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Bridgford Foods Corporation (BRID+2.70%) has submitted its 10-K filing for the fiscal year ended November 1, 2024.
The filing reports a decrease in net sales to $223,645,000 from $251,636,000 in the previous fiscal year, representing an 11.1% decline. The decrease was primarily due to lower unit sales volume and increased promotional activities.
The Frozen Food Products segment saw a slight increase in net sales by 1.3% to $58,408,000, attributed to higher selling prices per pound. However, the Snack Food Products segment experienced a 14.8% decrease in net sales to $165,237,000, influenced by reduced demand and changes in product mix.
Cost of products sold decreased by 7.7% to $167,317,000, with the gross margin declining from 28.0% to 25.2%. The decrease in gross margin was driven by higher costs in the Snack Food Products segment.
Selling, general, and administrative expenses decreased by 4.8% to $62,449,000, primarily due to lower wages and bonus expenses. However, healthcare costs and outside consulting fees increased.
The company reported a net loss of $3,381,000 for the fiscal year, compared to a net income of $3,474,000 in the previous year. The loss was influenced by reduced sales and increased costs.
Bridgford Foods Corporation maintained a working capital of $61,536,000 as of November 1, 2024, and had $7,500,000 available under its revolving line of credit with Wells Fargo Bank, N.A.
The filing indicates that the company is in compliance with all loan covenants and does not anticipate significant changes to its financial position in the near term.
Bridgford Foods Corporation continues to focus on its two business segments: the processing and distribution of frozen food products and snack food products, with major customers including Wal-Mart and Dollar General.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bridgford Foods Corporation annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.