030319 Bridgford Foods Announces Q1 Results

Anaheim, CA - Bridgford Foods Corp. reported that sales in the first quarter (12 weeks) of the 2003 fiscal year were $32,445,000, a 15.1% decrease, compared with first quarter (13 weeks) sales of $38,223,000 in 2002.

Beginning in fiscal year 2003, the company has adopted a reporting schedule based on 12, 24, 36 and 52-week periods, compared with the historical presentation of four quarters with 13 weeks each.

The change was made to conform to the company's internal accounting system that is based on 13 four-week periods and to prepare for the accelerated reporting deadlines mandated by the Sarbanes-Oxley Act of 2002. In addition to one less week in the reporting period, sales decreased in the first quarter due to reduced sales volume in the highly competitive and sluggish economy.

The net loss of $153,000 recorded in the first quarter of 2003 results from reduced sales volume combined with escalating costs, including sales promotions, employee health care, pension benefits, workers' compensation and general insurance and fuel related expenses.

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

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