Bridgford Foods Corp. (Nasdaq:BRID) yesterday announced a 4.8% increase in sales for the first quarter of its 2001 fiscal year.

Sales increased by $1.9 million to $42.3 million for the quarter ended Feb. 2, 2001 compared with the same period last year. Net income increased 3.7% in the first quarter of 2001 to $2.5 million compared with the $2.4 million earned in the first quarter of 2000.

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First quarter pretax earnings in 2000 included a $675,000 gain on the sale of land from eminent domain proceedings in San Diego. There was no similar transaction in the first quarter of 2001.

The company purchased 53,400 shares of Bridgford Corp. common stock on the open market in the first quarter of the 2001 fiscal year at an average cost of $12.76 per share in connection with the Stock Repurchase Plan adopted in December 1999.

Bridgford Foods, a producer of frozen dough, microwavable hamburgers, dry sausages, processed meats, and other convenience food products currently has 10,562,000 shares outstanding. 

                      BRIDGFORD FOODS CORPORATION

                         FINANCIAL HIGHLIGHTS

13 Weeks Ended

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By GlobalData

Feb. 2, 2001 Jan. 28, 2000

Sales $42,279,414 $40,343,872
Cost of Sales 24,872,932 24,448,917
Selling, General & administrative
expenses 12,343,907 11,109,929
Depreciation 1,062,750 928,688
Income before taxes 3,999,825 3,856,338
Income tax provision 1,520,000 1,465,000
Net income 2,479,825 2,391,338
Basic earnings per share 23 cents 21 cents

Average shares outstanding 10,600,569 11,306,196

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