001261 Bridgford Announces Results for Fiscal YearDecember 23, 2000Anaheim, CA - Bridgford Foods Corp. announced record sales of $156.3 million for the fiscal year ended Nov. 3, 2000. This represents a 12.6% gain over the record set in the prior year. Net income for the 53 weeks in 2000 totaled $8.8 million, a decrease of 12.6% from the amount earned in the 52-week 1999 fiscal year. Basic earnings per share decreased 9.1% to $0.80 in the 2000 fiscal year. Higher pork prices and increased costs for transportation, energy, petroleum- based packaging and health care were primarily responsible for the decline in earnings. Sales for the fourth quarter of 2000 were $42.9 million, an increase of 16.7% compared with last year's fourth quarter. Net income in the 2000 fourth quarter was $2.2 million, a 17.3% decrease compared with the same quarter last year. On Dec. 15, 1999, the company announced the adoption of a stock repurchase plan. The plan authorizes the company to purchase up to 1 million shares (9%) of its outstanding common stock. To date, the company has purchased approximately 772,000 shares on the open market at an average cost of $10.19 per share. Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,597,000 shares outstanding.
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