EX-99.1 2 dex991.htm PRESS RELEASE DATED MARCH 4, 2005 Press Release dated March 4, 2005

Exhibit 99.1

 

For release Western Circuit and Analyst Wire.

 

March 4, 2005

 

BRIDGFORD FOODS CORPORATION (NASDAQ BRID) ANNOUNCES RESULTS FOR FIRST QUARTER

 

Anaheim, California - Bridgford Foods Corporation (Nasdaq: BRID) today reported sales for the first quarter (12 weeks) ended January 21,2005 were $33,591,000, a decrease of 4.9% compared to sales in the first twelve weeks of the prior fiscal year. The Company incurred a net loss of $196,000 in the first quarter of 2005 versus a loss of $138,000 in the same quarter of 2004.

 

Unit sales volume decreased between comparative quarters resulting in lower comparative sales. Higher unit selling prices partially offset the impact of lower unit sales volume. Continuing high costs for meat commodities and increases in fuel and pension benefits expense limited improvement in operating results.

 

Bridgford Foods Corporation, a producer of frozen dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 9,998,000 shares of common stock outstanding.

 

BRIDGFORD FOODS CORPORATION

FINANCIAL HIGHLIGHTS

(UNAUDITED)

 

     12 Weeks Ended
Jan 21, 2005


    12 Weeks Ended
Jan 23, 2004


 

Sales

   $ 33,591,000     $ 35,322,000  

Cost of sales

   $ 22,571,000     $ 23,866,000  

Selling, general & administrative expenses

   $ 10,308,000     $ 10,664,000  

Depreciation

   $ 1,028,000     $ 1,014,000  

Loss before taxes

   $ (316,000 )   $ (222,000 )

Income tax benefit

   $ (120,000 )   $ (84,000 )

Net loss

   $ (196,000 )   $ (138,000 )

Basic loss per share

   $ (0.02 )   $ (0.01 )

Average shares outstanding

     10,000,000       10,265,000  

 

CONTACT:

  Bridgford Foods Corporation
    R. Lancy, 714/526-5533