USA: Bridgford Foods Corp. announces results for third quarter of 2000 fiscal year
Bridgford Foods Corp. (Nasdaq:BRID) Thursday announced a 12.1% increase in sales for the third quarter of its 2000 fiscal year. Sales increased by $3.9 million to $36.3 million in the quarter ended July 28, 2000 compared with the same period last year. Net income in the third quarter decreased 15.3% to $1.8 million when compared with the second quarter of the 1999 fiscal year. Diluted earnings per share decreased 10.9% in the third quarter compared with the same quarter last year. The trend of higher costs for pork supplies, combined with increased costs for transportation, health care and petroleum-based packaging had an adverse influence on profit margins. Sales for the first 39 weeks of the 2000 fiscal year increased by 11.2% to $113.4 million compared with the same period in 1999 while net income decreased 10.8% to $6.5 million. Diluted earnings per share decreased 9.3% in the first 39 weeks compared with the same period last year. On Dec. 15, 1999 the company announced the adoption of a stock repurchase plan. The plan authorizes the company to purchase up to 1 million shares (9%) of its outstanding common stock. To date, the company has purchased approximately 707,000 shares on the open market at an average cost of $9.97 per share. Bridgford Foods Corp., a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products currently has 10,663,000 shares outstanding.
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