0001493152-19-008489.txt : 20190531 0001493152-19-008489.hdr.sgml : 20190531 20190531170753 ACCESSION NUMBER: 0001493152-19-008489 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20190419 FILED AS OF DATE: 20190531 DATE AS OF CHANGE: 20190531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRIDGFORD FOODS CORP CENTRAL INDEX KEY: 0000014177 STANDARD INDUSTRIAL CLASSIFICATION: SAUSAGE, OTHER PREPARED MEAT PRODUCTS [2013] IRS NUMBER: 951778176 STATE OF INCORPORATION: CA FISCAL YEAR END: 1101 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-02396 FILM NUMBER: 19871317 BUSINESS ADDRESS: STREET 1: 1308 N PATT ST STREET 2: P O BOX 3773 CITY: ANAHEIM STATE: CA ZIP: 92801 BUSINESS PHONE: 7145265533 MAIL ADDRESS: STREET 1: 1308 NORTH PATT STREET STREET 2: P O BOX 3773 CITY: ANAHEIM STATE: CA ZIP: 92803 FORMER COMPANY: FORMER CONFORMED NAME: BRIDGFORD PACKING CO DATE OF NAME CHANGE: 19670307 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended April 19, 2019

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ____ .

 

Commission file number 000-02396

 

 

BRIDGFORD FOODS CORPORATION

(Exact name of registrant as specified in its charter)

 

California   95-1778176
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   identification number)

 

1308 N. Patt Street, Anaheim, CA   92801
(Address of principal executive offices)   (Zip code)

 

(714) 526-5533

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   BRID   Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [X] Smaller reporting company [X]
  Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

As of May 31, 2019, the registrant had 9,076,832 shares of common stock outstanding.

 

 

 

   
   

 

BRIDGFORD FOODS CORPORATION

FORM 10-Q QUARTERLY REPORT

INDEX

 

References to “Bridgford Foods” or the “Company” contained in this Quarterly Report on Form 10-Q (this “Report”) refer to Bridgford Foods Corporation.

 

    Page
Part I. Financial Information   3
     
Item 1. Financial Statements   3
     
a. Condensed Consolidated Balance Sheets at April 19, 2019 (unaudited) and November 2, 2018   3
     
b. Condensed Consolidated Statements of Operations for the twelve and twenty-four weeks ended April 19, 2019 and April 20, 2018 (unaudited)   4
     
c. Condensed Consolidated Statements of Shareholders’ Equity as of April 19, 2019 and April 18, 2018 (unaudited)   5
     
d. Condensed Consolidated Statements of Cash Flows for the twenty-four weeks ended April 19, 2019 and April 20, 2018 (unaudited)   6
     
e. Notes to Condensed Consolidated Financial Statements (unaudited)   7
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   12
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk   22
     
Item 4. Controls and Procedures   22
     
Part II. Other Information   22
     
Item 1A. Risk Factors   22
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   23
     
Item 6. Exhibits   23
     
Signatures   24

 

Items 1 and 3 through 5 of Part II have been omitted because they are not applicable with respect to the Company and/or the current reporting period.

 

 2 of 24 
   

 

Part I. Financial Information

 

Item 1. a.

 

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

   April 19, 2019   November 2, 2018 
   (unaudited)     
ASSETS          
           
Current assets:          
           
Cash and cash equivalents  $2,798   $8,179 
Accounts receivable, less allowance for doubtful accounts of $51 and $33, respectively, and promotional allowances of $2,848 and $2,122, respectively   21,433    20,293 
Inventories, net   24,592    23,413 
Prepaid expenses and other current assets   1,333    1,331 
Total current assets   50,156    53,216 
           
Property, plant and equipment, net of accumulated depreciation and amortization of $68,282 and $66,337, respectively   44,811    32,638 
Other non-current assets   12,058    11,630 
Deferred income taxes (Note 5)   4,010    4,010 
Total assets  $111,035   $101,494 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
           
Current liabilities:          
           
Accounts payable  $5,468   $7,655 
Accrued payroll, advertising and other expenses   4,626    4,577 
Income taxes payable   1,023    155 
Current notes payable - equipment   712    - 
Line of credit   2,000    - 
Current portion of non-current liabilities   5,399    5,980 
Total current liabilities   19,228    18,367 
           
Long-term notes payable - equipment   6,556    - 
Non-current liabilities   15,475    17,447 
Total liabilities   41,259    35,814 
           
Contingencies and commitments (Note 3)          
           
Shareholders’ equity:          
Preferred stock, without par value; authorized – 1,000,000 shares; issued and outstanding – none   -    - 
Common stock, $1.00 par value; authorized – 20,000,000 shares; issued and outstanding – 9,076,832 and 9,076,832 shares, respectively   9,134    9,134 
Capital in excess of par value   8,298    8,298 
Retained earnings   70,044    65,948 
Accumulated other comprehensive loss   (17,700)   (17,700)
Total shareholders’ equity   69,776    65,680 
Total liabilities and shareholders’ equity  $111,035   $101,494 

 

See accompanying notes to condensed consolidated financial statements.

 

 3 of 24 
   

 

Item 1. b.

 

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share amounts)

 

   12 weeks ended   24 weeks ended 
   April 19, 2019   April 20, 2018   April 19, 2019   April 20, 2018 
                 
Net sales  $41,443   $37,900   $86,484   $79,092 
Cost of products sold   27,042    25,840    56,429    53,073 
                     
Gross margin   14,401    12,060    30,055    26,019 
                     
Selling, general and administrative expenses   11,608    11,613    24,695    23,484 
Gain on sale of property, plant and equipment   -    (5,995)   -    (6,002)
                     
Income before taxes   2,793    6,442    5,360    8,537 
Provision for income taxes   573    1,808    1,264    5,530 
                     
Net income  $2,220   $4,634   $4,096   $3,007 
                     
Basic earnings per share  $0.24   $0.52   $0.45   $0.35 
                     
Shares used to compute basic earnings per share   9,076,832    9,076,832    9,076,832    9,076,832 

 

See accompanying notes to condensed consolidated financial statements.

 

 4 of 24 
   

 

Item 1. c.

 

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

24 weeks ended April 20, 2018 and April 19, 2019

(unaudited)

(in thousands)

 

   Shares   Amount  

Capital in

excess of

par value

  

Retained

earnings

  

Accumulated

other

comprehensive

loss

  

Total

shareholders’

equity

 
Balance, November 3, 2017   9,076   $9,134   $8,298   $56,902   $(18,296)  $56,038 
Net income   -    -    -    3,007    -    3,007 
Reclassification upon early adoption of ASU 2018-02   -    -    -    2,529    (2,529)   - 
Balance, April 20, 2018   9,076   $9,134   $8,298   $62,438   $(20,825)  $59,045 

 

   Shares   Amount  

Capital in

excess of

par value

  

Retained

earnings

  

Accumulated

other

comprehensive

loss

  

Total

shareholders’

equity

 
Balance, November 2, 2018   9,076   $9,134   $8,298   $65,948   $(17,700)  $65,680 
Net income   -    -    -    4,096    -    4,096 
Balance, April 19, 2019   9,076   $9,134   $8,298   $70,044   $(17,700)  $69,776 

 

12 weeks ended April 20, 2018 and April 19, 2019

(unaudited)

(in thousands)

 

   Shares   Amount  

Capital in

excess of

par value

  

Retained

earnings

  

Accumulated

other

comprehensive

loss

  

Total

shareholders’

equity

 
Balance, January 26, 2018   9,076   $9,134   $8,298   $57,804   $(20,825)  $54,411 
Net income   -    -    -    4,634    -    4,634 
Balance, April 20, 2018   9,076   $9,134   $8,298   $62,438   $(20,825)  $59,045 

 

   Shares   Amount  

Capital in

excess of

par value

  

Retained

earnings

  

Accumulated

other

comprehensive

loss

  

Total

shareholders’

equity

 
Balance, January 25, 2019   9,076   $9,134   $8,298   $67,824   $(17,700)  $67,556 
Net income   -    -    -    2,220    -    2,220 
Balance, April 19, 2019   9,076   $9,134   $8,298   $70,044   $(17,700)  $69,776 

 

See accompanying notes to condensed consolidated financial statements.

 

 5 of 24 
   

 

Item 1. d.

 

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

   24 weeks ended 
   April 19, 2019   April 20, 2018 
Cash flows from operating activities:          
           
Net income   $4,096   $3,007 
           
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
           
Depreciation   1,945    1,835 
Provision for losses on accounts receivable   49    152 
(Reduction in) provision for promotional allowances   (316)   140 
Gain on sale of property, plant and equipment   -    (6,002)
Deferred income taxes, net   -    3,200 
           
Changes in operating assets and liabilities:          
           
Accounts receivable   (873)   2,705 
Inventories   (1,179)   (1,403)
Prepaid expenses and other current assets   (2)   727 
Other non-current assets   (428)   (366)
Accounts payable   (2,187)   (1,270)
Accrued payroll, advertising and other expenses   (532)   (289)
Income taxes payable   868    986 
Non-current liabilities   (1,972)   (2,815)
           
Net cash (used in) provided by operating activities   (531)   607 
           
Cash (used in) provided by investing activities:          
Proceeds from sale of property, plant and equipment   -    6,002 
Additions to property, plant and equipment   (14,118)   (4,811)
           
Net cash (used in) provided by investing activities   (14,118)   1,191 
           
Cash provided by (used in) financing activities:          
Payment of capital lease obligations   -    (70)
Proceeds from bank borrowings   9,500    - 
Repayments of bank borrowings   (232)   - 
           
Net cash provided by (used in) financing activities   9,268    (70)
           
Net (decrease) increase in cash and cash equivalents   (5,381)   1,728 
           
Cash and cash equivalents at beginning of period   8,179    12,109 
           
Cash and cash equivalents at end of period  $2,798   $13,837 
           
Supplemental disclosure of cash flow information:          
           
Cash paid for income taxes  $551   $1,350 

 

See accompanying notes to condensed consolidated financial statements.

 

 6 of 24 
   

 

Item 1. e.

 

BRIDGFORD FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(in thousands, except percentages, time periods, share and per share amounts)

 

Note 1 – Summary of Significant Accounting Policies:

 

The unaudited condensed consolidated financial statements of Bridgford Foods Corporation (the “Company”, “we”, “our”, “us”) for the twelve and twenty-four weeks ended April 19, 2019 and April 20, 2018 have been prepared in conformity with the accounting principles described in the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2018 (the “Annual Report”) and include all adjustments considered necessary by management for a fair presentation of the interim periods. This Report should be read in conjunction with the Annual Report. Due to seasonality and other factors, interim results are not necessarily indicative of the results for the full year. Recent accounting pronouncements and their effect on the Company are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report.

 

The November 2, 2018 balance sheet amounts within these interim condensed consolidated financial statements were derived from the audited fiscal year 2018 financial statements.

 

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported revenues and expenses during the reporting periods. Some of the estimates needed to be made by management include the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property, plant and equipment, and the valuation allowance for the Company’s deferred tax assets. Actual results could materially differ from these estimates. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which vary from our current estimates. Market conditions and the volatility in stock markets may cause significant changes in the measurement of our pension fund liabilities and the performance of our life insurance policies in future periods.

 

Certain items in fiscal year 2018 have been reclassified to conform to the fiscal year 2019 presentation.

 

Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll, advertising and other expenses. The carrying amount of these instruments approximate fair market value due to their short-term maturity. As of April 19, 2019, the Company had accounts in excess of the Federal Deposit Insurance Corporation insurance coverage limit. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk with regard to its cash and cash equivalents. The Company grants payment terms to a significant number of customers that are diversified over a wide geographic area. The Company monitors the payment histories of its customers and maintains an allowance for doubtful accounts which is reviewed for adequacy on a quarterly basis. The Company does not require collateral from its customers.

 

The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 and April 20, 2018, respectively.

 

Customer Concentration > 20% of AR or 10% of Sales *

 

   Wal-Mart   Dollar General 
   Sales   AR   Sales   AR 
April 19, 2019   36.1%   36.9%   9.8%   21.0%
April 20, 2018   36.3%   34.1%   -%   -%

 

* = No other customer accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 or the twenty-four weeks ended April 20, 2018.

 

Revenue recognition

 

Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) 606 – Contracts with Customers upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system.

 

 7 of 24 
   

 

We recognize revenue mainly through retail and foodservice distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense.

 

Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year.

 

Subsequent events

 

Management has evaluated events subsequent to April 19, 2019 through the date that the accompanying condensed consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements.

 

The Company borrowed $2,000 under its line of credit with Wells Fargo Bank, N.A. on April 15, 2019, which was repaid on April 25, 2019 with the proceeds from a second borrowing of $7,500 under the master collateral loan and security agreement with Wells Fargo Bank, N.A that provides for up to $15,000 in equipment financing. The proceeds under the first borrowing of $7,500 were received on December 28, 2018. A total of $15,000 was borrowed for equipment financing under this agreement. Refer to Note 6 “Equipment Note Payable and Financial Arrangements” for more information on the equipment financing.

 

Basic earnings per share

 

Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or convertible securities were outstanding as of April 19, 2019 or April 20, 2018.

 

Note 2 – Inventories:

 

Inventories are comprised of the following at the respective period ends:

 

   (unaudited)     
   April 19, 2019   November 2, 2018 
Meat, ingredients and supplies  $7,685   $6,455 
Work in progress   1,615    1,415 
Finished goods   15,292    15,543 
   $24,592   $23,413 

 

Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Costs related to warehousing, transportation and distribution to customers are considered when computing market value. Inventories include the cost of ingredients, labor and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to estimated net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or may need to be sold at reduced prices and could result in additional reserve provisions.

 

Note 3 – Contingencies and Commitments:

 

We continue to rent OTR (over-the-road) tractors on a month-to-month basis. We plan to invest in new capital lease arrangements later in fiscal year 2019.

 

 8 of 24 
   

 

The Company also leases warehouse and/or office facilities throughout the United States through month-to-month rental agreements. No material changes have been made to these agreements during the twenty-four weeks ended April 19, 2019.

 

The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations.

 

Most flour purchases are made at market price with contracts. However, the Company may purchase bulk flour at current market prices under short-term (30 - 120 days) fixed price contracts during the normal course of business. Under these arrangements, the Company is obligated to purchase specific quantities at fixed prices, within the specified contract period. These contracts provide for potential price increases if agreed quantities are not purchased within the specified contract period. The contracts are not material. These contracts are typically settled within a month’s time and no significant contracts remain open at the close of the quarterly or annual reporting period. No significant contracts remained unfulfilled at April 19, 2019. The Company does not participate in the commodity futures market or hedging to limit commodity exposure.

 

Note 4 – Segment Information:

 

The Company has two reportable operating segments: Frozen Food Products (the processing and distribution of frozen food products) and Snack Food Products (the processing and distribution of meat and other convenience foods).

 

We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative (“SG&A”) expenses include corporate accounting, information systems, human resource management and marketing, which are managed at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. Assets managed at the corporate level have been included as “other” in the accompanying segment information.

 

The following segment information is presented for the twelve weeks ended April 19, 2019 and April 20, 2018.

 

Segment Information

Twelve weeks Ended

April 19, 2019

  Frozen Food Products   Snack Food Products   Other   Totals 
Sales  $11,546   $29,897   $-   $41,443 
Cost of products sold   7,350    19,692    -    27,042 
Gross margin   4,196    10,205    -    14,401 
SG&A   3,102    8,506    -    11,608 
Gain on sale of property, plant and equipment   -    -    -    - 
Income before taxes   1,094    1,699    -    2,793 
                     
Total assets  $11,533   $78,981   $20,521   $111,035 
Additions to PP&E  $174   $6,753   $-   $6,927 

 

Twelve weeks Ended

April 20, 2018

  Frozen Food Products   Snack Food Products   Other   Totals 
Sales  $11,010   $26,890   $-   $37,900 
Cost of products sold   6,978    18,862    -    25,840 
Gross margin   4,032    8,028    -    12,060 
SG&A   3,367    8,246    -    11,613 
Gain on sale of property, plant and equipment   -    (18)   (5,977)   (5,995)
Income before taxes   665    (200)   5,977   6,442 
                     
Total assets  $10,828   $51,777   $34,488   $97,093 
Additions to PP&E  $176   $1,015   $-   $1,191 

 

 9 of 24 
   

 

The following segment information is presented for the twenty-four weeks ended April 19, 2019 and April 20, 2018.

 

Twenty-four weeks Ended

April 19, 2019

  Frozen Food Products   Snack Food Products   Other   Totals 
Sales  $23,418   $63,066   $-   $86,484 
Cost of products sold   15,314    41,115    -    56,429 
Gross margin   8,104    21,951    -    30,055 
SG&A   6,900    17,795    -    24,695 
Gain on sale of property, plant and equipment   -    -    -    - 
Income before taxes   1,204    4,156    -    5,360 
                     
Total assets  $11,533   $78,981   $20,521   $111,035 
Additions to PP&E  $277   $13,841   $-   $14,118 

 

Twenty-four weeks Ended

April 20, 2018

  Frozen Food Products   Snack Food Products   Other   Totals 
Sales  $21,601   $57,491   $-   $79,092 
Cost of products sold   14,139    38,934    -    53,073 
Gross margin   7,462    18,557    -    26,019 
SG&A   6,757    16,727    -    23,484 
Gain on sale of property, plant and equipment   (6)   (19)   (5,977)   (6,002)
Income before taxes   711    1,849    5,977    8,537 
                     
Total assets  $10,828   $51,777   $34,488   $97,093 
Additions to PP&E  $301   $4,510   $-   $4,811 

 

The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve and twenty-four weeks ended April 19, 2019.

 

Twelve weeks Ended

April 19, 2019

 

Distribution Channel

  Retail (a)   Foodservice (b)   Totals 
Direct store delivery  $22,656   $-   $22,656 
Direct customer warehouse   7,241    -    7,241 
Total Snack Food Products   29,897    -    29,897 
                
Distributors   1,373    10,173    11,546 
Total Frozen Food Products   1,373    10,173    11,546 
                
Totals  $31,270   $10,173   $41,443 

 

Twenty-four weeks Ended

April 19, 2019

 

Distribution Channel

  Retail (a)   Foodservice (b)   Totals 
Direct store delivery  $46,224   $-   $46,224 
Direct customer warehouse   16,842    -    16,842 
Total Snack Food Products   63,066    -    63,066 
                
Distributors   3,639    19,779    23,418 
Total Frozen Food Products   3,639    19,779    23,418 
                
Totals  $66,705   $19,779   $86,484 

 

(a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.

(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

 

Note 5 – Income Taxes:

 

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. tax code that will affect our fiscal year ending November 1, 2019, and future periods, including, but not limited to, (1) reducing the corporate federal income tax rate from 35% to 21%, (2) bonus depreciation that will allow for full expensing of qualified property in the year placed in service, and (3) the repeal of the domestic production activity deduction beginning with our fiscal year 2020.

 

Under U.S. GAAP, specifically ASC Topic 740, Income Taxes, the tax effects of changes in tax laws must be recognized in the period in which the law is enacted, or December 22, 2017, for the Tax Act. ASC Topic 740 also requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the Company’s deferred taxes were re-measured based upon the new tax rates. The change in deferred taxes is recorded as an adjustment to our deferred tax provision for the twenty-four weeks ended April 19, 2018.

 

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The Tax Act reduced the corporate tax rate from 35% to 21%, effective January 1, 2018. This results in a blended corporate tax rate of 23.07% in fiscal year 2018 and 21% in fiscal year 2019 and thereafter. We analyzed our deferred tax balances to estimate which of those balances are expected to reverse in fiscal 2018 or thereafter, and we re-measured the deferred taxes at 23.07% or 21% accordingly. The change in deferred taxes was recorded as an adjustment to our income tax provision which resulted in a charge totaling $3,059 in fiscal year 2018.

 

The effective tax rate was 23.6% and 64.8% for the second quarter of fiscal 2019 and 2018, respectively. The remeasurement of deferred income taxes at newly enacted tax rates resulted in a $3,200 income tax expense or a 37.5% impact on the effective tax rate for the second quarter of fiscal year 2018, and a blended 23.07% statutory federal income tax rate for fiscal 2018. The effective tax rate for the second quarter of fiscal 2018 also reflects the impact of $1,640 of income tax expense or 19.2% related to tax on the gain on sale of a land parcel in Chicago, Illinois. Additionally, the effective tax rates for the second quarter of fiscal years 2019 and 2018 were impacted by such items as the domestic production deduction, non-taxable gains and losses on life insurance policies and state income taxes.

 

As of April 19, 2019, the Company did not have any outstanding federal or state, other than California, net operating loss carryforwards.

 

Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended on or about October 31, 2015 through 2017. We are subject to income tax in California and various other state taxing jurisdictions. Our California state income tax returns are open to audit under the statute of limitations for the fiscal years ended on or about October 31, 2014 through 2017.

 

Note 6 – Equipment Note Payable and Financial Arrangements

 

On December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A for up to $15,000 in equipment financing. Pursuant to the loan agreement, we borrowed $7,500 to purchase specific equipment for our new Chicago processing facility at a fixed rate of 4.13% per annum. The loan term is seven years and is secured by the purchased equipment. The funds were received on December 28, 2018. The master collateral loan and security agreement with Wells Fargo Bank, N.A. contains various affirmative and negative covenants that limit the use of funds and define other provisions of the loan. The Company was in compliance with all covenants under the master collateral loan and security agreement as of April 19, 2019.

 

The secured equipment notes payable is due with monthly principal and interest payments of $103 commencing on January 31, 2019 for 84 monthly installments including interest of 4.13% per annum.

 

   (unaudited)   (unaudited) 
   April 19, 2019   April 20, 2018 
Secured equipment notes payable to Wells Fargo Bank, N.A. collateralized by equipment for the new Chicago processing facility.  $7,268   $- 
Less current portion of notes payable   (712)   - 
Total long-term notes payable  $6,556   $- 

 

Refer to “Subsequent events” in Note 1 above for further detail on borrowings under the master collateral loan and security agreement with Wells Fargo Bank, N.A.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

(dollars in thousands)

 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Report constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Bridgford Foods Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions; the impact of competitive products and pricing; success of operating initiatives; development and operating costs; advertising and promotional efforts; adverse publicity; acceptance of new product offerings; consumer trial and frequency; changes in business strategy or development plans; availability, terms and deployment of capital; availability of qualified personnel; commodity, labor, and employee benefit costs; changes in, or failure to comply with, government regulations; weather conditions; construction schedules; and other factors referenced in this Report. Assumptions relating to budgeting, marketing, and other management decisions are subjective in many respects and thus susceptible to interpretations and periodic revisions based on actual experience and business developments, the impact of which may cause us to alter our marketing, capital expenditure or other budgets, which may in turn affect our business, financial position, results of operations and cash flows. The reader is therefore cautioned not to place undue reliance on forward-looking statements contained herein and to consider other risks detailed more fully in our Annual Report on Form 10-K for the fiscal year ended November 2, 2018 (the “Annual Report”). We undertake no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

 

Critical Accounting Policies and Management Estimates

 

The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the respective reporting periods. Some of the estimates needed to be made by management include the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property and equipment, and the valuation allowance for the Company’s deferred tax assets. Actual results could materially differ from these estimates. We determine the amounts to record based on historical experience and various other assumptions that we view as reasonable under the circumstances and consider all relevant available information. The results of this analysis form the basis for our conclusion as to the value of assets and liabilities that are not readily available from other independent sources. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which vary from our current estimates.

 

Current accounting principles require that our pension benefit obligation be measured using an internal rate of return (“IRR”) analysis to be included in the discount rate selection process. The IRR calculation for the Retirement Plan for Employees of Bridgford Foods Corporation is measured annually and based on the Citigroup Pension Discount Rate. The Citigroup Pension Discount Rate as of April 30, 2019 was 4.07% as compared to 4.30% as of November 2, 2018. The discount rate applied can significantly affect the value of the projected benefit obligation as well as the net periodic benefit cost.

 

Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The provision for doubtful accounts receivable is based on historical trends and current collection risk. We have significant receivables with a few large, well known customers which, although historically secure, could be subject to material risk should these customers’ operations suddenly deteriorate. We monitor these customers closely to minimize the risk of loss.

 

The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twelve weeks ended April 19, 2019 and April 20, 2018, respectively.

 

Customer Concentration > 20% of AR or 10% of Sales *

 

   Wal-Mart   Dollar General 
   Sales   AR   Sales   AR 
April 19, 2019   36.1%   36.9%   9.8%   21.0%
April 20, 2018   36.3%   34.1%   -%   -%

 

* = No other customer accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 or the twenty-four weeks ended April 20, 2018.

 

Sales are recognized upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through our own direct store delivery system.

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We record the cash surrender or contract value for life insurance policies as an adjustment of premiums paid in determining the expense or income to be recognized under the contract for the period.

 

We provide tax reserves for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these reserves requires judgments about tax issues, potential outcomes and timing, and is a subjective estimate. Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities, if any, resulting from these reviews. Actual outcomes may differ materially from these estimates.

 

We assess the recoverability of our long-lived assets on a quarterly basis or whenever adverse events or changes in circumstances or business climate indicate that expected undiscounted future cash flows related to such long-lived assets may not be sufficient to support the net book value of such assets. If undiscounted cash flows are not sufficient to support the recorded assets, we recognize an impairment to reduce the carrying value of the applicable long-lived assets to their estimated fair value.

 

We participate in “multiemployer” pension plans administered by labor unions on behalf of their employees. We pay monthly contributions to union trust funds, a portion of which is used to fund pension benefit obligations to plan participants. The contribution amount may change depending upon the ability of participating companies to fund these pension liabilities as well as the actual and expected returns on pension plan assets. Should we withdraw from the union and cease participation in a union plan, federal law could impose a penalty for additional contributions to the plan. The penalty would be recorded as an expense in the consolidated statement of operations. The ultimate amount of the withdrawal liability is dependent upon several factors including the funded status of the plan and contributions made by other participating companies.

 

In March 2010, the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act (collectively, the “PPACA”), was signed into law. Requirements of the law include the removal of the lifetime limits on active and retiree medical coverage, expanding dependent coverage to age 26 and the elimination of pre-existing conditions that may impact other postretirement benefits costs. In addition, the PPACA includes potential excise tax on the value of benefits that exceed a pre-defined limit which may require changes in benefit plan levels in order to minimize this additional cost. Finally, the PPACA includes provisions that require employers to offer health benefits to all full-time employees (defined as 30 hours per week). The health coverage must meet minimum standards for the actuarial value of the benefits offered and employee affordability. Both the administration and congress have made recent attempts to replace the PPACA with an alternative system. However, we do not anticipate significant changes in the rules that compel an employer such as Bridgford Foods to offer affordable coverage to all of its employees. The recent tax law changes removed the individual mandate provision that is included in the PPACA and requires all individuals to have health insurance or pay a penalty. Despite this change, the recent tax changes did not adjust or remove the employer mandate. We cannot anticipate further changes at this point in time. We believe that our current plans meet the existing requirements. We will continue to assess the accounting implications of the PPACA and its impact on our financial position and results of operations as more legislative and interpretive guidance becomes available. The potential future effects and cost of complying with the provisions of the PPACA are not determinable at this time

 

Overview of Reporting Segments

 

We operate in two business segments – the processing and distribution of frozen food products (the Frozen Food Products segment), and the processing and distribution of snack food products (the Snack Food Products segment). For information regarding the separate financial performance of the business segments refer to Note 4 of the Notes to the Condensed Consolidated Financial Statements included in this Report. We manufacture and distribute an extensive line of food products, including biscuits, bread dough items, roll dough items, dry sausage products and beef jerky.

 

Frozen Food Products Segment

 

Our Frozen Food Products segment primarily manufactures and distributes biscuits, bread dough items, roll dough items and shelf stable sandwiches. All items within this segment are considered similar products and have been aggregated at this level. Our frozen food business covers the United States. Products produced by the Frozen Food Products segment are generally supplied to food service and retail distributors who take title to the product upon shipment receipt through company leased long-haul vehicles. In addition to regional sales managers, we maintain a network of independent food service and retail brokers covering most of the United States. Brokers are compensated on a commission basis. We believe that our broker relationships, in close cooperation with our regional sales managers, are a valuable asset providing significant new product and customer opportunities. Regional sales managers perform several significant functions for us, including identifying and developing new business opportunities and providing customer service and support to our distributors and end purchasers through the effective use of our broker network.

 

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Snack Food Products Segment

 

Our Snack Food Products segment primarily distributes products manufactured by us. All items within this segment are considered similar products and have been aggregated at this level. The dry sausage division includes products such as jerky, meat snacks, sausage and pepperoni products. Our Snack Food Products segment sells approximately 120 different items through a direct store delivery network serving approximately 17,000 supermarkets, mass merchandise and convenience retail stores located in 48 states. These customers are comprised of large retail chains and smaller “independent” operators.

 

Products produced or distributed by the Snack Food Products segment are supplied to customers through either direct-store-delivery or direct delivery to customer warehouses. Product delivered using the company-owned fleet direct to the store is considered a direct-store-delivery. In this case, we provide the service of setting up and maintaining the display and stocking our products. Products delivered to customer warehouses are distributed to the retail store and stocked by the customer where it is then resold to the end consumer.

 

Results of Operations for the Twelve-Weeks Ended April 19, 2019 and April 20, 2018

 

Net Sales-Consolidated

 

Net sales increased by $3,543 (9.3%) to $41,443 in the second twelve-week period of the 2019 fiscal year compared to the same twelve-week period in fiscal year 2018. The changes in net sales were comprised as follows:

 

Impact on Net Sales-Consolidated  %   $ 
Selling price per pound   4.2    1,721 
Unit sales volume in pounds   6.1    2,494 
Returns activity   0.9    286 
Promotional activity   -1.9    (958)
Increase in net sales   9.3    3,543 

 

Net Sales-Frozen Food Products Segment

 

Net sales in the Frozen Food Products segment increased by $536 (4.9%) to $11,546 in the second twelve-week period of the 2019 fiscal year compared to the same twelve-week period in fiscal year 2018. The changes in net sales were comprised as follows:

 

Impact on Net Sales-Frozen Food Products  %   $ 
Selling price per pound   4.7    568 
Unit sales volume in pounds   3.4    415 
Returns activity   -0.3    (35)
Promotional activity   -2.9    (412)
Increase in net sales   4.9    536 

 

The increase in net sales for the twelve-week period ended April 19, 2019 primarily relates to higher unit sales volume and higher selling price per pound. The increase in net sales was primarily driven by an increase in selling prices implemented in the second quarter of fiscal year 2019 coupled with a significant increase in volume for our shelf-stable sandwich business to institutional and retail customers. Other institutional Frozen Food Product sales, including sheet dough and rolls, decreased 1% by volume while retail sales volume decreased 9%. Promotional activity increased due to higher bid price reductions, rebates and menu allowances as a percent of sales.

 

Net Sales-Snack Food Products Segment

 

Net sales in the Snack Food Products segment increased by $3,007 (11.2%) to $29,897 in the second twelve-week period of the 2019 fiscal year compared to the same twelve-week period in fiscal year 2018. The changes in net sales were comprised as follows:

 

Impact on Net Sales-Snack Food Products  %   $ 
Selling price per pound   4.0    1,152 
Unit sales volume in pounds   7.3    2,077 
Returns activity   1.5    322 
Promotional activity   -1.6    (544)
Increase in net sales   11.2    3,007 

 

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Net sales of Snack Food Products increased significantly due to our new product offerings including smokehouse sausage sticks introduced during the second quarter of fiscal year 2018. The increase in net sales occurred mainly in our direct sales delivery distribution channel while warehouse shipments decreased. The weighted average selling price per pound increased compared to the same twelve-week period in the prior fiscal year due to higher per pound selling prices for new items. Promotional offers increased due to the timing of programs with significant customers. Returns activity was lower compared to the same twelve-week period in the 2018 fiscal year.

 

Cost of Products Sold and Gross Margin-Consolidated

 

Cost of products sold increased by $1,202 (4.7%) to $27,042 in the second twelve-week period of the 2019 fiscal year compared to the same twelve-week period in fiscal year 2018. The gross margin increased from 31.8% to 34.7% during the 2019 period.

 

Change in Cost of Products Sold by Segment  $   %   Commodity $
Decrease
 
Frozen Food Products Segment   372    1.4    (15)
Snack Food Products Segment   830    3.3    (827)
Total   1,202    4.7    (842)

 

Cost of Products Sold-Frozen Food Products Segment

 

Cost of products sold in the Frozen Food Products segment increased by $372 (5.3%) to $7,350 in the second twelve-week period of the 2019 fiscal year compared to the same twelve-week period in fiscal year 2018. Increased volume and changes in product mix were the primary contributing factors to this increase. The cost of purchased flour decreased approximately $15 in the second twelve-week period of fiscal year 2019 compared to the same twelve-week period in fiscal year 2018.

 

Cost of Products Sold-Snack Food Products Segment

 

Cost of products sold in the Snack Food Products segment increased by $830 (4.4%) to $19,692 in the second twelve-week period of the 2019 fiscal year compared to the same twelve-week period in fiscal year 2018 due to a substantial increase in sales volume. Meat commodity costs started to drop during the 2019 period partially offsetting the increase in cost of products sold. Higher hourly wages including increased production labor impacted the cost of products sold. The cost of significant meat commodities decreased approximately $15 in the second twelve-week period of fiscal year 2019 compared to the same period in fiscal year 2018.

 

Selling, General and Administrative Expenses-Consolidated

 

Selling, general and administrative expenses decreased by $5 (0.0%) to $11,608 in the second twelve-week period of fiscal year 2019 compared to the same twelve-week period in the prior fiscal year. The table below summarizes the significant expense increases (decreases) included in this category:

 

   12 Weeks Ended   Expense 
   April 19, 2019   April 20, 2018   Increase (Decrease) 
Wages and bonus  $5,552   $4,272   $1,280 
Cash surrender value   (439)   162    (601)
Repairs and maintenance “SQF” expense   12    411    (399)
Pension expense   (92)   285    (377)
Other SG&A   6,575    6,483    92 
Total - SG&A  $11,608   $11,613   $(5)

 

Higher profit-sharing accruals resulted in higher wages and bonus expense in the second twelve weeks of the 2019 fiscal year compared to the same period in the prior year. The cash surrender value of life insurance policies increased substantially due to stock market gains compared to the same twelve-week period in fiscal year 2018. Repairs and maintenance expense decreased as the Company geared up its Chicago facility in the same twelve-week period in fiscal year 2018 to comply with Food Safety Certification requirements created and managed by the SQF Institute The decrease in pension costs was due to higher pension discount rates being used to compute the future liability estimate. None of the changes individually or as a group of expenses in “Other SG&A” were significant enough to merit separate disclosure. The major components comprising the increase of “Other SG&A” expenses were higher insurance expense and higher workers’ compensation cost.

 

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Selling, General and Administrative Expenses-Frozen Food Products Segment

 

SG&A expenses in the Frozen Food Products segment decreased by $265 (7.9%) to $3,102 in the second twelve-week period of fiscal year 2019 compared to the same twelve-week period in the prior fiscal year. The overall decrease in SG&A expenses was due to allocated cash surrender value gains while most expenses remained consistent with the prior year period.

 

Selling, General and Administrative Expenses-Snack Food Products Segment

 

SG&A expenses in the Snack Food Products segment increased by $260 (3.2%) to $8,506 in the second twelve-week period of fiscal year 2019 compared to the same twelve-week period in the prior fiscal year. Most of the increase was due to higher unit sales volume and higher expenses related to wages and bonus including an increase in sales commissions partially offset by a pension expense decrease.

 

Income Taxes-Consolidated

 

Income tax for the twelve weeks ended April 19, 2019 and April 20, 2018, respectively, was as follows:

 

   April 19, 2019   April 20, 2018 
Provision for income taxes  $573   $1,808 
           
Effective tax rate   20.5%   28.1%

 

We recorded a tax provision of $573 for the twelve-week period ended April 19, 2019, related to federal and state taxes, based on the Company’s expected annual effective tax rate. The effective income tax rate differed from the applicable mixed statutory rate of approximately 26.4% also due to non-taxable gains and losses on life insurance policies.

 

Net Income Consolidated

 

The net income of $2,220 in the twelve-week period ended April 19, 2019 includes a non-taxable gain on life insurance policies in the amount of $439. The net income of $4,634 in the twelve-week period ended April 20, 2018 included a non-recurring gain on the sale of real property for $5,977 (before taxes) and a non-taxable loss on life insurance policies in the amount of $162. Gains and losses on life insurance policies are dependent upon the performance of the underlying equities that support policy values and future results may vary considerably.

 

Results of Operations for the Twenty-Four Weeks Ended April 19, 2019 and April 20, 2018

 

Net Sales-Consolidated

 

Net sales increased by $7,392 (9.3%) to $86,484 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in fiscal year 2018. The changes in net sales were comprised as follows:

 

Impact on Net Sales-Consolidated  %   $ 
Selling price per pound   2.7    2,316 
Unit sales volume in pounds   7.6    6,387 
Returns activity   0.0    (165)
Promotional activity   -1.0    (1,146)
Increase in net sales   9.3    7,392 

 

Net Sales-Frozen Food Products Segment

 

Net sales in the Frozen Food Products segment increased by $1,817 (8.4%) to $23,418 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in fiscal year 2018. The changes in net sales were comprised as follows:

 

Impact on Net Sales-Frozen Food Products  %   $ 
Selling price per pound   3.7    888 
Unit sales volume in pounds   5.9    1,435 
Returns activity   -0.2    (52)
Promotional activity   -1.0    (454)
Increase in net sales   8.4    1,817 

 

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The increase in net sales for the twenty-four-week period ended April 19, 2019 primarily relates to higher unit sales volume and higher selling price per pound. The increase in net sales was primarily driven by a significant increase in volume for our shelf-stable sandwich business to institutional and retail customers. Other institutional Frozen Food Product sales, including sheet dough and rolls, increased 1% by volume while retail sales volume decreased 10%. Changes in returns were insignificant compared to the same twelve-week period in the prior fiscal year. Promotional activity increased due to higher bid price reductions, rebates and menu allowances as a percentage of sales.

 

Net Sales-Snack Food Products Segment

 

Net sales in the Snack Food Products segment increased by $5,575 (9.7%) to $63,066 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in fiscal year 2018. The changes in net sales were comprised as follows:

 

Impact on Net Sales-Snack Food Products  %   $ 
Selling price per pound   2.4    1,428 
Unit sales volume in pounds   8.2    4,952 
Returns activity   0.0    (113)
Promotional activity   -0.9    (692)
Increase in net sales   9.7    5,575 

 

Net sales of Snack Food Products increased significantly due to our new product offerings including smokehouse sausage sticks introduced during the second quarter of fiscal year 2018. The increase in net sales occurred mainly in our direct sales delivery distribution channel while warehouse shipments decreased. The weighted average selling price per pound increased compared to the same twenty-four-week period in the prior fiscal year due to higher per pound selling prices for new items. Promotional offers increased slightly due to the timing of programs with significant customers. Returns activity remained unchanged compared to the same twenty-four-week period in the 2018 fiscal year.

 

Cost of Products Sold and Gross Margin-Consolidated

 

Cost of products sold increased by $3,356 (6.3%) to $56,429 in the twenty-four-week period ended April 19, 2019 year compared to the same twenty-four-week period in fiscal year 2018. The gross margin increased from 32.9% to 34.8% during the 2019 period.

 

Change in Cost of Products Sold by Segment  $   %   Commodity $
Decrease
 
Frozen Food Products Segment   1,175    2.2    (36)
Snack Food Products Segment   2,181    4.1    (1,570)
Total   3,356    6.3    (1,606)

 

Cost of Products Sold-Frozen Food Products Segment

 

Cost of products sold in the Frozen Food Products segment increased by $1,175 (8.3%) to $15,314 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in fiscal year 2018. Increased volume and changes in product mix were the primary contributing factors to this increase. The cost of purchased flour decreased approximately $36 in the twenty-four-week period of fiscal year 2019 compared to the same twenty-four-week period in fiscal year 2018.

 

Cost of Products Sold-Snack Food Products Segment

 

Cost of products sold in the Snack Food Products segment increased by $2,181 (5.6%) to $41,115 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in fiscal year 2018 due to a substantial increase in sales volume. Meat commodity costs started to drop during the 2019 period partially offsetting the increase in cost of products sold. Higher hourly wages including increased production labor impacted the cost of products sold. The cost of significant meat commodities decreased approximately $1,570 in the twenty-four-week period ended April 19, 2019 compared to the same period in fiscal year 2018.

 

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Selling, General and Administrative Expenses-Consolidated

 

Selling, general and administrative expenses increased by $1,211 (5.2%) to $24,695 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in the prior fiscal year. The table below summarizes the significant expense increases (decreases) included in this category:

 

   24 Weeks Ended   Expense 
   April 19, 2019   April 20, 2018   Increase (Decrease) 
Wages and bonus  $11,354   $9,331   $2,023 
Pension expense   139    568    (429)
Repairs and maintenance “SQF” expense   19    447    (428)
Product advertising   3,188    2,958    230 
Other SG&A   9,995    10,180    (185)
Total - SG&A  $24,695   $23,484   $1,211 

 

Higher profit-sharing accruals resulted in higher wages and bonus expense in the twenty-four weeks ended April 19, 2019 compared to the same period in the prior year. The decrease in pension costs was due to higher pension discount rates being used to compute the future liability estimate. Repairs and maintenance expense decreased as the Company geared up its Chicago facility in the same twenty-four-week period in fiscal year 2018 to comply with Food Safety Certification requirements created and managed by the SQF Institute. Costs for product advertising increased mainly as a result of higher payments under brand licensing agreements in the Snack Food Products segment during the twenty-four weeks ended April 19, 2019. None of the changes individually or as a group of expenses in “Other SG&A” were significant enough to merit separate disclosure. The major components comprising the increase of “Other SG&A” expenses were lower legal fees and lower bad debt expenses.

 

Selling, General and Administrative Expenses-Frozen Food Products Segment

 

SG&A expenses in the Frozen Food Products segment increased by $143 (2.1%) to $6,900 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in the prior fiscal year. The overall increase in SG&A expenses was due to higher unit sales volume, higher profit-sharing accruals and higher product advertising.

 

Selling, General and Administrative Expenses-Snack Food Products Segment

 

SG&A expenses in the Snack Food Products segment increased by $1,068 (6.4%) to $17,795 in the twenty-four-week period ended April 19, 2019 compared to the same twenty-four-week period in the prior fiscal year. Most of the increase was due to higher unit sales volume and higher expenses related to wages and bonus including an increase in sales commissions partially offset by pension expense.

 

Income Taxes-Consolidated

 

Income tax for the twenty-four-weeks ended April 19, 2019 and April 20, 2018, respectively, was as follows:

 

   April 19, 2019   April 20, 2018 
Provision for income taxes  $1,264   $5,530 
           
Effective tax rate   23.6%   64.8%

 

We recorded a tax provision of $1,264 for the twenty-four-week period ended April 19, 2019, related to federal and state taxes, based on the Company’s expected annual effective tax rate. The effective income tax rate differed from the applicable mixed statutory rate of approximately 26.4% also due to non-taxable gains and losses on life insurance policies.

 

Net Income Consolidated

 

The net income of $4,096 in the twenty-four-weeks period ended April 19, 2019 includes a non-taxable gain on life insurance policies in the amount of $428. The net income of $3,007 in the twenty-four-week period ended April 20, 2018 includes a non-recurring gain on the sale of real property for $5,977 (before taxes) and a non-taxable gain on life insurance policies in the amount of $366. Gains and losses on life insurance policies are dependent upon the performance of the underlying equities that support policy values and future results may vary considerably.

 

 18 of 24 
   

 

We recorded a tax provision of $5,530 for the twenty-four-week period ended April 20, 2018, related to federal and state taxes, based on the Company’s expected annual effective tax rate. The effective tax rate for the second quarter of 2018 reflects impacts of the Tax Cuts and Jobs Act signed into law on December 22, 2017. These impacts include a $3,200 expense related to the remeasurement of deferred taxes, as well as a blended 23.07% statutory federal income tax rate for fiscal 2018 compared to the 35% statutory federal income tax rate effective for the prior year. The rate also reflects impact of $1,640 million of expense related to tax on the gain on sale of a land parcel in Chicago, Illinois discussed in Note 5 - Income Taxes above. Additionally, the effective income tax rate also differed from the applicable mixed statutory rate of approximately 27.55% due to non- taxable gains and losses on life insurance policies and domestic production activities deductions under Internal Revenue Code Section 199.

 

Liquidity and Capital Resources

 

The principal source of our operating cash flow is cash receipts from the sale of our products, net of costs to manufacture, store, market and deliver such products. We have remained free of interest-bearing debt (excluding capital leases and equipment financing) for twenty-nine of the last thirty years (with fiscal year 2014 being the only exception) and we normally fund our operations from cash balances and cash flow generated from operations. We borrowed $7,500 during the first quarter of fiscal year 2019 to purchase specific equipment for our new Chicago processing facility. We borrowed a second $7,500 subsequent to the end of the second quarter of fiscal year 2019. Historically, we expect positive operating cash flows in the first quarter of our fiscal year from the liquidation of inventory and accounts receivable balances related to holiday season sales. Anticipated commodity price trends may affect future cash balances. Certain commodities may be purchased in advance of our immediate needs to lower the ultimate cost of processing.

 

Cash flows from operating activities for the twenty-four weeks ended:

 

   April 19, 2019   April 20, 2018 
Net income  $4,096   $3,007 
           
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
Depreciation   1,945    1,835 
Provision for losses on accounts receivable   49    152 
(Reduction in) provision for promotional allowances   (316)   140 
Gain on sale of property, plant and equipment   -    (6,002)
Deferred income taxes, net   -    3,200 
Changes in operating working capital   (6,305)   (1,725)
Net cash (used in) provided by operating activities  $(531)  $607 

 

For the twenty-four weeks ended April 19, 2019, net cash provided by operating activities was $1,469, $862 more cash provided than during the same period in fiscal year 2018. The net increase in cash provided by operating activities primarily related to higher net income of $4,096 partially offset by an increase in inventory of $1,179 and a decrease in accounts payable of $2,187 as well as payments for estimated income taxes of $551. During the twenty-four-week period ended April 19, 2019, we contributed $300 towards our defined benefit pension plan. Plan funding strategies may be adjusted depending upon economic conditions, investment options, tax deductibility, or recent legislative changes in funding requirements. The Company borrowed $2,000 under this line of credit on April 15, 2019, which was repaid on April 25, 2019.

 

Our cash conversion cycle (defined as days of inventory and trade receivables less days of trade payables outstanding) was equal to 68 days for the twenty-four-week period ended April 19, 2019. The cash conversion cycle was 55 days for the twenty-four-week period ended April 20, 2018.

 

For the twenty-four weeks ended April 20, 2018, net cash provided by operating activities was $607 primarily due to a net income of $3,007 and collection of accounts receivable of $2,705 partially offset by estimated income tax payments of $1,350. During the twenty-four-week period ended April 20, 2018 we funded $601 towards our defined benefit pension plan.

 

Cash (used in) provided by investing activities for the twenty-four weeks ended:

 

   April 19, 2019   April 20, 2018 
Proceeds from sale of property, plant and equipment  $-   $6,002 
Additions to property, plant and equipment   (14,118)   (4,811)
Net cash (used in) provided by investing activities  $(14,118)  $1,191 

 

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In general, we capitalize the cost of additions and improvements and expense the cost for repairs and maintenance. The Company may also capitalize costs related to improvements that extend the life, increase the capacity, or improve the efficiency of existing machinery and equipment. Specifically, capitalization of upgrades of facilities to maintain operating efficiency include acquisitions of machinery and equipment used on packaging lines and refrigeration equipment used to process food products.

 

The table below highlights additions to property, plant and equipment for the twenty-four weeks ended:

 

   April 19, 2019   April 20, 2018 
Changes in projects in process  $13,228   $2,839 
Building improvements   -    539 
Direct store delivery and sales vehicles   534    624 
Packaging lines   62    67 
Computer software and hardware   -    - 
Processing equipment   294    622 
Forklifts   -    120 
Additions to property, plant and equipment  $14,118   $4,811 

 

Cash provided by (used in) financing activities for the twenty-four weeks ended:

 

   April 19, 2019   April 20, 2018 
Payment of capital lease obligations   -    (70)
Proceeds from bank borrowings   9,500    - 
Payments of bank borrowings   (232)   - 
Net cash provided by (used in) financing activities  $9,268   $(70)

 

Our stock repurchase program was approved by our Board of Directors in November 1999 and was expanded in June 2005. Under the stock repurchase program, we are authorized, at the discretion of management and our Board of Directors, to purchase up to an aggregate of 2,000,000 shares of our common stock on the open market. As of April 19, 2019, 120,113 shares were authorized for repurchase under the program.

 

We maintain a line of credit with Wells Fargo Bank, N.A. that expires on March 1, 2020. Under the terms of this line of credit, we may borrow up to $7,500 at an interest rate equal to the bank’s prime rate or LIBOR plus 1.5%. The borrowing agreement contains various covenants, the more significant of which require us to maintain a minimum tangible net worth, a minimum quick ratio, a minimum net income after tax and total capital expenditures less than $5,000. The Company was in violation of the capital expenditure covenant which was subsequently waived (per letter dated May 24, 2019). The Company borrowed $2,000 under this line of credit on April 15, 2019, which was repaid of April 25, 2019.

 

On December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A for up to $15,000 in equipment financing. Pursuant to the loan agreement, we borrowed $7,500 to purchase specific equipment for our new Chicago processing facility at a fixed rate of 4.13% per annum. The loan term is seven years and is secured by the purchased equipment. The funds were received on December 28, 2018. The master collateral loan and security agreement with Wells Fargo Bank, N.A. contains various affirmative and negative covenants that limit the use of funds and define other provisions of the loan. The main financial covenants are listed below:

 

  Total Liabilities divided by Tangible Net Worth not greater than 2.5 to 1.0 at each fiscal quarter,
     
  Quick Ratio not less than 1.0 to 1.0 at each fiscal quarter end, and
     
  Net income after taxes not less than one dollar on a quarterly basis, determined as of each fiscal quarter end.

 

The Company was in compliance with all covenants under the master collateral loan and security agreement as of April 19, 2019.

 

Refer to “Subsequent events” section above for further detail on borrowings after April 19, 2019 under the master collateral loan and security agreement with Wells Fargo Bank, N.A.

 

The impact of inflation on the Company’s financial position and results of operations has not been significant. Management is of the opinion that the Company’s financial position and its capital resources are sufficient to provide for its operating needs and capital expenditures for the remainder of fiscal year 2019.

 

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Recent Accounting Pronouncements

 

In May 2014, the FASB issued guidance that changes the criteria for recognizing revenue. The guidance provides for a single five-step model to be applied to all revenue contracts with customers. The standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts, including disaggregated revenue disclosures. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. We adopted this guidance in the first quarter of fiscal year 2019 using the modified retrospective transition method. Prior periods were not adjusted and, based on our implementation assessment, no cumulative-effect adjustment was made to the opening balance of retained earnings. The adoption of this standard did not have a material impact on our consolidated financial statements. For further description of our revenue recognition policy refer to the Revenue Recognition section above and for disaggregated revenue information refer to Part I, Item 1 (e), Notes to the Condensed Consolidated Financial Statements, Note 14: Segment Information.

 

In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory”. The guidance is part of the “Simplification Initiative” to identify and re-evaluate areas where the generally accepted accounting principles may be complex and cumbersome to apply. The guidance will require that inventory be stated at the lower of cost and net realizable value as opposed to the lower of cost or market. Net realizable value is the estimated selling price for the inventory less completion, disposal and transportation costs. The guidance is effective for fiscal years beginning after December 15, 2016. Adoption of this guidance did not have a material impact on the Company’s results of operations or financial position.

 

In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” that requires most equity investments to be measured at fair value and subsequent changes in fair value to be recognized in net income. The guidance covers presentation and disclosure requirements of financial liabilities and the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017. Adoption of this guidance did not have a material impact on the Company’s results of operations or financial position.

 

In February 2016, the FASB issued ASU 2016-02, “Leases”, which will require a lessee to recognize assets and liabilities with lease terms of more than 12 months. Both capital and operating leases will need to be recognized on the balance sheet. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020. The Company is currently evaluating this statement and its impact on its results of operations or financial position.

 

In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation” which simplifies various aspects of the accounting for employee share-based payment transactions, including the accounting for income tax consequences, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The guidance is effective for annual and interim reporting periods beginning after December 15, 2016 with early adoption permitted. Adoption of this guidance did not have a material impact on results of Company operations or financial position.

 

In June 2016, the FASB issued ASU 2016-13 “Financial Instruments – Credit Losses”, which requires a financial asset to be presented at the net carrying value which is the amount expected to be collected net of expected credit losses. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating this statement and its impact on its results of operations or financial position.

 

In October 2016, the FASB issued ASU 2016-16, “Income Taxes – Classification of Certain Cash Receipts and Cash Payments”. The guidance involves eight specific cash flow issues and aims to unify accounting for these transactions. The guidance is effective for annual reporting periods beginning after December 15, 2017 with early adoption permitted. Adoption of this guidance did not have a material impact on the Company’s results of operations or financial position.

 

In March 2017, the FASB issued ASU 2017-07, “Compensation – Retirement Benefits”. The guidance separates service cost from other pension cost components changing the presentation of net periodic benefit cost related to company sponsored defined benefit or other postretirement benefits. The guidance is effective for annual and interim reporting periods beginning after December 15, 2017 with early adoption permitted. Adoption of this guidance did not have a material impact on the Company’s results of operations or financial position.

 

In February 2018, the FASB issued ASU 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. The guidance allows reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the application of the U.S. Tax Cuts and Jobs Act. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018 with early adoption permitted. The Company elected to early adopt this guidance during the quarter ended January 26, 2018. Adoption of this guidance had a material impact on Retained Earnings and Other Comprehensive Income (see Item 1.c. of this Report).

 

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Off-Balance Sheet Arrangements

 

We are not engaged in any “off-balance sheet arrangements” within the meaning of Item 303(a)(4)(ii) of Regulation S-K.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not applicable to a smaller reporting company.

 

Item 4. Controls and Procedures

 

Our management, with the participation and under the supervision of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Report. Based on this evaluation, the principal executive officer and principal financial officer have concluded that our disclosure controls and procedures are effective as of the end of the period covered by this Report in their design and operation to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management and recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and were accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures.

 

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.

 

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

We maintain and evaluate a system of internal accounting controls, and a program of internal auditing designed to provide reasonable assurance that our assets are protected and that transactions are performed in accordance with proper authorization and are properly recorded. This system of internal accounting controls is continually reviewed and modified in response to evolving business conditions and operations and to recommendations made by the independent registered public accounting firm. On May 14, 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) published Internal Control-Integrated Framework (2013) (the “2013 Framework”) and related illustrative documents as an update to Internal Control-Integrated Framework (1992) (the “1992 Framework”). The Company has adopted the 2013 Framework this fiscal year and has determined that the 17 principles are present and functioning during our assessment of the effectiveness of internal controls. We have established a code of conduct. Our management believes that the accounting and internal control systems provide reasonable assurance that assets are safeguarded, and financial information is reliable.

 

The Audit Committee of the Board of Directors meets regularly with our financial management and counsel, and with the independent registered public accounting firm engaged by us. Internal accounting controls and the quality of financial reporting are discussed during these meetings. The Audit Committee has discussed with the independent registered public accounting firm matters required to be discussed by the auditing standards adopted or established by the Public Company Accounting Oversight Board. In addition, the Audit Committee and the independent registered public accounting firm have discussed the independent registered public accounting firm’s independence from the Company and its management, including the matters in the written disclosures required by Public Company Accounting Oversight Board Rule 3526 “Communicating with Audit Committees Concerning Independence”.

 

There have been no changes in our internal controls over financial reporting that occurred during the fiscal quarter ended April 19, 2019 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

 

Part II. Other Information

 

Item 1A. Risk Factors

 

The risk factors listed in Part I “Item 1A. Risk Factors” in the Annual Report should be considered with the information provided elsewhere in this Report, which could materially adversely affect our business, financial condition or results of operations. There have been no material changes to the risk factors as previously disclosed in the Annual Report.

 

 22 of 24 
   

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

We have not sold or repurchased any equity securities during the period covered by this Report.

 

Item 6. Exhibits

 

Exhibit No.   Description
     
31.1   Certification of Chairman of the Board (Principal Executive Officer), as required by Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Chief Financial Officer (Principal Financial and Accounting Officer), as required by Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of Chairman of the Board (Principal Executive Officer), as required by Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certification of Chief Financial Officer (Principal Financial and Accounting Officer), as required by Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS   XBRL Instance Document.
     
101.SCH   XBRL Taxonomy Extension Schema Document.
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document.
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document.
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document.
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document.

 

 23 of 24 
   

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  BRIDGFORD FOODS CORPORATION
    (Registrant)
     
Dated: May 31, 2019 By: /s/ Raymond F. Lancy
    Raymond F. Lancy
    Chief Financial Officer
    (Duly Authorized Officer, Principal Financial and Accounting Officer)

 

 24 of 24 
   

 

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Exhibit 31.1

 

SECTION 302 CERTIFICATION

 

I, William L. Bridgford, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Bridgford Foods Corporation;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: May 31, 2019 /s/ William L. Bridgford
  William L. Bridgford, Chairman of the Board
  (Principal Executive Officer)

 

  

 

 

EX-31.2 4 ex31-2.htm

 

Exhibit 31.2

 

SECTION 302 CERTIFICATION

 

I, Raymond F. Lancy, certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Bridgford Foods Corporation;
     
  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
  3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
  4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

  5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: May 31, 2019 /s/ Raymond F. Lancy
 

Raymond F. Lancy, Chief Financial Officer,

Executive Vice President, Treasurer and Assistant Secretary

  (Principal Financial and Accounting Officer)

 

  

 

 

EX-32.1 5 ex32-1.htm

 

Exhibit 32.1

 

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, William L. Bridgford, Chairman of the Board of Bridgford Foods Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

  1. the Quarterly Report on Form 10-Q of the Company for the quarterly period ended April 19, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 780(d)); and
     
  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 31, 2019 /s/ William L. Bridgford
  William L. Bridgford, Chairman of the Board
  (Principal Executive Officer)

 

This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 13(a) and 15(d) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934.

 

  

 

 

EX-32.2 6 ex32-2.htm

 

Exhibit 32.2

 

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

I, Raymond F. Lancy, Chief Financial Officer, Executive Vice President, Treasurer and Assistant Secretary of Bridgford Foods Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

 

  1. the Quarterly Report on Form 10-Q of the Company for the quarterly period ended April 19, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 780(d)); and
     
  2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 31, 2019 /s/ Raymond F. Lancy
 

Raymond F. Lancy, Chief Financial Officer,

Executive Vice President, Treasurer and Assistant Secretary

  (Principal Financial and Accounting Officer)

 

This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 13(a) and 15(d) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934.

 

  

 

 

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Condensed Consolidated Balance Sheets - USD ($)
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Accounts receivable, less allowance for doubtful accounts of $51 and $33, respectively, and promotional allowances of $2,848 and $2,122, respectively 21,433 20,293
Inventories, net 24,592 23,413
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Total current assets 50,156 53,216
Property, plant and equipment, net of accumulated depreciation and amortization of $68,282 and $66,337, respectively 44,811 32,638
Other non-current assets 12,058 11,630
Deferred income taxes (Note 5) 4,010 4,010
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Current liabilities:    
Accounts payable 5,468 7,655
Accrued payroll, advertising and other expenses 4,626 4,577
Income taxes payable 1,023 155
Current notes payable - equipment 712
Line of credit 2,000
Current portion of non-current liabilities 5,399 5,980
Total current liabilities 19,228 18,367
Long-term notes payable - equipment 6,556
Non-current liabilities 15,475 17,447
Total liabilities 41,259 35,814
Contingencies and commitments (Note 3)
Shareholders' equity:    
Preferred stock, without par value; authorized - 1,000,000 shares; issued and outstanding - none
Common stock, $1.00 par value; authorized - 20,000,000 shares; issued and outstanding - 9,076,832 and 9,076,832 shares, respectively 9,134 9,134
Capital in excess of par value 8,298 8,298
Retained earnings 70,044 65,948
Accumulated other comprehensive loss (17,700) (17,700)
Total shareholders' equity 69,776 65,680
Total liabilities and shareholders' equity $ 111,035 $ 101,494
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Apr. 19, 2019
Nov. 02, 2018
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for doubtful accounts $ 51 $ 33
Accounts receivable, allowance for promotional allowances 2,848 2,122
Property, plant and equipment, accumulated depreciation $ 68,282 $ 66,337
Preferred stock, par value
Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 1.00 $ 1.00
Common stock, shares authorized 20,000,000 20,000,000
Common stock, shares issued 9,076,832 9,076,832
Common stock, shares outstanding 9,076,832 9,076,832
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Apr. 19, 2019
Apr. 20, 2018
Apr. 19, 2019
Apr. 20, 2018
Income Statement [Abstract]        
Net sales $ 41,443 $ 37,900 $ 86,484 $ 79,092
Cost of products sold 27,042 25,840 56,429 53,073
Gross margin 14,401 12,060 30,055 26,019
Selling, general and administrative expenses 11,608 11,613 24,695 23,484
Gain on sale of property, plant and equipment (5,995) (6,002)
Income before taxes 2,793 6,442 5,360 8,537
Provision for income taxes 573 1,808 1,264 5,530
Net income $ 2,220 $ 4,634 $ 4,096 $ 3,007
Basic earnings per share $ 0.24 $ 0.52 $ 0.45 $ 0.35
Shares used to compute basic earnings per share 9,076,832 9,076,832 9,076,832 9,076,832
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Capital in Excess of Par Value [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Total
Balance at Nov. 03, 2017 $ 9,134 $ 8,298 $ 56,902 $ (18,296) $ 56,038
Balance, shares at Nov. 03, 2017 9,076,000        
Net income 3,007 3,007
Reclassification upon early adoption of ASU 2018-02 2,529 (2,529)
Balance at Apr. 20, 2018 $ 9,134 8,298 62,438 (20,825) 59,045
Balance, shares at Apr. 20, 2018 9,076,000        
Balance at Jan. 26, 2018 $ 9,134 8,298 57,804 (20,825) 54,411
Balance, shares at Jan. 26, 2018 9,076,000        
Net income   4,634 4,634
Balance at Apr. 20, 2018 $ 9,134 8,298 62,438 (20,825) 59,045
Balance, shares at Apr. 20, 2018 9,076,000        
Balance at Nov. 02, 2018 $ 9,134 8,298 65,948 (17,700) 65,680
Balance, shares at Nov. 02, 2018 9,076,000        
Net income 4,096 4,096
Balance at Apr. 19, 2019 $ 9,134 8,298 70,044 (17,700) 69,776
Balance, shares at Apr. 19, 2019 9,076,000        
Balance at Jan. 25, 2019 $ 9,134 8,298 67,824 (17,700) 67,556
Balance, shares at Jan. 25, 2019 9,076,000        
Net income 2,220 2,220
Balance at Apr. 19, 2019 $ 9,134 $ 8,298 $ 70,044 $ (17,700) $ 69,776
Balance, shares at Apr. 19, 2019 9,076,000        
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Apr. 19, 2019
Apr. 20, 2018
Cash flows from operating activities:    
Net income $ 4,096 $ 3,007
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 1,945 1,835
Provision for losses on accounts receivable 49 152
(Reduction in) provision for promotional allowances (316) 140
Gain on sale of property, plant and equipment (6,002)
Deferred income taxes, net 3,200
Changes in operating assets and liabilities:    
Accounts receivable (873) 2,705
Inventories (1,179) (1,403)
Prepaid expenses and other current assets (2) 727
Other non-current assets (428) (366)
Accounts payable (2,187) (1,270)
Accrued payroll, advertising and other expenses (532) (289)
Income taxes payable 868 986
Non-current liabilities (1,972) (2,815)
Net cash (used in) provided by operating activities (531) 607
Cash (used in) provided by investing activities:    
Proceeds from sale of property, plant and equipment 6,002
Additions to property, plant and equipment (14,118) (4,811)
Net cash (used in) provided by investing activities (14,118) 1,191
Cash provided by (used in) financing activities:    
Payment of capital lease obligations (70)
Proceeds from bank borrowings 9,500
Repayments of bank borrowings (232)
Net cash provided by (used in) financing activities 9,268 (70)
Net (decrease) increase in cash and cash equivalents (5,381) 1,728
Cash and cash equivalents at beginning of period 8,179 12,109
Cash and cash equivalents at end of period 2,798 13,837
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 551 $ 1,350
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies
6 Months Ended
Apr. 19, 2019
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 1 – Summary of Significant Accounting Policies:

 

The unaudited condensed consolidated financial statements of Bridgford Foods Corporation (the “Company”, “we”, “our”, “us”) for the twelve and twenty-four weeks ended April 19, 2019 and April 20, 2018 have been prepared in conformity with the accounting principles described in the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2018 (the “Annual Report”) and include all adjustments considered necessary by management for a fair presentation of the interim periods. This Report should be read in conjunction with the Annual Report. Due to seasonality and other factors, interim results are not necessarily indicative of the results for the full year. Recent accounting pronouncements and their effect on the Company are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Report.

 

The November 2, 2018 balance sheet amounts within these interim condensed consolidated financial statements were derived from the audited fiscal year 2018 financial statements.

 

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported revenues and expenses during the reporting periods. Some of the estimates needed to be made by management include the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property, plant and equipment, and the valuation allowance for the Company’s deferred tax assets. Actual results could materially differ from these estimates. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which vary from our current estimates. Market conditions and the volatility in stock markets may cause significant changes in the measurement of our pension fund liabilities and the performance of our life insurance policies in future periods.

 

Certain items in fiscal year 2018 have been reclassified to conform to the fiscal year 2019 presentation.

 

Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll, advertising and other expenses. The carrying amount of these instruments approximate fair market value due to their short-term maturity. As of April 19, 2019, the Company had accounts in excess of the Federal Deposit Insurance Corporation insurance coverage limit. The Company has not experienced any losses in these accounts and believes it is not exposed to any significant credit risk with regard to its cash and cash equivalents. The Company grants payment terms to a significant number of customers that are diversified over a wide geographic area. The Company monitors the payment histories of its customers and maintains an allowance for doubtful accounts which is reviewed for adequacy on a quarterly basis. The Company does not require collateral from its customers.

 

The table below shows customers that accounted for more than 20% of consolidated accounts receivable (“AR”) or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 and April 20, 2018, respectively.

 

Customer Concentration > 20% of AR or 10% of Sales *

 

    Wal-Mart     Dollar General  
    Sales     AR     Sales     AR  
April 19, 2019     36.1 %     36.9 %     9.8 %     21.0 %
April 20, 2018     36.3 %     34.1 %     - %     - %

 

* = No other customer accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 or the twenty-four weeks ended April 20, 2018.

 

Revenue recognition

 

Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) 606 – Contracts with Customers upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system.

 

We recognize revenue mainly through retail and foodservice distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense.

 

Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year.

 

Subsequent events

 

Management has evaluated events subsequent to April 19, 2019 through the date that the accompanying condensed consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements.

 

The Company borrowed $2,000 under its line of credit with Wells Fargo Bank, N.A. on April 15, 2019, which was repaid on April 25, 2019 with the proceeds from a second borrowing of $7,500 under the master collateral loan and security agreement with Wells Fargo Bank, N.A that provides for up to $15,000 in equipment financing. The proceeds under the first borrowing of $7,500 were received on December 28, 2018. A total of $15,000 was borrowed for equipment financing under this agreement. Refer to Note 6 “Equipment Note Payable and Financial Arrangements” for more information on the equipment financing.

 

Basic earnings per share

 

Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or convertible securities were outstanding as of April 19, 2019 or April 20, 2018.

XML 20 R8.htm IDEA: XBRL DOCUMENT v3.19.1
Inventories
6 Months Ended
Apr. 19, 2019
Inventory Disclosure [Abstract]  
Inventories

Note 2 – Inventories:

 

Inventories are comprised of the following at the respective period ends:

 

    (unaudited)        
    April 19, 2019     November 2, 2018  
Meat, ingredients and supplies   $ 7,685     $ 6,455  
Work in progress     1,615       1,415  
Finished goods     15,292       15,543  
    $ 24,592     $ 23,413  

 

Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Costs related to warehousing, transportation and distribution to customers are considered when computing market value. Inventories include the cost of ingredients, labor and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to estimated net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or may need to be sold at reduced prices and could result in additional reserve provisions.

XML 21 R9.htm IDEA: XBRL DOCUMENT v3.19.1
Contingencies and Commitments
6 Months Ended
Apr. 19, 2019
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments

Note 3 – Contingencies and Commitments:

 

We continue to rent OTR (over-the-road) tractors on a month-to-month basis. We plan to invest in new capital lease arrangements later in fiscal year 2019.

 

The Company also leases warehouse and/or office facilities throughout the United States through month-to-month rental agreements. No material changes have been made to these agreements during the twenty-four weeks ended April 19, 2019.

 

The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations.

 

Most flour purchases are made at market price with contracts. However, the Company may purchase bulk flour at current market prices under short-term (30 - 120 days) fixed price contracts during the normal course of business. Under these arrangements, the Company is obligated to purchase specific quantities at fixed prices, within the specified contract period. These contracts provide for potential price increases if agreed quantities are not purchased within the specified contract period. The contracts are not material. These contracts are typically settled within a month’s time and no significant contracts remain open at the close of the quarterly or annual reporting period. No significant contracts remained unfulfilled at April 19, 2019. The Company does not participate in the commodity futures market or hedging to limit commodity exposure.

XML 22 R10.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information
6 Months Ended
Apr. 19, 2019
Segment Reporting [Abstract]  
Segment Information

Note 4 – Segment Information:

 

The Company has two reportable operating segments: Frozen Food Products (the processing and distribution of frozen food products) and Snack Food Products (the processing and distribution of meat and other convenience foods).

 

We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative (“SG&A”) expenses include corporate accounting, information systems, human resource management and marketing, which are managed at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. Assets managed at the corporate level have been included as “other” in the accompanying segment information.

 

The following segment information is presented for the twelve weeks ended April 19, 2019 and April 20, 2018.

 

Segment Information

Twelve weeks Ended

April 19, 2019

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 11,546     $ 29,897     $ -     $ 41,443  
Cost of products sold     7,350       19,692       -       27,042  
Gross margin     4,196       10,205       -       14,401  
SG&A     3,102       8,506       -       11,608  
Gain on sale of property, plant and equipment     -       -       -       -  
Income before taxes     1,094       1,699       -       2,793  
                                 
Total assets   $ 11,533     $ 78,981     $ 20,521     $ 111,035  
Additions to PP&E   $ 174     $ 6,753     $ -     $ 6,927  

 

Twelve weeks Ended

April 20, 2018

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 11,010     $ 26,890     $ -     $ 37,900  
Cost of products sold     6,978       18,862       -       25,840  
Gross margin     4,032       8,028       -       12,060  
SG&A     3,367       8,246       -       11,613  
Gain on sale of property, plant and equipment     -       (18 )     (5,977 )     (5,995 )
Income before taxes     665       (200 )     5,977       6,442  
                                 
Total assets   $ 10,828     $ 51,777     $ 34,488     $ 97,093  
Additions to PP&E   $ 176     $ 1,015     $ -     $ 1,191  

 

The following segment information is presented for the twenty-four weeks ended April 19, 2019 and April 20, 2018.

 

Twenty-four weeks Ended

April 19, 2019

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 23,418     $ 63,066     $ -     $ 86,484  
Cost of products sold     15,314       41,115       -       56,429  
Gross margin     8,104       21,951       -       30,055  
SG&A     6,900       17,795       -       24,695  
Gain on sale of property, plant and equipment     -       -       -       -  
Income before taxes     1,204       4,156       -       5,360  
                                 
Total assets   $ 11,533     $ 78,981     $ 20,521     $ 111,035  
Additions to PP&E   $ 277     $ 13,841     $ -     $ 14,118  

 

Twenty-four weeks Ended

April 20, 2018

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 21,601     $ 57,491     $ -     $ 79,092  
Cost of products sold     14,139       38,934       -       53,073  
Gross margin     7,462       18,557       -       26,019  
SG&A     6,757       16,727       -       23,484  
Gain on sale of property, plant and equipment     (6 )     (19 )     (5,977 )     (6,002 )
Income before taxes     711       1,849       5,977       8,537  
                                 
Total assets   $ 10,828     $ 51,777     $ 34,488     $ 97,093  
Additions to PP&E   $ 301     $ 4,510     $ -     $ 4,811  

 

The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve and twenty-four weeks ended April 19, 2019.

 

Twelve weeks Ended

April 19, 2019

 

Distribution Channel

  Retail (a)     Foodservice (b)     Totals  
Direct store delivery   $ 22,656     $ -     $ 22,656  
Direct customer warehouse     7,241       -       7,241  
Total Snack Food Products     29,897       -       29,897  
                         
Distributors     1,373       10,173       11,546  
Total Frozen Food Products     1,373       10,173       11,546  
                         
Totals   $ 31,270     $ 10,173     $ 41,443  

 

Twenty-four weeks Ended

April 19, 2019

 

Distribution Channel

  Retail (a)     Foodservice (b)     Totals  
Direct store delivery   $ 46,224     $ -     $ 46,224  
Direct customer warehouse     16,842       -       16,842  
Total Snack Food Products     63,066       -       63,066  
                         
Distributors     3,639       19,779       23,418  
Total Frozen Food Products     3,639       19,779       23,418  
                         
Totals   $ 66,705     $ 19,779     $ 86,484  

 

(a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.

(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

XML 23 R11.htm IDEA: XBRL DOCUMENT v3.19.1
Income Taxes
6 Months Ended
Apr. 19, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 – Income Taxes:

 

On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. tax code that will affect our fiscal year ending November 1, 2019, and future periods, including, but not limited to, (1) reducing the corporate federal income tax rate from 35% to 21%, (2) bonus depreciation that will allow for full expensing of qualified property in the year placed in service, and (3) the repeal of the domestic production activity deduction beginning with our fiscal year 2020.

 

Under U.S. GAAP, specifically ASC Topic 740, Income Taxes, the tax effects of changes in tax laws must be recognized in the period in which the law is enacted, or December 22, 2017, for the Tax Act. ASC Topic 740 also requires deferred tax assets and liabilities to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled. Thus, at the date of enactment, the Company’s deferred taxes were re-measured based upon the new tax rates. The change in deferred taxes is recorded as an adjustment to our deferred tax provision for the twenty-four weeks ended April 19, 2018.

 

The Tax Act reduced the corporate tax rate from 35% to 21%, effective January 1, 2018. This results in a blended corporate tax rate of 23.07% in fiscal year 2018 and 21% in fiscal year 2019 and thereafter. We analyzed our deferred tax balances to estimate which of those balances are expected to reverse in fiscal 2018 or thereafter, and we re-measured the deferred taxes at 23.07% or 21% accordingly. The change in deferred taxes was recorded as an adjustment to our income tax provision which resulted in a charge totaling $3,059 in fiscal year 2018.

 

The effective tax rate was 23.6% and 64.8% for the second quarter of fiscal 2019 and 2018, respectively. The remeasurement of deferred income taxes at newly enacted tax rates resulted in a $3,200 income tax expense or a 37.5% impact on the effective tax rate for the second quarter of fiscal year 2018, and a blended 23.07% statutory federal income tax rate for fiscal 2018. The effective tax rate for the second quarter of fiscal 2018 also reflects the impact of $1,640 of income tax expense or 19.2% related to tax on the gain on sale of a land parcel in Chicago, Illinois. Additionally, the effective tax rates for the second quarter of fiscal years 2019 and 2018 were impacted by such items as the domestic production deduction, non-taxable gains and losses on life insurance policies and state income taxes.

 

As of April 19, 2019, the Company did not have any outstanding federal or state, other than California, net operating loss carryforwards.

 

Our federal income tax returns are open to audit under the statute of limitations for the fiscal years ended on or about October 31, 2015 through 2017. We are subject to income tax in California and various other state taxing jurisdictions. Our California state income tax returns are open to audit under the statute of limitations for the fiscal years ended on or about October 31, 2014 through 2017.

XML 24 R12.htm IDEA: XBRL DOCUMENT v3.19.1
Equipment Note Payable and Financial Arrangements
6 Months Ended
Apr. 19, 2019
Debt Disclosure [Abstract]  
Equipment Note Payable and Financial Arrangements

Note 6 – Equipment Note Payable and Financial Arrangements

 

On December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, N.A for up to $15,000 in equipment financing. Pursuant to the loan agreement, we borrowed $7,500 to purchase specific equipment for our new Chicago processing facility at a fixed rate of 4.13% per annum. The loan term is seven years and is secured by the purchased equipment. The funds were received on December 28, 2018. The master collateral loan and security agreement with Wells Fargo Bank, N.A. contains various affirmative and negative covenants that limit the use of funds and define other provisions of the loan. The Company was in compliance with all covenants under the master collateral loan and security agreement as of April 19, 2019.

 

The secured equipment notes payable is due with monthly principal and interest payments of $103 commencing on January 31, 2019 for 84 monthly installments including interest of 4.13% per annum.

 

    (unaudited)     (unaudited)  
    April 19, 2019     April 20, 2018  
Secured equipment notes payable to Wells Fargo Bank, N.A. collateralized by equipment for the new Chicago processing facility.   $ 7,268     $ -  
Less current portion of notes payable     (712 )     -  
Total long-term notes payable   $ 6,556     $ -  

 

Refer to “Subsequent events” in Note 1 above for further detail on borrowings under the master collateral loan and security agreement with Wells Fargo Bank, N.A.

XML 25 R13.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Apr. 19, 2019
Accounting Policies [Abstract]  
Revenue Recognition

Revenue recognition

 

Revenues are recognized in accordance with Accounting Standards Codification (“ASC”) 606 – Contracts with Customers upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system.

 

We recognize revenue mainly through retail and foodservice distribution channels. Our revenues primarily result from contracts with customers and are generally short term in nature with the delivery of product as the single performance obligation. We recognize revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control of the product has transferred to our customer, which generally occurs upon shipment or delivery to a customer based on terms of the sale. We elected to account for shipping and handling activities that occur after the customer has obtained control of the product as a fulfillment cost rather than an additional promised service. Our contracts are generally less than one year, and therefore we recognize costs paid to third party brokers to obtain contracts as expenses. Additionally, items that are not material in the context of the contract are recognized as expense.

 

Revenue is measured by the transaction price, which is defined as the amount of consideration we expect to receive in exchange for providing goods to customers. The transaction price is adjusted for estimates of known or expected variable consideration, which includes consumer incentives, trade promotions, and allowances, such as coupons, discounts, rebates, volume-based incentives, cooperative advertising, and other programs. Variable consideration related to these programs is recorded as a reduction to revenue based on amounts we expect to pay. We base these estimates on current performance, historical utilization, and projected redemption rates of each program. We review and update these estimates regularly until the incentives or product returns are realized and the impact of any adjustments are recognized in the period the adjustments are identified. In many cases, key sales terms such as pricing and quantities ordered are established on a regular basis such that most customer arrangements and related incentives have a duration of less than one year. Amounts billed and due from customers are short term in nature and are classified as receivables since payments are unconditional and only the passage of time is required before payments are due. Additionally, we do not grant payment financing terms greater than one year.

Subsequent Events

Subsequent events

 

Management has evaluated events subsequent to April 19, 2019 through the date that the accompanying condensed consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events which may require adjustments of and/or disclosure in such financial statements.

 

The Company borrowed $2,000 under its line of credit with Wells Fargo Bank, N.A. on April 15, 2019, which was repaid on April 25, 2019 with the proceeds from a second borrowing of $7,500 under the master collateral loan and security agreement with Wells Fargo Bank, N.A that provides for up to $15,000 in equipment financing. The proceeds under the first borrowing of $7,500 were received on December 28, 2018. A total of $15,000 was borrowed for equipment financing under this agreement. Refer to Note 6 “Equipment Note Payable and Financial Arrangements” for more information on the equipment financing.

Basic Earnings Per Share

Basic earnings per share

 

Basic earnings per share are calculated based on the weighted average number of shares outstanding for all periods presented. No stock options, warrants, or convertible securities were outstanding as of April 19, 2019 or April 20, 2018.

XML 26 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Apr. 19, 2019
Accounting Policies [Abstract]  
Schedule of Customer Concentration

Customer Concentration > 20% of AR or 10% of Sales *

 

    Wal-Mart     Dollar General  
    Sales     AR     Sales     AR  
April 19, 2019     36.1 %     36.9 %     9.8 %     21.0 %
April 20, 2018     36.3 %     34.1 %     - %     - %

 

* = No other customer accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 or the twenty-four weeks ended April 20, 2018.

XML 27 R15.htm IDEA: XBRL DOCUMENT v3.19.1
Inventories (Tables)
6 Months Ended
Apr. 19, 2019
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories are comprised of the following at the respective period ends:

 

    (unaudited)        
    April 19, 2019     November 2, 2018  
Meat, ingredients and supplies   $ 7,685     $ 6,455  
Work in progress     1,615       1,415  
Finished goods     15,292       15,543  
    $ 24,592     $ 23,413  

XML 28 R16.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Tables)
6 Months Ended
Apr. 19, 2019
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

The following segment information is presented for the twelve weeks ended April 19, 2019 and April 20, 2018.

 

Segment Information

Twelve weeks Ended

April 19, 2019

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 11,546     $ 29,897     $ -     $ 41,443  
Cost of products sold     7,350       19,692       -       27,042  
Gross margin     4,196       10,205       -       14,401  
SG&A     3,102       8,506       -       11,608  
Gain on sale of property, plant and equipment     -       -       -       -  
Income before taxes     1,094       1,699       -       2,793  
                                 
Total assets   $ 11,533     $ 78,981     $ 20,521     $ 111,035  
Additions to PP&E   $ 174     $ 6,753     $ -     $ 6,927  

 

Twelve weeks Ended

April 20, 2018

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 11,010     $ 26,890     $ -     $ 37,900  
Cost of products sold     6,978       18,862       -       25,840  
Gross margin     4,032       8,028       -       12,060  
SG&A     3,367       8,246       -       11,613  
Gain on sale of property, plant and equipment     -       (18 )     (5,977 )     (5,995 )
Income before taxes     665       (200 )     5,977       6,442  
                                 
Total assets   $ 10,828     $ 51,777     $ 34,488     $ 97,093  
Additions to PP&E   $ 176     $ 1,015     $ -     $ 1,191  

 

The following segment information is presented for the twenty-four weeks ended April 19, 2019 and April 20, 2018.

 

Twenty-four weeks Ended

April 19, 2019

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 23,418     $ 63,066     $ -     $ 86,484  
Cost of products sold     15,314       41,115       -       56,429  
Gross margin     8,104       21,951       -       30,055  
SG&A     6,900       17,795       -       24,695  
Gain on sale of property, plant and equipment     -       -       -       -  
Income before taxes     1,204       4,156       -       5,360  
                                 
Total assets   $ 11,533     $ 78,981     $ 20,521     $ 111,035  
Additions to PP&E   $ 277     $ 13,841     $ -     $ 14,118  

 

Twenty-four weeks Ended

April 20, 2018

  Frozen Food Products     Snack Food Products     Other     Totals  
Sales   $ 21,601     $ 57,491     $ -     $ 79,092  
Cost of products sold     14,139       38,934       -       53,073  
Gross margin     7,462       18,557       -       26,019  
SG&A     6,757       16,727       -       23,484  
Gain on sale of property, plant and equipment     (6 )     (19 )     (5,977 )     (6,002 )
Income before taxes     711       1,849       5,977       8,537  
                                 
Total assets   $ 10,828     $ 51,777     $ 34,488     $ 97,093  
Additions to PP&E   $ 301     $ 4,510     $ -     $ 4,811  

Schedule of Disaggregates Our Sales to Customer

The following information further disaggregates our sales to customers by major distribution channel and customer type for the twelve and twenty-four weeks ended April 19, 2019.

 

Twelve weeks Ended

April 19, 2019

 

Distribution Channel

  Retail (a)     Foodservice (b)     Totals  
Direct store delivery   $ 22,656     $ -     $ 22,656  
Direct customer warehouse     7,241       -       7,241  
Total Snack Food Products     29,897       -       29,897  
                         
Distributors     1,373       10,173       11,546  
Total Frozen Food Products     1,373       10,173       11,546  
                         
Totals   $ 31,270     $ 10,173     $ 41,443  

 

Twenty-four weeks Ended

April 19, 2019

 

Distribution Channel

  Retail (a)     Foodservice (b)     Totals  
Direct store delivery   $ 46,224     $ -     $ 46,224  
Direct customer warehouse     16,842       -       16,842  
Total Snack Food Products     63,066       -       63,066  
                         
Distributors     3,639       19,779       23,418  
Total Frozen Food Products     3,639       19,779       23,418  
                         
Totals   $ 66,705     $ 19,779     $ 86,484  

 

(a) Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.

(b) Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.

XML 29 R17.htm IDEA: XBRL DOCUMENT v3.19.1
Equipment Note Payable and Financial Arrangements (Tables)
6 Months Ended
Apr. 19, 2019
Debt Disclosure [Abstract]  
Schedule of Long Term Notes Payable

The secured equipment notes payable is due with monthly principal and interest payments of $103 commencing on January 31, 2019 for 84 monthly installments including interest of 4.13% per annum.

 

    (unaudited)     (unaudited)  
    April 19, 2019     April 20, 2018  
Secured equipment notes payable to Wells Fargo Bank, N.A. collateralized by equipment for the new Chicago processing facility.   $ 7,500     $ -  
Less monthly principal and interest payments     (232 )     -  
Less current portion of notes payable     (712 )     -  
Total long-term notes payable   $ 6,556     $ -  

XML 30 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
6 Months Ended
Dec. 28, 2018
Apr. 19, 2019
Apr. 20, 2018
Dec. 26, 2018
Maximum [Member]        
Equipment financing amount       $ 15,000,000
Wells Fargo Bank N.A [Member] | Master Collateral Loan and Security Agreement [Member]        
Proceeds from loan borrowed $ 7,500,000      
April 15, 2019 [Member] | Wells Fargo Bank N.A [Member] | Master Collateral Loan and Security Agreement [Member]        
Line of credit facility, maximum borrowing capacity   $ 2,000,000    
Proceeds from loan borrowed   7,500,000    
Equipment financing amount   15,000,000    
April 15, 2019 [Member] | Wells Fargo Bank N.A [Member] | Master Collateral Loan and Security Agreement [Member] | Maximum [Member]        
Equipment financing amount   $ 15,000,000    
Accounts Receivable [Member]        
Concentration risk, percentage   20.00% 20.00%  
Sales Revenue, Net [Member]        
Concentration risk, percentage   10.00% 10.00%  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies - Schedule of Customer Concentration (Details)
6 Months Ended
Apr. 19, 2019
Apr. 20, 2018
Sales Revenue, Net [Member]    
Concentration risk, percentage 10.00% 10.00%
Accounts Receivable [Member]    
Concentration risk, percentage 20.00% 20.00%
Wal-Mart [Member] | Sales Revenue, Net [Member]    
Concentration risk, percentage [1] 36.10% 36.30%
Wal-Mart [Member] | Accounts Receivable [Member]    
Concentration risk, percentage [1] 36.90% 34.10%
Dollar General [Member] | Sales Revenue, Net [Member]    
Concentration risk, percentage [1] 9.80% 0.00%
Dollar General [Member] | Accounts Receivable [Member]    
Concentration risk, percentage [1] 21.00% 0.00%
[1] No other customer accounted for more than 20% of consolidated accounts receivable or 10% of consolidated sales for the twenty-four weeks ended April 19, 2019 or the twenty-four weeks ended April 20, 2018.
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies - Schedule of Customer Concentration (Details) (Parenthetical)
6 Months Ended
Apr. 19, 2019
Apr. 20, 2018
Accounts Receivable [Member]    
Concentration risk, percentage 20.00% 20.00%
Sales Revenue, Net [Member]    
Concentration risk, percentage 10.00% 10.00%
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.19.1
Inventories - Schedule of Inventories (Details) - USD ($)
$ in Thousands
Apr. 19, 2019
Nov. 02, 2018
Inventory Disclosure [Abstract]    
Meat, ingredients and supplies $ 7,685 $ 6,455
Work in progress 1,615 1,415
Finished goods 15,292 15,543
Inventories, net $ 24,592 $ 23,413
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information (Details Narrative)
6 Months Ended
Apr. 19, 2019
Segment
Segment Reporting [Abstract]  
Number of operating segments 2
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Apr. 19, 2019
Apr. 20, 2018
Apr. 19, 2019
Apr. 20, 2018
Nov. 02, 2018
Sales $ 41,443 $ 37,900 $ 86,484 $ 79,092  
Cost of products sold 27,042 25,840 56,429 53,073  
Gross margin 14,401 12,060 30,055 26,019  
SG&A 11,608 11,613 24,695 23,484  
Gain on sale of property, plant and equipment (5,995) (6,002)  
Income before taxes 2,793 6,442 5,360 8,537  
Total assets 111,035 97,093 111,035 97,093 $ 101,494
Additions to PP&E 6,927 1,191 14,118 4,811  
Frozen Food Products [Member]          
Sales 11,546 11,010 23,418 21,601  
Cost of products sold 7,350 6,978 15,314 14,139  
Gross margin 4,196 4,032 8,104 7,462  
SG&A 3,102 3,367 6,900 6,757  
Gain on sale of property, plant and equipment (6)  
Income before taxes 1,094 665 1,204 711  
Total assets 11,533 10,828 11,533 10,828  
Additions to PP&E 174 176 277 301  
Snack Food Products [Member]          
Sales 29,897 26,890 63,066 57,491  
Cost of products sold 19,692 18,862 41,115 38,934  
Gross margin 10,205 8,028 21,951 18,557  
SG&A 8,506 8,246 17,795 16,727  
Gain on sale of property, plant and equipment (18) (19)  
Income before taxes 1,699 (200) 4,156 1,849  
Total assets 78,981 51,777 78,981 51,777  
Additions to PP&E 6,753 1,015 13,841 4,510  
Other [Member]          
Sales  
Cost of products sold  
Gross margin  
SG&A  
Gain on sale of property, plant and equipment (5,977) (5,977)  
Income before taxes (5,977) 5,977  
Total assets 20,521 $ 34,488 20,521 34,488  
Additions to PP&E    
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.19.1
Segment Information - Schedule of Disaggregates Our Sales to Customer (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Apr. 19, 2019
Apr. 20, 2018
Apr. 19, 2019
Apr. 20, 2018
Direct store delivery $ 22,656   $ 46,224  
Direct customer warehouse 7,241   16,842  
Total Snack Food Products 29,897   63,066  
Distributors 11,546   23,418  
Total Frozen Food Products 11,546   23,418  
Totals 41,443 $ 37,900 86,484 $ 79,092
Retail [Member]        
Direct store delivery [1] 22,656   46,224  
Direct customer warehouse [1] 7,241   16,842  
Total Snack Food Products [1] 29,897   63,066  
Distributors [1] 1,373   3,639  
Total Frozen Food Products [1] 1,373   3,639  
Totals [1] 31,270   66,705  
Foodservice [Member]        
Direct store delivery [2]    
Direct customer warehouse [2]    
Total Snack Food Products [2]    
Distributors [2] 10,173   19,779  
Total Frozen Food Products [2] 10,173   19,779  
Totals [2] $ 10,173   $ 19,779  
[1] Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.
[2] Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military.
XML 37 R25.htm IDEA: XBRL DOCUMENT v3.19.1
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Apr. 19, 2019
Nov. 02, 2018
Income Tax Disclosure [Abstract]    
Income tax rate reconciliation description On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (the "Tax Act"). The Tax Act includes significant changes to the U.S. tax code that will affect our fiscal year ending November 1, 2019, and future periods, including, but not limited to, (1) reducing the corporate federal income tax rate from 35% to 21%,  
Federal income tax rate 21.00%  
Blended corporate tax rate before and after the Tax Act   23.07%
Adjustment to income tax provision   $ 3,059
Efffective income tax rate 23.60% 64.80%
Deferred tax assets, reclassified from other comprehensive income to retained earnings $ 3,200  
Deferred income taxes, description The remeasurement of deferred income taxes at newly enacted tax rates resulted in a $3,200 income tax expense or a 37.5% impact on the effective tax rate for the first quarter  
Impact on income tax expenses   $ 1,640
Impact on income tax, percent   19.20%
XML 38 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Equipment Note Payable and Financial Arrangements (Details Narrative) - USD ($)
Jan. 31, 2019
Dec. 26, 2018
Facility fixed rate percentage 4.13%  
Debt monthly principal and interest payments $ 103,000  
Debt monthly term 84 months  
Loan Agreement [Member]    
Purchase specific equipment amount   $ 7,500,000
Facility fixed rate percentage   4.13%
Debt term   The loan term is seven years and is secured by the purchased equipment.
Maximum [Member]    
Equipment financing amount   $ 15,000,000
XML 39 R27.htm IDEA: XBRL DOCUMENT v3.19.1
Equipment Note Payable and Financial Arrangements - Schedule of Long Term Notes Payable (Details) - USD ($)
$ in Thousands
Apr. 19, 2019
Nov. 02, 2018
Apr. 20, 2018
Debt Disclosure [Abstract]      
Secured equipment notes payable to Wells Fargo Bank, N.A. collateralized by equipment for the new Chicago processing facility. $ 7,268  
Less current portion of notes payable (712)
Total long-term notes payable $ 6,556
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