Bridgford Foods (BRID) 10-Q 6 Mar 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 20, 2023	Mar. 06, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 20, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--10-28
Entity File Number	000-02396
Entity Registrant Name	BRIDGFORD FOODS CORPORATION
Entity Central Index Key	0000014177
Entity Tax Identification Number	95-1778176
Entity Incorporation, State or Country Code	TX
Entity Address, Address Line One	1707 S. Good-Latimer Expressway
Entity Address, City or Town	Dallas
Entity Address, Postal Zip Code	75226
City Area Code	(714)
Local Phone Number	526-5533
Title of 12(b) Security	Common Stock
Trading Symbol	BRID
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,076,832

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 20, 2023	Oct. 28, 2022
Current assets:
Cash and cash equivalents	$ 12,992	$ 16,333
Accounts receivable, less allowance for doubtful accounts of $359 and $177, respectively, and promotional allowances of $3,522 and $2,771, respectively	32,680	34,541
Inventories, net	38,820	40,533
Refundable income taxes	1,367	1,201
Prepaid expenses and other current assets	1,412	321
Total current assets	87,271	92,929
Property, plant and equipment, net of accumulated depreciation and amortization of $72,300 and $70,968, respectively	70,640	71,830
Other non-current assets	11,700	11,589
Total assets	169,611	176,348
Current liabilities:
Accounts payable	9,095	13,658
Accrued payroll, advertising, and other expenses	7,243	6,799
Income taxes payable	224	224
Current notes payable - equipment	1,099	1,089
Current right-of-use leases payable	1,005	1,054
Other current liabilities	1,601	4,029
Total current liabilities	20,267	26,853
Long-term notes payable - equipment	3,567	3,824
Deferred income taxes, net	8,972	8,972
Long-term right-of-use leases payable	3,207	3,420
Other non-current liabilities	6,341	6,954
Total liabilities	42,354	50,023
Contingencies and commitments (Note 3)
Shareholders’ equity:
Preferred stock, without par value; authorized – 1,000,000 shares; issued and outstanding – none
Common stock, $1.00 par value; authorized – 20,000,000 shares; issued and outstanding – 9,076,832 and 9,076,832 shares, respectively	9,134	9,134
Capital in excess of par value	8,298	8,298
Retained earnings	120,250	119,318
Accumulated other comprehensive loss	(10,425)	(10,425)
Total shareholders’ equity	127,257	126,325
Total liabilities and shareholders’ equity	$ 169,611	$ 176,348

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 20, 2023	Oct. 28, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 359	$ 177
Accounts receivable, allowance for promotional allowances	3,522	2,771
Property, plant and equipment, accumulated depreciation	$ 72,300	$ 70,968
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	9,076,832	9,076,832
Common stock, shares outstanding	9,076,832	9,076,832

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 20, 2023	Jan. 21, 2022
Income Statement [Abstract]
Net sales	$ 61,622	$ 64,086
Cost of products sold	44,556	47,693
Gross margin	17,066	16,393
Selling, general and administrative expenses	15,794	14,731
Gain on sale of property, plant, and equipment	(72)	(18)
Operating income	1,344	1,680
Other income (expense)
Interest expense	(125)	(297)
Cash surrender value (loss) gain	111	(1,010)
Total other expense	(14)	(1,307)
Income before taxes	1,330	373
Provision for income taxes	398	66
Net income	$ 932	$ 307
Basic earnings per share	$ 0.10	$ 0.03
Shares used to compute basic earnings per share	9,076,832	9,076,832

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Oct. 29, 2021	$ 9,134	$ 8,298	$ 74,252	$ (16,706)	$ 74,978
Beginning balance, shares at Oct. 29, 2021	9,076
Net income			307		307
Ending balance, value at Jan. 21, 2022	$ 9,134	8,298	74,559	(16,706)	75,285
Ending balance, shares at Jan. 21, 2022	9,076
Beginning balance, value at Oct. 28, 2022	$ 9,134	8,298	119,318	(10,425)	126,325
Beginning balance, shares at Oct. 28, 2022	9,076
Net income			932		932
Ending balance, value at Jan. 20, 2023	$ 9,134	$ 8,298	$ 120,250	$ (10,425)	$ 127,257
Ending balance, shares at Jan. 20, 2023	9,076

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 20, 2023	Jan. 21, 2022
Cash flows from operating activities:
Net income	$ 932	$ 307
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,448	1,544
Provision for losses (recovery on) accounts receivable	187	(81)
Increase in promotional allowances	751	1,097
Gain on sale of property, plant, and equipment	(72)	(18)
Changes in operating assets and liabilities:
Accounts receivable, net	923	(3,226)
Inventories, net	1,713	(2,462)
Prepaid expenses and other current assets	(1,091)	(572)
Refundable income taxes	(166)	65
Other non-current assets	(111)	1,010
Accounts payable	(4,563)	1,722
Accrued payroll, advertising, and other expenses	(610)	(731)
Other current liabilities	(1,376)	1,071
Other non-current liabilities	(592)	(1,063)
Net cash used in operating activities	(2,627)	(1,337)
Cash flows from investing activities:
Proceeds from sale of property, plant, and equipment	72	18
Additions to property, plant, and equipment	(259)	(381)
Net cash used in investing activities	(187)	(363)
Cash flows from financing activities:
Payment of lease and right-of-use obligations	(279)	(77)
Proceeds from borrowings under revolving credit facilities		4,000
Repayments of bank borrowings	(248)	(616)
Net cash (used in) provided by financing activities	(527)	3,307
Net (decrease) increase in cash and cash equivalents and restricted cash	(3,341)	1,607
Cash and cash equivalents and restricted cash at beginning of period	16,333	375
Cash and cash equivalents and restricted cash at end of period	12,992	1,982
Supplemental disclosure of cash flow information:
Cash paid for income taxes	567
Cash paid for interest	$ 125	$ 297

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jan. 20, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 – Summary of Significant Accounting Policies The unaudited Condensed Consolidated Financial Statements of Bridgford Foods Corporation (the “Company”, “we”, “our”, “us”) for the twelve weeks ended January 20, 2023 and January 21, 2022 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X, and include all adjustments considered necessary by management for a fair presentation of the interim periods. This Report should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2022 (the “Annual Report”). Due to seasonality and other factors, interim results are not necessarily indicative of the results for the full year. Recent accounting pronouncements, if any, and their effect on the Company are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report. We have considered the impact of federal, state, and local government actions related to the COVID-19 pandemic on our Consolidated Financial Statements. The business disruptions associated with the pandemic had a minimal impact on our Consolidated Financial Statements for the fiscal year ended October 28, 2022 and during the twelve weeks ended January 20, 2023. We expect these events to have future business impacts, the extent of which is uncertain and largely subject to whether the pandemic severity worsens. These impacts could include but may not be limited to risks and uncertainty related to shifts in demand between sales channels, market volatility, constraints in our supply chain, our ability to operate production facilities and worker availability. These unknowns may subject the Company to future risks related to long-lived asset impairments, increased reserves for uncollectible accounts, price and availability of ingredients and raw materials used in our products and adjustments to reflect the market value of our inventory. The October 28, 2022, balance sheet amounts within these interim Condensed Consolidated Financial Statements were derived from the audited fiscal year 2022 financial statements included in the Annual Report. The preparation of Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported revenues and expenses during the reporting periods. Some of the estimates needed to be made by management include the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property, plant and equipment, and the valuation allowance for the Company’s deferred tax assets. Actual results could materially differ from these estimates. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which vary from our current estimates. Market conditions and the volatility in stock markets may cause significant changes in the measurement of our pension fund liabilities and the performance of our life insurance policies in future periods. Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued payroll, and notes payable. The carrying amount of these instruments approximate fair market value due to their short-term maturity or market interest rates. The Company has accounts with nationally recognized financial institutions in excess of the Federal Deposit Insurance Corporation insurance coverage limit. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk with regard to its cash and cash equivalents. The Company grants payment terms to a significant number of customers that are diversified over a wide geographic area. The Company monitors the payment histories of its customers and maintains an allowance for doubtful accounts which is reviewed for adequacy on a quarterly basis. The Company does not require collateral from its customers. Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments. There were no differences between net income (loss) and comprehensive income (loss) during each of the twelve weeks ended January 20, 2023, or January 21, 2022. Customer Concentration > 20% of AR or >10% of Sales The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Customer Concentration Walmart (1) Dollar General Sales AR Sales AR January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % January 21, 2022 32.1 % 5.4 % 15.8 % 40.6 % (1) Walmart AR represented a higher percentage of consolidated AR as of January 20, 2023, due to terminating the accelerated payments on outstanding accounts receivable on July 1, 2022. Revenue recognition Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers The Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment, pickup or delivery to a customer based on terms of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product is sold to foodservice, retail, institutional and other distribution channels. Shipping and handling that occurs after the customer has obtained control of the product is recorded as a fulfillment cost rather than an additional performance obligation. Costs paid to third party brokers to obtain contracts are recognized as part of selling expenses. Other sundry items in context of the contract are also recognized as selling expense. Any taxes collected on behalf of the government are excluded from net revenue. We record revenue at the transaction price which is measured as the amount of consideration we anticipate receiving in exchange for providing product to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. 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. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments are known. Promotional allowances deducted from sales for the twelve weeks ended January 20, 2023, and January 21, 2022, were $ 3,864 3,503 Leases Leases are recognized in accordance with ASC 842 and Accounting Standards Update (“ASU”) 2016-02 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months ROU lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company leases warehouse space from time to time that is recorded as ROU lease assets and corresponding lease liabilities. The Company’s leases of long-haul trucks used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities, the consolidated balance sheets reflecting both the current and long-term obligation. The classification as a finance or operating lease determines whether the recognition, measurement and presentation of expenses and cash flows are considered operating or financing. Subsequent events Management has evaluated events subsequent to January 20, 2023, through the date that the accompanying Condensed Consolidated Financial Statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements. On February 27, 2023, the Company modified the lease with Hogshed Ventures, LLC by extending the lease a year after the lease expires on June 30, 2023. The effective date of the lease modification occurred when both the lessee and the lessor approved such modification. The lease modification terms are still being worked out. Based on Management’s review, no other material events were identified that require adjustment to the financial statements or additional disclosure. Basic earnings per share Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or other potentially dilutive convertible securities were outstanding as of January 20, 2023, or January 21, 2022.

Inventories, net

Inventories, net	3 Months Ended
	Jan. 20, 2023
Inventory Disclosure [Abstract]
Inventories, net	Note 2 – Inventories, net Inventories are comprised of the following at the respective period ends: Schedule of Inventories January 20, 2023 October 28, 2022 Meat, ingredients, and supplies $ 11,341 $ 10,242 Work in progress 2,468 2,432 Finished goods 25,011 27,859 Inventories, net $ 38,820 $ 40,533 Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventories include the cost of raw materials, labor, and manufacturing overhead. We regularly review inventory quantities on hand and write down any estimated excess, obsolete inventories or impaired balances 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. We maintain a net realizable reserve of $ 137 131

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Jan. 20, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 3 – Contingencies and Commitments The Company generally leases warehouse and/or office facilities throughout the United States through month-to-month rental agreements. In the case of month-to-month lease or rental agreements with terms of 12 months or less, the Company made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. For further information regarding our lease accounting policy, please refer to Note 1 – Summary of Significant Accounting Policies — Leases. The Company leases three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in 2025. 20 40 two years The Company performed a detailed analysis and determined that the only indication of a long-term lease in addition to transportation leases for long-haul trucks was the warehouse lease with Hogshed Ventures, LLC and Racine Partners 4333 LLC. The Company’s five-year term lease with Racine Partners 4333 LLC, was effective June 1, 2022. A right-of-use asset of $ 3,996 4,026 rd 3.68 A right-of-use asset and corresponding liability for warehouse storage space was recorded for $ 187 We lease this space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further this lease does not contain contingent rent provisions. June 30, 2023 The lease with Hogshed Ventures, LLC does not provide an implicit rate and we estimated our incremental interest rate to be approximately 1.6 The following is a schedule by years of future minimum lease payments for transportation leases and right-of-use assets: Schedule of Future Minimum Lease Payments Fiscal Year Financing 2023 $ 863 2024 1,009 2025 1,034 2026 1,060 Later Years 602 Total Minimum Lease Payments(a) $ 4,568 Less: Amount representing executory costs (30 ) Less: Amount representing interest(b) (3 ) Present value of future minimum lease payments(c) $ 4,535 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. (b) 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. (c) Reflected in Part I. Financial Information, Item 1. a. of the Condensed Consolidated Balance Sheets as current and noncurrent obligations are capital leases of $ 204 and $ 119 under Other current liabilities and Other non-current liabilities, respectively, and right-of-use leases payable of $ 1,005 and $ 3,207 The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations. We purchase large quantities of pork, beef, and flour. These ingredients are generally available from a number of different suppliers although the availability of these ingredients is subject to seasonal variation. We build ingredient inventories to take advantage of downward trends in seasonal prices or anticipated supply limitations. We purchase bulk flour under short-term fixed price contracts at current market prices. The contracts are usually effective for and settle within three months or less. We monitor and manage our ingredient costs to help negate volatile daily swings in market prices when possible. We do not participate in the commodity futures market or hedging to limit commodity exposure.

Segment Information

Segment Information	3 Months Ended
	Jan. 20, 2023
Segment Reporting [Abstract]
Segment Information	Note 4 – Segment Information The Company has two We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative (“SG&A”) expenses include corporate accounting, information systems, human resource management and marketing, which are managed at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. Assets managed at the corporate level are not attributable to each operating segment and thus have been included as “other” in the accompanying segment information. The following segment information is presented for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Segment Reporting Information, by Segment Segment Information Twelve weeks Ended January 20, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 47,223 $ - $ 61,622 Cost of products sold 10,744 33,812 - 44,556 Gross margin 3,655 13,411 - 17,066 SG&A 3,644 12,150 - 15,794 Gain on sale of property, plant, and equipment - (72 ) - (72 ) Operating income 11 1,333 - 1,344 Total assets $ 15,447 $ 126,719 $ 27,459 $ 169,611 Additions to PP&E $ 45 $ 214 $ - $ 259 Twelve weeks Ended January 21, 2022 Frozen Food Products Snack Food Products Other Totals Sales $ 12,366 $ 51,720 $ - $ 64,086 Cost of products sold 8,851 38,842 - 47,693 Gross margin 3,515 12,878 - 16,393 SG&A 3,086 11,645 - 14,731 Gain on sale of property, plant, and equipment - (18 ) - (18 ) Operating income 429 1,251 - 1,680 Total assets $ 12,664 $ 124,881 $ 23,857 $ 161,402 Additions to PP&E $ 61 $ 320 $ - $ 381 The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Disaggregates Our Sales to Customers Twelve weeks Ended January 20, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 34,046 $ - $ 34,046 Direct customer warehouse 13,177 - 13,177 Total Snack Food Products 47,223 - 47,223 Distributors 3,207 11,192 14,399 Total Frozen Food Products 3,207 11,192 14,399 Totals $ 50,430 $ 11,192 $ 61,622 Twelve weeks Ended January 21, 2022 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 36,630 $ - $ 36,630 Direct customer warehouse 15,090 - 15,090 Total Snack Food Products 51,720 - 51,720 Distributors 2,940 9,426 12,366 Total Frozen Food Products 2,940 9,426 12,366 Totals $ 54,660 $ 9,426 $ 64,086 (a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

Income Taxes

Income Taxes	3 Months Ended
	Jan. 20, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 5 – Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before January 1, 2021. 34,405 On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. Among other significant changes, the Tax Act reduced the corporate federal income tax rate from 35 21 The Company’s effective tax rate was 29.9 17.7 398 As of January 20, 2023, the Company has a federal NOL carry forward of approximately $ 0 4,600 Our federal income tax returns are open to audit under the statute of limitations for the fiscal years 2019 through 2021. We are subject to income tax in Texas and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years 2018 through 2021.

Equipment Notes Payable and Fin

Equipment Notes Payable and Financial Arrangements	3 Months Ended
	Jan. 20, 2023
Debt Disclosure [Abstract]
Equipment Notes Payable and Financial Arrangements	Note 6 – Equipment Notes Payable and Financial Arrangements Revolving Credit Facility We maintain a revolving line of credit with Wells Fargo Bank, N.A. that extends to August 31, 2023 15,000 2.0 0.25 25,000 15,000 2,000 2,000 2,000 3,000 3,000 2,000 2,000 2,000 18,000 18,000 Equipment Notes Payable On December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A. (the “Original Wells Fargo Loan Agreement”) for up to $ 15,000 Bridge Loan On August 30, 2021, we entered into a loan commitment note for a bridge loan of up to $ 25,000 18,653 18,653 The following table reflects major components of our revolving line of credit and borrowing agreements as of January 20, 2023, and October 28, 2022, respectively. Schedule of Line of Credit and Borrowing Agreements January 20, 2023 October 28, 2022 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 4,666 4,913 SOFR plus 2.00 08/31/23 - - Total debt 4,666 4,913 Less current debt (1,099 ) (1,089 ) Total long-term debt $ 3,567 $ 3,824 Loan Covenants The Wells Fargo Loan Agreements collectively contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loan. Material financial covenants are listed below: ● Total Liabilities divided by Tangible Net Worth not greater than 2.5 to 1.0 at each fiscal quarter, ● Quick Ratio not less than 0.85 to 1.0 at each fiscal quarter end, ● Net Income After Taxes not less than $500 on a quarterly basis, and ● Capital Expenditures less than $ 5,000 As of January 20, 2023 and October 28, 2022, the Company was in compliance with all covenants under the Wells Fargo Loan Agreements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jan. 20, 2023
Accounting Policies [Abstract]
Comprehensive income or loss	Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments. There were no differences between net income (loss) and comprehensive income (loss) during each of the twelve weeks ended January 20, 2023, or January 21, 2022.
Customer Concentration > 20% of AR or >10% of Sales	Customer Concentration > 20% of AR or >10% of Sales The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Customer Concentration Walmart (1) Dollar General Sales AR Sales AR January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % January 21, 2022 32.1 % 5.4 % 15.8 % 40.6 % (1) Walmart AR represented a higher percentage of consolidated AR as of January 20, 2023, due to terminating the accelerated payments on outstanding accounts receivable on July 1, 2022.
Revenue recognition	Revenue recognition Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers The Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment, pickup or delivery to a customer based on terms of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product is sold to foodservice, retail, institutional and other distribution channels. Shipping and handling that occurs after the customer has obtained control of the product is recorded as a fulfillment cost rather than an additional performance obligation. Costs paid to third party brokers to obtain contracts are recognized as part of selling expenses. Other sundry items in context of the contract are also recognized as selling expense. Any taxes collected on behalf of the government are excluded from net revenue. We record revenue at the transaction price which is measured as the amount of consideration we anticipate receiving in exchange for providing product to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. 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. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments are known. Promotional allowances deducted from sales for the twelve weeks ended January 20, 2023, and January 21, 2022, were $ 3,864 3,503
Leases	Leases Leases are recognized in accordance with ASC 842 and Accounting Standards Update (“ASU”) 2016-02 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months ROU lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company leases warehouse space from time to time that is recorded as ROU lease assets and corresponding lease liabilities. The Company’s leases of long-haul trucks used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities, the consolidated balance sheets reflecting both the current and long-term obligation. The classification as a finance or operating lease determines whether the recognition, measurement and presentation of expenses and cash flows are considered operating or financing.
Subsequent events	Subsequent events Management has evaluated events subsequent to January 20, 2023, through the date that the accompanying Condensed Consolidated Financial Statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements. On February 27, 2023, the Company modified the lease with Hogshed Ventures, LLC by extending the lease a year after the lease expires on June 30, 2023. The effective date of the lease modification occurred when both the lessee and the lessor approved such modification. The lease modification terms are still being worked out. Based on Management’s review, no other material events were identified that require adjustment to the financial statements or additional disclosure.
Basic earnings per share	Basic earnings per share Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or other potentially dilutive convertible securities were outstanding as of January 20, 2023, or January 21, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jan. 20, 2023
Accounting Policies [Abstract]
Schedule of Customer Concentration	The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Customer Concentration Walmart (1) Dollar General Sales AR Sales AR January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % January 21, 2022 32.1 % 5.4 % 15.8 % 40.6 % (1) Walmart AR represented a higher percentage of consolidated AR as of January 20, 2023, due to terminating the accelerated payments on outstanding accounts receivable on July 1, 2022.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Jan. 20, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following at the respective period ends: Schedule of Inventories January 20, 2023 October 28, 2022 Meat, ingredients, and supplies $ 11,341 $ 10,242 Work in progress 2,468 2,432 Finished goods 25,011 27,859 Inventories, net $ 38,820 $ 40,533

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Jan. 20, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	The following is a schedule by years of future minimum lease payments for transportation leases and right-of-use assets: Schedule of Future Minimum Lease Payments Fiscal Year Financing 2023 $ 863 2024 1,009 2025 1,034 2026 1,060 Later Years 602 Total Minimum Lease Payments(a) $ 4,568 Less: Amount representing executory costs (30 ) Less: Amount representing interest(b) (3 ) Present value of future minimum lease payments(c) $ 4,535 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. (b) 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. (c) Reflected in Part I. Financial Information, Item 1. a. of the Condensed Consolidated Balance Sheets as current and noncurrent obligations are capital leases of $ 204 and $ 119 under Other current liabilities and Other non-current liabilities, respectively, and right-of-use leases payable of $ 1,005 and $ 3,207

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jan. 20, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following segment information is presented for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Segment Reporting Information, by Segment Segment Information Twelve weeks Ended January 20, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 47,223 $ - $ 61,622 Cost of products sold 10,744 33,812 - 44,556 Gross margin 3,655 13,411 - 17,066 SG&A 3,644 12,150 - 15,794 Gain on sale of property, plant, and equipment - (72 ) - (72 ) Operating income 11 1,333 - 1,344 Total assets $ 15,447 $ 126,719 $ 27,459 $ 169,611 Additions to PP&E $ 45 $ 214 $ - $ 259 Twelve weeks Ended January 21, 2022 Frozen Food Products Snack Food Products Other Totals Sales $ 12,366 $ 51,720 $ - $ 64,086 Cost of products sold 8,851 38,842 - 47,693 Gross margin 3,515 12,878 - 16,393 SG&A 3,086 11,645 - 14,731 Gain on sale of property, plant, and equipment - (18 ) - (18 ) Operating income 429 1,251 - 1,680 Total assets $ 12,664 $ 124,881 $ 23,857 $ 161,402 Additions to PP&E $ 61 $ 320 $ - $ 381
Schedule of Disaggregates Our Sales to Customers	The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended January 20, 2023, and January 21, 2022, respectively. Schedule of Disaggregates Our Sales to Customers Twelve weeks Ended January 20, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 34,046 $ - $ 34,046 Direct customer warehouse 13,177 - 13,177 Total Snack Food Products 47,223 - 47,223 Distributors 3,207 11,192 14,399 Total Frozen Food Products 3,207 11,192 14,399 Totals $ 50,430 $ 11,192 $ 61,622 Twelve weeks Ended January 21, 2022 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 36,630 $ - $ 36,630 Direct customer warehouse 15,090 - 15,090 Total Snack Food Products 51,720 - 51,720 Distributors 2,940 9,426 12,366 Total Frozen Food Products 2,940 9,426 12,366 Totals $ 54,660 $ 9,426 $ 64,086 (a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

Equipment Notes Payable and F_2

Equipment Notes Payable and Financial Arrangements (Tables)	3 Months Ended
	Jan. 20, 2023
Debt Disclosure [Abstract]
Schedule of Line of Credit and Borrowing Agreements	The following table reflects major components of our revolving line of credit and borrowing agreements as of January 20, 2023, and October 28, 2022, respectively. Schedule of Line of Credit and Borrowing Agreements January 20, 2023 October 28, 2022 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 4,666 4,913 SOFR plus 2.00 08/31/23 - - Total debt 4,666 4,913 Less current debt (1,099 ) (1,089 ) Total long-term debt $ 3,567 $ 3,824

Schedule of Customer Concentrat

Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member]		3 Months Ended
		Jan. 20, 2023	Jan. 21, 2022
Revenue Benchmark [Member] | Wal-Mart [Member]
Product Information [Line Items]
Concentration risk, percentage	[1]	30.80%	32.10%
Revenue Benchmark [Member] | Dollar General [Member]
Product Information [Line Items]
Concentration risk, percentage		13%	15.80%
Accounts Receivable [Member] | Wal-Mart [Member]
Product Information [Line Items]
Concentration risk, percentage	[1]	35.20%	5.40%
Accounts Receivable [Member] | Dollar General [Member]
Product Information [Line Items]
Concentration risk, percentage		24%	40.60%
[1]Walmart AR represented a higher percentage of consolidated AR as of January 20, 2023, due to terminating the accelerated payments on outstanding accounts receivable on July 1, 2022.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jan. 20, 2023	Jan. 21, 2022
Accounting Policies [Abstract]
Promotional allowances	$ 3,864	$ 3,503
Lease term	12 months

Schedule of Inventories (Detail

Schedule of Inventories (Details) - USD ($) $ in Thousands	Jan. 20, 2023	Oct. 28, 2022
Inventory Disclosure [Abstract]
Meat, ingredients, and supplies	$ 11,341	$ 10,242
Work in progress	2,468	2,432
Finished goods	25,011	27,859
Inventories, net	$ 38,820	$ 40,533

Inventories, net (Details Narra

Inventories, net (Details Narrative) - USD ($) $ in Thousands	Jan. 20, 2023	Oct. 28, 2022
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 137	$ 131

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jan. 20, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 863
2024	1,009
2025	1,034
2026	1,060
Later Years	602
Total Minimum Lease Payments	4,568	[1]
Less: Amount executory costs	(30)
Less: Amount representing interest	(3)	[2]
Present value of future minimum lease payments	$ 4,535	[3]
[1]Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index.[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. Reflected in Part I. Financial Information, Item 1. a. of the Condensed Consolidated Balance Sheets as current and noncurrent obligations are capital leases of $ 204 and $ 119 under Other current liabilities and Other non-current liabilities, respectively, and right-of-use leases payable of $ 1,005 and $ 3,207

Schedule of Future Minimum Le_2

Schedule of Future Minimum Lease Payments (Details) (Parenthetical) - USD ($) $ in Thousands	Jan. 20, 2023	Oct. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Finance Lease, Liability, Current	$ 204
Finance Lease, Liability, Noncurrent	119
[custom:FinanceLeaseRightOfUseLeasesPayableCurrent-0]	1,005	$ 1,054
[custom:FinanceLeaseRightOfUseLeasesPayableNonCurrent-0]	$ 3,207	$ 3,420

Contingencies and Commitments_2

Contingencies and Commitments (Details Narrative) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Jan. 20, 2023	Oct. 29, 2021
Property, Plant and Equipment [Line Items]
Lease term, description		The Company leases three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in 2025.
Amortization of equipment		$ 20
Lease income			$ 40
Lease term			2 years
Lease liability	[1]	4,535
Racine Partiners [Member]
Property, Plant and Equipment [Line Items]
Lease right of use asset		3,996
Lease liability		$ 4,026
Incremental interest rate		3.68%
Hogshed Ventures LLC [Member]
Property, Plant and Equipment [Line Items]
Lease term, description		We lease this space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further this lease does not contain contingent rent provisions.
Lease right of use asset		$ 187
Lease liability		$ 187
Incremental interest rate		1.60%
Lease expiration date		Jun. 30, 2023
[1] Reflected in Part I. Financial Information, Item 1. a. of the Condensed Consolidated Balance Sheets as current and noncurrent obligations are capital leases of $ 204 and $ 119 under Other current liabilities and Other non-current liabilities, respectively, and right-of-use leases payable of $ 1,005 and $ 3,207

Schedule of Segment Reporting I

Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 20, 2023	Jan. 21, 2022	Oct. 28, 2022
Segment Reporting Information [Line Items]
Sales	$ 61,622	$ 64,086
Cost of products sold	44,556	47,693
Gross margin	17,066	16,393
SG&A	15,794	14,731
Gain on sale of property, plant, and equipment	(72)	(18)
Operating income	1,344	1,680
Total assets	169,611	161,402	$ 176,348
Additions to PP&E	259	381
Frozen Food Products [Member]
Segment Reporting Information [Line Items]
Sales	14,399	12,366
Cost of products sold	10,744	8,851
Gross margin	3,655	3,515
SG&A	3,644	3,086
Gain on sale of property, plant, and equipment
Operating income	11	429
Total assets	15,447	12,664
Additions to PP&E	45	61
Snack Food Products [Member]
Segment Reporting Information [Line Items]
Sales	47,223	51,720
Cost of products sold	33,812	38,842
Gross margin	13,411	12,878
SG&A	12,150	11,645
Gain on sale of property, plant, and equipment	(72)	(18)
Operating income	1,333	1,251
Total assets	126,719	124,881
Additions to PP&E	214	320
Other Segments [Member]
Segment Reporting Information [Line Items]
Sales
Cost of products sold
Gross margin
SG&A
Gain on sale of property, plant, and equipment
Operating income
Total assets	27,459	23,857
Additions to PP&E

Schedule of Disaggregates Our S

Schedule of Disaggregates Our Sales to Customers (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 20, 2023	Jan. 21, 2022
Revenue from External Customer [Line Items]
Direct store delivery		$ 34,046	$ 36,630
Direct customer warehouse		13,177	15,090
Total Snack Food Products		47,223	51,720
Distributors		14,399	12,366
Total Frozen Food Products		14,399	12,366
Totals		61,622	64,086
Retail [Member]
Revenue from External Customer [Line Items]
Direct store delivery	[1]	34,046	36,630
Direct customer warehouse	[1]	13,177	15,090
Total Snack Food Products	[1]	47,223	51,720
Distributors	[1]	3,207	2,940
Total Frozen Food Products	[1]	3,207	2,940
Totals	[1]	50,430	54,660
Food Service [Member]
Revenue from External Customer [Line Items]
Direct store delivery	[2]
Direct customer warehouse	[2]
Total Snack Food Products	[2]
Distributors	[2]	11,192	9,426
Total Frozen Food Products	[2]	11,192	9,426
Totals	[2]	$ 11,192	$ 9,426
[1]Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.[2]Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

Segment Information (Details Na

Segment Information (Details Narrative)	3 Months Ended
	Jan. 20, 2023 Segment
Segment Reporting [Abstract]
Number of reportable operating segments	2

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands		3 Months Ended
	Dec. 22, 2017	Jan. 20, 2023	Jan. 21, 2022
Operating Loss Carryforwards [Line Items]
Income tax rate reconciliation description		On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. Among other significant changes, the Tax Act reduced the corporate federal income tax rate from 35% to 21%. The carryback of NOLs from tax years 2018 and 2019 under the CARES Act to pre-Tax Act years generated an income tax benefit due to the differential in income tax rates which was recorded in fiscal year 2020
Operating loss carryforwards		$ 4,600,000
Federal income tax rate	35%	21%
Effective tax rate percentage		29.90%	17.70%
Nondeductible Tax Expense		$ 398
Federal [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 0
CARES Act [Member]
Operating Loss Carryforwards [Line Items]
Income tax rate reconciliation description		On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before January 1, 2021.
Operating loss carryforwards		$ 34,405

Schedule of Line of Credit and

Schedule of Line of Credit and Borrowing Agreements (Details) - USD ($) $ in Thousands	Jan. 20, 2023	Oct. 28, 2022
Line of Credit Facility [Line Items]
Total debt	$ 4,666	$ 4,913
Less current debt	(1,099)	(1,089)
Total long-term debt	3,567	3,824
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Total debt	0	0
Equipment Notes [Member]
Line of Credit Facility [Line Items]
Total debt	4,666	4,913
Bridge Loan [Member]
Line of Credit Facility [Line Items]
Total debt	$ 0	$ 0

Schedule of Line of Credit an_2

Schedule of Line of Credit and Borrowing Agreements (Details) (Parenthetical)	3 Months Ended	12 Months Ended
	Jan. 20, 2023	Oct. 28, 2022
Line of Credit Facility [Line Items]
Line of credit maturity date	Aug. 31, 2023
Equipment Notes Three [Member]
Line of Credit Facility [Line Items]
Line of credit interest rate	3.68%	3.68%
Line of credit maturity date	Apr. 16, 2027	Apr. 16, 2027
Bridge Loan [Member]
Line of Credit Facility [Line Items]
Line of credit interest rate	2%	2%
Line of credit maturity date	Aug. 31, 2023	Aug. 31, 2023

Equipment Notes Payable and F_3

Equipment Notes Payable and Financial Arrangements (Details Narrative) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Jun. 07, 2022

Aug. 30, 2021

Jan. 20, 2023

Jan. 21, 2022

Oct. 28, 2022

Jun. 15, 2022

Jan. 24, 2022

Dec. 16, 2021

Dec. 01, 2021

Nov. 01, 2021

Oct. 15, 2021

Jul. 19, 2021

Jul. 01, 2021

Apr. 27, 2021

Dec. 02, 2020

Dec. 26, 2018

Debt Instrument [Line Items]

Line of credit expiration date

Aug. 31, 2023

Line of credit

$ 4,666

$ 4,913

Prepayment of loan

$ 18,653

Capital expenditures

259

$ 381

Bridge Loan [Member]

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 25,000

Master Collateral Loan and Security Agreement [Member] | Wells Fargo Bank NA [Member]

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 15,000

CRG Purchase Agreement [Member] | Land [Member]

Debt Instrument [Line Items]

Gain on sale of land

18,653

Wells Fargo Loan Agreements [Member]

Debt Instrument [Line Items]

Capital expenditures

$ 5,000

Wells Fargo Bank NA [Member]

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 15,000

$ 15,000

$ 25,000

Unused commitment fee, percentage

0.25%

Line of credit

$ 18,000

$ 2,000

$ 2,000

$ 2,000

$ 3,000

$ 3,000

$ 2,000

$ 2,000

$ 2,000

Proceeds from Lines of Credit

$ 18,000

Wells Fargo Bank NA [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Debt Instrument [Line Items]

Line of credit facility interest rate

2%