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Bridgford Foods Corporation (BRID+2.96%) has submitted its 10-Q filing for the quarterly period ended January 24, 2025.
The filing includes financial statements for the quarter, showing a decrease in net sales to $52,545, down 4.2% from $54,842 in the same quarter the previous year. The decrease is attributed to lower unit sales volume in the Snack Food Products segment.
Cost of products sold increased to $39,660, up 2.2% from the previous year, impacting the gross margin which fell to 24.5% from 29.2%. The increase in costs is primarily due to higher meat commodity costs.
The company reported a net loss of $1,113 for the quarter, compared to a net income of $1,235 in the previous year. The loss is attributed to decreased sales and increased costs.
Selling, general, and administrative expenses slightly decreased to $14,913 from $15,027, with the decrease driven by lower product advertising and insurance expenses.
Cash used in operating activities was $4,604, compared to $703 in the previous year, primarily due to an increase in inventory and prepaid expenses.
Bridgford Foods had a working capital of $59,735 as of January 24, 2025, with $7,500 available under its revolving line of credit with Wells Fargo Bank, N.A.
The company was in violation of the Fixed Charge Coverage Ratio covenant of its credit agreement, which was subsequently waived for the fiscal quarter ended January 24, 2025.
The filing also details various financial agreements, including a revolving credit facility and equipment note payable with Wells Fargo Bank, N.A.
Bridgford Foods does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on increasing product sales volume through private-label product arrangements and cost reduction strategies.
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 quarterly 10-Q report dated March 7, 2025. To report an error, please email earnings@qz.com.