021234 Bridgford Announces Results for 2002December 22, 2002Anaheim, CA - Bridgford Foods Corp. announced reduced sales and earnings for the 2002 fiscal year. Sales for the fiscal year ended Nov. 1, 2002, totaled $139,202,000, a decrease of 8.7%, compared with the sales of $152,464,000 recorded in the prior fiscal year. Net income for the 2002 fiscal year totaled $1,138,000, a decrease of 81.8%, compared with earnings of $6,244,000 in the prior year. Sales in the fourth quarter of the 2002 fiscal year totaled $34,275,000, a decrease of 9.6%, compared with the $37,901,000 of sales made in the fourth quarter last year. Operating results for the fourth quarter of 2002 reflect a net loss of $1,482,000, compared with net income of $1,124,000 earned in the fourth quarter last year. Sales in the 2002 fiscal year, including the fourth quarter, were adversely affected by lower demand in a soft, highly competitive economy and by reduced sales to a major customer who filed for bankruptcy protection late in the first quarter of the 2002 fiscal year. Operating results for the fourth quarter and for the 2002 fiscal year were impacted by reduced sales volume, reduced margins due to pricing pressures and higher costs for certain commodities. In addition, earnings were negatively affected by credit loss provisions, including those that relate to the bankruptcy filing by a significant customer. Increased costs for insurance (including employee health care, workers' compensation, liability and property), in addition to higher costs for information systems conversion and pension expense, also contributed to the decrease in earnings in 2002. Bridgford Foods, a producer of frozen dough, microwavable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,448,000 shares of common stock outstanding.
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