Anaheim, CA - Bridgford Foods Corp. announced the highest earnings in the company's 66 year history.
Net income for the 52 weeks ended Oct. 30, 1998 was $8,720,000, a 32 percent gain over the prior record set last year. Sales for the year also reached a record high of $134,816,000, a 5 percent gain over the record sales achieved in 1997. This reflects the 13th consecutive year that Bridgford Foods has achieved record high sales.
Sales for the fourth quarter of the 1998 fiscal year were $35,215,000, a 2 percent gain over the same period in 1997. Net income for the same quarter in 1998 increased 20 percent over 1997 to $2,631,000.
Bridgford Foods noted that advantageous commodity costs, improved operating efficiencies and cost control programs were primarily responsible for the improved operating results.
In November 1998, Bridgford Foods announced a second consecutive annual 10 percent stock dividend and a corresponding 10 percent increase in cash dividends to be distributed Jan. 4, 1999.
Bridgford Foods Corp., a producer of frozen bread dough, microwaveable sandwiches, processed meats, dry sausages and other convenience food products, will have 11,370,000 shares outstanding after issuance of the 10 percent stock dividend declared Nov. 16, 1998.
Meat Industry Insights News Service
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