Bridgeford Foods, a US producer of frozen dough, microwaveable sandwiches, dry sausages and processed meats, last week announced sales of US$32.025m.
This corresponds to a decrease of 10.5% from the $35.795m recorded in the same quarter last year. Operating results in the quarter under review, which ended 2 August, produced a net loss of $430,000, compared with net income of $854,000 earned in the third quarter of 2001.
Sales for the 39 weeks ended 2 August 2002, totaled $104,927,000, a decrease of 8.4% from the $114,563,000 of sales recorded through the third quarter of last year. Net income through the third quarter of the 2002 fiscal year was $2.620m, a decrease of 48.8%, compared with the $5.12m earned in the same period of 2001.
Sales in all quarters of the 2002 fiscal year were adversely affected by the general downturn in the economy and by reduced sales to a major customer currently in bankruptcy proceedings. Earnings in the third quarter and in the first 39 weeks of the 2002 fiscal year have been adversely affected by the lower sales volume and by the credit loss provision for the bankruptcy filing of a significant customer, the company said.