Bridgford Foods (BRID) 10-Q 8 Mar 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jan. 26, 2024	Mar. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 26, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--11-01
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 S. 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,076,832

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 26, 2024	Nov. 03, 2023
Current assets:
Cash and cash equivalents	$ 12,648	$ 15,708
Accounts receivable, less allowance for doubtful accounts of $233 and $248, respectively, and promotional allowances of $2,983 and $2,093, respectively	30,038	28,593
Inventories, net	39,275	40,573
Refundable income taxes	1,666	2,168
Prepaid expenses and other current assets	2,388	435
Total current assets	86,015	87,477
Property, plant and equipment, net of accumulated depreciation and amortization of $72,300 and $73,397, respectively	67,802	67,487
Other non-current assets	12,938	12,034
Total assets	166,755	166,998
Current liabilities:
Accounts payable	8,603	7,201
Accrued payroll, advertising, and other expenses	5,294	6,404
Income taxes payable	256	256
Current notes payable - equipment	1,052	1,045
Current right-of-use leases payable	1,032	1,120
Other current liabilities	2,031	1,955
Total current liabilities	18,268	17,981
Long-term notes payable - equipment	2,608	2,786
Deferred income taxes, net	8,342	8,342
Long-term right-of-use leases payable	2,222	2,450
Executive retirement, pension plans and other	4,545	5,904
Total long-term liabilities	17,717	19,482
Total liabilities	35,985	37,463
Contingencies and commitments (Note 3)
Shareholders’ equity:
Preferred stock, without par value; authorized – 1,000,000 shares; issued and outstanding – none
Common stock, $1.00 par value; authorized – 20,000,000 shares; issued and outstanding – 9,076,832 and 9,076,832 shares, respectively	9,134	9,134
Capital in excess of par value	8,298	8,298
Retained earnings	124,027	122,792
Accumulated other comprehensive loss	(10,689)	(10,689)
Total shareholders’ equity	130,770	129,535
Total liabilities and shareholders’ equity	$ 166,755	$ 166,998

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 26, 2024	Nov. 03, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 233	$ 248
Accounts receivable, allowance for promotional allowances	2,983	2,093
Property, plant and equipment, accumulated depreciation	$ 72,300	$ 73,397
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	9,076,832	9,076,832
Common stock, shares outstanding	9,076,832	9,076,832

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2024	Jan. 20, 2023
Income Statement [Abstract]
Net sales	$ 54,842	$ 61,622
Cost of products sold	38,804	44,556
Gross margin	16,038	17,066
Selling, general and administrative expenses	15,027	15,794
Gain on sale of property, plant, and equipment		(72)
Operating income	1,011	1,344
Other income (expense)
Interest expense	(171)	(125)
Cash surrender value gain	905	111
Total other income (expense)	734	(14)
Income before taxes	1,745	1,330
Provision for income taxes	510	398
Net income	$ 1,235	$ 932
Basic earnings per share	$ 0.14	$ 0.10
Shares used to compute basic earnings per share	9,076,832	9,076,832

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) 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. 28, 2022	$ 9,134	$ 8,298	$ 119,318	$ (10,425)	$ 126,325
Balance, shares at Oct. 28, 2022	9,076
Net income			932		932
Balance at Jan. 20, 2023	$ 9,134	8,298	120,250	(10,425)	127,257
Balance, shares at Jan. 20, 2023	9,076
Balance at Nov. 03, 2023	$ 9,134	8,298	122,792	(10,689)	129,535
Balance, shares at Nov. 03, 2023	9,076
Net income			1,235		1,235
Balance at Jan. 26, 2024	$ 9,134	$ 8,298	$ 124,027	$ (10,689)	$ 130,770
Balance, shares at Jan. 26, 2024	9,076

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2024	Jan. 20, 2023
Cash flows from operating activities:
Net income	$ 1,235	$ 932
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,545	1,448
(Recoveries on) provision for losses on accounts receivable	(7)	187
Increase in promotional allowances	891	751
Gain on sale of property, plant, and equipment		(72)
Changes in operating assets and liabilities:
Accounts receivable, net	(2,329)	923
Inventories, net	1,298	1,713
Prepaid expenses and other current assets	(1,953)	(1,091)
Refundable income taxes	502	(166)
Other non-current assets	(903)	(111)
Accounts payable	1,402	(4,563)
Accrued payroll, advertising, and other expenses	(1,109)	(610)
Other current liabilities	75	(1,376)
Executive retirement, pension plans and other	(1,350)	(592)
Net cash used in operating activities	(703)	(2,627)
Cash flows from investing activities:
Proceeds from sale of property, plant, and equipment		72
Additions to property, plant, and equipment	(1,860)	(259)
Net cash used in investing activities	(1,860)	(187)
Cash flows from financing activities:
Payment of right-of-use lease obligations	(327)	(279)
Repayments of bank borrowings	(170)	(248)
Net cash used in financing activities	(497)	(527)
Net decrease in cash and cash equivalents and restricted cash	(3,060)	(3,341)
Cash and cash equivalents and restricted cash at beginning of period	15,708	16,333
Cash and cash equivalents at end of period	12,648	12,992
Supplemental disclosure of cash flow information:
Cash paid for income taxes	8	567
Cash paid for interest	$ 171	$ 125

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jan. 26, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 – Summary of Significant Accounting Policies The unaudited Condensed Consolidated Financial Statements of Bridgford Foods Corporation (the “Company”, “we”, “our”, “us”) for the twelve weeks ended January 26, 2024 and January 20, 2023 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X, and include all adjustments considered necessary by management for a fair presentation of the interim periods. This Report should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended November 3, 2023 (the “Annual Report”). Due to seasonality and other factors, interim results are not necessarily indicative of the results for the full year. Recent accounting pronouncements, if any, and their effect on the Company are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report. The November 3, 2023, balance sheet amounts within these interim Condensed Consolidated Financial Statements were derived from the audited fiscal year 2023 consolidated financial statements included in the Company’s Annual Report. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported revenues and expenses during the reporting periods. Some of the estimates made by management include the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property, plant and equipment, and the valuation allowance for the Company’s deferred tax assets. Management determines the amounts to record based on historical experience and various other assumptions that we view as reasonable under the circumstances and consider all relevant available information. Actual results could materially differ from these estimates. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which vary from our current estimates. Market conditions and the volatility in stock markets may cause significant changes in the measurement of our pension fund liabilities and the performance of our life insurance policies in future periods. Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, accounts payable, accrued payroll, and notes payable. The carrying amount of these instruments approximate fair market value due to their short-term maturity or market interest rates. The Company has accounts with nationally recognized financial institutions in excess of the Federal Deposit Insurance Corporation insurance coverage limit. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk with regard to its cash and cash equivalents. The Company grants payment terms to a significant number of customers that are diversified over a wide geographic area. The Company monitors the payment histories of its customers and maintains an allowance for doubtful accounts which is reviewed for adequacy on a quarterly basis. The Company does not require collateral from its customers. Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments. There were no differences between net income and comprehensive income during each of the twelve weeks ended January 26, 2024 and January 20, 2023. Customer Concentration > 20% of AR or >10% of Sales The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR January 26, 2024 28.4 % 24.7 % 15.5 % 19.1 % January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 % Revenue recognition Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers The Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon product shipment, pickup or delivery to a customer based on terms of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product is sold to foodservice, retail, institutional and other distribution channels. Shipping and handling that occurs after the customer has obtained control of the product is recorded as a fulfillment cost rather than an additional performance obligation. Costs paid to third party brokers to obtain contracts are recognized as part of selling expenses. Other sundry items in context of the contract are also recognized as selling expense. Any taxes collected on behalf of the government are excluded from net revenue. We record revenue at the transaction price which is measured as the amount of consideration we anticipate receiving in exchange for providing products to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments are known. Promotional allowances deducted from sales for the twelve weeks ended January 26, 2024, and January 20, 2023, were $ 4,179 3,864 Leases Leases are recognized in accordance with ASC 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months ROU lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company leases warehouse space from time to time that is recorded as ROU lease assets and corresponding lease liabilities. The Company’s leases of long-haul trucks used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities. The condensed consolidated balance sheets reflect both the current and long-term obligations. Subsequent events Management has evaluated events subsequent to January 26, 2024, through the date that the accompanying Condensed Consolidated Financial Statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements. No material events were identified that require adjustment to the financial statements or additional disclosure. Basic earnings per share Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or other potentially dilutive convertible securities were outstanding as of January 26, 2024, or January 20, 2023. Recently issued accounting pronouncements and regulations In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company analyzed the impact of adopting this standard and does not expect the adoption to have a material impact on its Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts receivable. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment expenses by requiring to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements.

Inventories, net

Inventories, net	3 Months Ended
	Jan. 26, 2024
Inventory Disclosure [Abstract]
Inventories, net	Note 2 – Inventories, net Inventories are comprised of the following at the respective period ends: Schedule of Inventories January 26, 2024 November 3, 2023 Meat, ingredients, and supplies $ 11,861 $ 12,244 Work in progress 2,347 1,507 Finished goods 25,067 26,822 Inventories, net $ 39,275 $ 40,573 Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventories include the cost of raw materials, labor, and manufacturing overhead. We regularly review inventory quantities on hand and write down any estimated excess, obsolete inventories, or impaired balances to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. We maintain a net realizable reserve of $ 111 513

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Jan. 26, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 3 – Contingencies and Commitments The Company generally leases warehouses throughout the United States through month-to-month rental agreements. In the case of month-to-month lease or rental agreements with terms of 12 months or less, the Company made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. For further information regarding our lease accounting policy, please refer to Note 1 – Summary of Significant Accounting Policies — Leases. The Company leased three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in fiscal year 2025. 12 11 27 The Company performed a detailed analysis and determined that the only indications of a long-term lease in addition to transportation leases for long-haul trucks were the warehouse leases with Hogshed Ventures, LLC and Racine Partners 4333 LLC. The Company’s five 3,056 3,117 rd 3.68 An ROU asset and corresponding liability for warehouse storage space was recorded for $ 137 We lease this space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further, this lease does not contain contingent rent provisions. June 30, 2024 The lease with Hogshed Ventures, LLC does not provide an implicit rate and we estimated our incremental interest rate to be approximately 5.49 The following is a schedule by years of future minimum lease payments for transportation leases and ROU assets: Schedule of Future Minimum Lease Payments Fiscal Year Financial 2024 $ 901 2025 937 2026 996 2027 518 Later Years - Total Minimum Lease Payments(a) (a) $ 3,352 Less: Amount representing executory costs (17 ) Less: Amount representing interest(b) (b) (1 ) Present value of future minimum lease payments(c) (c) $ 3,334 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. (b) Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases. (c) Reflected in Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance leases of $ 63 17 1,032 2,222 We purchase large quantities of pork, beef, and flour. These ingredients are generally available from a number of different suppliers although the availability of these ingredients is subject to seasonal variation. We build ingredient inventories to take advantage of downward trends in seasonal prices or anticipated supply limitations. We purchase bulk flour under short-term fixed price contracts at current market prices. The contracts are usually effective for and settle within three months or less at a fixed price and quantity. We monitor and manage our ingredient costs to help negate volatile daily swings in market prices when possible. We do not participate in the commodity futures market or hedging to limit commodity exposure. The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations.

Segment Information

Segment Information	3 Months Ended
	Jan. 26, 2024
Segment Reporting [Abstract]
Segment Information	Note 4 – Segment Information The Company has two We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative (“SG&A”) expenses include corporate accounting, information systems, human resource management and marketing, which are managed at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. Assets managed at the corporate level are not attributable to each operating segment and thus have been included as “other” in the accompanying segment information. The following segment information is presented for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Segment Reporting Information, by Segment Frozen Food Products Snack Food Products Other Totals Segment Information Twelve weeks Ended January 26, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 40,443 $ - $ 54,842 Cost of products sold 10,286 28,518 - 38,804 Gross margin 4,113 11,925 - 16,038 SG&A 3,441 11,586 - 15,027 Gain on sale of property, plant, and equipment - - - - Operating income 672 339 - 1,011 Total assets $ 16,120 $ 121,223 $ 29,412 $ 166,755 Additions to PP&E $ 822 $ 1,038 $ - $ 1,860 Twelve weeks Ended January 20, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 47,223 $ - $ 61,622 Cost of products sold 10,744 33,812 - 44,556 Gross margin 3,655 13,411 - 17,066 SG&A 3,644 12,150 - 15,794 Gain on sale of property, plant, and equipment - (72 ) - (72 ) Operating income 11 1,333 - 1,344 Total assets $ 15,447 $ 126,719 $ 27,445 $ 169,611 Additions to PP&E $ 45 $ 214 $ - $ 259 The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Twelve weeks Ended January 26, 2024 Schedule of Disaggregates Our Sales to Customers Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 27,986 $ - $ 27,986 Direct customer warehouse 12,457 - 12,457 Total Snack Food Products 40,443 - 40,443 Distributors 2,684 11,715 14,399 Total Frozen Food Products 2,684 11,715 14,399 Totals $ 43,127 $ 11,715 $ 54,842 Twelve weeks Ended January 20, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 34,046 $ - $ 34,046 Direct customer warehouse 13,177 - 13,177 Total Snack Food Products 47,223 - 47,223 Distributors 3,207 11,192 14,399 Total Frozen Food Products 3,207 11,192 14,399 Totals $ 50,430 $ 11,192 $ 61,622 (a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

Income Taxes

Income Taxes	3 Months Ended
	Jan. 26, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 5 – Income Taxes 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 Company’s effective tax rate was 29.2 29.9 510 As of January 26, 2024, 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 0 5,000 Our federal income tax returns are open to audit under the statute of limitations for the fiscal years 2020 through 2022. We are subject to income tax in Texas and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years 2019 through 2022.

Equipment Notes Payable and Fin

Equipment Notes Payable and Financial Arrangements	3 Months Ended
	Jan. 26, 2024
Debt Disclosure [Abstract]
Equipment Notes Payable and Financial Arrangements	Note 6 – Equipment Notes Payable and Financial Arrangements 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% of the available loan amount, payable on a quarterly basis. Equipment Note Payable On December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A. (the “Original Wells Fargo Loan Agreement”) for up to $ 15,000 Bridge Loan On August 30, 2021, we entered into a loan commitment note for a bridge loan of up to $ 25,000 18,653 18,653 The following table reflects major components of our revolving credit facility and borrowing agreements as of January 26, 2024, and November 3, 2023, respectively. Schedule of Line of Credit and Borrowing Agreements January 26, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 04/17/22 3,660 3,831 Total debt 3,660 3,831 Less current debt (1,052 ) (1,045 ) Total long-term debt $ 2,608 $ 2,786 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. Material financial covenants are listed below, and the capitalized terms are defined in the applicable agreements: ● 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 each fiscal quarter end. As of January 26, 2024 and November 3, 2023, the Company was in compliance with all covenants under the Wells Fargo Loan Agreements and the credit agreement.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jan. 26, 2024
Accounting Policies [Abstract]
Comprehensive income or loss	Comprehensive income or loss Comprehensive income or loss consists of net income and additional minimum pension liability adjustments. There were no differences between net income and comprehensive income during each of the twelve weeks ended January 26, 2024 and January 20, 2023.
Customer Concentration > 20% of AR or >10% of Sales	Customer Concentration > 20% of AR or >10% of Sales The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR January 26, 2024 28.4 % 24.7 % 15.5 % 19.1 % January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 %
Revenue recognition	Revenue recognition Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) Topic 606 – Revenue from Contracts with Customers The Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon product shipment, pickup or delivery to a customer based on terms of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product is sold to foodservice, retail, institutional and other distribution channels. Shipping and handling that occurs after the customer has obtained control of the product is recorded as a fulfillment cost rather than an additional performance obligation. Costs paid to third party brokers to obtain contracts are recognized as part of selling expenses. Other sundry items in context of the contract are also recognized as selling expense. Any taxes collected on behalf of the government are excluded from net revenue. We record revenue at the transaction price which is measured as the amount of consideration we anticipate receiving in exchange for providing products to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments are known. Promotional allowances deducted from sales for the twelve weeks ended January 26, 2024, and January 20, 2023, were $ 4,179 3,864
Leases	Leases Leases are recognized in accordance with ASC 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than twelve months ROU lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company leases warehouse space from time to time that is recorded as ROU lease assets and corresponding lease liabilities. The Company’s leases of long-haul trucks used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities. The condensed consolidated balance sheets reflect both the current and long-term obligations.
Subsequent events	Subsequent events Management has evaluated events subsequent to January 26, 2024, through the date that the accompanying Condensed Consolidated Financial Statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements. No material events were identified that require adjustment to the financial statements or additional disclosure.
Basic earnings per share	Basic earnings per share Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or other potentially dilutive convertible securities were outstanding as of January 26, 2024, or January 20, 2023.
Recently issued accounting pronouncements and regulations	Recently issued accounting pronouncements and regulations In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company analyzed the impact of adopting this standard and does not expect the adoption to have a material impact on its Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts receivable. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment expenses by requiring to disclose significant segment expenses regularly provided to the chief operating decision maker (CODM), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jan. 26, 2024
Accounting Policies [Abstract]
Schedule of Customer Concentration	The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR January 26, 2024 28.4 % 24.7 % 15.5 % 19.1 % January 20, 2023 30.8 % 35.2 % 13.0 % 24.0 %

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
	Jan. 26, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following at the respective period ends: Schedule of Inventories January 26, 2024 November 3, 2023 Meat, ingredients, and supplies $ 11,861 $ 12,244 Work in progress 2,347 1,507 Finished goods 25,067 26,822 Inventories, net $ 39,275 $ 40,573

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Jan. 26, 2024
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 ROU assets: Schedule of Future Minimum Lease Payments Fiscal Year Financial 2024 $ 901 2025 937 2026 996 2027 518 Later Years - Total Minimum Lease Payments(a) (a) $ 3,352 Less: Amount representing executory costs (17 ) Less: Amount representing interest(b) (b) (1 ) Present value of future minimum lease payments(c) (c) $ 3,334 (a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. (b) Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases. (c) Reflected in Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance leases of $ 63 17 1,032 2,222

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jan. 26, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following segment information is presented for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Schedule of Segment Reporting Information, by Segment Frozen Food Products Snack Food Products Other Totals Segment Information Twelve weeks Ended January 26, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 40,443 $ - $ 54,842 Cost of products sold 10,286 28,518 - 38,804 Gross margin 4,113 11,925 - 16,038 SG&A 3,441 11,586 - 15,027 Gain on sale of property, plant, and equipment - - - - Operating income 672 339 - 1,011 Total assets $ 16,120 $ 121,223 $ 29,412 $ 166,755 Additions to PP&E $ 822 $ 1,038 $ - $ 1,860 Twelve weeks Ended January 20, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 14,399 $ 47,223 $ - $ 61,622 Cost of products sold 10,744 33,812 - 44,556 Gross margin 3,655 13,411 - 17,066 SG&A 3,644 12,150 - 15,794 Gain on sale of property, plant, and equipment - (72 ) - (72 ) Operating income 11 1,333 - 1,344 Total assets $ 15,447 $ 126,719 $ 27,445 $ 169,611 Additions to PP&E $ 45 $ 214 $ - $ 259
Schedule of Disaggregates Our Sales to Customers	The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended January 26, 2024, and January 20, 2023, respectively. Twelve weeks Ended January 26, 2024 Schedule of Disaggregates Our Sales to Customers Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 27,986 $ - $ 27,986 Direct customer warehouse 12,457 - 12,457 Total Snack Food Products 40,443 - 40,443 Distributors 2,684 11,715 14,399 Total Frozen Food Products 2,684 11,715 14,399 Totals $ 43,127 $ 11,715 $ 54,842 Twelve weeks Ended January 20, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 34,046 $ - $ 34,046 Direct customer warehouse 13,177 - 13,177 Total Snack Food Products 47,223 - 47,223 Distributors 3,207 11,192 14,399 Total Frozen Food Products 3,207 11,192 14,399 Totals $ 50,430 $ 11,192 $ 61,622 (a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. (b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

Equipment Notes Payable and F_2

Equipment Notes Payable and Financial Arrangements (Tables)	3 Months Ended
	Jan. 26, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit and Borrowing Agreements	The following table reflects major components of our revolving credit facility and borrowing agreements as of January 26, 2024, and November 3, 2023, respectively. Schedule of Line of Credit and Borrowing Agreements January 26, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment notes: 3.68 04/16/27 04/17/22 3,660 3,831 Total debt 3,660 3,831 Less current debt (1,052 ) (1,045 ) Total long-term debt $ 2,608 $ 2,786

Schedule of Customer Concentrat

Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member]	3 Months Ended
	Jan. 26, 2024	Jan. 20, 2023
Revenue Benchmark [Member] | Wal Mart [Member]
Product Information [Line Items]
Concentration risk, percentage	28.40%	30.80%
Revenue Benchmark [Member] | Dollar General [Member]
Product Information [Line Items]
Concentration risk, percentage	15.50%	13%
Accounts Receivable [Member] | Wal Mart [Member]
Product Information [Line Items]
Concentration risk, percentage	24.70%	35.20%
Accounts Receivable [Member] | Dollar General [Member]
Product Information [Line Items]
Concentration risk, percentage	19.10%	24%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2024	Jan. 20, 2023
Accounting Policies [Abstract]
Promotional allowances	$ 4,179	$ 3,864
Lease term	12 months

Schedule of Inventories (Detail

Schedule of Inventories (Details) - USD ($) $ in Thousands	Jan. 26, 2024	Nov. 03, 2023
Inventory Disclosure [Abstract]
Meat, ingredients, and supplies	$ 11,861	$ 12,244
Work in progress	2,347	1,507
Finished goods	25,067	26,822
Inventories, net	$ 39,275	$ 40,573

Inventories, net (Details Narra

Inventories, net (Details Narrative) - USD ($) $ in Thousands	Jan. 26, 2024	Nov. 03, 2023
Inventory Disclosure [Abstract]
Inventory valuation reserves	$ 111	$ 513

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details) $ in Thousands	Jan. 26, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 901
2025	937
2026	996
2027	518
Later Years
Total Minimum Lease Payments(a)	3,352	[1]
Less: Amount representing executory costs	(17)
Less: Amount representing interest(b)	(1)	[2]
Present value of future minimum lease payments(c)	$ 3,334	[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 Part I. Financial Information, Item 1. a., Condensed Consolidated Balance Sheets, as current and noncurrent obligations are finance leases of $ 63 17 1,032 2,222

Schedule of Future Minimum Le_2

Schedule of Future Minimum Lease Payments (Details) (Parenthetical) $ in Thousands	Jan. 26, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Finance leases, current	$ 63
Finance leases, non current	17
Finance lease right-of-use asset, current	1,032
Finance lease right-of-use asset, non-current	$ 2,222

Contingencies and Commitments_2

Contingencies and Commitments (Details Narrative) - USD ($) $ in Thousands			3 Months Ended
	Jun. 22, 2023	Apr. 17, 2023	Jan. 26, 2024
Property, Plant and Equipment [Line Items]
Lease term, description			The Company leased three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks expire in fiscal year 2025.
Loss on return	$ 12
Amortization of equipment			$ 11
Lease market value		$ 27
Lease term			12 months
Racine Partiners [Member]
Property, Plant and Equipment [Line Items]
Lease term			5 years
Lease right of use asset			$ 3,056
Lease liability			$ 3,117
Incremental interest rate year one			3.68%
Hogshed Ventures, LLC. [Member]
Property, Plant and Equipment [Line Items]
Lease right of use asset			$ 137
Incremental interest rate year one			5.49%
Lease term, description			We lease this space under a non-cancelable operating lease. This lease does not have significant rent escalation holidays, concessions, leasehold improvement incentives or other build-out clauses. Further, this lease does not contain contingent rent provisions.
Lease expiration date			Jun. 30, 2024

Schedule of Segment Reporting I

Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2024	Jan. 20, 2023	Nov. 03, 2023
Segment Reporting Information [Line Items]
Sales	$ 54,842	$ 61,622
Cost of products sold	38,804	44,556
Gross margin	16,038	17,066
SG&A	15,027	15,794
Gain on sale of property, plant, and equipment		(72)
Operating income	1,011	1,344
Total assets	166,755	169,611	$ 166,998
Additions to PP&E	1,860	259
Frozen Food Products [Member]
Segment Reporting Information [Line Items]
Sales	14,399	14,399
Cost of products sold	10,286	10,744
Gross margin	4,113	3,655
SG&A	3,441	3,644
Gain on sale of property, plant, and equipment
Operating income	672	11
Total assets	16,120	15,447
Additions to PP&E	822	45
Snack Food Products [Member]
Segment Reporting Information [Line Items]
Sales	40,443	47,223
Cost of products sold	28,518	33,812
Gross margin	11,925	13,411
SG&A	11,586	12,150
Gain on sale of property, plant, and equipment		(72)
Operating income	339	1,333
Total assets	121,223	126,719
Additions to PP&E	1,038	214
Other Segments [Member]
Segment Reporting Information [Line Items]
Sales
Cost of products sold
Gross margin
SG&A
Gain on sale of property, plant, and equipment
Operating income
Total assets	29,412	27,445
Additions to PP&E

Schedule of Disaggregates Our S

Schedule of Disaggregates Our Sales to Customers (Details) - USD ($) $ in Thousands		3 Months Ended
		Jan. 26, 2024	Jan. 20, 2023
Revenue from External Customer [Line Items]
Direct store delivery		$ 27,986	$ 34,046
Direct customer warehouse		12,457	13,177
Total Snack Food Products		40,443	47,223
Distributors		14,399	14,399
Total Frozen Food Products		14,399	14,399
Total Net Sales		54,842	61,622
Retail [Member]
Revenue from External Customer [Line Items]
Direct store delivery	[1]	27,986	34,046
Direct customer warehouse	[1]	12,457	13,177
Total Snack Food Products	[1]	40,443	47,223
Distributors	[1]	2,684	3,207
Total Frozen Food Products	[1]	2,684	3,207
Total Net Sales	[1]	43,127	50,430
Foodservice [Member]
Revenue from External Customer [Line Items]
Direct store delivery	[2]
Direct customer warehouse	[2]
Total Snack Food Products	[2]
Distributors	[2]	11,715	11,192
Total Frozen Food Products	[2]	11,715	11,192
Total Net Sales	[2]	$ 11,715	$ 11,192
[1]Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.[2]Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

Segment Information (Details Na

Segment Information (Details Narrative)	3 Months Ended
	Jan. 26, 2024 Segment
Segment Reporting [Abstract]
Number of reportable operating segments	2

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands		3 Months Ended
	Mar. 27, 2020	Jan. 26, 2024	Jan. 20, 2023
Operating Loss Carryforwards [Line Items]
Income Tax Examination, 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 benefit		$ 510	$ 398
Research and development credits		$ 358
Effective tax rate percentage		29.20%	29.90%
Nondeductible tax expense		$ 510
Valuation allowance		99
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		5,000
Research and Development Expense [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		358
Tax Year 2014 [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		9,919
Tax Year 2015 [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		9,919
Tax Year 2019 [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		21,687
CARES Act [Member]
Operating Loss Carryforwards [Line Items]
Income Tax Examination, 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 benefit		$ 3,091

Schedule of Line of Credit and

Schedule of Line of Credit and Borrowing Agreements (Details) - USD ($) $ in Thousands	Jan. 26, 2024	Nov. 03, 2023
Debt Disclosure [Abstract]
Revolving credit facility
3.68% note due 04/16/27, out of lockout 04/17/22	3,660	3,831
Total debt	3,660	3,831
Less current debt	(1,052)	(1,045)
Total long-term debt	$ 2,608	$ 2,786

Schedule of Line of Credit an_2

Schedule of Line of Credit and Borrowing Agreements (Details) (Parenthetical)	3 Months Ended	12 Months Ended
	Jan. 26, 2024	Nov. 03, 2023
Debt Disclosure [Abstract]
Interest rate	3.68%	3.68%
Maturity date, end	Apr. 16, 2027	Apr. 16, 2027
Maturity date, start	Apr. 17, 2022	Apr. 17, 2022

Equipment Notes Payable and F_3

Equipment Notes Payable and Financial Arrangements (Details Narrative) - USD ($) $ in Thousands			3 Months Ended
	Jun. 02, 2022	Aug. 30, 2021	Jan. 26, 2024	Nov. 03, 2023	Dec. 26, 2018
Debt Instrument [Line Items]
Secured debt			$ 3,660	$ 3,831
Prepayment of loan		$ 18,653
Bridge Loan [Member]
Debt Instrument [Line Items]
Bridge loan		$ 25,000
CRG Purchase Agreement [Member] | Land [Member]
Debt Instrument [Line Items]
Gain on sale of land	$ 18,653
Wells Fargo Bank NA [Member] | Master Collateral Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Secured debt					$ 15,000
Wells Fargo Bank NA [Member] | November 3, 2024 [Member]
Debt Instrument [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.