Cover
Cover - USD ($) | 12 Months Ended | ||
Nov. 03, 2023 | Jan. 26, 2024 | Apr. 14, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Nov. 03, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --11-03 | ||
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 | CA | ||
Entity Address, Address Line One | 1707 South Good-Latimer Expressway | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75226 | ||
City Area Code | (214) | ||
Local Phone Number | 428-1535 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | BRID | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 21,180,000 | ||
Entity Common Stock, Shares Outstanding | 9,076,832 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement on Schedule 14A relating to the registrant’s 2024 annual meeting of stockholders, to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III, Items 10-14, within this Annual Report on Form 10-K. | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 23 | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Location | Irvine, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 15,708 | $ 16,333 |
Accounts receivable, less allowance for doubtful accounts of $248 and $177, respectively, and promotional allowances of $2,093 and $2,771, respectively | 28,593 | 34,541 |
Inventories, net | 40,573 | 40,533 |
Refundable income taxes | 2,168 | 1,201 |
Prepaid expenses and other current assets | 435 | 321 |
Total current assets | 87,477 | 92,929 |
Property, plant and equipment, net of accumulated depreciation and amortization of $73,397 and $70,968, respectively | 67,487 | 71,830 |
Other non-current assets | 12,034 | 11,589 |
Total assets | 166,998 | 176,348 |
Current liabilities: | ||
Accounts payable | 7,201 | 13,658 |
Accrued payroll, advertising, and other expenses | 6,404 | 7,853 |
Income taxes payable | 256 | 224 |
Current notes payable – equipment | 1,045 | 1,089 |
Current right-of-use leases payable | 1,120 | 1,054 |
Other current liabilities | 1,955 | 2,975 |
Total current liabilities | 17,981 | 26,853 |
Long-term notes payable – equipment, bridge loan and revolving credit facility | 2,786 | 3,824 |
Deferred income taxes, net | 8,342 | 8,972 |
Lont-term right of use leases payable | 2,450 | 3,420 |
Executive retirement plans | 4,745 | 4,852 |
Other non-current liabilities | 1,159 | 2,102 |
Total long-term liabilities | 19,482 | 23,170 |
Total liabilities | 37,463 | 50,023 |
Contingencies and commitments (Notes 3, 5 and 6) | ||
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 shares | 9,134 | 9,134 |
Capital in excess of par value | 8,298 | 8,298 |
Retained earnings | 122,792 | 119,318 |
Accumulated other comprehensive loss | (10,689) | (10,425) |
Total shareholders’ equity | 129,535 | 126,325 |
Total liabilities and shareholders’ equity | $ 166,998 | $ 176,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 248 | $ 177 |
Accounts receivable, allowance for promotional allowances | 2,093 | 2,771 |
Property, plant and equipment, accumulated depreciation | $ 73,397 | $ 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Income Statement [Abstract] | ||
Net sales | $ 251,636 | $ 265,898 |
Cost of products sold | 181,279 | 193,837 |
Gross margin | 70,357 | 72,061 |
Selling, general and administrative expenses | 65,567 | 65,235 |
Loss (gain) on sale of property, plant and equipment | 161 | (57,745) |
Operating income | 4,629 | 64,571 |
Other (expense) income | ||
Interest expense | (579) | (1,107) |
Cash surrender value gain (loss) | 445 | (2,057) |
Total other (expense) income | (134) | (3,164) |
Income before taxes | 4,495 | 61,407 |
Provision for income taxes | 1,021 | 16,341 |
Net income | $ 3,474 | $ 45,066 |
Basic earnings per share | $ 0.38 | $ 4.96 |
Shares used to compute basic earnings per share | 9,076,832 | 9,076,832 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Income Statement [Abstract] | ||
Net income | $ 3,474 | $ 45,066 |
Other comprehensive income from defined benefit plans | 1,255 | 6,910 |
Other postretirement benefit plans: | ||
Actuarial (loss) gain | (1,229) | 1,151 |
Other comprehensive (loss) income from other postretirement benefit plans, net | (1,229) | 1,151 |
Other comprehensive income, before taxes | 26 | 8,061 |
Tax benefit on other comprehensive income | (290) | (1,780) |
Change in other comprehensive income, net of tax | (264) | 6,281 |
Comprehensive income, net of tax | $ 3,210 | $ 51,347 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Oct. 29, 2021 | $ 9,134 | $ 8,298 | $ 74,252 | $ (16,706) | $ 74,978 |
Balance, shares at Oct. 29, 2021 | 9,076 | ||||
Net income | 45,066 | 45,066 | |||
Net change in defined benefit plans and other benefit plans, net of tax | 6,281 | 6,281 | |||
Balance at Oct. 28, 2022 | $ 9,134 | 8,298 | 119,318 | (10,425) | 126,325 |
Balance, shares at Oct. 28, 2022 | 9,076 | ||||
Net income | 3,474 | 3,474 | |||
Net change in defined benefit plans and other benefit plans, net of tax | (264) | (264) | |||
Balance at Nov. 03, 2023 | $ 9,134 | $ 8,298 | $ 122,792 | $ (10,689) | $ 129,535 |
Balance, shares at Nov. 03, 2023 | 9,076 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 3,474 | $ 45,066 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,558 | 6,682 |
Provision for losses on accounts receivable | 147 | 57 |
Reduction in promotional allowances | (679) | (98) |
Loss (gain on) sale of property, plant and equipment | 161 | (57,745) |
Deferred income taxes, net | (631) | 5,070 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 6,480 | (10,116) |
Inventories, net | (40) | (3,762) |
Prepaid expenses and other current assets | (114) | 2,250 |
Refundable income taxes | (967) | 4,955 |
Other non-current assets | (444) | (11) |
Accounts payable | (6,457) | 1,270 |
Accrued payroll, advertising and other expenses | (1,449) | 963 |
Income taxes payable | 32 | 126 |
Current portion of non-current liabilities | (879) | (1,880) |
Non-current liabilities | (1,207) | (657) |
Net cash provided by (used in) operating activities | 3,985 | (7,830) |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant and equipment | 227 | 60,115 |
Changes in escrow balance | ||
Additions to property, plant and equipment | (2,603) | (3,770) |
Net cash (used in) provided by investing activities | (2,376) | 56,345 |
Cash flows from financing activities: | ||
Payment of financing lease obligations | (1,151) | (400) |
Proceeds from bank borrowings | 6,000 | |
Repayments of bank borrowings | (1,083) | (38,157) |
Net cash used in financing activities | (2,234) | (32,557) |
Net (decrease) increase in cash and cash equivalents | (625) | 15,958 |
Cash and cash equivalents and restricted cash at beginning of year | 16,333 | 375 |
Cash and cash equivalents and restricted cash at end of year | 15,708 | 16,333 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 2,587 | 13,345 |
Cash paid for interest | $ 579 | $ 1,107 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 03, 2023 | |
Accounting Policies [Abstract] | |
The Company and Summary of Significant Accounting Policies | 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. We, including our subsidiaries, are 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 and balances 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. Subsequent events Management has evaluated events subsequent to November 3, 2023, 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 management’s review, no material subsequent events were identified that require adjustment to the consolidated financial statements or additional disclosure. Accounts Receivable Accounts receivables are recorded at net realizable value. The value is presented net of allowance for doubtful accounts and promotional incentives. Our accounts receivable consists mainly of trade receivables from customer sales. We evaluate the collectability of our accounts receivable based on several factors. The provision for doubtful accounts receivable is based on historical trends and current collectability risk. Our provision for doubtful accounts was $ 248 177 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. Sales to Wal-Mart® comprised 29.1 26.5 29.8 26.1 16.3 20.5 16.9 19.9 Business segments The 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 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 year 2023 included 53 weeks and fiscal year 2022 included 52 weeks. Revenues 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. Products are delivered to customers primarily through our own long-haul fleet, common carrier or through a Company owned direct store delivery system. These delivery costs, $ 7,190 6,661 We record revenue at the transaction price which is measured as the amount of consideration we anticipate to receive 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 fiscal years 2023 and 2022 were $ 17,256 15,762 Advertising expenses Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2023 and 2022 were $ 2,822 2,603 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 and cash equivalents totaled $ 15,708 Restricted cash The Company had no 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 fiscal years ended November 3, 2023, and October 28, 2022, except for pension plan investments (See Note 3). Inventories 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 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. The Company recorded a net realizable value reserve of $ 513 131 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 20 5 10 3 5 The Company incurred interest costs of $ 579 1,107 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. Leases Leases are recognized in accordance with ASC Topic 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than 12 months. We lease or rent property for such operations as storing inventory and equipment. We analyze our agreements to evaluate whether or not a lease exists by determining what assets exist for which we control usage for a period of time in exchange for consideration. In the event a lease exists, we classify it as a finance or operating lease and record a right-of-use (“ROU”) asset and the corresponding lease liability at the inception of the lease. In the case of month-to-month lease or rental agreements with terms of 12 months or less, we made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. The storage units rented on a month-to-month basis for use by our Snack Food Product segment direct store delivery route system are not costly to relocate and contain no significant leasehold improvements or degree of integration over leased assets. Orders can be fulfilled by another route storage unit interchangeably. No specialized assets exist in the rental storage units. Market price is paid for storage units. No guarantee of debt is made. Finance lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. 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. Operating leases are recorded as a right-of-use assets under property, plant and equipment and the corresponding liability is recorded under other liabilities. The consolidated balance sheets reflect 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. 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. Expected proceeds from life insurance are recorded under prepaid expenses and other current assets (refer to Note 2 – Composition of Certain Financial Statement Captions). 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, which are inherently difficult to predict. 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 for further information). 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 expenses 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, and no Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments net of taxes. Recently issued accounting pronouncements and regulations In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months. Both capital and operating leases are to be recognized on the balance sheet. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, which was our first quarter of fiscal year 2020. We have analyzed all lease transactions during fiscal years 2020 and 2021 and the first and second quarters of fiscal year 2022. The Company elected not to reassess expired contracts or adjust comparative periods. The Company determined that no change to current accounting treatment is warranted for most transactions due to the underlying nature of our leases. In the case of month-to-month lease or rental agreements with terms of twelve months or less, the Company made an accounting policy election to not recognize lease assets and liabilities. The Company performed a detailed analysis and determined that there were two significant long-term leases which are the leases with Hogshed Ventures, LLC and Racine Partners 4333 LLC. The accounting treatment of theses leases for warehouse storage included establishing a right-of-use asset and the corresponding liability was recorded for the Company’s lease with Hogshed Ventures, LLC for property located at 40th Street in Chicago during the fourth quarter of fiscal 2020 and with Racine Partners 4333 LLC during the fourth quarter of fiscal year 2022. The application of this pronouncement resulted in additional disclosures detailing our lease arrangements. The Company adopted this guidance during the first quarter of fiscal year 2020 and it did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures |
Composition of Certain Financia
Composition of Certain Financial Statement Captions | 12 Months Ended |
Nov. 03, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Composition of Certain Financial Statement Captions | NOTE 2 - Composition of Certain Financial Statement Captions Schedule of Composition of Certain Financial Statement November 3, 2023 October 28, 2022 Inventories, net: Meat, ingredients, and supplies $ 12,244 $ 10,242 Work in process 1,507 2,432 Finished goods 26,822 27,859 Inventories, net $ 40,573 $ 40,533 Prepaid expenses and other current assets Prepaid insurance 274 79 Prepaid other 161 242 Prepaid expenses and other current assets $ 435 $ 321 Property, plant and equipment, net: Land $ 3,799 $ 3,799 Buildings and improvements 24,173 26,134 Machinery and equipment 97,554 97,664 Finance leased trucks 355 553 Transportation equipment 10,078 9,940 Right of use assets 3,515 4,456 Construction in process 1,410 252 Property, plant and equipment, gross 140,884 142,798 Accumulated depreciation and amortization (73,397 ) (70,968 ) Property, plant and equipment, net $ 67,487 $ 71,830 Other non-current assets: Cash surrender value benefits $ 12,029 $ 11,584 Other 5 5 Other non-current assets $ 12,034 $ 11,589 Accrued payroll, advertising, and other expenses: Payroll, vacation, payroll taxes and employee benefits $ 4,610 $ 5,412 Accrued advertising and broker commissions 732 1,305 Property taxes 444 501 Other 618 635 Accrued payroll, advertising, and other expenses $ 6,404 $ 7,853 Current portion of non-current liabilities (Notes 3 and 6): Executive retirement plans $ 249 $ 133 Incentive compensation 1,582 1,746 Finance lease obligation 62 202 Customer deposits and escrow 26 26 Deferred payroll taxes current - 766 Postretirement healthcare benefits 36 102 Current portion of non-current liabilities $ 1,955 $ 2,975 Other non-current liabilities (Note 3): Defined benefit retirement plan $ (1,885 ) $ (551 ) Incentive compensation 2,266 1,913 Finance lease obligation 28 135 Postretirement healthcare benefits 750 605 Other non-current liabilities $ 1,159 $ 2,102 |
Retirement and Other Benefit Pl
Retirement and Other Benefit Plans | 12 Months Ended |
Nov. 03, 2023 | |
Retirement Benefits [Abstract] | |
Retirement and Other Benefit Plans | NOTE 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 year 2006, we froze future benefit accruals under these plans 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 plans requires contributions which are at least equal to the minimum required contributions needed to avoid a funding deficiency. The measurement date for the plans is our fiscal year end. Net pension income consisted of the following: Schedule of Net Pension Cost November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Service cost $ 57 $ 127 Interest cost 2,688 1,772 Expected return on plan assets (3,439 ) (4,336 ) Amortization of unrecognized loss 615 1,210 Net pension income $ (79 ) $ (1,227 ) 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: Schedule of Assumptions Used November 3, 2023 October 28, 2022 Discount rate 5.96 % 5.44 % Rate of increase in salary levels N/A N/A Expected return on plan assets 7.00 % 7.00 % The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows: Schedule of Changes in Projected Benefit Obligations November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Change in plan assets: Fair value of the plans’ assets - beginning of year $ 50,649 $ 63,295 Actual return on the plans’ assets 2,394 (10,476 ) Benefits paid (2,358 ) (2,170 ) Fair value of the plans’ assets - end of year $ 50,685 $ 50,649 Change in benefit obligations: Benefit obligations - beginning of year $ 50,098 $ 70,882 Service cost 57 127 Interest cost 2,688 1,772 Actuarial loss (1,686 ) (20,513 ) Benefits paid (2,357 ) (2,170 ) Benefit obligations - end of year 48,800 50,098 Funded status of the plans 1,885 551 Unrecognized net actuarial loss 7,216 8,470 Net amount recognized $ 9,101 $ 9,021 We perform an internal rate of return analysis when making the discount rate selection. The discount rates were based on FTSE Pension Discount Curve (formerly Citibank) as of November 3, 2023, and October 28, 2022, respectively. The plans’ 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. No expected employer contribution to the plans in fiscal year 2024 is planned. For fiscal year 2023, our actuary used mortality tables from the Pri-2012 Total Dataset Mortality Table with MP-2021 Scaling. The expected rate of return on the plans’ assets remained the same at 7.00 The actual and target allocation for the plans’ assets are as follows: Schedule of Allocation of Plan Assets Asset Class 2023 Target Asset Allocation 2022 Target Asset Allocation Large Cap Equities 21.7 % 23.0 % 22.6 % 23.0 % Mid Cap Equities 0.0 % 0.0 % 0.0 % 0.0 % Small Cap Equities 9.5 % 9.0 % 9.7 % 9.0 % International (equities only) 26.9 % 27.0 % 25.9 % 25.0 % Fixed Income 36.0 % 37.0 % 35.9 % 37.0 % Cash and other 5.9 % 4.0 % 5.9 % 6.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % The fair value of our pension plans’ assets as of November 3, 2023, and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows: Schedule of Fair Value of Pension Plan Assets 2023 Level 1 Level 2 Level 3 Total Total plan assets $ 50,685 - - $ 50,685 The fair value of our pension plan assets as of October 28, 2022, and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows: 2022 Level 1 Level 2 Level 3 Total Total plan assets $ 50,649 - - $ 50,649 Expected payments for pension benefits are as follows: Schedule of Expected Payments for Pension Benefits Fiscal Years Pension Benefits 2024 $ 3,258 2025 $ 3,370 2026 $ 3,466 2027 $ 3,561 2028 $ 3,614 2029-2033 $ 18,364 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 No Supplemental Executive Retirement Plan Retirement benefits otherwise available to certain key executives under the Primary Benefit Plan have been limited by the effects of the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and the Tax Reform Act of 1986 (“TRA”). To offset the loss of retirement benefits associated with TEFRA and TRA, the Company has adopted a non-qualified “makeup” benefit plan (the “Supplemental Executive Retirement Plan”). Benefits will be provided under the Supplemental Executive Retirement Plan in an amount equal to 60 120,000 50 200,000 Benefits payable related to these plans and included in the accompanying consolidated financial statements were $ 4,994 4,985 249 133 4,745 4,852 12,029 11,584 1,057 Expected payments for executive postretirement benefits are as follows: Schedule of Expected Payments for Pension Benefits Fiscal Years Executive 2024 $ 533 2025 $ 533 2026 $ 533 2027 $ 533 2028 $ 532 2029-2032 $ 2,612 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 five 3,848 3,659 1,582 1,531 694 33 8 Postretirement Healthcare Benefits for Selected Executive Employees We provide postretirement health care benefits for selected executive employees. Net periodic postretirement healthcare (benefit) 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 (benefit) consisted of the following: Schedule Net Periodic Post-retirement Healthcare (benefit) Cost November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Interest cost $ 22 $ 13 Amortization of actuarial gain (17 ) (10 ) Service cost 4 - Net periodic postretirement healthcare cost $ 9 $ 3 Weighted average assumptions for the fiscal years ended November 3, 2023, and October 28, 2022, are as follows: Schedule of Health Care Cost Trend Rates 2023 2022 Discount rate 5.96 % 5.44 % Medical trend rate next year 7.50 % 6.50 % Ultimate trend rate 5.00 % 5.00 % Year ultimate trend rate is achieved 2028 2026 The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following: Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates 2023 2022 Interest cost plus service cost $ 5 $ 2 Accumulated postretirement healthcare obligation $ 106 $ 65 The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following: Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates 2023 2022 Interest cost plus service cost $ (4 ) $ (1 ) Accumulated postretirement healthcare obligation $ (84 ) $ (55 ) The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows: Schedule of Net Funded Status 2023 2022 Change in accumulated postretirement healthcare obligation: Healthcare obligation - beginning of year $ 426 $ 530 Interest cost 22 13 Service cost 3 - Actuarial gain (loss) 230 (105 ) Benefits paid (32 ) (12 ) Healthcare obligation – end of year $ 649 $ 426 Funded status of the plans 649 426 Unrecognized net actuarial gain 33 (215 ) Unrecognized amounts recorded in other comprehensive income (33 ) 215 Postretirement healthcare liability $ 649 $ 426 Expected payments for the postretirement benefits are as follows: Schedule of Expected Payments for Pension Benefits Fiscal Years Postretirement 2024 $ 36 2025 $ 37 2026 $ 37 2027 $ 37 2028-2032 $ 177 401(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 “401K Plan”) for our sales, administrative, supervisory, and certain other employees. During fiscal years 2023 and 2022, we made total employer contributions to the 401K Plan in the amounts of $ 887 893 |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 03, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 4 - Income Taxes The provision for (benefit on) income taxes include the following: Schedule of Provision (Benefit) for Taxes on Income November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Current: Federal $ 1,660 $ 10,574 State (8 ) 2,264 Current tax expense benefit 1,652 12,838 Deferred: Federal (530 ) 2,609 State (101 ) 894 Deferred tax expense benefit (631 ) 3,503 Provision (benefit) for income taxes $ 1,021 $ 16,341 The total tax benefit differs from the expected amount computed by applying the statutory federal income tax rate to income before income taxes as follows: Schedule of Tax Provision Differs from Statutory Federal Income Tax Rate November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Provision for federal income taxes at the applicable statutory rate $ 944 $ 12,895 (Decrease) increase in provision resulting from state income taxes, net of federal income tax benefit (86 ) 2,458 Non-taxable life insurance loss (gain) (93 ) 427 Other, net 256 561 Provision for income taxes $ 1,021 $ 16,341 Deferred income taxes result from differences in the basis of assets and liabilities for tax and accounting purposes. Schedule of Deferred Income Taxes Results from Differences in Bases of Assets and Liabilities November 3, 2023 October 28, 2022 Receivables allowance $ 64 $ 48 Returns allowance 167 142 Inventory packaging reserve 299 145 Inventory overhead capitalization 571 628 Employee benefits 726 848 Other (30 ) 143 State taxes payable (receivable) 232 275 Incentive compensation 824 733 Pension and health care benefits 924 1,318 Depreciation (12,342 ) (13,440 ) Net operating loss carry-forward and credits 322 287 Valuation allowance established against state NOL (99 ) (99 ) Deferred income taxes, net $ (8,342 ) $ (8,972 ) Management is required to evaluate whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. Realization of deferred tax assets is dependent upon taxable income in prior carryback years, estimates of future taxable income, tax planning strategies, and reversals of existing taxable temporary differences. Management is required to evaluate whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. Realization of deferred tax assets is dependent upon taxable income in prior carryback years, estimates of future taxable income, tax planning strategies, and reversals of existing taxable temporary differences. As of November 3, 2023, the Company did not have any valuation allowance against its federal net deferred tax assets. Management reevaluated the need for a valuation allowance at the end of 2022 and determined that some of its California NOL may not be utilized. Therefore, a valuation allowance of $ 99 As of November 3, 2023, the Company had net operating loss carryforwards of approximately $ 0 5,000 The state loss carryforwards will expire at various dates through 2040 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 cumulative effect, if any, of applying this guidance is to be reported as an adjustment to the opening balance of retained earnings in the year of adoption. The provisions of this guidance have been incorporated into ASC 740-10. As of November 3, 2023, we have provided a liability of $ 314 76 As of October 28, 2022, we have provided a liability of $ 299 to unrecognized tax benefits related to various federal and state income tax matters. None of this liability will reduce our effective income tax rate if the asset is recognized in future reporting periods. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Schedule of Reconciliation of Unrecognized Tax Benefits November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Balance at beginning of year $ 299 $ 173 Additions based on tax positions related to the current year 16 126 Additions for tax positions of prior years 16 - Balance at end of year $ 331 $ 299 We recognize any future accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of November 3, 2023, we had approximately $ 40 331 Our federal income tax returns are open to audit under the statute of limitations for the years ended October 31, 2020, through 2022. 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 years ended October 31, 2019, through 2022. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before January 1, 2021 9,919 21,687 358 On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). 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 has generated an income tax benefit of $ 3,091 358 The effective tax rate was 22.7 26.6 |
Line of Credit and Borrowing Ag
Line of Credit and Borrowing Agreements | 12 Months Ended |
Nov. 03, 2023 | |
Line Of Credit And Borrowing Agreements | |
Line of Credit and Borrowing Agreements | NOTE 5 - Line of Credit and Borrowing Agreements The following table reflects major components of our revolving credit facility and borrowing agreements as of November 3, 2023, and October 28, 2022, respectively. Schedule of Line of Credit and Borrowing agreements November 3, 2023 October 28, 2022 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 3,831 4,913 Total debt 3,831 4,913 Less current debt (1,045 ) (1,089 ) Total long-term debt $ 2,786 $ 3,824 Revolving Credit Facility On November 30, 2023, we entered into a fifth amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended, and also executed a revolving line of credit note pursuant to the amendment. The revolving line of credit note replaces the existing note that expired by its terms on November 30, 2023. Under the terms of this amendment and the revolving line of credit note, we may borrow up to $ 7,500 an interest rate equal to (a) the daily simple secured overnight financing rate plus 2.0%, or if unavailable, (b) the prime rate, in each case as determined by the bank. The line of credit has an unused commitment fee of 0.35 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 Loan Covenants The Wells Fargo Loan Agreements and the credit agreement contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loans. The main financial covenants are listed below: ● Total Liabilities divided by Tangible Net Worth not greater than 2.0 to 1.0 at each fiscal quarter end, ● Quick Ratio not less than 1.25 to 1.0 at each fiscal quarter end, ● Fixed Charge Coverage Ratio not less than 1.25 to 1.0 at the end of the fiscal quarter end. As of November 3, 2023, the Company was in compliance with all covenants under the Wells Fargo Loan Agreements and the credit agreement. Aggregate contractual maturities of debt in future fiscal years are as follows as of November 3, 2023. Schedule of Aggregate Contractual Maturities of Debt in Future Fiscal Years Fiscal Years Debt Payable 2024 $ 1,045 2025 $ 1,083 2026 $ 1,124 2027 $ 580 |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Nov. 03, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | NOTE 6- Contingencies and Commitments The Company 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 – Leases. The Company leases three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in 2025 96 40 two years The Company performed a detailed analysis and determined that the only indications of long-term leases in addition to transportation leases for long-haul trucks were Hogshed Ventures, LLC and Racine Partners 4333 LLC. A right-of-use asset and corresponding liability for warehouse storage space was recorded for $ 238 3,276 rd June 30, 2023 This Hogshed Ventures LLC lease 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 2024 $ 1,230 2025 937 2026 996 2027 518 Later Years - Total minimum lease payments(a) (a) $ 3,681 Less: Amount representing executory costs (20 ) Less: Amount representing interest(b) (b) (1 ) Present value of future minimum lease payments(c) (c) $ 3,660 (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 Note 2, as current and noncurrent obligations under capital leases of $ 62 28 1,120 2,450 |
Segment Information
Segment Information | 12 Months Ended |
Nov. 03, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 7 - Segment Information We have two We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative expenses include corporate accounting, information systems, human resources 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 November 3, 2023 (53 weeks) and October 28, 2022 (52 weeks): Schedule of Segment Reporting Information, by Segment Segment Information 2023 Frozen Food Products Snack Food Products Other Totals Net sales $ 57,638 $ 193,998 $ - $ 251,636 Cost of products sold 43,180 138,099 - 181,279 Gross margin 14,458 55,899 - 70,357 SG&A 14,443 51,124 - 65,567 Loss on sale of property, plant, and equipment 75 86 - 161 Operating (loss) income $ (60 ) $ 4,689 $ - $ 4,629 Total assets $ 15,241 $ 121,725 $ 30,032 $ 166,998 Additions to PP&E $ 493 $ 2,110 $ - $ 2,603 Segment Information 2022 Frozen Food Products Snack Food Products Other Totals Net sales $ 56,254 $ 209,644 $ - $ 265,898 Cost of products sold 41,100 152,737 - 193,837 Gross margin 15,154 56,907 - 72,061 SG&A 14,614 50,621 - 65,235 Gain on sale of property, plant, and equipment (16 ) (100 ) (57,629 ) (57,745 ) Operating income (loss) $ 556 $ 6,386 $ 57,629 $ 64,571 Total assets $ 16,327 $ 130,704 $ 29,317 $ 176,348 Additions to PP&E $ 1,106 $ 2,664 $ - $ 3,770 The following information further disaggregates our sales to customers by major distribution channel and customer type for the fiscal years ended November 3, 2023, and October 28, 2022, respectively. Schedule of Disaggregates Our Sales to Customers 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 130,497 $ - $ 130,497 Direct customer warehouse 63,501 - 63,501 Total Snack Food Products 193,998 - 193,998 Distributors 8,397 49,241 57,638 Total Frozen Food Products 8,397 49,241 57,638 Total Net Sales $ 217,852 $ 49,241 $ 251,636 (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. 2022 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 138,220 $ - $ 138,220 Direct customer warehouse 71,424 - 71,424 Total Snack Food Products 209,644 - 209,644 Distributors 8,208 48,046 56,254 Total Frozen Food Products 8,208 48,046 56,254 Total Net Sales $ 217,852 $ 48,046 $ 265,898 (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. |
Unaudited Interim Financial Inf
Unaudited Interim Financial Information | 12 Months Ended |
Nov. 03, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Interim Financial Information | NOTE 8 - Unaudited Interim Financial Information Not applicable for a smaller reporting company. |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 03, 2023 | |
Accounting Policies [Abstract] | |
Use of estimates and assumptions | 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. |
Subsequent events | Subsequent events Management has evaluated events subsequent to November 3, 2023, 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 management’s review, no material subsequent events were identified that require adjustment to the consolidated financial statements or additional disclosure. |
Accounts Receivable | Accounts Receivable Accounts receivables are recorded at net realizable value. The value is presented net of allowance for doubtful accounts and promotional incentives. Our accounts receivable consists mainly of trade receivables from customer sales. We evaluate the collectability of our accounts receivable based on several factors. The provision for doubtful accounts receivable is based on historical trends and current collectability risk. Our provision for doubtful accounts was $ 248 177 |
Concentrations of credit risk | 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. Sales to Wal-Mart® comprised 29.1 26.5 29.8 26.1 16.3 20.5 16.9 19.9 |
Business segments | Business segments The 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 for further information. |
Fiscal year | 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 year 2023 included 53 weeks and fiscal year 2022 included 52 weeks. |
Revenues | Revenues 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. Products are delivered to customers primarily through our own long-haul fleet, common carrier or through a Company owned direct store delivery system. These delivery costs, $ 7,190 6,661 We record revenue at the transaction price which is measured as the amount of consideration we anticipate to receive 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 fiscal years 2023 and 2022 were $ 17,256 15,762 |
Advertising expenses | Advertising expenses Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2023 and 2022 were $ 2,822 2,603 |
Cash and cash equivalents | 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 and cash equivalents totaled $ 15,708 |
Restricted cash | Restricted cash The Company had no |
Fair value measurements | 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 fiscal years ended November 3, 2023, and October 28, 2022, except for pension plan investments (See Note 3). |
Inventories | Inventories 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 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. The Company recorded a net realizable value reserve of $ 513 131 |
Property, plant, and equipment | 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 20 5 10 3 5 The Company incurred interest costs of $ 579 1,107 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. |
Leases | Leases Leases are recognized in accordance with ASC Topic 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than 12 months. We lease or rent property for such operations as storing inventory and equipment. We analyze our agreements to evaluate whether or not a lease exists by determining what assets exist for which we control usage for a period of time in exchange for consideration. In the event a lease exists, we classify it as a finance or operating lease and record a right-of-use (“ROU”) asset and the corresponding lease liability at the inception of the lease. In the case of month-to-month lease or rental agreements with terms of 12 months or less, we made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. The storage units rented on a month-to-month basis for use by our Snack Food Product segment direct store delivery route system are not costly to relocate and contain no significant leasehold improvements or degree of integration over leased assets. Orders can be fulfilled by another route storage unit interchangeably. No specialized assets exist in the rental storage units. Market price is paid for storage units. No guarantee of debt is made. Finance lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. 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. Operating leases are recorded as a right-of-use assets under property, plant and equipment and the corresponding liability is recorded under other liabilities. The consolidated balance sheets reflect 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. |
Life insurance policies | 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. Expected proceeds from life insurance are recorded under prepaid expenses and other current assets (refer to Note 2 – Composition of Certain Financial Statement Captions). |
Income taxes | 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, which are inherently difficult to predict. 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 for further information). 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 | Stock-based compensation We measure and recognize compensation expenses 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, and no |
Comprehensive income or loss | Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments net of taxes. |
Recently issued accounting pronouncements and regulations | Recently issued accounting pronouncements and regulations In February 2016, the FASB issued ASU 2016-02, “Leases”, which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months. Both capital and operating leases are to be recognized on the balance sheet. The guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, which was our first quarter of fiscal year 2020. We have analyzed all lease transactions during fiscal years 2020 and 2021 and the first and second quarters of fiscal year 2022. The Company elected not to reassess expired contracts or adjust comparative periods. The Company determined that no change to current accounting treatment is warranted for most transactions due to the underlying nature of our leases. In the case of month-to-month lease or rental agreements with terms of twelve months or less, the Company made an accounting policy election to not recognize lease assets and liabilities. The Company performed a detailed analysis and determined that there were two significant long-term leases which are the leases with Hogshed Ventures, LLC and Racine Partners 4333 LLC. The accounting treatment of theses leases for warehouse storage included establishing a right-of-use asset and the corresponding liability was recorded for the Company’s lease with Hogshed Ventures, LLC for property located at 40th Street in Chicago during the fourth quarter of fiscal 2020 and with Racine Partners 4333 LLC during the fourth quarter of fiscal year 2022. The application of this pronouncement resulted in additional disclosures detailing our lease arrangements. The Company adopted this guidance during the first quarter of fiscal year 2020 and it did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures |
Composition of Certain Financ_2
Composition of Certain Financial Statement Captions (Tables) | 12 Months Ended |
Nov. 03, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Composition of Certain Financial Statement | Schedule of Composition of Certain Financial Statement November 3, 2023 October 28, 2022 Inventories, net: Meat, ingredients, and supplies $ 12,244 $ 10,242 Work in process 1,507 2,432 Finished goods 26,822 27,859 Inventories, net $ 40,573 $ 40,533 Prepaid expenses and other current assets Prepaid insurance 274 79 Prepaid other 161 242 Prepaid expenses and other current assets $ 435 $ 321 Property, plant and equipment, net: Land $ 3,799 $ 3,799 Buildings and improvements 24,173 26,134 Machinery and equipment 97,554 97,664 Finance leased trucks 355 553 Transportation equipment 10,078 9,940 Right of use assets 3,515 4,456 Construction in process 1,410 252 Property, plant and equipment, gross 140,884 142,798 Accumulated depreciation and amortization (73,397 ) (70,968 ) Property, plant and equipment, net $ 67,487 $ 71,830 Other non-current assets: Cash surrender value benefits $ 12,029 $ 11,584 Other 5 5 Other non-current assets $ 12,034 $ 11,589 Accrued payroll, advertising, and other expenses: Payroll, vacation, payroll taxes and employee benefits $ 4,610 $ 5,412 Accrued advertising and broker commissions 732 1,305 Property taxes 444 501 Other 618 635 Accrued payroll, advertising, and other expenses $ 6,404 $ 7,853 Current portion of non-current liabilities (Notes 3 and 6): Executive retirement plans $ 249 $ 133 Incentive compensation 1,582 1,746 Finance lease obligation 62 202 Customer deposits and escrow 26 26 Deferred payroll taxes current - 766 Postretirement healthcare benefits 36 102 Current portion of non-current liabilities $ 1,955 $ 2,975 Other non-current liabilities (Note 3): Defined benefit retirement plan $ (1,885 ) $ (551 ) Incentive compensation 2,266 1,913 Finance lease obligation 28 135 Postretirement healthcare benefits 750 605 Other non-current liabilities $ 1,159 $ 2,102 |
Retirement and Other Benefit _2
Retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Nov. 03, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Pension Cost | Net pension income consisted of the following: Schedule of Net Pension Cost November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Service cost $ 57 $ 127 Interest cost 2,688 1,772 Expected return on plan assets (3,439 ) (4,336 ) Amortization of unrecognized loss 615 1,210 Net pension income $ (79 ) $ (1,227 ) |
Schedule of Assumptions Used | Weighted average assumptions for each fiscal year are as follows: Schedule of Assumptions Used November 3, 2023 October 28, 2022 Discount rate 5.96 % 5.44 % Rate of increase in salary levels N/A N/A Expected return on plan assets 7.00 % 7.00 % |
Schedule of Changes in Projected Benefit Obligations | The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows: Schedule of Changes in Projected Benefit Obligations November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Change in plan assets: Fair value of the plans’ assets - beginning of year $ 50,649 $ 63,295 Actual return on the plans’ assets 2,394 (10,476 ) Benefits paid (2,358 ) (2,170 ) Fair value of the plans’ assets - end of year $ 50,685 $ 50,649 Change in benefit obligations: Benefit obligations - beginning of year $ 50,098 $ 70,882 Service cost 57 127 Interest cost 2,688 1,772 Actuarial loss (1,686 ) (20,513 ) Benefits paid (2,357 ) (2,170 ) Benefit obligations - end of year 48,800 50,098 Funded status of the plans 1,885 551 Unrecognized net actuarial loss 7,216 8,470 Net amount recognized $ 9,101 $ 9,021 |
Schedule of Allocation of Plan Assets | The actual and target allocation for the plans’ assets are as follows: Schedule of Allocation of Plan Assets Asset Class 2023 Target Asset Allocation 2022 Target Asset Allocation Large Cap Equities 21.7 % 23.0 % 22.6 % 23.0 % Mid Cap Equities 0.0 % 0.0 % 0.0 % 0.0 % Small Cap Equities 9.5 % 9.0 % 9.7 % 9.0 % International (equities only) 26.9 % 27.0 % 25.9 % 25.0 % Fixed Income 36.0 % 37.0 % 35.9 % 37.0 % Cash and other 5.9 % 4.0 % 5.9 % 6.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % |
Schedule of Fair Value of Pension Plan Assets | The fair value of our pension plans’ assets as of November 3, 2023, and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows: Schedule of Fair Value of Pension Plan Assets 2023 Level 1 Level 2 Level 3 Total Total plan assets $ 50,685 - - $ 50,685 The fair value of our pension plan assets as of October 28, 2022, and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows: 2022 Level 1 Level 2 Level 3 Total Total plan assets $ 50,649 - - $ 50,649 |
Schedule of Health Care Cost Trend Rates | Weighted average assumptions for the fiscal years ended November 3, 2023, and October 28, 2022, are as follows: Schedule of Health Care Cost Trend Rates 2023 2022 Discount rate 5.96 % 5.44 % Medical trend rate next year 7.50 % 6.50 % Ultimate trend rate 5.00 % 5.00 % Year ultimate trend rate is achieved 2028 2026 |
Schedule of Net Funded Status | The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows: Schedule of Net Funded Status 2023 2022 Change in accumulated postretirement healthcare obligation: Healthcare obligation - beginning of year $ 426 $ 530 Interest cost 22 13 Service cost 3 - Actuarial gain (loss) 230 (105 ) Benefits paid (32 ) (12 ) Healthcare obligation – end of year $ 649 $ 426 Funded status of the plans 649 426 Unrecognized net actuarial gain 33 (215 ) Unrecognized amounts recorded in other comprehensive income (33 ) 215 Postretirement healthcare liability $ 649 $ 426 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Payments for Pension Benefits | Expected payments for pension benefits are as follows: Schedule of Expected Payments for Pension Benefits Fiscal Years Pension Benefits 2024 $ 3,258 2025 $ 3,370 2026 $ 3,466 2027 $ 3,561 2028 $ 3,614 2029-2033 $ 18,364 |
Executive Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Payments for Pension Benefits | Expected payments for executive postretirement benefits are as follows: Schedule of Expected Payments for Pension Benefits Fiscal Years Executive 2024 $ 533 2025 $ 533 2026 $ 533 2027 $ 533 2028 $ 532 2029-2032 $ 2,612 |
Post Retirement Health Care Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Payments for Pension Benefits | Expected payments for the postretirement benefits are as follows: Schedule of Expected Payments for Pension Benefits Fiscal Years Postretirement 2024 $ 36 2025 $ 37 2026 $ 37 2027 $ 37 2028-2032 $ 177 |
Schedule Net Periodic Post-retirement Healthcare (benefit) Cost | Net periodic postretirement healthcare cost (benefit) consisted of the following: Schedule Net Periodic Post-retirement Healthcare (benefit) Cost November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Interest cost $ 22 $ 13 Amortization of actuarial gain (17 ) (10 ) Service cost 4 - Net periodic postretirement healthcare cost $ 9 $ 3 |
1% Increase in Health Care Cost Trend Rate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following: Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates 2023 2022 Interest cost plus service cost $ 5 $ 2 Accumulated postretirement healthcare obligation $ 106 $ 65 |
1% Decrease in Health Care Cost Trend Rate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following: Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates 2023 2022 Interest cost plus service cost $ (4 ) $ (1 ) Accumulated postretirement healthcare obligation $ (84 ) $ (55 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 03, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision (Benefit) for Taxes on Income | The provision for (benefit on) income taxes include the following: Schedule of Provision (Benefit) for Taxes on Income November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Current: Federal $ 1,660 $ 10,574 State (8 ) 2,264 Current tax expense benefit 1,652 12,838 Deferred: Federal (530 ) 2,609 State (101 ) 894 Deferred tax expense benefit (631 ) 3,503 Provision (benefit) for income taxes $ 1,021 $ 16,341 |
Schedule of Tax Provision Differs from Statutory Federal Income Tax Rate | The total tax benefit differs from the expected amount computed by applying the statutory federal income tax rate to income before income taxes as follows: Schedule of Tax Provision Differs from Statutory Federal Income Tax Rate November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Provision for federal income taxes at the applicable statutory rate $ 944 $ 12,895 (Decrease) increase in provision resulting from state income taxes, net of federal income tax benefit (86 ) 2,458 Non-taxable life insurance loss (gain) (93 ) 427 Other, net 256 561 Provision for income taxes $ 1,021 $ 16,341 |
Schedule of Deferred Income Taxes Results from Differences in Bases of Assets and Liabilities | Deferred income taxes result from differences in the basis of assets and liabilities for tax and accounting purposes. Schedule of Deferred Income Taxes Results from Differences in Bases of Assets and Liabilities November 3, 2023 October 28, 2022 Receivables allowance $ 64 $ 48 Returns allowance 167 142 Inventory packaging reserve 299 145 Inventory overhead capitalization 571 628 Employee benefits 726 848 Other (30 ) 143 State taxes payable (receivable) 232 275 Incentive compensation 824 733 Pension and health care benefits 924 1,318 Depreciation (12,342 ) (13,440 ) Net operating loss carry-forward and credits 322 287 Valuation allowance established against state NOL (99 ) (99 ) Deferred income taxes, net $ (8,342 ) $ (8,972 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: Schedule of Reconciliation of Unrecognized Tax Benefits November 3, 2023 October 28, 2022 (53 Weeks) (52 Weeks) Balance at beginning of year $ 299 $ 173 Additions based on tax positions related to the current year 16 126 Additions for tax positions of prior years 16 - Balance at end of year $ 331 $ 299 |
Line of Credit and Borrowing _2
Line of Credit and Borrowing Agreements (Tables) | 12 Months Ended |
Nov. 03, 2023 | |
Line Of Credit And Borrowing Agreements | |
Schedule of Line of Credit and Borrowing agreements | The following table reflects major components of our revolving credit facility and borrowing agreements as of November 3, 2023, and October 28, 2022, respectively. Schedule of Line of Credit and Borrowing agreements November 3, 2023 October 28, 2022 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 3,831 4,913 Total debt 3,831 4,913 Less current debt (1,045 ) (1,089 ) Total long-term debt $ 2,786 $ 3,824 |
Schedule of Aggregate Contractual Maturities of Debt in Future Fiscal Years | Aggregate contractual maturities of debt in future fiscal years are as follows as of November 3, 2023. Schedule of Aggregate Contractual Maturities of Debt in Future Fiscal Years Fiscal Years Debt Payable 2024 $ 1,045 2025 $ 1,083 2026 $ 1,124 2027 $ 580 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Nov. 03, 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 2024 $ 1,230 2025 937 2026 996 2027 518 Later Years - Total minimum lease payments(a) (a) $ 3,681 Less: Amount representing executory costs (20 ) Less: Amount representing interest(b) (b) (1 ) Present value of future minimum lease payments(c) (c) $ 3,660 (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 Note 2, as current and noncurrent obligations under capital leases of $ 62 28 1,120 2,450 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Nov. 03, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following segment information is for the fiscal years ended November 3, 2023 (53 weeks) and October 28, 2022 (52 weeks): Schedule of Segment Reporting Information, by Segment Segment Information 2023 Frozen Food Products Snack Food Products Other Totals Net sales $ 57,638 $ 193,998 $ - $ 251,636 Cost of products sold 43,180 138,099 - 181,279 Gross margin 14,458 55,899 - 70,357 SG&A 14,443 51,124 - 65,567 Loss on sale of property, plant, and equipment 75 86 - 161 Operating (loss) income $ (60 ) $ 4,689 $ - $ 4,629 Total assets $ 15,241 $ 121,725 $ 30,032 $ 166,998 Additions to PP&E $ 493 $ 2,110 $ - $ 2,603 Segment Information 2022 Frozen Food Products Snack Food Products Other Totals Net sales $ 56,254 $ 209,644 $ - $ 265,898 Cost of products sold 41,100 152,737 - 193,837 Gross margin 15,154 56,907 - 72,061 SG&A 14,614 50,621 - 65,235 Gain on sale of property, plant, and equipment (16 ) (100 ) (57,629 ) (57,745 ) Operating income (loss) $ 556 $ 6,386 $ 57,629 $ 64,571 Total assets $ 16,327 $ 130,704 $ 29,317 $ 176,348 Additions to PP&E $ 1,106 $ 2,664 $ - $ 3,770 |
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 fiscal years ended November 3, 2023, and October 28, 2022, respectively. Schedule of Disaggregates Our Sales to Customers 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 130,497 $ - $ 130,497 Direct customer warehouse 63,501 - 63,501 Total Snack Food Products 193,998 - 193,998 Distributors 8,397 49,241 57,638 Total Frozen Food Products 8,397 49,241 57,638 Total Net Sales $ 217,852 $ 49,241 $ 251,636 (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. 2022 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 138,220 $ - $ 138,220 Direct customer warehouse 71,424 - 71,424 Total Snack Food Products 209,644 - 209,644 Distributors 8,208 48,046 56,254 Total Frozen Food Products 8,208 48,046 56,254 Total Net Sales $ 217,852 $ 48,046 $ 265,898 (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. |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Product Information [Line Items] | ||
Provision for doubtful accounts | $ 248,000 | $ 177,000 |
Delivery cost | 7,190,000 | 6,661,000 |
Promotional allowances | 17,256,000 | 15,762,000 |
Advertising expense | 2,822,000 | 2,603,000 |
Cash and cash equivalents | 15,708,000 | |
Restricted cash | 0 | 0 |
Inventory valuation reserves | $ 513,000 | 131,000 |
Interest cost capitalization | The Company incurred interest costs of $579 and $1,107 for fiscal year 2023 and 2022, respectively, all of which were recorded as interest expense in relation to equipment at the production facility in Chicago. | |
Interest cost | $ 579,000 | 1,107,000 |
Stock-based compensation | $ 0 | $ 0 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 20 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Transportation Equipment [Member] | Minimum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Product Information [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Wal Mart [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage accounts receivable | 29.10% | 29.80% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Dollar General [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage accounts receivable | 16.30% | 16.90% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wal Mart [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage accounts receivable | 26.50% | 26.10% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Dollar General [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage accounts receivable | 20.50% | 19.90% |
Schedule of Composition of Cert
Schedule of Composition of Certain Financial Statement (Details) - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 |
Property, Plant and Equipment [Line Items] | ||
Meat, ingredients, and supplies | $ 12,244 | $ 10,242 |
Work in process | 1,507 | 2,432 |
Finished goods | 26,822 | 27,859 |
Inventories, net | 40,573 | 40,533 |
Prepaid insurance | 274 | 79 |
Prepaid other | 161 | 242 |
Prepaid expenses and other current assets | 435 | 321 |
Property, plant and equipment, gross | 140,884 | 142,798 |
Accumulated depreciation and amortization | (73,397) | (70,968) |
Property, plant and equipment, net | 67,487 | 71,830 |
Cash surrender value benefits | 12,029 | 11,584 |
Other | 5 | 5 |
Other non-current assets | 12,034 | 11,589 |
Payroll, vacation, payroll taxes and employee benefits | 4,610 | 5,412 |
Accrued advertising and broker commissions | 732 | 1,305 |
Property taxes | 444 | 501 |
Other | 618 | 635 |
Accrued payroll, advertising, and other expenses | 6,404 | 7,853 |
Executive retirement plans | 249 | 133 |
Incentive compensation | 1,582 | 1,746 |
Finance lease obligation | 62 | 202 |
Customer deposits and escrow | 26 | 26 |
Deferred payroll taxes current | 766 | |
Postretirement healthcare benefits | 36 | 102 |
Current portion of non-current liabilities | 1,955 | 2,975 |
Defined benefit retirement plan | (1,885) | (551) |
Incentive compensation | 2,266 | 1,913 |
Finance lease obligation | 28 | 135 |
Postretirement healthcare benefits | 750 | 605 |
Other non-current liabilities | 1,159 | 2,102 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,799 | 3,799 |
Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,173 | 26,134 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 97,554 | 97,664 |
Trucks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 355 | 553 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 10,078 | 9,940 |
Right Of Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,515 | 4,456 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,410 | $ 252 |
Schedule of Net Pension Cost (D
Schedule of Net Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 57 | $ 127 |
Interest cost | 2,688 | 1,772 |
Expected return on plan assets | (3,439) | (4,336) |
Amortization of unrecognized loss | 615 | 1,210 |
Net pension income | $ (79) | $ (1,227) |
Schedule of Assumptions Used (D
Schedule of Assumptions Used (Details) | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Retirement Benefits [Abstract] | ||
Discount rate | 5.96% | 5.44% |
Expected return on plan assets | 7% | 7% |
Schedule of Changes in Projecte
Schedule of Changes in Projected Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Retirement Benefits [Abstract] | ||
Fair value of plan assets - beginning of year | $ 50,649 | $ 63,295 |
Actual return on plan assets | 2,394 | (10,476) |
Benefits paid | (2,358) | (2,170) |
Fair value of plan assets - end of year | 50,685 | 50,649 |
Benefit obligations - beginning of year | 50,098 | 70,882 |
Service cost | 57 | 127 |
Interest cost | 2,688 | 1,772 |
Actuarial loss | (1,686) | (20,513) |
Benefits paid | (2,357) | (2,170) |
Benefit obligations - end of year | 48,800 | 50,098 |
Funded status of the plans | 1,885 | 551 |
Unrecognized net actuarial loss | 7,216 | 8,470 |
Net amount recognized | $ 9,101 | $ 9,021 |
Schedule of Allocation of Plan
Schedule of Allocation of Plan Assets (Details) | Nov. 03, 2023 | Oct. 28, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 100% | 100% |
Target Asset Allocation | 100% | 100% |
Large Cap Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 21.70% | 22.60% |
Target Asset Allocation | 23% | 23% |
Mid Cap Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 0% | 0% |
Target Asset Allocation | 0% | 0% |
Small Cap Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 9.50% | 9.70% |
Target Asset Allocation | 9% | 9% |
International (Equities Only) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 26.90% | 25.90% |
Target Asset Allocation | 27% | 25% |
Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 36% | 35.90% |
Target Asset Allocation | 37% | 37% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset Allocation | 5.90% | 5.90% |
Target Asset Allocation | 4% | 6% |
Schedule of Fair Value of Pensi
Schedule of Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 | Oct. 29, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $ 50,685 | $ 50,649 | $ 63,295 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 50,685 | 50,649 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | |||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets |
Schedule of Expected Payments f
Schedule of Expected Payments for Pension Benefits (Details) $ in Thousands | Nov. 03, 2023 USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 3,258 |
2025 | 3,370 |
2026 | 3,466 |
2027 | 3,561 |
2028 | 3,614 |
2029-2032 | 18,364 |
Executive Post Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 533 |
2025 | 533 |
2026 | 533 |
2027 | 533 |
2028 | 532 |
2029-2032 | 2,612 |
Post Retirement Health Care Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 36 |
2025 | 37 |
2026 | 37 |
2027 | 37 |
2028-2032 | $ 177 |
Schedule Net Periodic Post-reti
Schedule Net Periodic Post-retirement Healthcare (benefit) Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 2,688 | $ 1,772 |
Service cost | 57 | 127 |
Net periodic postretirement healthcare cost | (79) | (1,227) |
Post Retirement Health Care Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 22 | 13 |
Amortization of actuarial gain | (17) | (10) |
Service cost | 4 | |
Net periodic postretirement healthcare cost | $ 9 | $ 3 |
Schedule of Health Care Cost Tr
Schedule of Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.96% | 5.44% |
Post Retirement Health Care Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.96% | 5.44% |
Medical trend rate next year | 7.50% | 6.50% |
Ultimate trend rate | 5% | 5% |
Year ultimate trend rate is achieved | 2028 | 2026 |
Schedule of Effect of One-Perce
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
1% Increase in Health Care Cost Trend Rate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost plus service cost | $ 5 | $ 2 |
Accumulated postretirement healthcare obligation | 106 | 65 |
1% Decrease in Health Care Cost Trend Rate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost plus service cost | (4) | (1) |
Accumulated postretirement healthcare obligation | $ (84) | $ (55) |
Schedule of Net Funded Status (
Schedule of Net Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations - beginning of year | $ 50,098 | $ 70,882 |
Interest cost | 2,688 | 1,772 |
Service cost | 57 | 127 |
Actuarial gain (loss) | (1,686) | (20,513) |
Benefits paid | (2,358) | (2,170) |
Benefit obligations - end of year | 48,800 | 50,098 |
Funded status of the plans | 1,885 | 551 |
Postretirement Health Coverage [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligations - beginning of year | 426 | 530 |
Interest cost | 22 | 13 |
Service cost | 3 | |
Actuarial gain (loss) | 230 | (105) |
Benefits paid | (32) | (12) |
Benefit obligations - end of year | 649 | 426 |
Funded status of the plans | 649 | 426 |
Unrecognized net actuarial gain | 33 | (215) |
Unrecognized amounts recorded in other comprehensive income | (33) | 215 |
Postretirement healthcare liability | $ 649 | $ 426 |
Retirement and Other Benefit _3
Retirement and Other Benefit Plans (Details Narrative) - USD ($) | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 7% | 7% |
Net periodic pension benefit | $ (79,000) | $ (1,227,000) |
Cash surrender value of life insurance | 12,029,000 | 11,584,000 |
Plan Type, 401K [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, contributions by employer | 887,000 | $ 893,000 |
Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic pension benefit | 1,057,000 | |
Executive Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percent added to seasoned bond rate | 2% | |
Benefit expenses | 0 | $ 0 |
Other postretirement benefits payable | 4,994,000 | 4,985,000 |
Other postretirement benefits payable current | 249,000 | 133,000 |
Other postretirement benefits payable noncurrent | 4,745,000 | 4,852,000 |
Cash surrender value of life insurance | $ 12,029,000 | 11,584,000 |
Non-qualified Supplemental Executive Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used calculating benefit obligation, rate of compensation increase | 60% | |
Non-qualified Supplemental Executive Retirement Plan [Member] | Allan L. Bridgford [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic pension benefit | $ 120,000,000 | |
Non-qualified Supplemental Executive Retirement Plan [Member] | William L. Bridgford and Raymond F. Lancy [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assumptions used calculating benefit obligation, rate of compensation increase | 50% | |
Net periodic pension benefit | $ 200,000,000 | |
Incentive Compensation Plan [Member] | Key Executives [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred compensation arrangement with individual, recorded liability | 3,848,000 | $ 3,659,000 |
Incentive Compensation Plan [Member] | Key Executives [Member] | Fiscal Year 2022 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Officers' compensation | 1,582,000 | |
Incentive Compensation Plan [Member] | Key Executives [Member] | Fiscal Year 2023 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Officers' compensation | 1,531,000 | |
Incentive Compensation Plan [Member] | Key Executives [Member] | Fiscal Year 2024 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Officers' compensation | 694,000 | |
Incentive Compensation Plan [Member] | Key Executives [Member] | Fiscal Year 2025 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Officers' compensation | 33,000 | |
Incentive Compensation Plan [Member] | Key Executives [Member] | Fiscal Year 2026 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Officers' compensation | $ 8,000 | |
Incentive Compensation Plan [Member] | Key Executives [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred incentive compensation plan payment period | 3 years | |
Incentive Compensation Plan [Member] | Key Executives [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deferred incentive compensation plan payment period | 5 years |
Schedule of Provision (Benefit)
Schedule of Provision (Benefit) for Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ 1,660 | $ 10,574 |
State | (8) | 2,264 |
Current tax expense benefit | 1,652 | 12,838 |
Federal | (530) | 2,609 |
State | (101) | 894 |
Deferred tax expense benefit | (631) | 3,503 |
Provision (benefit) for income taxes | $ 1,021 | $ 16,341 |
Schedule of Tax Provision Diffe
Schedule of Tax Provision Differs from Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for federal income taxes at the applicable statutory rate | $ 944 | $ 12,895 |
(Decrease) increase in provision resulting from state income taxes, net of federal income tax benefit | (86) | 2,458 |
Non-taxable life insurance loss (gain) | (93) | 427 |
Other, net | 256 | 561 |
Provision (benefit) for income taxes | $ 1,021 | $ 16,341 |
Schedule of Deferred Income Tax
Schedule of Deferred Income Taxes Results from Differences in Bases of Assets and Liabilities (Details) - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 |
Income Tax Disclosure [Abstract] | ||
Receivables allowance | $ 64 | $ 48 |
Returns allowance | 167 | 142 |
Inventory packaging reserve | 299 | 145 |
Inventory overhead capitalization | 571 | 628 |
Employee benefits | 726 | 848 |
Other | (30) | 143 |
State taxes payable (receivable) | 232 | 275 |
Incentive compensation | 824 | 733 |
Pension and health care benefits | 924 | 1,318 |
Depreciation | (12,342) | (13,440) |
Net operating loss carry-forward and credits | 322 | 287 |
Valuation allowance established against state NOL | (99) | (99) |
Deferred income taxes, net | $ (8,342) | $ (8,972) |
Schedule of Reconciliation of U
Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 299 | $ 173 |
Additions based on tax positions related to the current year | 16 | 126 |
Additions for tax positions of prior years | 16 | |
Balance at end of year | $ 331 | $ 299 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||||||
Mar. 27, 2020 | Nov. 03, 2023 | Oct. 28, 2022 | Oct. 29, 2021 | Oct. 26, 2021 | Nov. 02, 2019 | Nov. 02, 2018 | |
Operating Loss Carryforwards [Line Items] | |||||||
Valuation allowance | $ 99,000 | ||||||
Net operating loss carryforwards, expiration description | The state loss carryforwards will expire at various dates through 2040 | ||||||
Unrecognized tax benefits - federal and state | $ 314,000 | $ 299,000 | |||||
Deferred tax liabilities | 76,000 | 0 | |||||
Unrecognized tax benefits, income tax penalties and interest accrued | 40,000 | ||||||
Unrecognized tax benefits | $ 331,000 | 299,000 | $ 173,000 | ||||
Income tax rate reconciliation description | On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). 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 has generated an income tax benefit of $3,091 due to the difference in income tax rates. The release of research and development credits has generated an income tax benefit of $358. These income tax benefits have been recorded in the income tax provision for fiscal year 2020 | ||||||
Income Tax Expense (Benefit) | $ 1,021,000 | $ 16,341,000 | |||||
Effective tax rate percentage | 22.70% | 26.60% | |||||
Research and Development Expense [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating Loss Carryforwards | $ 358,000 | ||||||
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 (the “CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before January 1, 2021 | ||||||
Income Tax Expense (Benefit) | 3,091 | ||||||
Federal [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating Loss Carryforwards | 0 | $ 21,687,000 | $ 9,919,000 | ||||
State [Member] | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Operating Loss Carryforwards | $ 5,000 |
Schedule of Line of Credit and
Schedule of Line of Credit and Borrowing agreements (Details) - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 |
Line of Credit Facility [Line Items] | ||
Total long-term debt | $ 3,831 | $ 4,913 |
Less current debt | (1,045) | (1,089) |
Total long-term debt | 2,786 | 3,824 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Total long-term debt | ||
Equipment Notes 5 [Member] | ||
Line of Credit Facility [Line Items] | ||
Total long-term debt | $ 3,831 | $ 4,913 |
Schedule of Line of Credit an_2
Schedule of Line of Credit and Borrowing agreements (Details) (Parenthetical) - Equipment Notes Three [Member] | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Interest Rate During Period | 368% | 368% |
Line of Credit Facility, Expiration Date | Apr. 16, 2027 | Apr. 16, 2027 |
Schedule of Aggregate Contractu
Schedule of Aggregate Contractual Maturities of Debt in Future Fiscal Years (Details) $ in Thousands | Nov. 03, 2023 USD ($) |
Line Of Credit And Borrowing Agreements | |
2024 | $ 1,045 |
2025 | 1,083 |
2026 | 1,124 |
2027 | $ 580 |
Line of Credit and Borrowing _3
Line of Credit and Borrowing Agreements (Details Narrative) - USD ($) | Nov. 30, 2023 | Jun. 02, 2022 | Aug. 30, 2021 | Dec. 26, 2018 |
Subsequent Event [Line Items] | ||||
Prepayment of loan | $ 18,653,000 | |||
Bridge Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Bridge loan | $ 25,000,000 | |||
CRG Purchase Agreement [Member] | Land [Member] | ||||
Subsequent Event [Line Items] | ||||
Gain on sale of land | $ 18,653,000 | |||
Wells Fargo Bank NA [Member] | Master Collateral Loan and Security Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Secured debt | $ 15,000,000 | |||
Subsequent Event [Member] | Wells Fargo Bank NA [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 7,500 | |||
Line of credit facility interest rate description | an interest rate equal to (a) the daily simple secured overnight financing rate plus 2.0%, or if unavailable, (b) the prime rate, in each case as determined by the bank. The line of credit has an unused commitment fee of 0.35% of the available loan amount, payable on a quarterly basis | |||
Percentage of unused commitment fee | 0.35% |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Nov. 03, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 1,230 | |
2025 | 937 | |
2026 | 996 | |
2027 | 518 | |
Later Years | ||
Total minimum lease payments(a) | 3,681 | [1] |
Less: Amount representing executory costs | (20) | |
Less: Amount representing interest(b) | (1) | [2] |
Present value of future minimum lease payments(c) | $ 3,660 | [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.[3]Reflected in Note 2, as current and noncurrent obligations under capital leases of $ 62 28 1,120 2,450 |
Schedule of Future Minimum Le_2
Schedule of Future Minimum Lease Payments (Details) (Parenthetical) - USD ($) $ in Thousands | Nov. 03, 2023 | Oct. 28, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital lease obligation, current | $ 62 | $ 202 |
Capital lease obligation, current | 28 | $ 135 |
Finance lease right-of-use asset, current | 1,120 | |
Finance lease right-of-use asset, non-current | $ 2,450 |
Contingencies and Commitments_2
Contingencies and Commitments (Details Narrative) $ in Thousands | 12 Months Ended |
Nov. 03, 2023 USD ($) | |
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 | $ 96 |
Lease term | 2 years |
Hogshed Ventures, LLC. [Member] | |
Property, Plant and Equipment [Line Items] | |
Lease liability | $ 238 |
Lease expiration date | Jun. 30, 2023 |
Incremental interest rate | 1.60% |
Racine Ventures Limited Liability Company [Member] | |
Property, Plant and Equipment [Line Items] | |
Lease liability | $ 3,276 |
Trucks [Member] | |
Property, Plant and Equipment [Line Items] | |
Lease income | $ 40 |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2023 | Oct. 28, 2022 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 251,636 | $ 265,898 |
Cost of products sold | 181,279 | 193,837 |
Gross margin | 70,357 | 72,061 |
SG&A | 65,567 | 65,235 |
Loss (gain on) sale of property, plant and equipment | 161 | (57,745) |
Operating income | 4,629 | 64,571 |
Total assets | 166,998 | 176,348 |
Additions to PP&E | 2,603 | 3,770 |
Frozen Food Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 57,638 | 56,254 |
Cost of products sold | 43,180 | 41,100 |
Gross margin | 14,458 | 15,154 |
SG&A | 14,443 | 14,614 |
Loss (gain on) sale of property, plant and equipment | 75 | (16) |
Operating income | (60) | 556 |
Total assets | 15,241 | 16,327 |
Additions to PP&E | 493 | 1,106 |
Snack Food Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 193,998 | 209,644 |
Cost of products sold | 138,099 | 152,737 |
Gross margin | 55,899 | 56,907 |
SG&A | 51,124 | 50,621 |
Loss (gain on) sale of property, plant and equipment | 86 | (100) |
Operating income | 4,689 | 6,386 |
Total assets | 121,725 | 130,704 |
Additions to PP&E | 2,110 | 2,664 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | ||
Cost of products sold | ||
Gross margin | ||
SG&A | ||
Loss (gain on) sale of property, plant and equipment | (57,629) | |
Operating income | 57,629 | |
Total assets | 30,032 | 29,317 |
Additions to PP&E |
Schedule of Disaggregates Our S
Schedule of Disaggregates Our Sales to Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 03, 2023 | Oct. 28, 2022 | |||
Revenue from External Customer [Line Items] | ||||
Direct store delivery | $ 130,497 | $ 138,220 | ||
Direct customer warehouse | 63,501 | 71,424 | ||
Total Snack Food Products | 193,998 | 209,644 | ||
Distributors | 57,638 | 56,254 | ||
Total Frozen Food Products | 57,638 | 56,254 | ||
Total Net Sales | 251,636 | 265,898 | ||
Retail [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Direct store delivery | 130,497 | [1] | 138,220 | [2] |
Direct customer warehouse | 63,501 | [1] | 71,424 | [2] |
Total Snack Food Products | 193,998 | [1] | 209,644 | [2] |
Distributors | 8,397 | [1] | 8,208 | [2] |
Total Frozen Food Products | 8,397 | [1] | 8,208 | [2] |
Total Net Sales | 217,852 | [1] | 217,852 | [2] |
Foodservice [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Direct store delivery | [3] | [4] | ||
Direct customer warehouse | [3] | [4] | ||
Total Snack Food Products | [3] | [4] | ||
Distributors | 49,241 | [3] | 48,046 | [4] |
Total Frozen Food Products | 49,241 | [3] | 48,046 | [4] |
Total Net Sales | $ 49,241 | [3] | $ 48,046 | [4] |
[1]Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.[2]Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.[3]Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.[4]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) | 12 Months Ended |
Nov. 03, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable operating segments | 2 |