Public Float | $ 13,672 | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Oct. 30, 2015 | Oct. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 5,842,000 | $ 192,000 |
Accounts receivable, less allowance for doubtful accounts of $146 and $144, respectively and promotional allowances of $3,061 and $5,810, respectively | 14,619,000 | 10,302,000 |
Inventories, less reserves of $381 and $601, respectively | 19,977,000 | 21,292,000 |
Prepaid expenses | $ 319,000 | 346,000 |
Refundable income taxes | $ 133,000 | |
Deferred income taxes, less valuation allowance of $0 and $2,113, respectively | ||
Total current assets | $ 40,757,000 | $ 32,265,000 |
Property, plant and equipment, net of accumulated depreciation and amortization of $60,454 and $58,450, respectively | 10,235,000 | 12,251,000 |
Other non-current assets | 13,666,000 | $ 13,660,000 |
Deferred income taxes, less valuation allowance of $0 and $8,486, respectively | 10,644,000 | |
Total assets | 75,302,000 | $ 58,176,000 |
Current liabilities: | ||
Accounts payable | 6,087,000 | 5,780,000 |
Accrued payroll, advertising and other expenses | 5,203,000 | $ 6,029,000 |
Income taxes payable | 96,000 | |
Current portion of non-current liabilities | 2,825,000 | $ 2,596,000 |
Total current liabilities | 14,211,000 | 14,405,000 |
Non-current liabilities | 25,446,000 | 18,521,000 |
Total liabilities | $ 39,657,000 | $ 32,926,000 |
Contingencies and commitments (Notes 3, 5 and 6) | ||
Shareholders’ equity: | ||
Preferred stock, without par value Authorized, - 1,000 shares; issued and outstanding – none | $ 0 | $ 0 |
Common stock, $1.00 par value Authorized, - 20,000 shares; issued and outstanding – 9,080 and 9,113 | 9,138,000 | 9,171,000 |
Capital in excess of par value | 8,334,000 | 8,584,000 |
Retained earnings | 40,303,000 | 24,861,000 |
Accumulated other comprehensive loss | (22,130,000) | (17,366,000) |
Total shareholders’ equity | 35,645,000 | 25,250,000 |
Total liabilities and shareholders’ equity | $ 75,302,000 | $ 58,176,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Oct. 30, 2015 | Oct. 31, 2014 |
Accounts receivable, allowance for doubtful accounts | $ 146,000 | $ 144,000 |
Accounts receivable, allowance for promotional allowances | 3,061,000 | 5,810,000 |
Inventories, reserves | 381,000 | 601,000 |
Deferred income taxes, valuation allowance | 0 | 2,113,000 |
Property, plant and equipment, accumulated depreciation | 60,454,000 | 58,450,000 |
Deferred income taxes, valuation allowance | $ 0 | $ 8,486,000 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares issued (in shares) | 9,080,000 | 9,113,000 |
Common stock, shares outstanding (in shares) | 9,080,000 | 9,113,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Net sales | $ 130,448 | $ 133,401 |
Cost of products sold | 83,579 | 94,744 |
Gross margin | 46,869 | 38,657 |
Selling, general and administrative expenses | 38,751 | 43,089 |
Income (loss) before taxes | 8,118 | (4,432) |
Provision (benefit) for income taxes | (7,324) | (88) |
Net income (loss) | $ 15,442 | $ (4,344) |
Basic earnings (loss) per share (in dollars per share) | $ 1.70 | $ (0.48) |
Shares used to compute basic earnings per common share (in shares) | 9,098,742 | 9,123,593 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Net loss | $ 15,442 | $ (4,344) |
Defined benefit pension plans: | ||
Actuarial (loss) gain unrecognized | $ (7,525) | (3,454) |
Prior service cost | 1 | |
Other comprehensive (loss) income from defined benefit plans | $ (7,525) | (3,453) |
Other postretirement benefit plans: | ||
Actuarial (loss) gain | (170) | (321) |
Prior service cost | (36) | 97 |
Other comprehensive (loss) income from other postretirement benefit plans | (206) | (224) |
Other comprehensive (loss) income, before taxes | (7,731) | (3,677) |
Tax benefit (provision) on other comprehensive income/loss | $ 2,967 | 1,054 |
Valuation allowance on tax benefit from items of other comprehensive income | (1,054) | |
Change in other comprehensive (loss) income, net of tax | $ (4,764) | (3,677) |
Comprehensive income (loss), net of tax | $ 10,678 | $ (8,021) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Nov. 01, 2013 | 9,134,000 | ||||
Balance at Nov. 01, 2013 | $ 9,191 | $ 8,748 | $ 29,205 | $ (13,689) | $ 33,455 |
Shares repurchased and retired (in shares) | (21,000) | ||||
Shares repurchased and retired | $ (20) | $ (164) | (184) | ||
Net loss | $ (4,344) | (4,344) | |||
Net change in defined benefit plans and other benefit plans | $ (3,677) | (3,677) | |||
Balance (in shares) at Oct. 31, 2014 | 9,113,000 | ||||
Balance at Oct. 31, 2014 | $ 9,171 | $ 8,584 | $ 24,861 | $ (17,366) | 25,250 |
Shares repurchased and retired (in shares) | (33,000) | ||||
Shares repurchased and retired | $ (33) | $ (250) | (283) | ||
Net loss | $ 15,442 | 15,442 | |||
Net change in defined benefit plans and other benefit plans | $ (4,764) | (4,764) | |||
Balance (in shares) at Oct. 30, 2015 | 9,080 | ||||
Balance at Oct. 30, 2015 | $ 9,138 | $ 8,334 | $ 40,303 | $ (22,130) | $ 35,645 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ 15,442,000 | $ (4,344,000) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation | 3,050,000 | 2,827,000 |
Provision (recovery) for losses on accounts receivable | 24,000 | 28,000 |
Provision for promotional allowances | 2,749,000 | (2,654,000) |
Gain on sale of property, plant and equipment | (127,000) | (152,000) |
Deferred income taxes, net | 3,171,000 | 1,598,000 |
Tax valuation allowance | (10,848,000) | (1,598,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (7,090,000) | 4,470,000 |
Inventories | 1,315,000 | (2,373,000) |
Prepaid expenses | 27,000 | (12,000) |
Refundable income taxes | 133,000 | 549,000 |
Other non-current assets | (6,000) | (514,000) |
Accounts payable | 307,000 | 965,000 |
Accrued payroll, advertising and other expenses | (826,000) | $ (1,602,000) |
Income taxes payable | 96,000 | |
Current portion of non-current liabilities | 365,000 | $ (627,000) |
Non-current liabilities | (322,000) | (582,000) |
Net cash (used in) provided by operating activities | 7,460,000 | (4,021,000) |
Cash used in investing activities: | ||
Proceeds from sale of property, plant and equipment | 52,000 | 163,000 |
Additions to property, plant and equipment | (1,404,000) | (3,877,000) |
Net cash used in investing activities | (1,352,000) | (3,714,000) |
Cash used in financing activities: | ||
Shares repurchased | (283,000) | (184,000) |
Payment of capital lease obligations | $ (175,000) | $ (214,000) |
Cash dividends paid | ||
Net cash used in financing activities | $ (458,000) | $ (398,000) |
Net increase (decrease) in cash and cash equivalents | 5,650,000 | (8,133,000) |
Cash and cash equivalents at beginning of year | 192,000 | 8,325,000 |
Cash and cash equivalents at end of year | 5,842,000 | 192,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 156,000 | $ 0 |
Transportation equipment returned originally financed by capital lease obligation | $ (656,000) |
Note 1 - The Company and Summar
Note 1 - The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1 - The Company and Summary of Significant Accounting Policies: Bridgford Foods Corporation was organized in 1952. We originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis. For more than the past five years we and our subsidiaries have been primarily engaged in the manufacturing, marketing and distribution of an extensive line of frozen, refrigerated, and snack food products throughout the United States. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All inter-company transactions have been eliminated. Use of estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. Amounts estimated related to liabilities for pension benefits, self-insured workers’ compensation and employee healthcare benefits are subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which may vary from current estimates. Other areas with underlying estimates include realization of deferred tax assets, cash surrender or contract value of life insurance policies, promotional allowances and the allowance for doubtful accounts and inventory reserves. Management believes its current estimates are reasonable and based on the best information available at the time. We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an impairment is indicated, we measure the fair value of assets to determine if and when adjustments are recorded. Subsequent events Management has evaluated events subsequent to October 30, 2015 through the date the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. Based on its review, no material events were identified that require adjustment to the financial statements or additional disclosure. Concentrations of credit risk Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The carrying amount of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities approximate fair market value due to the short maturity of these instruments. We maintain cash balances at financial institutions, which may at times exceed the amounts insured by the Federal Deposit Insurance Corporation. Management does not believe there is significant credit risk associated with these financial institutions. The provision for doubtful accounts receivable is based on historical trends and current collectability risk. We have significant accounts receivable with a few large, well known customers which, although historically secure, could be subject to material risk should these customers’ operations suddenly deteriorate. Sales to Wal-Mart® comprised 31.4% of revenues in fiscal 2015 and 42.6% of total accounts receivable was due from Wal-Mart® at October 30, 2015. Sales to Wal-Mart® comprised 28.8% of revenues in fiscal 2014 and 31.8% of total accounts receivable was due from Wal-Mart® at October 31, 2014. Business segments Our company and its subsidiaries operate in two business segments - the processing and distribution of frozen foods products, and the processing and distribution of snack food products. See Note 7 to the Consolidated Financial Statements for further information. Fiscal year We maintain our accounting records on a 52-53 week fiscal basis ending on the Friday closest to October 31. As part of the regular accounting cycle, fiscal years 2015 and 2014 each included 52 weeks. Revenues Revenues are recognized upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system. These delivery costs, $3,663 and $5,045 for 2015 and 2014, respectively, are included in selling, general and administrative expenses in the accompanying consolidated financial statements. We record promotional and returns allowances based on recent and historical trends. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for discounts, trade allowances and product returns. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Promotional allowances deducted from sales for fiscal years 2015 and 2014 were $8,881 and $10,868, respectively. Advertising expenses Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2015 and 2014 were $1,861 and $3,093, respectively. Cash and cash equivalents We consider all investments with original maturities of three months or less to be cash equivalents. Cash equivalents include money market funds and treasury bills. Cash equivalents totaled $5,842 at October 30, 2015 and $192 at October 31, 2014. All material cash and cash equivalents at October 30, 2015 were held at Wells Fargo Bank N.A. Fair value measurements We classify levels of inputs to measure the fair value of financial assets as follows: ● Level 1 inputs: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. ● Level 2 inputs: Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 inputs: Level 3 inputs are unobservable and should be used to measure fair value to the extent that observable inputs are not available. The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. The Company does not have any assets or liabilities measured at fair value on a recurring or non-recurring basis for the years ended October 30, 2015 and October 31, 2014. Inventories Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or market. Costs related to warehousing, transportation and distribution to customers are considered when computing market value. Inventories include the cost of raw materials, labor and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are charged to the asset accounts while the cost of maintenance and repairs is charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is credited or charged to income. Depreciation is computed on a straight-line basis over 10 to 20 years for buildings and improvements, 5 to 10 years for machinery and equipment, and 3 to 5 years for transportation equipment. Capital Leases Leased property and equipment that meet capital lease criteria are capitalized at the lower of the present value of the minimum payments required under the lease or the fair value of the asset at inception of the lease and are included within property, plant and equipment on the consolidated balance sheet. Obligations under capital leases are accounted for as current and noncurrent liabilities on the consolidated balance sheet. Amortization is calculated on a straight-line method based upon the shorter of the estimated useful life of the asset or the lease term. Life insurance policies We record the cash surrender value or contract value for life insurance policies as an adjustment of premiums paid in determining the expense or income to be recognized under the contract for the period. The cash surrender value is included in other non-current assets in the accompanying consolidated balance sheets. Income taxes Deferred taxes are provided for items whose financial and tax bases differ. A valuation allowance is provided against deferred tax assets when it is expected that it is more likely than not that the related asset will not be fully realized. The determination as to whether or not a deferred tax asset can be fully realized is subject to a significant degree of judgment, based at least partially upon a projection of future taxable income, which takes into consideration past and future trends in profitability, customer demand, supply costs, and multiple other factors, none of which are predictable. We provide tax accruals for federal, state and local exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these accruals requires judgments about tax issues, potential outcomes and timing. (See Note 4 to the Consolidated Financial Statements). Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations. Stock-based compensation We measure and recognize compensation expense for all share-based payments to employees, including grants of employee stock options, in the financial statements based on the fair value at the date of the grant. We have not issued, awarded, granted or entered into any stock-based payment agreements since April 29, 1999. Foreign currency transactions Our foreign branch located in Canada enters into transactions that are denominated in a foreign currency. The related transaction gains and losses arising from changes in exchange rates are not material and are included in selling, general and administrative expenses in the consolidated statements of operations in the period the transaction occurred. Our Canadian branch was closed at the end of fiscal year 2014. Comprehensive income (loss) Comprehensive income (loss) consists of net income and additional minimum pension liability adjustments. Recently issued accounting pronouncements and regulations In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” to supersede previous revenue recognition guidance under current U.S. GAAP. The guidance presents steps for comprehensive revenue recognition that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance becomes effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating this statement and its impact on its results of operations or financial position. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory”. The guidance is part of the “Simplification Initiative” to identify and re-evaluate areas where the generally accepted accounting principles may be complex and cumbersome to apply. The guidance will require that inventory be stated at the lower of cost and net realizable value as opposed to the lower of cost or market. Net realizable value is the estimated selling price for the inventory less completion, disposal and transportation costs. The guidance becomes effective for fiscal years beginning after December 15, 2016. The Company already values inventory by the proposed method. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 6, 2016 with early adoption permitted. The Company applied this guidance to its current fiscal year ending October 30, 2015. Adoption of this guidance had no material impact on the results of operations or financial position. |
Note 2 - Composition of Certain
Note 2 - Composition of Certain Financial Statement Captions | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 2 - Composition of Certain Financial Statement Captions: 2015 2014 Inventories: Meat, ingredients and supplies $ 5,268 $ 4,716 Work in process 1,125 1,447 Finished goods 13,584 15,129 $ 19,977 $ 21,292 Property, plant and equipment: Land $ 1,802 $ 1,802 Buildings and improvements 14,272 14,254 Machinery and equipment 47,687 47,352 Asset impairment - (234 ) Capital leased trucks 1,192 1,848 Transportation equipment 5,219 5,522 Construction in process 517 157 70,689 70,701 Accumulated depreciation and amortization (60,454 ) (58,450 ) $ 10,235 $ 12,251 Other non-current assets: Cash surrender value benefits $ 13,660 $ 13,654 Other 6 6 $ 13,666 $ 13,660 Accrued payroll, advertising and other expenses: Payroll, vacation, payroll taxes and employee benefits $ 3,589 $ 4,007 Accrued advertising and broker commissions 704 1,278 Property taxes 356 327 Other 554 417 $ 5,203 $ 6,029 Current portion of non-current liabilities (Note 3): Defined benefit retirement plan $ 1,150 $ 1,127 Executive retirement plans 277 467 Incentive compensation 1,196 718 Capital lease obligation 162 241 Postretirement healthcare 40 43 $ 2,825 $ 2,596 Non-current liabilities (Note 3): Defined benefit retirement plan $ 17,362 $ 10,830 Executive retirement plans 4,630 4,227 Capital lease obligation 563 1,104 Incentive compensation 1,929 640 Teamster pension withdrawal liability - 798 Postretirement healthcare 962 922 $ 25,446 $ 18,521 |
Note 3 - Retirement and Other B
Note 3 - Retirement and Other Benefit Plans | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | N OTE 3 - Retirement and Other Benefit Plans: Noncontributory-Trusteed Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees We have noncontributory-trusteed defined benefit retirement plans for sales, administrative, supervisory and certain other employees. In the third quarter of fiscal 2006, we froze future benefit accruals under this plan for employees classified within the administrative, sales or supervisory job classifications or within any non-bargaining class. The benefits under these plans are primarily based on years of service and compensation levels. The funding policy of the plan is to make contributions which are at least equal to the minimum required contributions needed to avoid a funding deficiency. The measurement date for the plan is our fiscal year end. Net pension cost consisted of the following: 52 Weeks 2015 2014 Service cost $ 113 $ 135 Interest cost 2,176 2,226 Expected return on plan assets (3,346 ) (3,131 ) Amortization of unrecognized loss 1,244 830 Amortization of unrecognized prior service costs - 1 Net pension cost $ 187 $ 61 Net pension costs and benefit obligations are determined using assumptions as of the beginning of each fiscal year. Weighted average assumptions for each fiscal year are as follows: 2015 2014 Discount rate 4.15 % 4.05 % Rate of increase in salary levels N/A N/A Expected return on plan assets 8.00 % 8.00 % The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows: 52 Weeks 2015 2014 Change in plan assets: Fair value of plan assets - beginning of year $ 42,320 $ 39,124 Employer contributions 1,157 1,587 Actual return on plan assets (640 ) 2,939 Benefits paid (1,418 ) (1,330 ) Fair value of plan assets - end of year $ 41,419 $ 42,320 Change in benefit obligations: Benefit obligations - beginning of year $ 54,277 $ 49,154 Service cost 113 135 Interest cost 2,176 2,226 Actuarial (gain) loss 4,783 4,093 Benefits paid (1,418 ) (1,331 ) Benefit obligations - end of year 59,931 54,277 Funded status of the plans (18,512 ) (11,957 ) Unrecognized prior service costs 0 0 Unrecognized net actuarial loss 25,844 18,319 Net amount recognized $ 7,332 $ 6,362 We perform an internal rate of return analysis when making the discount rate selection. The discount rates were based on Citigroup Pension Liability Index as of October 30, 2015 and October 31, 2014 respectively. Plan assets are primarily invested in marketable equity securities, corporate and government debt securities and are administered by an investment management company. The plans’ long-term return on assets is based on the weighted-average of the plans’ investment allocation as of the measurement date and the published historical returns for those types of asset categories, taking into consideration inflation rate forecasts. Our expected employer contribution to the plan in fiscal year 2016 is $1,150. During fiscal 2015, our actuary updated mortality tables from the IRS 2014 Combined Static Mortality assumptions to the SOA RP 2014 Total Dataset Adjusted to 2006 with Scale MP-2015. The change in mortality table resulted in a significant liability increase in fiscal 2015 as well as an increased net periodic pension cost (NPPC) projection for fiscal 2016. The expected rate of return on plan assets decreased from 8.00% to 7.00% effective for the 2016 fiscal year. The lower expected rate of return increases net pension costs in future fiscal years. The actual and target allocation for plan assets are as follows: Asset Class 2015 Target Asset Allocation 2014 Target Asset Allocation Large Cap Equities 31.1 % 32.0 % 30.9 % 30.0 % Mid Cap Equities 0 % 0.0 % 0 % 0.0 % Small Cap Equities 13.3 % 12.0 % 15.6 % 15.0 % International (equities only) 20.3 % 21.0 % 18.4 % 20.0 % Fixed Income 30.8 % 31.0 % 29.2 % 31.0 % Other (Government/Corporate, Bonds) 1.9 % 2.0 % 2.8 % 2.0 % Cash 2.6 % 2.0 % 3.1 % 2.0 % Total 100.0 100 % 100.0 100 % The fair value of our pension plan assets and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows: Year Ended 2015 Level 1 Level 2 Level 3 Total Total plan assets $ 41,419 - - $ 41,419 Expected payments for the pension benefits are as follows: Fiscal Years Pension Benefits 2016 $ 1,940 2017 $ 2,064 2018 $ 2,158 2019 $ 2,295 2020 $ 2,443 2021-2025 $ 14,914 Executive Retirement Plans Non-Qualified Deferred Compensation Effective January 1, 1991 we adopted a deferred compensation savings plan for certain key employees. Under this arrangement, selected employees contribute a portion of their annual compensation to the plan. We contribute an amount to each participant’s account by computing an investment return equal to Moody’s Average Seasoned Bond Rate plus 2%. Employees receive vested amounts upon death, termination or attainment of retirement age. No benefit expense was recorded under these plans for fiscal years 2015 and 2014. Supplemental Executive Retirement Plan In fiscal year 1991, we adopted a non-qualified supplemental retirement plan for certain key employees. Benefits provided under the plan are equal to 60% of the employee’s final average earnings, less amounts provided by our defined benefit pension plan and amounts available through Social Security. Benefits payable related to these plans and included in the accompanying consolidated financial statements were $4,907 and $4,694 at October 30, 2015 and October 31, 2014, respectively. In connection with this arrangement we are the beneficiary of life insurance policies on the lives of certain key employees and retirees. The aggregate cash surrender value of these policies, included in non-current assets, was $13,660 and $13,654 at October 30, 2015 and October 31, 2014, respectively. Expected payments for executive postretirement benefits are as follows: Fiscal Years Executive Postretirement Benefits 2016 $ 280 2017 $ 78 2018 $ 126 2019 $ 280 2020 $ 502 2021-2025 $ 2,510 Incentive Compensation Plan for Certain Key Executives We provide an incentive compensation plan for certain key executives, which is based upon our pretax income. The payment of these amounts is generally deferred over three or five-year periods. The total amount payable related to this arrangement was $3,125 and $1,359 at October 30, 2015 and October 31, 2014, respectively. Future payments are approximately $1,196, $900, $868, $102 and $59 for fiscal years 2016 through 2020, respectively. Postretirement Healthcare Benefits for Selected Executive Employees We provide postretirement health care benefits for selected executive employees. Net periodic postretirement healthcare cost is determined using assumptions as of the beginning of each fiscal year, except for the total actual benefit payments and the discount rate used to develop the net periodic postretirement benefit expense, which is determined at the end of the fiscal year. Net periodic postretirement healthcare cost consisted of the following: 52 Weeks 2015 2014 Service cost $ 20 $ 18 Interest cost 36 37 Amortization of prior service cost - - Amortization of actuarial gain (37 ) (65 ) Net periodic postretirement healthcare cost (benefit) $ 19 $ (10 ) Weighted average assumptions for the fiscal years ended October 30, 2015 and October 31, 2014 are as follows: 2015 2014 Discount rate 3.94 % 3.83 % Medical trend rate next year 8.50 % 8.50 % Ultimate trend rate 5.00 % 5.00 % Year ultimate trend rate is achieved 2021 2021 The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following: 2015 2014 Interest cost plus service cost $ 5 $ 5 Accumulated postretirement healthcare obligation $ 80 $ 78 The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following: 2015 2014 Interest cost plus service cost $ (4 ) $ (4 ) Accumulated postretirement healthcare obligation $ (66 ) $ (64 ) The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows: 2015 2014 Change in accumulated postretirement healthcare obligation: Healthcare obligation - beginning of year $ 965 $ 880 Service cost 20 18 Interest cost 36 37 Actuarial loss (gain) 1 52 Benefits paid (19 ) (22 ) Healthcare obligation – end of year $ 1,003 $ 965 Funded status of the plans 1,003 965 Unrecognized prior service costs - - Unrecognized net actuarial gain (174 ) (212 ) Unrecognized amounts recorded in other comprehensive income 174 212 Postretirement healthcare liability $ 1,003 $ 965 Expected payments for the postretirement benefits are as follows: Fiscal Years Postretirement Heathcare Benefits 2016 $ 41 2017 $ 41 2018 $ 41 2019 $ 41 2020 $ 86 2021-2025 $ 436 401(K) Plan for Sales, Administrative, Supervisory and Certain Other Employees During the fiscal year ended November 3, 2006, we implemented a qualified 401(K) retirement plan (the “Plan”) for our sales, administrative, supervisory and certain other employees. During fiscal years 2015 and 2014, we made total employer contributions to the Plan in the amounts of $515 and $500, respectively. Teamster Pension Withdrawal Liability During the fourth quarter of fiscal 2014, we closed the refrigerated snack food products division (a division within the Refrigerated and Snack Food Segment involving primarily deli products) and withdrew from the Western Conference of Teamsters Pension Plan. According to the Multi-employer Pension Plan Act of 1980 we are subject to the Western Conference of Teamsters Pension Trust Fund Withdrawal Liability. We recorded a liability in the amount of $798 as of October 31, 2014 and expense in other selling and administrative expenses for fiscal 2014. This amount was paid in October 2015. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 4 - Income Taxes: The (benefit) provision for taxes on income includes the following: 52 Weeks 2015 2014 Current: Federal $ 253 $ (91 ) State 100 3 353 (88 ) Deferred: Federal (6,335 ) - State (1,342 ) - (7,677 ) $ (7,324 ) $ (88 ) The total tax provision differs from the expected amount computed by applying the statutory federal income tax rate to income before income taxes as follows: 52 Weeks 2015 2014 Provision (benefit) for federal income taxes at the applicable statutory rate $ 2,772 $ (1,477 ) Increase in provision (benefit) resulting from state income taxes, net of federal income tax benefit 641 61 Research & development tax credit (3 ) (25 ) Non-taxable life insurance gain (2 ) (175 ) Change in valuation allowance (10,848 ) 1,598 Other, net 116 (70 ) $ (7,324 ) $ (88 ) Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes. 2015 2014 Receivables allowance $ - $ 58 Returns allowance - 163 Inventory packaging reserve - 165 Inventory overhead capitalization - 452 Incentive compensation - 272 State taxes - 8 Employee benefits - 911 Other - 84 Valuation allowance - (2,113 ) Current tax assets, net $ - $ - Receivables allowance $ 58 $ - Returns allowance 201 - Inventory packaging reserve 125 - Inventory overhead capitalization 400 - Employee benefits 793 - Other 1 - State taxes (515 ) 263 Incentive compensation 925 257 Pension and health care benefits 9,202 6,366 Depreciation (816 ) (1,280 ) Net operating loss carry-forward and credits 271 2,880 Valuation allowance - (8,486 ) Non-current tax assets, net $ 10,645 $ - ASC 740 requires that an entity's deferred tax assets be reduced by a valuation allowance to the extent its management determines that it is more likely than not that such deferred tax asset, or portion thereof, will not be realized. Management evaluated the realizability of its deferred tax assets to determine the need and appropriateness of a valuation allowance. In its determinations, Management considers items of evidence, both positive and negative, including those items outlined in ASC 740. Due to the degree of judgment involved, actual taxable income could differ materially from management's estimates, or the timing of taxable income could be such that the net operating losses could expire prior to their utilization. Management could determine in the future that the assets are unrealizable, materially decreasing net income in one or more periods. Following recognition, management could reinstate a full valuation allowance should operating performance decline. As of October 30, 2015, we had federal and state net operating loss carryforwards of approximately $0 and $2,951 respectively. These loss carryforwards will expire at various dates from 2018 through 2033. In July 2006, the FASB issued guidance to clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This interpretation prescribed a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also discussed derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The provisions of this guidance have been incorporated into Accounting Standards Codification ("ASC") 740-10. In November 2015, the FASB issued guidance in ASU 2015-17 concerning the balance sheet classification of deferred taxes in an initiative to reduce complexity in accounting standards. All deferred tax liabilities and assets should now be classified as noncurrent in the statement of financial position to simplify presentation of deferred tax assets. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016. We have already adopted this guidance and the change is reflected of October 30, 2015. As of October 30, 2015, we have provided a liability of $112 for unrecognized tax benefits related to various federal and state income tax matters. A significant portion of this amount would generally reduce our effective income tax rate if recognized in future reporting periods. We have not identified any new unrecognized tax benefits. As of October 31, 2014, we have provided a liability of $100 for unrecognized tax benefits related to various federal and state income tax matters. A significant portion of this amount would generally reduce our effective income tax rate if recognized in future reporting periods. We have not identified any new unrecognized tax benefits. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 52 Weeks 2015 2014 Balance at beginning of year $ 100 $ 100 Additions based on tax positions related to the current year 12 - Additions for tax positions of prior years 2 1 Reductions for tax positions of prior years (2 ) (1 ) Settlements - - Balance at end of year $ 112 $ 100 We recognize any future accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of October 30, 2015, we had approximately $6 in accrued interest and penalties which is included as a component of the $112 unrecognized tax benefit noted above. Our federal income tax returns are open to audit under the statute of limitations for the years ended October 31, 2012 through 2014. We are subject to income tax in California and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years ended October 31, 2011 through 2014. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. |
Note 5 - Line of Credit
Note 5 - Line of Credit | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 - Line of Credit: We maintain a line of credit with Wells Fargo Bank, N.A. that expires on March 1, 2016. During the first quarter of fiscal 2015, we converted our line of credit to a revolving line of credit. Under the terms of this line of credit, we may borrow up to $4,000 at an interest rate equal to the bank’s prime rate or Libor plus 1.5%. The borrowing agreement contains various covenants, the more significant of which require us to maintain a minimum tangible net worth, minimum net income after tax and total capital expenditures less than $3,000. We were in compliance with all covenants as of October 30, 2015. There have been no borrowings under this line of credit during fiscal 2015. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 - Contingencies and Commitments: We lease warehouse and/or office facilities throughout the United States and Canada through month-to-month rental agreements. Leases for semi-truck trailers expired in 2015 and are classified as operating leases. Six year leases for OTR (over-the-road) tractors expire in 2018 and are classified as capital leases. After reevaluating our fleet delivery needs, we returned five OTR tractors financed by the capital lease arrangement with a remaining liability of $445 during the second quarter of fiscal 2015 that resulted in a gain of $75. Rental payments including prior leases were $448 in 2015 and $574 in 2014. Amortization of equipment under capital lease was $225 in 2015. The following is a schedule by years of future minimum lease payments for transportation leases: Fiscal Year Capital Leases Operating Leases Financing Obligations 2016 246 16 262 2017 246 - 246 2018 452 - 452 Total Minimum Lease Payments(a) $ 944 $ 16 $ 960 Less: Amount representing executory costs (186 ) Less: Amount representing interest(b) (33 ) Present value of future minimum lease payments(c) $ 725 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. Contingent rentals amounted to $93 in 2015 and $116 in 2014 including prior lease arrangements. (b) Amount necessary to reduce net minimum lease payments to present value calculated at our incremental borrowing rate at the inception of the leases. (c) Reflected in Note 2, as current and noncurrent obligations under capital leases of $162 and $563, respectively. |
Note 7 - Segment Information
Note 7 - Segment Information | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7 - Segment Information: We have two reportable operating segments, Frozen Food Products (the processing and distribution of frozen products) and Snack Food Products (the processing and distribution of meat and other convenience foods). We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative expenses include corporate accounting, information systems, human resource and marketing management at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. The following segment information is for the fiscal years ended October 30, 2015 (52 weeks) and October 31, 2014 (52 weeks): Segment Information 2015 Frozen Food Products Snack Food Products Other Elimination Totals Sales $ 50,549 79,899 - - $ 130,448 Intersegment sales - - - - - Net sales 50,549 79,899 - - 130,448 Cost of products sold 30,372 53,207 - - 83,579 Gross margin 20,177 26,692 - - 46,869 SG&A 14,625 24,126 - - 38,751 Income before taxes 5,552 2,566 - - 8,118 Total assets $ 11,206 33,853 30,243 - $ 75,302 Additions to PP&E $ 186 1,231 (13 ) - $ 1,404 Segment Information 2014 Frozen Food Products Refrigerated and Snack Food Products Other Elimination Totals Refrigerated Products Division* Sales $ 50,740 82,661 - - $ 133,401 6,650 Intersegment sales 446 - (446 ) - - Net sales 50,740 83,107 - (446 ) 133,401 6,650 Cost of products sold 31,790 63,400 - (446 ) 94,744 4,704 Gross margin 18,950 19,707 - - 38,657 1,946 SG&A 15,715 27,374 - - 43,089 5,001 Income before taxes 3,235 (7,667 ) - - (4,432 ) (3,055 ) Total assets $ 11,332 32,427 14,417 - $ 58,176 Additions to PP&E $ 201 3,601 75 - $ 3,877 * = At the end of fiscal year 2014, we discontinued operation of the refrigerated snack food products division which was reported under the Refrigerated and Snack Food Products segment. |
Note 8 - Unaudited Interim Fina
Note 8 - Unaudited Interim Financial Information | 12 Months Ended |
Oct. 30, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 8- Unaudited Interim Financial Information: Not applicable to smaller reporting company |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. Amounts estimated related to liabilities for pension benefits, self-insured workers’ compensation and employee healthcare benefits are subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which may vary from current estimates. Other areas with underlying estimates include realization of deferred tax assets, cash surrender or contract value of life insurance policies, promotional allowances and the allowance for doubtful accounts and inventory reserves. Management believes its current estimates are reasonable and based on the best information available at the time. We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an impairment is indicated, we measure the fair value of assets to determine if and when adjustments are recorded. |
Subsequent Events, Policy [Policy Text Block] | Subsequent events Management has evaluated events subsequent to October 30, 2015 through the date the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. Based on its review, no material events were identified that require adjustment to the financial statements or additional disclosure. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The carrying amount of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities approximate fair market value due to the short maturity of these instruments. We maintain cash balances at financial institutions, which may at times exceed the amounts insured by the Federal Deposit Insurance Corporation. Management does not believe there is significant credit risk associated with these financial institutions. The provision for doubtful accounts receivable is based on historical trends and current collectability risk. We have significant accounts receivable with a few large, well known customers which, although historically secure, could be subject to material risk should these customers’ operations suddenly deteriorate. Sales to Wal-Mart® comprised 31.4% of revenues in fiscal 2015 and 42.6% of total accounts receivable was due from Wal-Mart® at October 30, 2015. Sales to Wal-Mart® comprised 28.8% of revenues in fiscal 2014 and 31.8% of total accounts receivable was due from Wal-Mart® at October 31, 2014. |
Segment Reporting, Policy [Policy Text Block] | Business segments Our company and its subsidiaries operate in two business segments - the processing and distribution of frozen foods products, and the processing and distribution of snack food products. See Note 7 to the Consolidated Financial Statements for further information. |
Fiscal Period, Policy [Policy Text Block] | Fiscal year We maintain our accounting records on a 52-53 week fiscal basis ending on the Friday closest to October 31. As part of the regular accounting cycle, fiscal years 2015 and 2014 each included 52 weeks. |
Revenue Recognition, Policy [Policy Text Block] | Revenues Revenues are recognized upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system. These delivery costs, $3,663 and $5,045 for 2015 and 2014, respectively, are included in selling, general and administrative expenses in the accompanying consolidated financial statements. We record promotional and returns allowances based on recent and historical trends. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for discounts, trade allowances and product returns. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Promotional allowances deducted from sales for fiscal years 2015 and 2014 were $8,881 and $10,868, respectively. |
Advertising Costs, Policy [Policy Text Block] | Advertising expenses Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2015 and 2014 were $1,861 and $3,093, respectively. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents We consider all investments with original maturities of three months or less to be cash equivalents. Cash equivalents include money market funds and treasury bills. Cash equivalents totaled $5,842 at October 30, 2015 and $192 at October 31, 2014. All material cash and cash equivalents at October 30, 2015 were held at Wells Fargo Bank N.A. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements We classify levels of inputs to measure the fair value of financial assets as follows: ? Level 1 inputs: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. ? Level 2 inputs: Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. ? Level 3 inputs: Level 3 inputs are unobservable and should be used to measure fair value to the extent that observable inputs are not available. The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. The Company does not have any assets or liabilities measured at fair value on a recurring or non-recurring basis for the years ended October 30, 2015 and October 31, 2014. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or market. Costs related to warehousing, transportation and distribution to customers are considered when computing market value. Inventories include the cost of raw materials, labor and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are charged to the asset accounts while the cost of maintenance and repairs is charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the respective accounts and the resulting gain or loss is credited or charged to income. Depreciation is computed on a straight-line basis over 10 to 20 years for buildings and improvements, 5 to 10 years for machinery and equipment, and 3 to 5 years for transportation equipment. |
Lease, Policy [Policy Text Block] | Capital Leases Leased property and equipment that meet capital lease criteria are capitalized at the lower of the present value of the minimum payments required under the lease or the fair value of the asset at inception of the lease and are included within property, plant and equipment on the consolidated balance sheet. Obligations under capital leases are accounted for as current and noncurrent liabilities on the consolidated balance sheet. Amortization is calculated on a straight-line method based upon the shorter of the estimated useful life of the asset or the lease term. |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Life insurance policies We record the cash surrender value or contract value for life insurance policies as an adjustment of premiums paid in determining the expense or income to be recognized under the contract for the period. The cash surrender value is included in other non-current assets in the accompanying consolidated balance sheets. |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred taxes are provided for items whose financial and tax bases differ. A valuation allowance is provided against deferred tax assets when it is expected that it is more likely than not that the related asset will not be fully realized. The determination as to whether or not a deferred tax asset can be fully realized is subject to a significant degree of judgment, based at least partially upon a projection of future taxable income, which takes into consideration past and future trends in profitability, customer demand, supply costs, and multiple other factors, none of which are predictable. We provide tax accruals for federal, state and local exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these accruals requires judgments about tax issues, potential outcomes and timing. (See Note 4 to the Consolidated Financial Statements). Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation We measure and recognize compensation expense for all share-based payments to employees, including grants of employee stock options, in the financial statements based on the fair value at the date of the grant. We have not issued, awarded, granted or entered into any stock-based payment agreements since April 29, 1999. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency transactions Our foreign branch located in Canada enters into transactions that are denominated in a foreign currency. The related transaction gains and losses arising from changes in exchange rates are not material and are included in selling, general and administrative expenses in the consolidated statements of operations in the period the transaction occurred. Our Canadian branch was closed at the end of fiscal year 2014. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) Comprehensive income (loss) consists of net income and additional minimum pension liability adjustments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements and regulations In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” to supersede previous revenue recognition guidance under current U.S. GAAP. The guidance presents steps for comprehensive revenue recognition that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance becomes effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating this statement and its impact on its results of operations or financial position. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory”. The guidance is part of the “Simplification Initiative” to identify and re-evaluate areas where the generally accepted accounting principles may be complex and cumbersome to apply. The guidance will require that inventory be stated at the lower of cost and net realizable value as opposed to the lower of cost or market. Net realizable value is the estimated selling price for the inventory less completion, disposal and transportation costs. The guidance becomes effective for fiscal years beginning after December 15, 2016. The Company already values inventory by the proposed method. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance becomes effective for annual reporting periods beginning after December 6, 2016 with early adoption permitted. The Company applied this guidance to its current fiscal year ending October 30, 2015. Adoption of this guidance had no material impact on the results of operations or financial position. |
Note 2 - Composition of Certa17
Note 2 - Composition of Certain Financial Statement Captions (Tables) | 12 Months Ended |
Oct. 30, 2015 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | 2015 2014 Inventories: Meat, ingredients and supplies $ 5,268 $ 4,716 Work in process 1,125 1,447 Finished goods 13,584 15,129 $ 19,977 $ 21,292 Property, plant and equipment: Land $ 1,802 $ 1,802 Buildings and improvements 14,272 14,254 Machinery and equipment 47,687 47,352 Asset impairment - (234 ) Capital leased trucks 1,192 1,848 Transportation equipment 5,219 5,522 Construction in process 517 157 70,689 70,701 Accumulated depreciation and amortization (60,454 ) (58,450 ) $ 10,235 $ 12,251 Other non-current assets: Cash surrender value benefits $ 13,660 $ 13,654 Other 6 6 $ 13,666 $ 13,660 Accrued payroll, advertising and other expenses: Payroll, vacation, payroll taxes and employee benefits $ 3,589 $ 4,007 Accrued advertising and broker commissions 704 1,278 Property taxes 356 327 Other 554 417 $ 5,203 $ 6,029 Current portion of non-current liabilities (Note 3): Defined benefit retirement plan $ 1,150 $ 1,127 Executive retirement plans 277 467 Incentive compensation 1,196 718 Capital lease obligation 162 241 Postretirement healthcare 40 43 $ 2,825 $ 2,596 Non-current liabilities (Note 3): Defined benefit retirement plan $ 17,362 $ 10,830 Executive retirement plans 4,630 4,227 Capital lease obligation 563 1,104 Incentive compensation 1,929 640 Teamster pension withdrawal liability - 798 Postretirement healthcare 962 922 $ 25,446 $ 18,521 |
Note 3 - Retirement and Other18
Note 3 - Retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Oct. 30, 2015 | |
Post-retirement Healthcare Benefits [Member] | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years Postretirement Heathcare Benefits 2016 $ 41 2017 $ 41 2018 $ 41 2019 $ 41 2020 $ 86 2021-2025 $ 436 |
One Percent Increase in Healthcare Cost Trend Rate [Member] | |
Notes Tables | |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 2015 2014 Interest cost plus service cost $ 5 $ 5 Accumulated postretirement healthcare obligation $ 80 $ 78 |
Executive Post-retirement Benefits [Member] | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years Executive Postretirement Benefits 2016 $ 280 2017 $ 78 2018 $ 126 2019 $ 280 2020 $ 502 2021-2025 $ 2,510 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years Pension Benefits 2016 $ 1,940 2017 $ 2,064 2018 $ 2,158 2019 $ 2,295 2020 $ 2,443 2021-2025 $ 14,914 |
Schedule of Net Benefit Costs [Table Text Block] | 52 Weeks 2015 2014 Service cost $ 113 $ 135 Interest cost 2,176 2,226 Expected return on plan assets (3,346 ) (3,131 ) Amortization of unrecognized loss 1,244 830 Amortization of unrecognized prior service costs - 1 Net pension cost $ 187 $ 61 |
Schedule of Assumptions Used [Table Text Block] | 2015 2014 Discount rate 4.15 % 4.05 % Rate of increase in salary levels N/A N/A Expected return on plan assets 8.00 % 8.00 % |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 52 Weeks 2015 2014 Change in plan assets: Fair value of plan assets - beginning of year $ 42,320 $ 39,124 Employer contributions 1,157 1,587 Actual return on plan assets (640 ) 2,939 Benefits paid (1,418 ) (1,330 ) Fair value of plan assets - end of year $ 41,419 $ 42,320 Change in benefit obligations: Benefit obligations - beginning of year $ 54,277 $ 49,154 Service cost 113 135 Interest cost 2,176 2,226 Actuarial (gain) loss 4,783 4,093 Benefits paid (1,418 ) (1,331 ) Benefit obligations - end of year 59,931 54,277 Funded status of the plans (18,512 ) (11,957 ) Unrecognized prior service costs 0 0 Unrecognized net actuarial loss 25,844 18,319 Net amount recognized $ 7,332 $ 6,362 |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Class 2015 Target Asset Allocation 2014 Target Asset Allocation Large Cap Equities 31.1 % 32.0 % 30.9 % 30.0 % Mid Cap Equities 0 % 0.0 % 0 % 0.0 % Small Cap Equities 13.3 % 12.0 % 15.6 % 15.0 % International (equities only) 20.3 % 21.0 % 18.4 % 20.0 % Fixed Income 30.8 % 31.0 % 29.2 % 31.0 % Other (Government/Corporate, Bonds) 1.9 % 2.0 % 2.8 % 2.0 % Cash 2.6 % 2.0 % 3.1 % 2.0 % Total 100.0 100 % 100.0 100 % |
Fair Value of Pension Plan Assets [Table Text Block] | Year Ended 2015 Level 1 Level 2 Level 3 Total Total plan assets $ 41,419 - - $ 41,419 |
Net Periodic Post-retirement Healthcare Cost [Table Text Block] | 52 Weeks 2015 2014 Service cost $ 20 $ 18 Interest cost 36 37 Amortization of prior service cost - - Amortization of actuarial gain (37 ) (65 ) Net periodic postretirement healthcare cost (benefit) $ 19 $ (10 ) |
Schedule of Health Care Cost Trend Rates [Table Text Block] | 2015 2014 Discount rate 3.94 % 3.83 % Medical trend rate next year 8.50 % 8.50 % Ultimate trend rate 5.00 % 5.00 % Year ultimate trend rate is achieved 2021 2021 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 2015 2014 Interest cost plus service cost $ (4 ) $ (4 ) Accumulated postretirement healthcare obligation $ (66 ) $ (64 ) |
Schedule of Net Funded Status [Table Text Block] | 2015 2014 Change in accumulated postretirement healthcare obligation: Healthcare obligation - beginning of year $ 965 $ 880 Service cost 20 18 Interest cost 36 37 Actuarial loss (gain) 1 52 Benefits paid (19 ) (22 ) Healthcare obligation – end of year $ 1,003 $ 965 Funded status of the plans 1,003 965 Unrecognized prior service costs - - Unrecognized net actuarial gain (174 ) (212 ) Unrecognized amounts recorded in other comprehensive income 174 212 Postretirement healthcare liability $ 1,003 $ 965 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Oct. 30, 2015 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 52 Weeks 2015 2014 Current: Federal $ 253 $ (91 ) State 100 3 353 (88 ) Deferred: Federal (6,335 ) - State (1,342 ) - (7,677 ) $ (7,324 ) $ (88 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 52 Weeks 2015 2014 Provision (benefit) for federal income taxes at the applicable statutory rate $ 2,772 $ (1,477 ) Increase in provision (benefit) resulting from state income taxes, net of federal income tax benefit 641 61 Research & development tax credit (3 ) (25 ) Non-taxable life insurance gain (2 ) (175 ) Change in valuation allowance (10,848 ) 1,598 Other, net 116 (70 ) $ (7,324 ) $ (88 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Receivables allowance $ - $ 58 Returns allowance - 163 Inventory packaging reserve - 165 Inventory overhead capitalization - 452 Incentive compensation - 272 State taxes - 8 Employee benefits - 911 Other - 84 Valuation allowance - (2,113 ) Current tax assets, net $ - $ - Receivables allowance $ 58 $ - Returns allowance 201 - Inventory packaging reserve 125 - Inventory overhead capitalization 400 - Employee benefits 793 - Other 1 - State taxes (515 ) 263 Incentive compensation 925 257 Pension and health care benefits 9,202 6,366 Depreciation (816 ) (1,280 ) Net operating loss carry-forward and credits 271 2,880 Valuation allowance - (8,486 ) Non-current tax assets, net $ 10,645 $ - |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 52 Weeks 2015 2014 Balance at beginning of year $ 100 $ 100 Additions based on tax positions related to the current year 12 - Additions for tax positions of prior years 2 1 Reductions for tax positions of prior years (2 ) (1 ) Settlements - - Balance at end of year $ 112 $ 100 |
Note 6 - Commitments and Cont20
Note 6 - Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 30, 2015 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Fiscal Year Capital Leases Operating Leases Financing Obligations 2016 246 16 262 2017 246 - 246 2018 452 - 452 Total Minimum Lease Payments(a) $ 944 $ 16 $ 960 Less: Amount representing executory costs (186 ) Less: Amount representing interest(b) (33 ) Present value of future minimum lease payments(c) $ 725 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 12 Months Ended |
Oct. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Information 2015 Frozen Food Products Snack Food Products Other Elimination Totals Sales $ 50,549 79,899 - - $ 130,448 Intersegment sales - - - - - Net sales 50,549 79,899 - - 130,448 Cost of products sold 30,372 53,207 - - 83,579 Gross margin 20,177 26,692 - - 46,869 SG&A 14,625 24,126 - - 38,751 Income before taxes 5,552 2,566 - - 8,118 Total assets $ 11,206 33,853 30,243 - $ 75,302 Additions to PP&E $ 186 1,231 (13 ) - $ 1,404 Segment Information 2014 Frozen Food Products Refrigerated and Snack Food Products Other Elimination Totals Refrigerated Products Division* Sales $ 50,740 82,661 - - $ 133,401 6,650 Intersegment sales 446 - (446 ) - - Net sales 50,740 83,107 - (446 ) 133,401 6,650 Cost of products sold 31,790 63,400 - (446 ) 94,744 4,704 Gross margin 18,950 19,707 - - 38,657 1,946 SG&A 15,715 27,374 - - 43,089 5,001 Income before taxes 3,235 (7,667 ) - - (4,432 ) (3,055 ) Total assets $ 11,332 32,427 14,417 - $ 58,176 Additions to PP&E $ 201 3,601 75 - $ 3,877 |
Note 1 - The Company and Summ22
Note 1 - The Company and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Wal-Mart [Member] | ||
Concentration Risk, Percentage | 31.40% | 28.80% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wal-Mart [Member] | ||
Concentration Risk, Percentage | 42.60% | 31.80% |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Transportation Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Number of Reportable Segments | 2 | |
Shipping, Handling and Transportation Costs | $ 3,663 | $ 5,045 |
Promotional Allowances | 8,881 | 10,868 |
Advertising Expense | 1,861 | 3,093 |
Cash Equivalents, at Carrying Value | $ 5,842 | $ 192 |
Note 2 - Composition of Certa23
Note 2 - Composition of Certain Financial Statement Captions (Details) - USD ($) | Oct. 30, 2015 | Oct. 31, 2014 |
Inventories: | ||
Meat, ingredients and supplies | $ 5,268,000 | $ 4,716,000 |
Work in process | 1,125,000 | 1,447,000 |
Finished goods | 13,584,000 | 15,129,000 |
19,977,000 | 21,292,000 | |
Property, plant and equipment: | ||
Land | 1,802,000 | 1,802,000 |
Buildings and improvements | 14,272,000 | 14,254,000 |
Machinery and equipment | $ 47,687,000 | 47,352,000 |
Asset impairment | (234,000) | |
Capital leased trucks | $ 1,192,000 | 1,848,000 |
Transportation equipment | 5,219,000 | 5,522,000 |
Construction in process | 517,000 | 157,000 |
70,689,000 | 70,701,000 | |
Accumulated depreciation and amortization | (60,454,000) | (58,450,000) |
10,235,000 | 12,251,000 | |
Other non-current assets: | ||
Cash surrender value benefits | 13,660,000 | 13,654,000 |
Other | 6,000 | 6,000 |
13,666,000 | 13,660,000 | |
Accrued payroll, advertising and other expenses: | ||
Payroll, vacation, payroll taxes and employee benefits | 3,589,000 | 4,007,000 |
Accrued advertising and broker commissions | 704,000 | 1,278,000 |
Property taxes | 356,000 | 327,000 |
Other | 554,000 | 417,000 |
5,203,000 | 6,029,000 | |
Current portion of non-current liabilities (Note 3): | ||
Defined benefit retirement plan | 1,150,000 | 1,127,000 |
Executive retirement plans | 277,000 | 467,000 |
Incentive compensation | 1,196,000 | 718,000 |
Capital Lease Obligations, Current | 162,000 | 241,000 |
Postretirement healthcare | 40,000 | 43,000 |
2,825,000 | 2,596,000 | |
Non-current liabilities (Note 3): | ||
Defined benefit retirement plan | 17,362,000 | 10,830,000 |
Executive retirement plans | 4,630,000 | 4,227,000 |
Capital Lease Obligations, Noncurrent | 563,000 | 1,104,000 |
Incentive compensation | $ 1,929,000 | 640,000 |
Teamster Pension Withdrawal Liability, Non-Current | 798,000 | |
Postretirement healthcare | $ 962,000 | 922,000 |
$ 25,446,000 | $ 18,521,000 |
Note 3 - Retirement and Other24
Note 3 - Retirement and Other Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||||||
Oct. 30, 2020 | Nov. 01, 2019 | Nov. 02, 2018 | Nov. 03, 2017 | Oct. 28, 2016 | Oct. 30, 2015 | Oct. 31, 2014 | |
Scenario, Forecast [Member] | |||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.00% | ||||||
Officers' Compensation | $ 59,000 | $ 102,000 | $ 868,000 | $ 900,000 | $ 1,196,000 | ||
Minimum [Member] | |||||||
Deferred Incentive Compensation Plan Payment Period | 3 years | ||||||
Maximum [Member] | |||||||
Deferred Incentive Compensation Plan Payment Period | 5 years | ||||||
Plan Type, 401K [Member] | |||||||
Defined Benefit Plan, Contributions by Employer | $ 515,000 | $ 500,000 | |||||
Defined Contribution Plan, Cost Recognized | 0 | $ 0 | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 1,150,000 | ||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 8.00% | 8.00% | |||||
Percent Added To Seasoned Bond Rate | 2.00% | ||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 60.00% | ||||||
Other Postretirement Benefits Payable | $ 4,907,000 | $ 4,694,000 | |||||
Cash Surrender Value of Life Insurance | 13,660,000 | 13,654,000 | |||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 3,125,000 | 1,359,000 | |||||
Defined Benefit Plan, Contributions by Employer | $ 1,157,000 | 1,587,000 | |||||
Teamster Pension Withdrawal Liability, Non-Current | $ 798,000 |
Note 3 - Net Pension Cost (Deta
Note 3 - Net Pension Cost (Details) - USD ($) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Service cost | $ 113,000 | $ 135,000 |
Interest cost | 2,176,000 | 2,226,000 |
Expected return on plan assets | (3,346,000) | (3,131,000) |
Amortization of unrecognized loss | $ 1,244,000 | 830,000 |
Amortization of unrecognized prior service costs | 1,000 | |
Net pension cost | $ 187,000 | $ 61,000 |
Note 3 - Net Pension Costs and
Note 3 - Net Pension Costs and Benefit Obligations Determined Using Assumptions (Details) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Discount rate | 4.15% | 4.05% |
Expected return on plan assets | 8.00% | 8.00% |
Note 3 - Benefit Obligation, Pl
Note 3 - Benefit Obligation, Plan Assets, and Funded Status of Plans (Details) - USD ($) | 12 Months Ended | |||
Oct. 30, 2015 | Oct. 31, 2014 | Oct. 30, 2015 | Oct. 31, 2014 | |
Change in Plan Assets [Member] | ||||
Change in plan assets: | ||||
Benefits paid | $ (1,418,000) | $ (1,330,000) | ||
Change in benefit obligations: | ||||
Benefits paid | (1,418,000) | (1,330,000) | ||
Change in Benefit Obligations [Member] | ||||
Change in plan assets: | ||||
Benefits paid | (1,418,000) | (1,331,000) | ||
Change in benefit obligations: | ||||
Benefits paid | (1,418,000) | (1,331,000) | ||
Fair value of plan assets - beginning of year | 42,320,000 | 39,124,000 | ||
Employer contributions | 1,157,000 | 1,587,000 | ||
Actual return on plan assets | (640,000) | 2,939,000 | ||
Fair value of plan assets - end of year | 41,419,000 | 42,320,000 | ||
Healthcare obligation - beginning of year | 54,277,000 | 49,154,000 | ||
Service cost | 113,000 | 135,000 | ||
Interest cost | 2,176,000 | 2,226,000 | ||
Actuarial loss (gain) | 4,783,000 | 4,093,000 | ||
Benefit obligations - end of year | $ 54,277,000 | $ 49,154,000 | $ 59,931,000 | $ 54,277,000 |
Funded status of the plans | (18,512,000) | (11,957,000) | ||
Unrecognized prior service costs | 0 | 0 | ||
Unrecognized net actuarial gain | 25,844,000 | 18,319,000 | ||
Net amount recognized | $ 7,332,000 | $ 6,362,000 |
Note 3 - Actual and Target Allo
Note 3 - Actual and Target Allocation for Plan Assets (Details) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Large Cap Equities [Member] | ||
Actual Asset Allocation | 31.10% | 30.90% |
Target Asset Allocation | 32.00% | 30.00% |
Mid Cap Equities [Member] | ||
Actual Asset Allocation | 0.00% | 0.00% |
Target Asset Allocation | 0.00% | 0.00% |
SmallCapEquitiesMember | ||
Actual Asset Allocation | 13.30% | 15.60% |
Target Asset Allocation | 12.00% | 15.00% |
International Including Non US Fixed Income [Member] | ||
Actual Asset Allocation | 20.30% | 18.40% |
Target Asset Allocation | 21.00% | 20.00% |
Fixed Income [Member] | ||
Actual Asset Allocation | 30.80% | 29.20% |
Target Asset Allocation | 31.00% | 31.00% |
Other Government Corporate Bonds [Member] | ||
Actual Asset Allocation | 1.90% | 2.80% |
Target Asset Allocation | 2.00% | 2.00% |
Cash [Member] | ||
Actual Asset Allocation | 2.60% | 3.10% |
Target Asset Allocation | 2.00% | 2.00% |
Actual Asset Allocation | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | 100.00% |
Note 3 - Fair Value of Pension
Note 3 - Fair Value of Pension Plan Assets (Details) | Oct. 30, 2015USD ($) |
Fair Value, Inputs, Level 1 [Member] | |
Total plan assets | $ 41,419,000 |
Total plan assets | $ 41,419,000 |
Note 3 - Expected Payments for
Note 3 - Expected Payments for Pension Benefits (Details) $ in Thousands | Oct. 30, 2015USD ($) |
2,016 | $ 1,940 |
2,017 | 2,064 |
2,018 | 2,158 |
2,019 | 2,295 |
2,020 | 2,443 |
2021-2025 | $ 14,914 |
Note 3 - Expected Payments fo31
Note 3 - Expected Payments for Executive Postretirement Benefits (Details) $ in Thousands | Oct. 30, 2015USD ($) |
Executive Post-retirement Benefits [Member] | |
2,016 | $ 280 |
2,017 | 78 |
2,018 | 126 |
2,019 | 280 |
2,020 | 502 |
2021-2025 | 2,510 |
2,016 | 1,940 |
2,017 | 2,064 |
2,018 | 2,158 |
2,019 | 2,295 |
2,020 | 2,443 |
2021-2025 | $ 14,914 |
Note 3 - Net Periodic Postretir
Note 3 - Net Periodic Postretirement Healthcare Cost (Details) - USD ($) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Post-retirement Healthcare Benefits [Member] | ||
Service cost | $ 20,000 | $ 18,000 |
Interest cost | 36,000 | 37,000 |
Amortization of actuarial gain | (37,000) | (65,000) |
Net periodic postretirement healthcare cost (benefit) | 19,000 | (10,000) |
Service cost | 113,000 | 135,000 |
Interest cost | 2,176,000 | 2,226,000 |
Net periodic postretirement healthcare cost (benefit) | $ 187,000 | $ 61,000 |
Note 3 - Weighted Average Assum
Note 3 - Weighted Average Assumptions (Details) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Post-retirement Healthcare Benefits [Member] | ||
Discount rate | 3.94% | 3.83% |
Medical trend rate next year | 8.50% | 8.50% |
Ultimate trend rate | 5.00% | 5.00% |
Year ultimate trend rate is achieved | 2,021 | 2,021 |
Discount rate | 4.15% | 4.05% |
Note 3 - Estimated Effect of a
Note 3 - Estimated Effect of a 1% Increase in Healthcare Cost Trend Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Interest cost plus service cost | $ 5 | $ 5 |
Accumulated postretirement healthcare obligation | $ 80 | $ 78 |
Note 3 - Estimated Effect of 35
Note 3 - Estimated Effect of a 1% Decrease in Healthcare Cost Trend Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Interest cost plus service cost | $ (4) | $ (4) |
Accumulated postretirement healthcare obligation | $ (66) | $ (64) |
Note 3 - Healthcare Obligation
Note 3 - Healthcare Obligation and Funded Status of Plan (Details) - USD ($) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Postretirement Health Coverage [Member] | ||
Change in accumulated postretirement healthcare obligation: | ||
Healthcare obligation - beginning of year | $ 965,000 | $ 880,000 |
Service cost | 20,000 | 18,000 |
Interest cost | 36,000 | 37,000 |
Actuarial loss (gain) | 1,000 | 52,000 |
Benefits paid | (19,000) | (22,000) |
Healthcare obligation – end of year | 1,003,000 | 965,000 |
Funded status of the plans | 1,003,000 | 965,000 |
Unrecognized net actuarial gain | (174,000) | (212,000) |
Unrecognized amounts recorded in other comprehensive income | 174,000 | 212,000 |
Postretirement healthcare liability | 1,003,000 | 965,000 |
Healthcare obligation - beginning of year | 54,277,000 | 49,154,000 |
Service cost | 113,000 | 135,000 |
Interest cost | 2,176,000 | 2,226,000 |
Actuarial loss (gain) | 4,783,000 | 4,093,000 |
Healthcare obligation – end of year | 59,931,000 | 54,277,000 |
Funded status of the plans | (18,512,000) | (11,957,000) |
Unrecognized net actuarial gain | $ 25,844,000 | $ 18,319,000 |
Note 3 - Expected Payments fo37
Note 3 - Expected Payments for Postretirement Benefits (Details) $ in Thousands | Oct. 30, 2015USD ($) |
Postretirement Health Coverage [Member] | |
2,016 | $ 41 |
2,017 | 41 |
2,018 | 41 |
2,019 | 41 |
2,020 | 86 |
2021-2025 | 436 |
2,016 | 1,940 |
2,017 | 2,064 |
2,018 | 2,158 |
2,019 | 2,295 |
2,020 | 2,443 |
2021-2025 | $ 14,914 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,012 | |
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||
Open Tax Year | 2,014 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 0 | |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,011 | |
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||
Open Tax Year | 2,014 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | $ 2,951,000 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Domestic Subsidiaries | 112,000 | $ 100,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 6,000 |
Note 4 - Provision for Taxes on
Note 4 - Provision for Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Current: | ||
Federal | $ 253 | $ (91) |
State | 100 | 3 |
353 | $ (88) | |
Deferred: | ||
Federal | (6,335) | |
State | (1,342) | |
(7,677) | ||
$ (7,324) | $ (88) |
Note 4 - Tax Provision Differs
Note 4 - Tax Provision Differs from Applying Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Provision (benefit) for federal income taxes at the applicable statutory rate | $ 2,772 | $ (1,477) |
Increase in provision (benefit) resulting from state income taxes, net of federal income tax benefit | 641 | 61 |
Research & development tax credit | (3) | (25) |
Non-taxable life insurance gain | (2) | (175) |
Change in valuation allowance | (10,848) | 1,598 |
Other, net | 116 | (70) |
$ (7,324) | $ (88) |
Note 4 - Deferred Income Taxes
Note 4 - Deferred Income Taxes Results from Differences in the Bases of Assets and Liabilities (Details) - USD ($) | Oct. 30, 2015 | Oct. 31, 2014 |
Incentive Compensation Current Asset [Member] | ||
Incentive compensation | $ 272,000 | |
State Taxes Current Asset [Member] | ||
State taxes | 8,000 | |
State Taxes Noncurrent Asset [Member] | ||
State taxes | $ (515,000) | 263,000 |
Incentive Compensation Noncurrent Asset [Member] | ||
Incentive compensation | 925,000 | 257,000 |
Receivables allowance | 58,000 | 58,000 |
Returns allowance | 201,000 | 163,000 |
Inventory packaging reserve | 125,000 | 165,000 |
Inventory overhead capitalization | 400,000 | 452,000 |
Employee benefits | 793,000 | 911,000 |
Other | 1,000 | 84,000 |
Valuation allowance | 0 | (2,113,000) |
Pension and health care benefits | 9,202,000 | 6,366,000 |
Depreciation | (816,000) | (1,280,000) |
Net operating loss carry-forward and credits | 271,000 | 2,880,000 |
Valuation allowance | 0 | $ (8,486,000) |
Non-current tax assets, net | $ 10,645 |
Note 4 - Reconciliation of Unre
Note 4 - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 30, 2015 | Oct. 31, 2014 | |
Balance at beginning of year | $ 100 | $ 100 |
Additions based on tax positions related to the current year | 12 | |
Additions for tax positions of prior years | 2 | $ 1 |
Reductions for tax positions of prior years | (2) | (1) |
Balance at end of year | $ 112 | $ 100 |
Note 5 - Line of Credit (Detail
Note 5 - Line of Credit (Details Textual) | 12 Months Ended |
Oct. 30, 2015USD ($) | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 |
Debt Covenant, Maximum Allowable Capital Expenditures | 3,000,000 |
Long-term Line of Credit | $ 0 |
Note 6 - Commitments and Cont44
Note 6 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 17, 2015 | Oct. 30, 2015 | Oct. 31, 2014 | |
Assets Held under Capital Leases [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 75,000 | ||
Capital Lease Term | 6 years | ||
Return of Equipment Financed by Capital Lease | $ 445,000 | $ 656,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | 127,000 | $ 152,000 | |
Operating Leases, Rent Expense | 448,000 | 574,000 | |
Capital Leases, Income Statement, Amortization Expense | 225,000 | ||
Operating Leases, Rent Expense, Contingent Rentals | 93,000 | 116,000 | |
Capital Lease Obligations, Current | 162,000 | 241,000 | |
Capital Lease Obligations, Noncurrent | $ 563,000 | $ 1,104,000 |
Note 6 - Commitments and Cont45
Note 6 - Commitments and Contingencies (Details) $ in Thousands | Oct. 30, 2015USD ($) | |
2,016 | $ 246 | |
2,016 | 16 | |
2,016 | 262 | |
2,017 | 246 | |
2,017 | 246 | |
2,018 | 452 | |
2,018 | 452 | |
Total Minimum Lease Payments(a) | 944 | [1] |
Total Minimum Lease Payments(a) | 16 | [1] |
Total Minimum Lease Payments(a) | 960 | [1] |
Less: Amount representing executory costs | (186) | |
Less: Amount representing interest(b) | (33) | [2] |
Present value of future minimum lease payments(c) | $ 725 | [3] |
[1] | Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. Contingent rentals amounted to $93 in 2015 and $116 in 2014 including prior lease arrangements. | |
[2] | Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases. | |
[3] | Reflected in the Note 2, as current and noncurrent obligations under capital leases of $162 and $563, respectively. |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 12 Months Ended |
Oct. 30, 2015 | |
Number of Reportable Segments | 2 |
Note 7 - Segment Information 47
Note 7 - Segment Information (Details) - USD ($) | 12 Months Ended | ||
Oct. 30, 2015 | Oct. 31, 2014 | ||
Frozen Food Products [Member] | |||
Sales | $ 50,549,000 | $ 50,740,000 | |
Intersegment sales | |||
Net sales | $ 50,549,000 | $ 50,740,000 | |
Cost of products sold | 30,372,000 | 31,790,000 | |
Gross margin | 20,177,000 | 18,950,000 | |
Selling, general and sdministrative | 14,625,000 | 15,715,000 | |
Income before taxes | 5,552,000 | 3,235,000 | |
Total assets | 11,206,000 | 11,332,000 | |
Additions to property, plant and equipment | 186,000 | 201,000 | |
Refrigerated and Snack Food Products [Member] | |||
Sales | $ 79,899,000 | 82,661,000 | |
Intersegment sales | 446,000 | ||
Net sales | $ 79,899,000 | 83,107,000 | |
Cost of products sold | 53,207,000 | 63,400,000 | |
Gross margin | 26,692,000 | 19,707,000 | |
Selling, general and sdministrative | 24,126,000 | 27,374,000 | |
Income before taxes | 2,566,000 | (7,667,000) | |
Total assets | 33,853,000 | 32,427,000 | |
Additions to property, plant and equipment | $ 1,231,000 | $ 3,601,000 | |
Other Segments [Member] | |||
Sales | |||
Intersegment sales | |||
Net sales | |||
Cost of products sold | |||
Gross margin | |||
Selling, general and sdministrative | |||
Income before taxes | |||
Total assets | $ 30,243,000 | $ 14,417,000 | |
Additions to property, plant and equipment | $ (13,000) | 75,000 | |
Refrigerated Products Division [Member] | |||
Sales | [1] | $ 6,650,000 | |
Intersegment sales | |||
Net sales | [1] | $ 6,650,000 | |
Cost of products sold | [1] | 4,704,000 | |
Gross margin | [1] | 1,946,000 | |
Selling, general and sdministrative | [1] | 5,001,000 | |
Income before taxes | [1] | $ (3,055,000) | |
Total assets | |||
Additions to property, plant and equipment | |||
Intersegment Eliminations [Member] | |||
Sales | |||
Intersegment sales | $ (446,000) | ||
Net sales | (446,000) | ||
Cost of products sold | $ (446,000) | ||
Gross margin | |||
Selling, general and sdministrative | |||
Income before taxes | |||
Total assets | |||
Additions to property, plant and equipment | |||
Sales | $ 130,448,000 | $ 133,401,000 | |
Intersegment sales | |||
Net sales | $ 130,448,000 | $ 133,401,000 | |
Cost of products sold | 83,579,000 | 94,744,000 | |
Gross margin | 46,869,000 | 38,657,000 | |
Selling, general and sdministrative | 38,751,000 | 43,089,000 | |
Income before taxes | 8,118,000 | (4,432,000) | |
Total assets | 75,302,000 | 58,176,000 | |
Additions to property, plant and equipment | $ 1,404,000 | $ 3,877,000 | |
[1] | At the end of fiscal year 2014, the Company discontinued operation of the refrigerated snack food deli products division which was reported under the Refrigerated and Snack Food Products segment. |