EX-99.1 2 a07-2011_1ex99d1.htm EX-99.1

Exhibit 99.1

For release Western Circuit and Analyst Wire.

January 16, 2007

BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES IMPROVED RESULTS FOR 2006 FISCAL YEAR

Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the fiscal year (53 weeks) ended November 3, 2006 of $134,264,000, an increase of 2.6% compared to sales in the prior fiscal year (52 weeks).  The Company reported net income of $1,240,000 (53 weeks) compared to a net loss of $943,000 (52 weeks) in the prior year.

Sales for the seventeen weeks ended November 3, 2006 increased 3.2% to $43,215,000 when compared to the same period of sixteen weeks in the prior year. Net income for the seventeen weeks ended November 3, 2006 was $1,081,000, compared to a net loss of $340,000 in the same period last year (sixteen weeks).

Bridgford Foods Corporation is a producer of frozen dough, microwaveable and shelf-stable sandwiches, dry sausages, processed meats and other convenience food products.

BRIDGFORD FOODS CORPORATION
FINANCIAL HIGHLIGHTS

 

 

53 Weeks Ended

 

52 Weeks Ended

 

 

 

November 3, 2006

 

October 28, 2005

 

Sales

 

$

134,264,000

 

$

130,845,000

 

Cost of sales

 

$

85,133,000

 

$

85,455,000

 

Selling, general & administrative expenses

 

$

43,963,000

 

$

43,393,000

 

Depreciation

 

$

3,777,000

 

$

4,251,000

 

Gain on sale of equity securities

 

$

(106,000

)

$

—

 

Income (loss) before taxes

 

$

1,497,000

 

$

(2,254,000

)

Income tax provision (benefit)

 

$

257,000

 

$

(1,311,000

)

Net income (loss)

 

$

1,240,000

 

$

(943,000

)

Basic earnings (loss) per share

 

$

0.13

 

$

(0.09

)

Average shares outstanding

 

9,966,000

 

9,995,000

 

 

 

 

 

17 Weeks Ended

 

16 Weeks Ended

 

 

 

November 3, 2006

 

October 28, 2005

 

 

 

(UNAUDITED)

 

Sales

 

$

43,215,000

 

$

41,884,000

 

Cost of sales

 

$

27,046,000

 

$

27,783,000

 

Selling, general & administrative expenses

 

$

13,733,000

 

$

13,890,000

 

Depreciation

 

$

1,101,000

 

$

1,166,000

 

Income (loss) before taxes

 

$

1,335,000

 

$

(955,000

)

Income tax provision (benefit)

 

$

254,000

 

$

(615,000

)

Net income (loss)

 

$

1,081,000

 

$

(340,000

)

Basic earnings (loss) per share

 

$

0.11

 

$

(0.03

)

Average shares outstanding

 

9,963,000

 

9,988,000

 

 

CONTACT:

 

Bridgford Foods Corporation

 

 

R. Lancy, 714/526-5533