010635 Bridgford Announces 2nd Quarter

Anaheim, CA - Bridgford Foods Corp. announced a 4.6% increase in sales for the second quarter of its 2001 fiscal year.

Sales increased by $1.7 million to $38.5 million for the 13 weeks ended May 4, 2001, compared with the same period last year. Net income in the second quarter of 2001 decreased 24.8% to $1.8 million when compared with the second quarter of the 2000 fiscal year.

Second-quarter earnings in the 2001 fiscal year were adversely affected by increased costs related to petroleum-based packaging supplies, increased transportation and delivery fuel costs, higher utility rates and higher prices for pork supplies.

Sales for the first 26 weeks of the 2001 fiscal year increased 4.7% to $80.8 million, compared with the first half of the prior fiscal year, while net income decreased 10.5% to $4.3 million. Based on the average shares outstanding, net income decreased 7% to $0.40 per share.

Pre-tax income in the first half of the prior fiscal year included a $675,000 gain on the sale of land from eminent domain proceedings in San Diego. There was no similar transaction in the first half of the 2001 fiscal 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 854,000 shares on the open market at an average cost of $10.45 per share.

Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,529,000 shares outstanding.

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