Cover
Cover - shares | 8 Months Ended | |
Jul. 12, 2024 | Aug. 23, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 12, 2024 | |
Document Fiscal Period Focus | Q3 | |
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 | Jul. 12, 2024 | Nov. 03, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 15,938 | $ 15,708 |
Accounts receivable, less allowance for credit losses of $451 and $248, respectively, and promotional allowances of $644 and $2,093, respectively | 27,018 | 28,593 |
Inventories, net | 34,912 | 40,573 |
Refundable income taxes | 4,620 | 2,168 |
Prepaid expenses and other current assets | 1,288 | 435 |
Total current assets | 83,776 | 87,477 |
Property, plant and equipment, net of accumulated depreciation and amortization of $77,221 and $73,397, respectively | 65,347 | 67,487 |
Other non-current assets | 14,738 | 12,034 |
Total assets | 163,861 | 166,998 |
Current liabilities: | ||
Accounts payable | 7,956 | 7,201 |
Accrued payroll, advertising, and other expenses | 7,445 | 6,404 |
Income taxes payable | 256 | 256 |
Current notes payable - equipment | 1,075 | 1,045 |
Current right-of-use leases payable | 1,081 | 1,120 |
Other current liabilities | 1,783 | 1,955 |
Total current liabilities | 19,596 | 17,981 |
Long-term notes payable - equipment | 2,068 | 2,786 |
Deferred income taxes, net | 8,342 | 8,342 |
Long-term right-of-use leases payable | 2,583 | 2,450 |
Executive retirement, pension plans and other | 4,467 | 5,904 |
Total long-term liabilities | 17,460 | 19,482 |
Total liabilities | 37,056 | 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 | 120,062 | 122,792 |
Accumulated other comprehensive loss | (10,689) | (10,689) |
Total shareholders’ equity | 126,805 | 129,535 |
Total liabilities and shareholders’ equity | $ 163,861 | $ 166,998 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 12, 2024 | Nov. 03, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for credit losses | $ 451 | $ 248 |
Accounts receivable, allowance for promotional allowances | 644 | 2,093 |
Property, plant and equipment, accumulated depreciation | $ 77,221 | $ 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 | 8 Months Ended | ||
Jul. 12, 2024 | Jul. 07, 2023 | Jul. 12, 2024 | Jul. 07, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 49,263 | $ 54,189 | $ 151,419 | $ 171,321 |
Cost of products sold | 38,039 | 38,898 | 113,431 | 123,507 |
Gross margin | 11,224 | 15,291 | 37,988 | 47,814 |
Selling, general and administrative expenses | 14,445 | 14,657 | 43,446 | 45,392 |
Loss on sale of property, plant, and equipment | 163 | 37 | 161 | 197 |
Operating (loss) income | (3,384) | 597 | (5,619) | 2,225 |
Other income (expense) | ||||
Interest income (expense) | (75) | (90) | (220) | (315) |
Cash surrender value gain | 937 | 435 | 1,990 | 675 |
Total other income | 862 | 345 | 1,770 | 360 |
(Loss) income before taxes | (2,522) | 942 | (3,849) | 2,585 |
(Benefit on) provision for income taxes | (752) | 258 | (1,119) | 820 |
Net (loss) income | $ (1,770) | $ 684 | $ (2,730) | $ 1,765 |
Basic (loss) earnings per share | $ (0.20) | $ 0.08 | $ (0.30) | $ 0.19 |
Shares used to compute basic (loss) earnings per share | 9,076,832 | 9,076,832 | 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 (loss) | 1,765 | 1,765 | |||
Balance at Jul. 07, 2023 | $ 9,134 | 8,298 | 121,083 | (10,425) | 128,090 |
Balance, shares at Jul. 07, 2023 | 9,076 | ||||
Balance at Apr. 14, 2023 | $ 9,134 | 8,298 | 120,399 | (10,425) | 127,406 |
Balance, shares at Apr. 14, 2023 | 9,076 | ||||
Net income (loss) | 684 | 684 | |||
Balance at Jul. 07, 2023 | $ 9,134 | 8,298 | 121,083 | (10,425) | 128,090 |
Balance, shares at Jul. 07, 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 (loss) | (2,730) | (2,730) | |||
Balance at Jul. 12, 2024 | $ 9,134 | 8,298 | 120,062 | (10,689) | 126,805 |
Balance, shares at Jul. 12, 2024 | 9,076 | ||||
Balance at Apr. 19, 2024 | $ 9,134 | 8,298 | 121,832 | (10,689) | 128,575 |
Balance, shares at Apr. 19, 2024 | 9,076 | ||||
Net income (loss) | (1,770) | (1,770) | |||
Balance at Jul. 12, 2024 | $ 9,134 | $ 8,298 | $ 120,062 | $ (10,689) | $ 126,805 |
Balance, shares at Jul. 12, 2024 | 9,076 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 8 Months Ended | |
Jul. 12, 2024 | Jul. 07, 2023 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (2,730) | $ 1,765 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,489 | 4,378 |
Provision for credit losses on accounts receivable | 215 | 65 |
Decrease in promotional allowances | (1,449) | (137) |
Loss on sale of property, plant, and equipment | 161 | 197 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 2,809 | 4,524 |
Inventories, net | 5,661 | (3,181) |
Prepaid expenses and other current assets | (853) | (1,340) |
Refundable income taxes | (2,452) | (283) |
Other non-current assets | (2,704) | (675) |
Accounts payable | 755 | (3,210) |
Accrued payroll, advertising, and other expenses | 1,041 | (1,040) |
Other current liabilities | (168) | (1,046) |
Other non-current liabilities | (1,573) | 78 |
Net cash provided by operating activities | 3,202 | 95 |
Cash flows from investing activities: | ||
Proceeds from sale of property, plant, and equipment | 14 | 186 |
Additions to property, plant, and equipment | (2,524) | (2,387) |
Net cash used in investing activities | (2,510) | (2,201) |
Cash flows from financing activities: | ||
Change in lease and right-of-use obligations | 226 | (719) |
Repayments of notes payable - equipment | (688) | (743) |
Net cash used in financing activities | (462) | (1,462) |
Net increase (decrease) in cash and cash equivalents | 230 | (3,568) |
Cash and cash equivalents and restricted cash at beginning of period | 15,708 | 16,333 |
Cash and cash equivalents and restricted cash at end of period | 15,938 | 12,765 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 1,334 | 1,108 |
Cash paid for interest | 220 | 316 |
Non-cash receivable from tenant | 913 | |
Non-cash liability from tenant | $ 933 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 8 Months Ended |
Jul. 12, 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 and thirty-six weeks ended July 12, 2024 and July 7, 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 considers 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 (loss) income and additional minimum pension liability adjustments. There were no differences between net (loss) income and comprehensive income during each of the twelve and thirty-six weeks ended July 12, 2024, and July 7, 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 thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR July 12, 2024 27.0 % 27.1 % 14.8 % 22.7 % July 7, 2023 29.6 % 27.4 % 16.8 % 25.8 % The table below shows customers that accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twelve weeks ended July 12, 2024, and July 7, 2023, respectively. Walmart Dollar General Sales AR Sales AR July 12, 2024 24.1 % 27.1 % 15.3 % 22.7 % July 7, 2023 27.8 % 27.4 % 17.9 % 25.8 % 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 July 12, 2024, and July 7, 2023, were $ 4,489 3,396 12,540 11,781 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 no longer leases long-haul trucks used in its Frozen Food Products segment. However, we have leased one refrigerated truck used in the Frozen Food Products segment. Finance lease liabilities are recorded under other liabilities. The condensed consolidated balance sheets reflect both the current and long-term obligations. We leased a parking lot to our lessee in accordance with ASC 842 under a 60-month lease contract. Legal ownership does not transfer at the end of the lease. We retain ownership of the parking lot. There is no net book value of the underlying asset. We recorded a lease receivable, both the current and non-current components, less executory costs including broker commission. The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. Revenue will be deferred until earned and is recorded in current and non-current liabilities. Subsequent events Management has evaluated events subsequent to July 12, 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 (loss) earnings per share Basic (loss) 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 July 12, 2024, or July 7, 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 adoption of ASU No. 2016-13 did not have a material or significant impact on the Company’s 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 the disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM), extending certain annual disclosures to interim periods, and permitting 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. In March 2024, the SEC adopted rules to develop standardized climate-related disclosures by publicly traded companies including the emission of greenhouse gases. The rules are currently effective for the Company in the fiscal year beginning in 2027. However, as a result of pending legal challenges, the actual timing of effectiveness of the rules and applicable phase-in periods, as well as whether portions of the rules remain in effect after the legal challenges, are uncertain. The Company is currently evaluating the guidance and its impact on the financial statements. |
Inventories, net
Inventories, net | 8 Months Ended |
Jul. 12, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 2 – Inventories, net Inventories are comprised of the following at the respective period ends: Schedule of Inventories July 12, 2024 November 3, 2023 Meat, ingredients, and supplies $ 9,018 $ 12,244 Work in progress 3,042 1,507 Finished goods 22,852 26,822 Inventories, net $ 34,912 $ 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 value reserve of $ 1,343 513 |
Contingencies and Commitments
Contingencies and Commitments | 8 Months Ended |
Jul. 12, 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 would have expired in fiscal year 2025. 12 90 27 The Company leased one refrigerated truck received on May 10, 2024, for a net present value of $166. The seven-year lease for this truck will expire in fiscal year 2031. 6 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 2,684 2,751 rd 3.68 We leased warehouse storage space from Hogshed Ventures, LLC for 40th Street in Chicago, Illinois, during fiscal year 2024. We leased this space under a non-cancelable operating lease. This lease terminated on June 30, 2024 and was not renewed. There is no further lease liability recorded as of July 12, 2024. We, as lessor, leased a parking lot in Anaheim, California with a five-year term effective May 29, 2024, to a tenant. Both current and non-current receivables less executory costs including broker’s commissions, were recorded in current and non-current liabilities in the amount of $ 163 750 155 778 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 $ 317 2025 1,130 2026 1,207 2027 806 Later Years 439 Total Minimum Lease Payments (a) $ 3,899 Less: Amount representing executory costs (11 ) Less: Amount representing interest (b) - Present value of future minimum lease payments (c) $ 3,888 (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 $ 58 165 1,081 2,584 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 | 8 Months Ended |
Jul. 12, 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 July 12, 2024, and July 7, 2023, respectively. Schedule of Segment Reporting Information, by Segment Twelve weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Segment Information Twelve weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 11,517 $ 37,746 $ - $ 49,263 Cost of products sold 8,670 29,369 - 38,039 Gross margin 2,847 8,377 - 11,224 SG&A 3,063 11,382 - 14,445 Loss on sale of property, plant, and equipment 90 73 - 163 Operating loss (306 ) (3,078 ) - (3,384 ) Total assets $ 14,202 $ 113,444 $ 36,215 $ 163,861 Additions to PP&E $ 252 $ 403 $ - $ 655 Twelve weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Twelve weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 10,852 $ 43,337 $ - $ 54,189 Cost of products sold 8,809 30,089 - 38,898 Gross margin 2,043 13,248 - 15,291 SG&A 2,900 11,757 - 14,657 Loss (gain) on sale of property, plant, and equipment 61 (24 ) - 37 Operating (loss) income (918 ) 1,515 - 597 Total assets $ 15,020 $ 128,690 $ 27,723 $ 171,433 Additions to PP&E $ 443 $ 651 $ - $ 1,094 The following segment information is presented for the thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Thirty-six weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Thirty-six weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 38,821 $ 112,598 $ - $ 151,419 Cost of products sold 28,453 84,978 - 113,431 Gross margin 10,368 27,620 - 37,988 SG&A 9,729 33,717 - 43,446 Loss on sale of property, plant, and equipment 90 71 - 161 Operating income (loss) 549 (6,168 ) - (5,619 ) Total assets $ 14,202 $ 113,444 $ 36,215 $ 163,861 Additions to PP&E $ 754 $ 1,770 $ - $ 2,524 Thirty-six weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Thirty-six weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 37,156 $ 134,165 $ - $ 171,321 Cost of products sold 29,032 94,475 - 123,507 Gross margin 8,124 39,690 - 47,814 SG&A 9,786 35,606 - 45,392 Loss on sale of property, plant, and equipment 92 105 - 197 Operating (loss) income (1,754 ) 3,979 - 2,225 Total assets $ 15,020 $ 128,690 $ 27,723 $ 171,433 Additions to PP&E $ 1,030 $ 1,357 $ - $ 2,387 The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve weeks ended July 12, 2024, and July 7, 2023, respectively. Schedule of Disaggregates Our Sales to Customers Twelve weeks Ended July 12, 2024 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 24,411 $ - $ 24,411 Direct customer warehouse 13,335 - 13,335 Total Snack Food Products 37,746 - 37,746 Distributors 1,119 10,398 11,517 Total Frozen Food Products 1,119 10,398 11,517 Totals $ 38,865 $ 10,398 $ 49,263 Twelve weeks Ended July 7, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 28,302 $ - $ 28,302 Direct customer warehouse 15,035 - 15,035 Total Snack Food Products 43,337 - 43,337 Distributors 1,134 9,718 10,852 Total Frozen Food Products 1,134 9,718 10,852 Totals $ 44,471 $ 9,718 $ 54,189 (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 following information further disaggregates our sales to customers by major distribution channel and customer type for the thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Thirty-six weeks Ended July 12, 2024 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 76,434 $ - $ 76,434 Direct customer warehouse 36,164 - 36,164 Total Snack Food Products 112,598 - 112,598 Distributors 5,120 33,701 38,821 Total Frozen Food Products 5,120 33,701 38,821 Totals $ 117,718 $ 33,701 $ 151,419 Thirty-six weeks Ended July 7, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 91,400 $ - $ 91,400 Direct customer warehouse 42,765 - 42,765 Total Snack Food Products 134,165 - 134,165 Distributors 5,618 31,538 37,156 Total Frozen Food Products 5,618 31,538 37,156 Totals $ 139,783 $ 31,538 $ 171,321 Total Net Sales $ 139,783 $ 31,538 $ 171,321 (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 | 8 Months Ended |
Jul. 12, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5 – Income Taxes The Company’s effective tax rate was 29.1 31.7 1,119 As of July 12, 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 net operating losses (“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 | 8 Months Ended |
Jul. 12, 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. Amounts may be repaid and reborrowed during the term of the note. 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 The following table reflects major components of our revolving credit facility and equipment note payable as of July 12, 2024, and November 3, 2023, respectively. Schedule of Line of Credit and Equipment Note Payable July 12, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment note payable: 3.68 04/16/27 04/17/22 3,143 3,831 Total debt 3,143 3,831 Less current debt (1,075 ) (1,045 ) Total long-term debt $ 2,068 $ 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, and ● Fixed Charge Coverage Ratio not less than 1.25 to 1.0 at each fiscal quarter end. As of July 12, 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) | 8 Months Ended |
Jul. 12, 2024 | |
Accounting Policies [Abstract] | |
Comprehensive income or loss | Comprehensive income or loss Comprehensive income or loss consists of net (loss) income and additional minimum pension liability adjustments. There were no differences between net (loss) income and comprehensive income during each of the twelve and thirty-six weeks ended July 12, 2024, and July 7, 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 thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR July 12, 2024 27.0 % 27.1 % 14.8 % 22.7 % July 7, 2023 29.6 % 27.4 % 16.8 % 25.8 % The table below shows customers that accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twelve weeks ended July 12, 2024, and July 7, 2023, respectively. Walmart Dollar General Sales AR Sales AR July 12, 2024 24.1 % 27.1 % 15.3 % 22.7 % July 7, 2023 27.8 % 27.4 % 17.9 % 25.8 % |
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 July 12, 2024, and July 7, 2023, were $ 4,489 3,396 12,540 11,781 |
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 no longer leases long-haul trucks used in its Frozen Food Products segment. However, we have leased one refrigerated truck used in the Frozen Food Products segment. Finance lease liabilities are recorded under other liabilities. The condensed consolidated balance sheets reflect both the current and long-term obligations. We leased a parking lot to our lessee in accordance with ASC 842 under a 60-month lease contract. Legal ownership does not transfer at the end of the lease. We retain ownership of the parking lot. There is no net book value of the underlying asset. We recorded a lease receivable, both the current and non-current components, less executory costs including broker commission. The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. Revenue will be deferred until earned and is recorded in current and non-current liabilities. |
Subsequent events | Subsequent events Management has evaluated events subsequent to July 12, 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 (loss) earnings per share | Basic (loss) earnings per share Basic (loss) 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 July 12, 2024, or July 7, 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 adoption of ASU No. 2016-13 did not have a material or significant impact on the Company’s 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 the disclosure of significant segment expenses regularly provided to the chief operating decision maker (CODM), extending certain annual disclosures to interim periods, and permitting 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. In March 2024, the SEC adopted rules to develop standardized climate-related disclosures by publicly traded companies including the emission of greenhouse gases. The rules are currently effective for the Company in the fiscal year beginning in 2027. However, as a result of pending legal challenges, the actual timing of effectiveness of the rules and applicable phase-in periods, as well as whether portions of the rules remain in effect after the legal challenges, are uncertain. The Company is currently evaluating the guidance and its impact on the financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 8 Months Ended |
Jul. 12, 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 thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Schedule of Customer Concentration Walmart Dollar General Sales AR Sales AR July 12, 2024 27.0 % 27.1 % 14.8 % 22.7 % July 7, 2023 29.6 % 27.4 % 16.8 % 25.8 % The table below shows customers that accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twelve weeks ended July 12, 2024, and July 7, 2023, respectively. Walmart Dollar General Sales AR Sales AR July 12, 2024 24.1 % 27.1 % 15.3 % 22.7 % July 7, 2023 27.8 % 27.4 % 17.9 % 25.8 % |
Inventories, net (Tables)
Inventories, net (Tables) | 8 Months Ended |
Jul. 12, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories are comprised of the following at the respective period ends: Schedule of Inventories July 12, 2024 November 3, 2023 Meat, ingredients, and supplies $ 9,018 $ 12,244 Work in progress 3,042 1,507 Finished goods 22,852 26,822 Inventories, net $ 34,912 $ 40,573 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 8 Months Ended |
Jul. 12, 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 $ 317 2025 1,130 2026 1,207 2027 806 Later Years 439 Total Minimum Lease Payments (a) $ 3,899 Less: Amount representing executory costs (11 ) Less: Amount representing interest (b) - Present value of future minimum lease payments (c) $ 3,888 (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 $ 58 165 1,081 2,584 |
Segment Information (Tables)
Segment Information (Tables) | 8 Months Ended |
Jul. 12, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following segment information is presented for the twelve weeks ended July 12, 2024, and July 7, 2023, respectively. Schedule of Segment Reporting Information, by Segment Twelve weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Segment Information Twelve weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 11,517 $ 37,746 $ - $ 49,263 Cost of products sold 8,670 29,369 - 38,039 Gross margin 2,847 8,377 - 11,224 SG&A 3,063 11,382 - 14,445 Loss on sale of property, plant, and equipment 90 73 - 163 Operating loss (306 ) (3,078 ) - (3,384 ) Total assets $ 14,202 $ 113,444 $ 36,215 $ 163,861 Additions to PP&E $ 252 $ 403 $ - $ 655 Twelve weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Twelve weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 10,852 $ 43,337 $ - $ 54,189 Cost of products sold 8,809 30,089 - 38,898 Gross margin 2,043 13,248 - 15,291 SG&A 2,900 11,757 - 14,657 Loss (gain) on sale of property, plant, and equipment 61 (24 ) - 37 Operating (loss) income (918 ) 1,515 - 597 Total assets $ 15,020 $ 128,690 $ 27,723 $ 171,433 Additions to PP&E $ 443 $ 651 $ - $ 1,094 The following segment information is presented for the thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Thirty-six weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Thirty-six weeks Ended July 12, 2024 Frozen Food Products Snack Food Products Other Totals Sales $ 38,821 $ 112,598 $ - $ 151,419 Cost of products sold 28,453 84,978 - 113,431 Gross margin 10,368 27,620 - 37,988 SG&A 9,729 33,717 - 43,446 Loss on sale of property, plant, and equipment 90 71 - 161 Operating income (loss) 549 (6,168 ) - (5,619 ) Total assets $ 14,202 $ 113,444 $ 36,215 $ 163,861 Additions to PP&E $ 754 $ 1,770 $ - $ 2,524 Thirty-six weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Thirty-six weeks Ended July 7, 2023 Frozen Food Products Snack Food Products Other Totals Sales $ 37,156 $ 134,165 $ - $ 171,321 Cost of products sold 29,032 94,475 - 123,507 Gross margin 8,124 39,690 - 47,814 SG&A 9,786 35,606 - 45,392 Loss on sale of property, plant, and equipment 92 105 - 197 Operating (loss) income (1,754 ) 3,979 - 2,225 Total assets $ 15,020 $ 128,690 $ 27,723 $ 171,433 Additions to PP&E $ 1,030 $ 1,357 $ - $ 2,387 |
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 July 12, 2024, and July 7, 2023, respectively. Schedule of Disaggregates Our Sales to Customers Twelve weeks Ended July 12, 2024 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 24,411 $ - $ 24,411 Direct customer warehouse 13,335 - 13,335 Total Snack Food Products 37,746 - 37,746 Distributors 1,119 10,398 11,517 Total Frozen Food Products 1,119 10,398 11,517 Totals $ 38,865 $ 10,398 $ 49,263 Twelve weeks Ended July 7, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 28,302 $ - $ 28,302 Direct customer warehouse 15,035 - 15,035 Total Snack Food Products 43,337 - 43,337 Distributors 1,134 9,718 10,852 Total Frozen Food Products 1,134 9,718 10,852 Totals $ 44,471 $ 9,718 $ 54,189 (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 following information further disaggregates our sales to customers by major distribution channel and customer type for the thirty-six weeks ended July 12, 2024, and July 7, 2023, respectively. Thirty-six weeks Ended July 12, 2024 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 76,434 $ - $ 76,434 Direct customer warehouse 36,164 - 36,164 Total Snack Food Products 112,598 - 112,598 Distributors 5,120 33,701 38,821 Total Frozen Food Products 5,120 33,701 38,821 Totals $ 117,718 $ 33,701 $ 151,419 Thirty-six weeks Ended July 7, 2023 Distribution Channel Retail (a) Foodservice (b) Totals Direct store delivery $ 91,400 $ - $ 91,400 Direct customer warehouse 42,765 - 42,765 Total Snack Food Products 134,165 - 134,165 Distributors 5,618 31,538 37,156 Total Frozen Food Products 5,618 31,538 37,156 Totals $ 139,783 $ 31,538 $ 171,321 Total Net Sales $ 139,783 $ 31,538 $ 171,321 (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) | 8 Months Ended |
Jul. 12, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit and Equipment Note Payable | The following table reflects major components of our revolving credit facility and equipment note payable as of July 12, 2024, and November 3, 2023, respectively. Schedule of Line of Credit and Equipment Note Payable July 12, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment note payable: 3.68 04/16/27 04/17/22 3,143 3,831 Total debt 3,143 3,831 Less current debt (1,075 ) (1,045 ) Total long-term debt $ 2,068 $ 2,786 |
Schedule of Customer Concentrat
Schedule of Customer Concentration (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 8 Months Ended | ||
Jul. 12, 2024 | Jul. 07, 2023 | Jul. 12, 2024 | Jul. 07, 2023 | |
Revenue Benchmark [Member] | Walmart [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 24.10% | 27.80% | 27% | 29.60% |
Revenue Benchmark [Member] | Dollar General [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 15.30% | 17.90% | 14.80% | 16.80% |
Accounts Receivable [Member] | Walmart [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 27.10% | 27.40% | 27.10% | 27.40% |
Accounts Receivable [Member] | Dollar General [Member] | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 22.70% | 25.80% | 22.70% | 25.80% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Jul. 12, 2024 | Jul. 07, 2023 | Jul. 12, 2024 | Jul. 07, 2023 | |
Accounting Policies [Abstract] | ||||
Promotional allowances | $ 4,489 | $ 3,396 | $ 12,540 | $ 11,781 |
Lease term | 12 months | 12 months |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) $ in Thousands | Jul. 12, 2024 | Nov. 03, 2023 |
Inventory Disclosure [Abstract] | ||
Meat, ingredients, and supplies | $ 9,018 | $ 12,244 |
Work in progress | 3,042 | 1,507 |
Finished goods | 22,852 | 26,822 |
Inventories, net | $ 34,912 | $ 40,573 |
Inventories, net (Details Narra
Inventories, net (Details Narrative) - USD ($) $ in Thousands | Jul. 12, 2024 | Nov. 03, 2023 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 1,343 | $ 513 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Jul. 12, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 317 | |
2025 | 1,130 | |
2026 | 1,207 | |
2027 | 806 | |
Later Years | 439 | |
Total Minimum Lease Payments | 3,899 | [1] |
Less: Amount representing executory costs | (11) | |
Less: Amount representing interest | [2] | |
Present value of future minimum lease payments | $ 3,888 | [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 $ 58 165 1,081 2,584 |
Schedule of Future Minimum Le_2
Schedule of Future Minimum Lease Payments (Details) (Parenthetical) $ in Thousands | Jul. 12, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Finance leases, current | $ 58 |
Finance leases, non current | 165 |
Finance lease right-of-use asset, current | 1,081 |
Finance lease right-of-use asset, non-current | $ 2,584 |
Contingencies and Commitments_2
Contingencies and Commitments (Details Narrative) - USD ($) $ in Thousands | 8 Months Ended | |||
Jul. 11, 2024 | Jun. 22, 2023 | Apr. 17, 2023 | Jul. 12, 2024 | |
Property, Plant and Equipment [Line Items] | ||||
Amortization of equipment | $ 6 | |||
Lease term | 12 months | |||
Receivables, current | $ 163 | |||
Receivables, noncurrent | 750 | |||
Unearned revenue, current | 155 | |||
Unearned revenue, noncurrent | $ 778 | |||
Long-Haul Trucks [Member] | ||||
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 would have expired in fiscal year 2025. | |||
Two Long-Haul Trucks [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on return | $ 12 | |||
One Long-Haul Trucks [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Loss on return | $ 90 | |||
One Box Truck [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Lease market value | $ 27 | |||
Refrigerated Trucks [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Lease term, description | The Company leased one refrigerated truck received on May 10, 2024, for a net present value of $166. The seven-year lease for this truck will expire in fiscal year 2031. | |||
Racine Partners 4333 LLC [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Lease term | 5 years | |||
Lease right of use asset | $ 2,684 | |||
Lease liability | $ 2,751 | |||
Incremental interest rate | 3.68% |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Jul. 12, 2024 | Jul. 07, 2023 | Jul. 12, 2024 | Jul. 07, 2023 | Nov. 03, 2023 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 49,263 | $ 54,189 | $ 151,419 | $ 171,321 | |
Cost of products sold | 38,039 | 38,898 | 113,431 | 123,507 | |
Gross margin | 11,224 | 15,291 | 37,988 | 47,814 | |
SG&A | 14,445 | 14,657 | 43,446 | 45,392 | |
Loss on sale of property, plant, and equipment | 163 | 37 | 161 | 197 | |
Operating (loss) income | (3,384) | 597 | (5,619) | 2,225 | |
Total assets | 163,861 | 171,433 | 163,861 | 171,433 | $ 166,998 |
Additions to PP&E | 655 | 1,094 | 2,524 | 2,387 | |
Frozen Food Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 11,517 | 10,852 | 38,821 | 37,156 | |
Cost of products sold | 8,670 | 8,809 | 28,453 | 29,032 | |
Gross margin | 2,847 | 2,043 | 10,368 | 8,124 | |
SG&A | 3,063 | 2,900 | 9,729 | 9,786 | |
Loss on sale of property, plant, and equipment | 90 | 61 | 90 | 92 | |
Operating (loss) income | (306) | (918) | 549 | (1,754) | |
Total assets | 14,202 | 15,020 | 14,202 | 15,020 | |
Additions to PP&E | 252 | 443 | 754 | 1,030 | |
Snack Food Products [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 37,746 | 43,337 | 112,598 | 134,165 | |
Cost of products sold | 29,369 | 30,089 | 84,978 | 94,475 | |
Gross margin | 8,377 | 13,248 | 27,620 | 39,690 | |
SG&A | 11,382 | 11,757 | 33,717 | 35,606 | |
Loss on sale of property, plant, and equipment | 73 | (24) | 71 | 105 | |
Operating (loss) income | (3,078) | 1,515 | (6,168) | 3,979 | |
Total assets | 113,444 | 128,690 | 113,444 | 128,690 | |
Additions to PP&E | 403 | 651 | 1,770 | 1,357 | |
Other Operating Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Cost of products sold | |||||
Gross margin | |||||
SG&A | |||||
Loss on sale of property, plant, and equipment | |||||
Operating (loss) income | |||||
Total assets | 36,215 | 27,723 | 36,215 | 27,723 | |
Additions to PP&E |
Schedule of Disaggregates Our S
Schedule of Disaggregates Our Sales to Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | ||||||
Jul. 12, 2024 | Jul. 07, 2023 | Jul. 12, 2024 | Jul. 07, 2023 | |||||
Revenue from External Customer [Line Items] | ||||||||
Direct store delivery | $ 24,411 | $ 28,302 | $ 76,434 | $ 91,400 | ||||
Direct customer warehouse | 13,335 | 15,035 | 36,164 | 42,765 | ||||
Total Snack Food Products | 37,746 | 43,337 | 112,598 | 134,165 | ||||
Distributors | 11,517 | 10,852 | 38,821 | 37,156 | ||||
Total Frozen Food Products | 11,517 | 10,852 | 38,821 | 37,156 | ||||
Total Net Sales | 49,263 | 54,189 | 151,419 | 171,321 | ||||
Retail [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Direct store delivery | 24,411 | [1] | 28,302 | [1] | 76,434 | [2] | 91,400 | [2] |
Direct customer warehouse | 13,335 | [1] | 15,035 | [1] | 36,164 | [2] | 42,765 | [2] |
Total Snack Food Products | 37,746 | [1] | 43,337 | [1] | 112,598 | [2] | 134,165 | [2] |
Distributors | 1,119 | [1] | 1,134 | [1] | 5,120 | [2] | 5,618 | [2] |
Total Frozen Food Products | 1,119 | [1] | 1,134 | [1] | 5,120 | [2] | 5,618 | [2] |
Total Net Sales | 38,865 | [1] | 44,471 | [1] | 117,718 | [2] | 139,783 | [2] |
Foodservice [Member] | ||||||||
Revenue from External Customer [Line Items] | ||||||||
Direct store delivery | [3] | [3] | ||||||
Direct customer warehouse | [3] | [3] | ||||||
Total Snack Food Products | [3] | [3] | ||||||
Distributors | 10,398 | 9,718 | 33,701 | [3] | 31,538 | [3] | ||
Total Frozen Food Products | 10,398 | 9,718 | 33,701 | [3] | 31,538 | [3] | ||
Total Net Sales | $ 10,398 | $ 9,718 | $ 33,701 | [3] | $ 31,538 | [3] | ||
[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. |
Segment Information (Details Na
Segment Information (Details Narrative) | 8 Months Ended |
Jul. 12, 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 | |
Jul. 12, 2024 | Jul. 07, 2023 | |
Effective Income Tax Rate Reconciliation [Line Items] | ||
Effective tax rate percentage | 29.10% | 31.70% |
Nondeductible tax expense | $ 1,119 | |
Valuation allowance | 99 | |
Domestic Tax Jurisdiction [Member] | ||
Effective Income Tax Rate Reconciliation [Line Items] | ||
Operating loss carryforwards | 0 | |
State and Local Jurisdiction [Member] | ||
Effective Income Tax Rate Reconciliation [Line Items] | ||
Operating loss carryforwards | $ 5,000 |
Schedule of Line of Credit and
Schedule of Line of Credit and Equipment Note Payable (Details) - USD ($) $ in Thousands | Jul. 12, 2024 | Nov. 03, 2023 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | ||
3.68% note due 04/16/27, out of lockout 04/17/22 | 3,143 | 3,831 |
Total debt | 3,143 | 3,831 |
Less current debt | (1,075) | (1,045) |
Total long-term debt | $ 2,068 | $ 2,786 |
Schedule of Line of Credit an_2
Schedule of Line of Credit and Borrowing Agreements (Details) (Parenthetical) | 8 Months Ended | 12 Months Ended |
Jul. 12, 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 | 8 Months Ended | ||
Jul. 12, 2024 | Nov. 03, 2023 | Dec. 26, 2018 | |
Secured debt | $ 3,143 | $ 3,831 | |
Wells Fargo Bank NA [Member] | Master Collateral Loan and Security Agreement [Member] | |||
Secured debt | $ 15,000 | ||
Wells Fargo Bank NA [Member] | November 30, 2024 [Member] | |||
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. Amounts may be repaid and reborrowed during the term of the note. |