020624 Bridgford Foods Announces Q2 Results

Anaheim, CA - Bridgford Foods Corp. announced sales of $35,904,000 for the second quarter of its 2002 fiscal year that ended May 3, 2002.

This represents a decrease of 6.7%, compared with the same quarter last year. Net income for the second quarter totaled $1,496,000, which represents a decrease of 16.2%, compared with the second quarter of 2001.

Sales for the first half of the 2002 fiscal year totaled $75,135,000, which represents a decrease of 7%, compared with the first half of last year. Net income for the first half of 2002 was $3,049,000, a 28.5% decrease, compared with the same period last year.

Sales in both the second quarter and first half of the 2002 fiscal year were adversely affected by the sluggish economy and the disruption caused by the bankruptcy filing by a significant customer in January 2002. Earnings in the second quarter and first half of 2002 were lower due, in part, to the reduced sales volume and the credit loss provision for the bankruptcy filing of a significant customer.

Bridgford Foods, a producer of frozen dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,448,000 shares outstanding.

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