Bridgford Foods Corp. Friday announced an 11.1% increase in sales for the second quarter of its 2000 fiscal year.
Sales increased by $3.7 million to $36.8 million in the quarter ended April 28, 2000 compared with the same period last year. Net income in the second quarter decreased 9.3% to $2.4 million when compared with the second quarter of the 1999 fiscal year. The trend of higher costs for pork supplies continued in the second quarter and had an adverse influence on profit margins.
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Sales for the first 26 weeks of the 2000 fiscal year increased by 10.7% to $77.2 million compared with the same period in 1999 while net income decreased 9.0% to $4.8 million.
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 547,000 shares on the open market at an average cost of $9.23 per share.
Bridgford Foods Corp., a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats, and other convenience food products, currently has 10,823,000 shares outstanding.
BRIDGFORD FOODS CORPORATION
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By GlobalDataFINANCIAL HIGHLIGHTS
13 Weeks Ended
April 28, 2000 April 30, 1999
Sales $ 36,815,709 $ 33,138,899
Cost of sales $ 21,841,309 $ 18,749,431
Selling, general & admin
expenses $ 10,211,761 $ 9,359,456
Depreciation $ 932,169 $ 809,250
Income before taxes $ 3,830,470 $ 4,220,762
Income tax provision $ 1,456,000 $ 1,604,000
Net income $ 2,374,470 $ 2,616,762
Basic earnings per share 22 cents 23 cents
Average shares outstanding 10,898,977 11,369,812
26 Weeks Ended
April 28, 2000 April 30, 1999
Sales $ 77,159,581 $ 69,698,531
Cost of sales $ 46,290,226 $ 39,939,701
Selling, general & admin
expenses $ 21,321,690 $ 19,691,625
Depreciation $ 1,860,857 $ 1,618,500
Income before taxes $ 7,686,808 $ 8,448,705
Income tax provision $ 2,921,000 $ 3,211,000
Net income $ 4,765,808 $ 5,237,705
Basic earnings per share 43 cents 46 cents
Average shares outstanding 11,102,587 11,369,812
