Rising costs drive 2025 net loss at Bridgford Foods (NASDAQ: BRID)
Rhea-AI Filing Summary
Bridgford Foods reports a challenging fiscal year ended October 31, 2025, with net sales up 3.3% but a sharply wider net loss of
Snack foods, now 75% of sales, grew 4.7%, while frozen foods declined 0.6%. The company leaned into private-label products as inflation pushed consumers toward lower-priced options, but commodity and overhead inflation more than offset price increases.
Operating cash flow was a negative
Positive
- None.
Negative
- Profitability deteriorated sharply, with net loss widening to
$13,359 thousand from$3,381 thousand and consolidated gross margin falling from 25.2% to 19.3% on higher commodity and overhead costs. - Liquidity and covenant pressure increased, as operating cash flow was a negative
$5,692 thousand, the company borrowed$2,000 thousand on its revolver, and breached a quick-ratio covenant that required a waiver from Wells Fargo.
Insights
Costs and cash flow pressures turned modest sales growth into a much larger 2025 loss.
Bridgford Foods grew net sales by 3.3% in fiscal 2025, helped by higher selling prices and stronger snack food demand, especially private-label products. However, cost of products sold rose 11.4%, cutting consolidated gross margin from 25.2% to 19.3% and pushing the company to a
The snack segment was most affected, with cost of products sold up
Cash generation deteriorated: operating cash flow was a negative
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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DOCUMENTS INCORPORATED BY REFERENCE
INDEX TO FORM 10-K
| Page | |
| Cautionary Note Regarding Forward-Looking Statements | 3 |
| PART I | 3 |
| Item 1. Business | 3 |
| Item 1A. Risk Factors | 6 |
| Item 1B. Unresolved Staff Comments | 9 |
| Item 1C. Cybersecurity | 9 |
| Item 2. Properties | 10 |
| Item 3. Legal Proceedings | 10 |
| Item 4. Mine Safety Disclosures | 10 |
| PART II | 11 |
| Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 11 |
| Item 6. [Reserved] | 11 |
| Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 11 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 16 |
| Item 8. Financial Statements and Supplementary Data | 17 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 17 |
| Item 9A. Controls and Procedures | 17 |
| Item 9B. Other Information | 18 |
| Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 18 |
| PART III | 19 |
| Item 10. Directors, Executive Officers and Corporate Governance | 19 |
| Item 11. Executive Compensation | 19 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 19 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 19 |
| Item 14. Principal Accountant Fees and Services | 19 |
| PART IV | 19 |
| Item 15. Exhibits and Financial Statement Schedules | 19 |
| Item 16. Form 10-K Summary | 20 |
| SIGNATURES | 21 |
| 2 |
Cautionary Note Regarding Forward-Looking Statements
This Annual Report on Form 10-K (this “Report”) contains “forward-looking statements” within the meaning of the federal securities laws, which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements included or incorporated by reference in this Report, other than statements of historical fact, are forward-looking statements. You can identify forward-looking statements by the use of words such as “anticipate,” “believe,” “continue” “could,” “expect,” “intend,” “may,” “will,” or the negative of such terms, or other comparable terminology. Forward-looking statements also include the assumptions underlying or relating to such statements.
In particular, forward-looking statements included or incorporated by reference in this Report relate to, among other things: general economic and business conditions; the impact of competitive products and pricing; success of operating initiatives; development and operating costs; advertising and promotional efforts; adverse publicity; acceptance of new product offerings; changes in business strategy or development plans; availability, terms and deployment of capital; availability of qualified personnel; commodity, labor, and employee benefit costs; supply chain constraints and resulting cost pressures; macroeconomic conditions, including the impact of inflation on our results of operations; changes in, or failure to comply with, government regulations; weather conditions; relationships with customers and suppliers.
Our forward-looking statements are based on our management’s current assumptions and expectations about future events and trends, which affect or may affect our business, strategy, operations or financial performance. Although we believe that these forward-looking statements are based upon reasonable assumptions, they are subject to numerous known and unknown risks and uncertainties and are made in light of information currently available to us. Our actual financial condition and results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section entitled Risk Factors beginning on page 6 of this Report. You should read this Report with the understanding that our actual future results may be materially different from and worse than what we expect.
Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Forward-looking statements speak only as of the date they were made, and, except to the extent required by law or the Nasdaq listing rules, we undertake no obligation to update or review any forward-looking statement because of new information, future events or other factors.
We qualify all of our forward-looking statements by these cautionary statements.
PART I
Item 1. Business
Background of Business
Bridgford Foods Corporation (collectively with its subsidiaries, “Bridgford”, the “Company”, “we”, or “our”), a California corporation, was organized in 1952. We originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis. Currently, we are primarily engaged in the manufacturing, marketing, and distribution of an extensive line of frozen and snack food products throughout the United States. We have not been involved in any bankruptcy, receivership, or similar proceedings since inception nor have we been party to any merger, acquisition, etc. or acquired or disposed of any material amounts of assets during the past five years other than the sale of our real property located at 170 N. Green Street in Chicago in June 2022. Substantially all of our assets have been acquired in the ordinary course of business.
Description of Business
Bridgford currently operates in two business segments - the processing and distribution of frozen food products and the processing and distribution of snack food products. For information regarding the separate financial performance of the business segments refer to Note 7 of the Notes to Consolidated Financial Statements included in this Report.
The following table shows sales, as a percentage of consolidated sales, for each business segment during the last two fiscal years:
| 2025 | 2024 | |||||||
| Frozen Food Products | 25 | % | 26 | % | ||||
| Snack Food Products | 75 | % | 74 | % | ||||
| 100 | % | 100 | % | |||||
We manufacture nearly all of our food products and distribute an extensive line of biscuits, bread dough items, roll dough items, dry sausage products, salami and beef jerky. Our direct-store-delivery network consists of non-refrigerated snack food products. Our frozen food products division serves both food service and retail customers.
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During fiscal year 2025, we shifted toward producing more private label products due to increased consumer demand for more affordable non-branded productions. We believe that increased demand is due to higher inflation and rising costs for basic needs, driving consumer spending habits towards more affordable private-label snack foods, including meat product purchases, in order to reduce expenses, Besides our private label offerings, no other new products have contributed significantly to our revenue growth for the fiscal year 2025. Our sales are not subject to material seasonal variations. Historically we have been able to respond quickly to the receipt of orders and, accordingly, do not maintain a significant sales backlog. Neither Bridgford nor its industry generally has unusual demands or restrictions on working capital items. During the last fiscal year, we did not enter into any new markets or any significant contractual or other material relationships.
Product Distribution Methods
Our products are delivered to customers using several distinct distribution channels. The distribution channel utilized is dependent upon the needs of our customers, the most efficient proximity to the delivery point, trade customs, and operating segment as well as product type, life, and stability. Among our customers are many of the country’s largest broadline and specialty food service distributors. These and other large-end purchasers occasionally go through extensive qualification procedures, and our manufacturing capabilities are subjected to thorough review by the end purchasers prior to our approval as a vendor. Large end purchasers typically select suppliers that can consistently meet increased volume requirements on a national basis during peak promotional periods. We believe that our manufacturing flexibility, national presence, and long-standing customer relationships should allow us to compete effectively with other manufacturers seeking to provide similar products to our current large food service end purchasers, although no assurances can be given.
The factors that contribute to higher or lower margins generated from each method of distribution depend upon the accepted selling price, level of involvement by our employees in setting up and maintaining displays, distance traveled, and fuel consumed by our Company-owned fleet as well as freight and shipping costs depending on the distance the product travels to the delivery point. Management is continually evaluating the profitability of product delivery methods, analyzing alternate methods, and weighing economic inputs to determine the most efficient and cost-effective method of delivery to fulfill the needs of our customers.
Major Product Classes
Frozen Food Products
Our frozen food products division serves both food service and retail customers. We sell approximately 130 unique frozen food products through approximately 820 wholesalers, cooperatives, and distributors.
Frozen Food Products – Food Service Customers
The food service industry is composed of establishments that serve food outside the home and includes restaurants, the food operations of health care providers, schools, hotels, resorts, corporations, and other traditional and non-traditional food service outlets. Growth in this industry has been driven by the increase in away-from-home meal preparation. Another trend within the food service industry is the growth in the number of non-traditional food service outlets such as convenience stores, retail stores and supermarkets. These non-traditional locations often lack extensive cooking, storage, or preparation facilities resulting in a need for pre-cooked and prepared foods similar to those we provide. The expansion in the food service industry has also been accompanied by the continued consolidation and growth of broadline and specialty food service distributors, many of which are long-standing customers.
Frozen Food Products – Retail Customers
The majority of our existing and targeted retail customers are involved in the resale of branded and private label packaged foods. The same trends which have contributed to the increase in away-from-home meal preparation have fueled growth in easy to prepare, microwaveable frozen and refrigerated convenience foods. Among the fastest growing segments is the frozen and refrigerated hand-held foods market. This growth has been driven by improved product quality and variety and the increasing need for inexpensive and healthy food items that require minimal preparation. Despite rapid growth, many categories of frozen and refrigerated hand-held foods have achieved minimal household penetration. We have been successful in establishing and maintaining supply relationships with certain selected leading retailers in this market.
Frozen Food Products – Sales and Marketing
Our frozen food business covers the United States. Products produced by the Frozen Food Products segment are generally supplied to food service and retail distributors who take title to the product upon shipment receipt. The Company has shifted away from Company-leased long-haul vehicles toward less costly transportation methods such as common carriers. In addition to regional sales managers, we maintain a network of independent food service and retail brokers covering most of the United States. Brokers are compensated on a commission basis. We believe that our broker relationships, in close cooperation with our regional sales managers, are a valuable asset providing significant new product distribution channels and customer opportunities. Regional sales managers perform several significant functions, including identifying and developing new business opportunities, providing customer service, and supporting distributors and end purchasers through the effective use of our broker network.
Our annual advertising expenditure is directed towards retail and institutional (foodservice) customers. These customers participate in special promotional and marketing programs as well as direct advertising allowances we sponsor. We also invest in general consumer advertising in various periodicals, and coupons to advertise in major markets. We direct advertising toward food service customers with campaigns in major industry publications and through our participation in trade shows throughout the United States. Our advertising strategy includes our presence on social media and online distribution of promotional material.
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Snack Food Products
During fiscal year 2025, our snack food products division sold approximately 180 different items through customer-owned distribution centers and a direct-store-delivery network serving approximately 19,000 supermarkets, mass merchandise, and convenience retail stores located in all 50 states.
Products produced or distributed by the Snack Food Products segment are supplied to customers through either direct delivery to customer warehouses or direct-store-delivery to retail locations. We utilize customer managed warehouse distribution centers to lower distribution cost. Products including high quality private-label products are delivered to the customer’s warehouse which is then distributed to the store where it is resold to the end consumer. Our direct-store-delivery system focus emphasizes high quality service and supply of our premium branded products to our customers. We also provide the service of setting up and maintaining the display and restocking our products.
Snack Food Products — Customers
Our customers are comprised of large retail chains and smaller “independent” or non-chain operators. This part of our business is highly competitive. Proper placement of our product lines is critical to selling success since most items could be considered “impulse” items which are often consumed shortly after purchase. Our ability to sell successfully to this distribution channel depends on aggressive marketing and maintaining relationships with key buyers.
Snack Food Products — Sales and Marketing
Snack food products are distributed across the United States. Regional sales managers perform several significant functions including identifying and developing new business opportunities and providing customer service and support to our customers. We also utilize the services of brokers, where appropriate, to support efficient product distribution and customer satisfaction. Bridgford is the primary sponsor for several professional anglers that compete at the highest level of competitive bass fishing. In addition to our Bridgford Pro Fishing team, which consists of Pro Anglers from the Bass Master Elites, FLW Tour, and Major League Fishing, we have also made a commitment for college bass fishing teams, partnering with fours universities in addition to launching our Bridgford Outdoors Ambassador program to continue to grow and support others who share our passion for the outdoors.
Product Planning and Research and Development
We continually monitor consumer acceptance of each product within our extensive product line. Individual products are regularly added to and deleted from our product line. Historically, the addition or deletion of any individual product has not had a material effect on our operations at the end of the fiscal year. We believe that a key factor in the success of our products is our system of carefully targeted research and testing of our products to ensure high quality and that each product matches an identified market opportunity. The emphasis on new product introductions in the past year has been on private label products and partnerships. We are constantly striving to develop new products to complement our existing product lines and improve processing techniques and formulas. We utilize an in-house test kitchen and consultants to research and experiment with unique food preparation methods, improve quality control and analyze new ingredient mixtures.
Competition
Our products are sold under highly competitive conditions. All food products can be considered competitive with other food products, but we consider our principal competitors to include national, regional, and local producers and distributors of refrigerated, frozen and non-refrigerated snack food products. Several of our competitors include large companies with substantially greater financial and marketing resources than ours. Existing competitors may broaden their product lines and potential competitors may enter or increase their focus on our markets, resulting in greater competition for us. We believe that our products compete favorably with those of our competitors. Such competitors’ products compete against ours for retail shelf space, institutional distribution, and customer preference. Innovation, high quality and consistency are the major attributes of our products.
Effect of Government Regulations
Our operations are subject to extensive inspection and regulation by the United States Department of Agriculture (the “USDA”), the Food and Drug Administration (the “FDA”), and by other federal, state, and local authorities regarding the processing, packaging, storage, transportation, distribution, and labeling of products that we manufacture, produce and process. Our processing facilities and products are subject to continuous inspection by the USDA and/or other federal, state, and local authorities. The USDA has issued strict regulations concerning the control of listeria monocytogenes in ready-to-eat meat and poultry products and contamination by food borne pathogens such as E. coli and salmonella and implemented a system of regulation known as the Hazard Analysis Critical Control Points (“HACCP”) program. The HACCP program requires all meat and poultry processing plants to develop and implement sanitary operating procedures and other program requirements. The Department of Labor’s Occupational Health and Safety Administration (“OSHA”) oversees safety compliance and establishes certain employer responsibilities to help assure safe and healthful working conditions and keep the workplace free of recognized hazards or practices likely to cause death or serious injury. We believe that we are currently in compliance with governmental laws and regulations and that we maintain the necessary permits and licenses relating to our operations.
To date, federal, state, and local environmental laws and regulations, including those relating to the discharge of materials into the environment, and the resources we expend to comply with such regulations, have not had a material effect on our business.
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Importance of Key Customers
Sales to Wal-Mart® comprised 33.5% of revenues in fiscal year 2025 and 8.2% of total accounts receivable was due from Wal-Mart® as of October 31, 2025. Sales to Wal-Mart® comprised 27.8% of revenues in fiscal year 2024 and 25.4% of total accounts receivable was due from Wal-Mart® as of November 1, 2024. Sales to Dollar General® comprised 14.2% of revenues in fiscal year 2025 and 28.8% of total accounts receivable was due from Dollar General® as of October 31, 2025. Sales to Dollar General® comprised 14.2% of revenues in fiscal year 2024 and 20.2% of total accounts receivable was due from Dollar General® as of November 1, 2024.
Sources and Availability of Raw Materials
We purchase large quantities of pork, beef, and flour. These ingredients are generally available from a number of different suppliers although the availability of these ingredients is subject to seasonal variation. We build ingredient inventories to take advantage of downward trends in seasonal prices or anticipated supply limitations.
We purchase bulk flour under short-term fixed price contracts at current market prices. The contracts are usually effective for and settle within three months or less. We monitor and manage our ingredient costs to help negate volatile daily swings in market prices when possible. We do not participate in the commodity futures market or hedging to limit commodity exposure.
Employees
We had 668 employees (649 full-time employees) as of October 31, 2025, approximately 44% of those employment relationships are governed by collective bargaining agreements. These agreements either “have expired” or “will expire” between June 2025 and February 2028. We believe that our relationship with all of our employees is favorable and that any pending contracts will be settled favorably.
Availability of SEC Filings and Code of Conduct on Internet Website
We maintain a website at www.bridgford.com. Available through the “Investors” link on this website, free of charge, are our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments thereto, and reports filed under Section 16 of the Exchange Act, filed with the Securities and Exchange Commission (the “SEC”). Our Code of Conduct is also available on the website through the “Governance” link. The information contained on the website is not incorporated by reference into this filing. Further, our reference to the website URL is intended to be an inactive textual reference only.
Item 1A. Risk Factors
In addition to the other matters set forth in this Report, the continuing operations and the price of our common stock are subject to the following risks, each of which could materially adversely affect our business, financial condition, and results of operations. The risks described below are only the risks that we currently believe are material to our business. However, additional risks not presently known, or risks that are currently believed to be immaterial, may also impair our business operations.
We are subject to general risks in the food industry, including, among other things, risk relating to changes in consumer preferences and product contamination as well as general economic conditions, any of which, if realized, could negatively impact our operating results and financial position.
The food industry, and the markets within the food industry in which we compete, are subject to various risks, including the following: evolving consumer preferences, nutritional and health-related concerns, federal, state, and local food inspection and processing controls, consumer product liability claims, risks of product tampering, and the availability and expense of liability insurance. The meat and poultry industries are subject to scrutiny due to the association of meat and poultry products with recent outbreaks of illness, and on rare occasions even death, caused by food borne pathogens. Outbreaks of disease and other events, which may be beyond our control, could significantly affect demand for and consumer perception of our food products and result in negative publicity that may have an adverse effect on our ability to market our products successfully. Product recalls are also sometimes required in the food industry to withdraw contaminated or mislabeled products from the market. Additionally, the failure to identify and react appropriately to changes in consumer trends, demands and preferences could lead to, among other things, reduced demand, and price reduction for our products. Changes in consumer eating habits may also result in the enactment or amendment of laws and regulations that impact the sourcing, ingredients, and nutritional content of our food products. Finally, we may be adversely affected by changes in domestic or foreign economic conditions, including tariffs, inflation or deflation, interest rates, availability of capital markets, consumer spending rates, and energy availability and costs (including fuel surcharges). We have been experiencing high levels of inflations the past few years, which has had varying impacts on our business. Such prolonged periods of inflation decrease consumers’ discretionary spending, which negatively impacts our results of operations. These and other general risks related to the food industry, if realized by us, could have a significant adverse effect on demand for our products, as well as the costs and availability of raw materials, ingredients, and packaging materials, thereby negatively affecting our operating results and financial position.
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Climate change and related climate change regulations, including with respect to greenhouse gas effects, may negatively affect our results of operations.
Climate change and rising global temperatures may contribute to changing weather patterns, droughts, heavier or more frequent storms and wildfires, and increased frequency and severity of natural disasters. If such climate change has a negative impact on agricultural productivity, we may have decreased availability or less favorable pricing for the raw materials necessary for our operations. Increased frequency or duration of extreme weather conditions could cause disruptions in our operations and supply chain, or impact demand for our products.
Increasing concern over climate change also may result in additional legal or regulatory requirements designed to manage greenhouse gas emissions, climate risks, and resulting environmental impacts. If such requirements are enacted, we could experience significant cost increases in our operations and supply chain.
Further, such requirements may obligate us to make climate-related disclosures and set goals for reducing our carbon footprint. While we are committed to mitigating our impact on the environment and managing greenhouse gas emissions, there can be no assurance that we will accomplish such goals. If we fail to achieve any such goals related to climate change or the related expectations from stakeholders and consumers are not met, the resulting negative publicity could adversely impact our results of operations in part as a consequence of changes in consumer preferences for our products.
Fluctuations in commodity prices and the availability of raw materials could negatively impact our financial results.
We purchase large quantities of commodity pork, beef, and flour. Historically, market prices for products we process have fluctuated in response to a number of factors, including changes in the United States government farm support programs, changes in international agricultural and trading policies, weather, and other conditions during the growing and harvesting seasons. Our operating results are heavily dependent upon the prices paid for raw materials, as well as the available supply of commodities. Commodity costs have and may continue to fluctuate due to political and economic conditions, including the ongoing conflicts between Ukraine and Russia, Isreal and Palestine as well as increased tariffs. The marketing of our value-added products does not lend itself to instantaneous changes in selling prices. In addition, if we increase prices to offset higher costs, we could experience lower demand for our products and sales volumes. Conversely, decreases in our commodity and other input costs may create pressure on us to decrease our prices. Changes in selling prices are relatively infrequent and do not compare with the volatility of commodity markets. If there is a lag between when costs increase and when we are able to increase selling prices, our profits margins may suffer. Production and pricing of commodities, on the other hand, are determined by constantly changing market forces of supply and demand over which we have limited or no control. Such factors include, among other things, weather patterns throughout the world, outbreaks of disease, the global level of supply inventories and demand for grains and other feed ingredients, as well as agricultural and energy policies of domestic and foreign governments. While fluctuations in significant cost structure components, such as ingredient commodities and fuel prices, have had a significant impact on profitability over the last two years, the impact of general price inflation on our financial position and results of operations has been significant. However, current inflationary market conditions may have a negative impact on future earnings. Future volatility of general price inflation or deflation and raw material cost and availability could adversely affect our financial results.
We are subject to extensive government regulations and failure to comply with such regulations could negatively impact our financial results.
Our operations are subject to extensive inspection and regulation by the USDA, FDA and by other federal, state, and local authorities regarding the processing, packaging, storage, transportation, distribution, and labeling of products that are manufactured, produced, and processed by us. Our processing facilities and products are subject to continuous inspection by the USDA and/or other federal, state, and local authorities. The USDA has issued strict regulations concerning the control of listeria monocytogenes in ready-to-eat meat and poultry products and contamination by food borne pathogens such as E. coli and salmonella and implemented a system of regulation known as the HACCP program. The HACCP program requires all meat and poultry processing plants to develop and implement sanitary operating procedures and other program requirements. OSHA oversees safety compliance and establishes certain employer responsibilities to help assure safe and healthful working conditions and keep the workplace free of recognized hazards or practices likely to cause death or serious injury. We believe that we are currently in compliance with governmental laws and regulations and that we maintain necessary permits and licenses relating to our operations.
A failure to obtain or a loss of necessary permits and licenses could delay or prevent us from meeting current product demand and could adversely affect our operating performance. Furthermore, we are routinely subject to new or modified laws, regulations, and accounting standards. If found to be out of compliance with applicable laws and regulations in these or other areas, we could be subject to civil remedies, including fines, injunctions, recalls, or asset seizures, as well as potential criminal sanctions, any of which could have a significant adverse effect on our financial results.
We depend on our key management, the loss of which could negatively impact our operations.
Our executive officers and certain other key employees have been primarily responsible for the development and expansion of our business, and the loss of the services of one or more of these individuals could adversely affect us. Our success will be dependent in part upon our continued ability to recruit, motivate, and retain qualified personnel. We cannot assure that we will be successful in this regard. We have no employment or non-competition agreements with key personnel. However, we have consulting agreements with each of (1) our former Vice President and current director Allan L. Bridgford Sr., (2) our former Chief Financial Officer and current director Raymond F. Lancy, (3) our former Director and President of Bridgford Food Processing Corporation Allan Bridgford Jr, (4) our former President and current director John V. Simmons, and (5) our former President of Dallas-Superior Foods Division Blaine K. Bridgford.
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We depend on our major customers, and any loss of such customers could have a negative impact on our profitability.
Sales to Wal-Mart® comprised 33.5% of revenues in fiscal year 2025 and 8.2% of total accounts receivable was due from Wal-Mart® as of October 31, 2025. Sales to Dollar General® comprised 14.2% of revenues in fiscal year 2025 and 28.8% of total accounts receivable was due from Dollar General® as of October 31, 2025. Many of our customers, such as supermarkets, warehouse clubs, and food distributors, have consolidated in recent years. Such consolidation has produced large, sophisticated customers with increased buying power who are more capable of operating with reduced inventories while demanding lower pricing and increased promotional programs. These customers also may use their shelf space for their own private label products. Failure to respond to these trends could reduce our volume and cause us to lower prices or increase promotional spending on our product lines, which could adversely affect our profitability.
Labor shortages and increased turnover or increases in employee and employee-related costs could have adverse effects on our profitability.
We have historically experienced some level of ordinary course of business turnover of employees. A number of factors have had and may continue to have adverse effects on the labor force available to us, including reduced employment pools, federal unemployment subsidies, and other government regulations, which include laws and regulations related to workers’ health and safety, wage and hour practices and immigration. Labor shortages and increased turnover rates within our team members have led to and could in the future lead to increased costs, such as increased overtime to meet demand and increased wage rates to attract and retain employees and could negatively affect our ability to efficiently operate our production facilities or otherwise operate at full capacity. An overall or prolonged labor shortage, lack of skilled labor, increased turnover or labor inflation could have a material adverse impact on our operations, results of operations, liquidity, or cash flows.
Disputes with labor unions could have an adverse impact on our operations and financial results.
As of October 31, 2025, approximately 293 of our employees were covered by collective bargaining agreements. We depend on the availability of, and good relations with, our teams’ members. If we fail to maintain good relations, we may experience strikes or work stoppages, which could have a material adverse impact on our operations, results of operations, liquidity, or cash flows.
Our business and reputation could suffer if we experience security breaches and other disruptions to our information technology infrastructure.
We are dependent on information technology systems, some of which are managed by third parties, to process, transmit, and store electronic information and to manage or support a variety of business processes and activities, including distribution, invoicing, and collection of payment. We also collect and store confidential data from our customers and suppliers in data centers, which are owned by third parties and maintained on their information technology networks. These complex systems are an important part of ongoing operations. Any failure of these systems could disrupt our operations and could have a material adverse effect on our business, results of operations, and financial condition. Further, despite our internal controls and security measures, there can be no assurance that we will be able to evade cyberattacks, disruptions, or security breaches. We have implemented cyber-security initiatives to mitigate our exposure to these risks, but these measures may not be adequate Although we have not suffered any significant cyber incidents that resulted in material business impact, we have from time to time been, and expect to continue to be, the target of malicious cyber threat actors.
With approximately 80% of our stock beneficially owned by the Bridgford family, there are risks that they can exert significant influence or control over our corporate matters.
Members of the Bridgford family beneficially own, in the aggregate, approximately 80% of our outstanding stock. In addition, two members of the Bridgford family currently serve on the Board of Directors and two members of the Bridgford family serve on the Executive Committee. As a result, members of the Bridgford family have the ability to exert substantial influence or actual control over our management and affairs and over substantially all matters requiring action by our shareholders, including amendments to by-laws, election and removal of directors, any proposed merger, consolidation or sale of all or substantially all of our assets and other corporate transactions. This concentration of ownership may also delay or prevent a change in control otherwise favored by our other shareholders and could depress our stock price. Additionally, as a result of the Bridgford family’s significant ownership of the outstanding voting stock, we have relied on the “controlled company” exemption from certain corporate governance requirements of the NASDAQ stock market. Therefore, among other things, we have elected not to implement the rule that provides for a nominating committee to identify and recommend nominees to the Board of Directors and have instead elected to have the full Board of Directors perform such function. However, we have not elected to rely on the exemption with respect to our compensation committee, which is made up entirely of independent directors and has sole authority to determine the compensation of our executive officers, including our Chairman of the Board.
We participate in Multiemployer Pension Plans which could negatively impact our operations and profitability.
We participate in “multiemployer” pension plans administered by labor unions on behalf of their employees. We make monthly contributions for healthcare and pension benefit obligations. The contribution amount may change depending upon the ability of participating companies to fund these pension liabilities as well as the actual and expected returns on pension plan assets. Volatility in the capital markets or interest rates can impact the market value of plan assets and cause volatility in the net periodic benefit cost and our future funding requirements. The exact amount of cash contributions made to the pension plans in any year is dependent upon a number of factors, including minimum funding requirements. In addition, should we withdraw from the union and cease participation in a union plan, federal law could impose a penalty for additional contributions to the plan. The penalty would be recorded as an expense in the consolidated statements of operations. The ultimate amount of withdrawal liability is dependent upon several factors including the funded status of the plan and contributions made by other participating companies. We continue to participate in other multiemployer union plans. In the event of a full or partial withdrawal from these plans, the impact on our financial statements could be material.
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Eminent domain and land risk regulations could negatively impact our financial results and financial position.
We own real property on which we operate our processing and/or our distribution operations. As is the case with any owner of real property, we may be subject to eminent domain proceedings that can impact the value of investments we have made in real property as well as potentially disrupt our business operations. If subject to eminent domain proceedings or other government takings, we may not be adequately compensated.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
We maintain an information security and cybersecurity program, as well as a cybersecurity governance framework, which are designed to protect our information systems against operational risks related to cybersecurity.
We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats which include, among other things, operational risks, intellectual property theft, fraud or extortion, harm to employees or customers, violation of privacy or security laws and related litigation and legal risk, and reputational risks.
We
have developed and implemented a cybersecurity risk management program overseen by our Audit Committee intended to protect the confidentiality,
integrity, and availability of our critical systems and information, and detect and contain any cybersecurity incidents that impact us.
Our cybersecurity risk management program also includes processes to triage, assess the severity of, escalate, contain, investigate, and remediate an incident, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage. If a cybersecurity incident is determined to be a potentially material cybersecurity incident, our disclosure controls and procedures define the steps to determine materiality and disclose such a material cybersecurity incident.
In
addition, we engage an independent
While we believe that our business strategy, results of operations or financial condition have not been materially adversely affected by any cybersecurity incidents, cybersecurity threats are pervasive and, similar to other institutions, we, as well as our employees, customers, regulators, service providers, and other third parties have experienced a significant increase in information security and cybersecurity risk in recent years and will likely continue to be the potential target of cyber-attacks. We continue to assess the risks and changes in the cyber environment and invest in enhancements to our cybersecurity capabilities as deemed necessary to promote advancements in our cybersecurity capabilities.
The Audit Committee regularly receives updates from the IT Steering Committee / management with respect to our efforts to manage data protection, cybersecurity, and information and technology risks, and assesses the results of reviews from internal audits. Materials presented to our Audit Committee by our IT Steering Committee include updates on our data security posture, results from internal audit and third-party assessments, our incident response plan, and certain cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks. The Audit Committee / IT Steering Committee also regularly engages in management on technology risk-related topics.
Our processes also allow for our Board and the Audit Committee to be informed of key cybersecurity risks outside the regular reporting schedule. While the Audit Committee meets periodically, the Audit Committee is authorized to meet with management or individual directors at any time it deems appropriate to discuss matters relevant to the committee. Our policy is for the Board and the Audit Committee to receive prompt and timely information regarding any cybersecurity risk (including any incident) that meets reporting thresholds, as well as ongoing updates regarding any such risk.
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Item 2. Properties
We own the following properties as of October 31, 2025:
| Property Location | Building Square Footage | Acreage | ||||||
| Anaheim, California * | 100,000 | 5.0 | ||||||
| Dallas, Texas * | 94,000 | 4.0 | ||||||
| Dallas, Texas * | 30,000 | 2.0 | ||||||
| Dallas, Texas * | 16,000 | 1.0 | ||||||
| Dallas, Texas * | 3,200 | 1.5 | ||||||
| Statesville, North Carolina * | 42,000 | 8.0 | ||||||
| Chicago, Illinois ** | 177,000 | 8.0 | ||||||
| * | - property used by Frozen Food Products Segment. | |
| ** | - property used by Snack Food Products Segment. |
We utilize each of the foregoing properties for processing, warehousing, distributing and administrative purposes. We also lease warehouse and/or office facilities throughout the United States through month-to-month rental agreements. We believe that our properties are generally adequate to satisfy our foreseeable needs. Additional properties may be acquired and/or plants expanded if favorable opportunities and conditions arise.
Item 3. Legal Proceedings
No material legal proceedings were pending against us as of October 31, 2025, or as of the date of filing this Report. We are likely to be subject to claims arising from time to time in the ordinary course of our business. In certain of such actions, plaintiffs may request punitive or other damages that may not be covered by insurance and, accordingly, no assurance can be given with respect to the ultimate outcome of any such possible future claims or litigation or their effect on us. Any adverse litigation trends and outcomes could significantly and negatively affect our financial results.
Item 4. Mine Safety Disclosures
Not applicable.
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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Common Stock and Dividend Data
Our common stock is traded on the Nasdaq Global Market under the symbol “BRID”.
As of January 15, 2026, there were 1,471 shareholders of record in our common stock.
The payment of future dividends, if any, will be at the discretion of our Board of Directors and will depend upon future earnings, financial requirements, and other factors.
Unregistered Sales of Equity Securities
During the period covered by this Report, we did not sell or issue any equity securities that were not registered under the Securities Act of 1933, as amended.
Repurchases of Equity Securities by the Issuer
Our stock repurchase program was approved by our Board of Directors in November 1999 and was expanded in June 2005. Under the stock repurchase program, we are authorized, at the discretion of management and our Board of Directors, to purchase up to an aggregate of 2,000,000 shares of our common stock on the open market. During fiscal years 2025 and 2024, we did not repurchase any shares of our common stock pursuant to our stock repurchase program previously authorized by the Board of Directors. As of October 31, 2025, 120,113 shares remained authorized for repurchase under the program.
Item 6. [Reserved]
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
For a complete understanding, this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements contained in this Report.
Certain statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Report constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 (refer to Part I, Item 1. Business for more information).
Results of Operations (dollars in thousands)
Fiscal Year Ended October 31, 2025 (52 weeks) Compared to Fiscal Year Ended November 1, 2024 (52 weeks)
Net Sales-Consolidated
Net sales in fiscal year 2025 increased $7,341 (3.3%) when compared to the prior fiscal year. The changes in net sales were comprised as follows:
| Impact on Net Sales-Consolidated | Percent Change (%) | Total ($) | ||||||
| Selling price per pound | 3.7 | 9,086 | ||||||
| Unit sales volume in pounds | -0.5 | (1,219 | ) | |||||
| Returns activity | -0.2 | (618 | ) | |||||
| Promotional activity | 0.3 | 92 | ||||||
| Increase in net sales | 3.3 | 7,341 | ||||||
Net Sales-Frozen Food Products Segment
Net sales in the Frozen Food Products segment in fiscal year 2025 decreased $363 (0.6%) compared to the prior fiscal year. The changes in net sales were comprised as follows:
| Impact on Net Sales-Frozen Food Products | % | $ | ||||||
| Selling price per pound | 2.2 | 1,447 | ||||||
| Unit sales volume in pounds | -2.7 | (1,790 | ) | |||||
| Returns activity | - | (7 | ) | |||||
| Promotional activity | -0.1 | (13 | ) | |||||
| Decrease in net sales | -0.6 | (363 | ) | |||||
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The slight decrease in net sales of frozen food products in fiscal year 2025 primarily relates to lower unit sales volume in pounds partially offset by higher selling prices per pound. Institutional frozen food products dollar sales, including sheet dough and rolls, decreased 2.1% resulting in lower net sales compared to last year, which was not fully offset by a retail dollar sales volume increase of 1.8%. Consumers are purchasing more from retail stores while visits to foodservice establishments have decreased compared to the 2024 fiscal year. In addition, production of frozen food products was temporarily reduced to accommodate necessary repairs on a spiral freezer that has since been completed. Returns activity remained consistent compared to the prior fiscal year. Promotional activity was higher as a percentage of sales and higher in dollars during fiscal year 2025.
Net Sales-Snack Food Products Segment
Net sales in the Snack Food Products segment in fiscal year 2025 increased $7,704 (4.7%) compared to the prior fiscal year. The changes in net sales were comprised as follows:
| Impact on Net Sales-Snack Food Products | % | $ | ||||||
| Selling price per pound | 4.2 | 7,639 | ||||||
| Unit sales volume in pounds | 0.3 | 571 | ||||||
| Returns activity | -0.2 | (611 | ) | |||||
| Promotional activity | 0.4 | 105 | ||||||
| Increase in net sales | 4.7 | 7,704 | ||||||
Net sales of snack food products increased in fiscal year 2025 due to higher selling prices per pound and to a lesser extent higher unit sales volume in pounds. The weighted average selling price per pound increased compared to fiscal year 2024 due to price increases on select products with negative or lower margins. We believe demand increased primarily due to a shift in consumer spending habits toward purchasing less expensive private-label snack foods including meat product purchases in order to reduce their expenses. Returns activity increased compared to the prior fiscal year. Promotional activity was lower than in fiscal year 2024.
Cost of Products Sold and Gross Margin-Consolidated
Cost of products sold from continuing operations increased on a consolidated basis by $19,106 (11.4%) during fiscal year 2025 compared to the prior fiscal year. The gross margin decreased from 25.2% to 19.3% during fiscal year 2025 compared to the prior fiscal year.
| Change in Cost of Products Sold by Segment | $ | Consolidated
% | Commodity
$ (Decrease) Increase | |||||||||
| Frozen Food Products Segment | 1,398 | 0.8 | (208 | ) | ||||||||
| Snack Food Products Segment | 17,708 | 10.6 | 6,261 | |||||||||
| Total | 19,106 | 11.4 | 6,053 | |||||||||
Cost of Products Sold and Gross Margin–Frozen Food Products Segment
Cost of products sold in the Frozen Food Products segment increased by $1,398 (3.3%) in fiscal year 2025 compared to the prior fiscal year. Higher gross overhead, including increased costs for temporary labor and utilities, were the primary contributing factors to this increase. The cost of purchased flour decreased approximately $208 compared to the prior fiscal year. However, this decline was not enough to offset the increase in gross overhead and direct distribution costs. The gross margin percentage decreased from 27.4% to 24.5% during fiscal year 2025 compared to the prior fiscal year.
Cost of Products Sold and Gross Margin-Snack Food Products Segment
Cost of products sold in the Snack Food Products segment increased by $17,708 (14.2%) in fiscal year 2025 compared to the prior fiscal year with approximately $6,261 of this increase attributable to higher meat commodity costs resulting from higher pressure on the commodity market. We increased our net realizable value reserve by $170 during the fiscal year 2025 in consideration of pending price increases to customers to help mitigate the record increases in meat commodity costs. We maintain a net realizable reserve of $1,637 on products as of October 31, 2025, after determining that the market value on some meat products could not cover the costs associated with completion and sale of the product. We also faced increased utilities, labor and insurance costs further contributing to the growth in costs. The gross margin percentage decreased from 24.4% to 17.5% during fiscal year 2025 compared to the prior fiscal year.
Selling, General and Administrative Expenses-Consolidated
Selling, general and administrative expenses (“SG&A”) in fiscal year 2025 increased $1,012 (1.6%) when compared to the prior fiscal year. The increase in this category did not directly correspond to the change in sales.
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The table below summarizes the primary expense variances in this category:
October 31, 2025 (52 Weeks) | November 1, 2024 (52 Weeks) | Expense
(Decrease) Increase | ||||||||||
| Product advertising | $ | 7,379 | $ | 7,935 | $ | (556 | ) | |||||
| Pension cost | 232 | (248 | ) | 480 | ||||||||
| Vehicle repairs and maintenance | 1,363 | 1,820 | (457 | ) | ||||||||
| Outside consultants | 3,229 | 2,773 | 456 | |||||||||
| Provision for bad debt | 274 | (126 | ) | 400 | ||||||||
| Healthcare cost | 3,706 | 3,331 | 375 | |||||||||
| Travel expenses | 2,954 | 2,639 | 315 | |||||||||
| Insurance expenses | 1,681 | 1,984 | (303 | ) | ||||||||
| Outside storage | 1,304 | 1,567 | (263 | ) | ||||||||
| Fuel | 1,884 | 2,041 | (157 | ) | ||||||||
| Other SG&A | 39,455 | 38,733 | 722 | |||||||||
| Total - SG&A | 63,461 | 62,449 | 1,012 | |||||||||
Product advertising decreased mainly due to renegotiation of commission percentages with brokers in the Frozen Food Products segment and decreased fees paid under brand licensing agreements in the Snack Food Products segment during fiscal year 2025. The increase in pension cost was a result of lower values in pension plan assets caused by the performance of the underlying markets that support them. Vehicle repairs and maintenance have decreased compared to the prior fiscal year period mainly due to regularly replacing fleet vehicles as they age. Outside consulting costs increased due to higher advisory services including cost analysis and reduction assistance, legal fees, inspection and product testing fees. The increase in the provision for bad debt was mainly the result of recent slowing in certain customer payments beyond terms. Healthcare costs have increased due to unfavorable claim trends. Travel expenses increased due to participation in food shows and in-person business meetings. The decrease in insurance expenses was driven by exiting unfavorable insurance policies early to take advantage of more competitive pricing. Outside storage decreased primarily as a result of the need for less warehouse capacity to store products before shipment to the direct-store-delivery warehouses and customers. The decrease in fuel expense was driven by per gallon fuel price decreases compared to the prior fiscal year as a result of lower cost trends in petroleum markets. None of the changes individually or as a group of expenses in “Other SG&A” were significant enough to merit separate disclosure. The major components comprising the increase of “Other SG&A” expenses were higher workers’ compensation costs, computer maintenance and office supplies.
Selling, General and Administrative Expenses-Frozen Food Products Segment
SG&A expenses in the Frozen Food Products segment decreased by $442 (3.1%) during fiscal year 2025 compared to the prior fiscal year. The overall decrease in SG&A expenses was due to lower product advertising, including broker commissions, partially offset by higher healthcare costs and travel expenses.
Selling, General and Administrative Expenses- Snack Food Products Segment
SG&A expenses in the Snack Food Products segment increased by $1,454 (3.0%) during fiscal year 2025 compared to the prior fiscal year. Most of the increase was due to higher consulting fees, healthcare costs, higher provision for bad debt and higher travel expenses partially offset by lower product advertising.
(Gain) loss on Sale of Property, Plant and Equipment
(Gains) and losses on the sale of property, plant and equipment were due to the ordinary disposal of assets located in both the Frozen Food Products segment, ($7) and $96, for fiscal years 2025 and 2024, respectively, and Snack Food Products segments, ($136) and $50, for fiscal years 2025 and 2024, respectively.
Income Taxes
Income tax for fiscal years 2025 and 2024 was as follows:
| October 31, 2025 | November 1, 2024 | |||||||
| Benefit on income taxes | $ | (4,692 | ) | $ | (1,311 | ) | ||
| Effective tax rate | 26.0 | % | 27.9 | % | ||||
We recorded a tax benefit of $4,692 and tax provision of $1,311, for fiscal years 2025 and 2024, respectively, related to federal and state taxes, based on the Company’s expected annual effective tax rate. The effective tax rate was 26.0% and 27.9% for fiscal years 2025 and 2024, respectively. In addition, the effective tax rates for fiscal years 2025 and 2024 were impacted by such items as non-deductible meals and entertainment, non-taxable gains and losses on life insurance policies and state income taxes. (Refer to Note 4 of Notes to Consolidated Financial Statements included within this Report for more information).
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Liquidity and Capital Resources (dollars in thousands)
The principal source of operating cash flows is cash receipts from the sale of our products, net of costs to manufacture, store, market and deliver such products. We evaluate cash and cash equivalents related to borrowing capacity and short-term and long-term investments. We normally fund our operations from cash balances and cash flow generated from operations. Recent losses may necessitate short-term or long-term borrowing to fund inventory purchases to meet customer orders. We are focused on restoring profitability to the Company by driving topline revenue growth and reducing costs. In line with this focus, the Company is in discussions with and has begun production of customer products under private-label arrangements with the goal of increasing product sales volume. We have implemented multiple price increases on our products to help offset some of the higher costs for meat commodities and are focused on reducing selling, general and administrative expenses. Market data indicates that due to higher inflation and rising costs for basic needs, consumers are increasingly turning to private-label products to reduce their expenses. The Company intends to reorganize its direct-store-delivery route system in response to lower sales volume through that distribution channel, including reducing the number of routes, storage units and vehicles while maintaining superior service to our customers. The Company is also seeking bids for its production materials to drive increased competition among its vendors while maintaining quality inputs at the best possible price. As of October 31, 2025, we had $1,121 of current debt on equipment loans, $42,277 of net working capital and $5,500 available under our revolving line of credit with Wells Fargo Bank, N.A. (“Wells Fargo”) described below.
On July 23, 2025, we entered into an amended and restated credit agreement (the “Amended Credit Agreement”), with Wells Fargo. The Amended Credit Agreement amended, restated and superseded our prior credit agreement, dated November 30, 2024, with Wells Fargo that was set to expire by its terms on November 30, 2025. Under the terms of the Amended Credit Agreement and the revolving line of credit note established thereby, we may borrow up to $7,500 from time to time until July 31, 2026. As of October 31, 2025, the Company was in violation of the quick ratio covenant of the Amended Credit Agreement which was waived by Wells Fargo on December 12, 2025. The Company is otherwise in compliance with all other covenants under the Amended Credit Agreement. If we are unable to meet the financial covenant requirements of the Amended Agreement, it may impact our liquidity. Refer to Note 5 - Line of Credit and Borrowing Agreements to the Consolidated Financial Statements included within this Report for further information.
All of our operating segments have been impacted by inflation, including higher costs for labor, freight and specific materials related to product manufacturing and delivery. We expect this trend to continue throughout fiscal year 2026. Additionally, commodity costs, including meat and flour costs, have and may continue to fluctuate due to both political and economic conditions, including the ongoing conflicts between Ukraine and Russia, and Israel and Palestine, as well as increased tariffs. Despite these higher commodity costs, we may not be able to increase our product prices in a timely manner or sufficiently to offset such increased commodity or other costs due to consumer price sensitivity, pricing in relation to competitors and the reluctance of retailers to accept the price increase. Instances of higher interest rates, general price inflation or deflation, higher raw materials costs, labor shortages or supply chain issues could adversely affect the Company’s financial results and its liquidity. Higher product prices could potentially lower demand for our products and decrease volume. Management believes there are various options available to generate additional liquidity to repay debt or fund operations such as mortgaging real estate, should that be necessary. Our ability to increase liquidity will depend upon, among other things, our business plans, the performance of operating divisions, and the economic conditions of capital markets. If we are unable to increase liquidity through mortgaging real estate or additional borrowing, or generate positive cash flow necessary to fund operations, we may not be able to compete successfully, which could negatively impact our business, operations, and financial condition. With the cash expected to be generated from the Company’s operations, we anticipate that we will maintain sufficient liquidity to operate our business for at least the next twelve months. We will continue to monitor the impact of inflation and interest rate volatility on our liquidity and, if necessary, take action to preserve liquidity and ensure that our business can operate during these uncertain times.
Cash flows (used in) operating activities:
October 31, 2025 (52 Weeks) | November 1, 2024 (52 Weeks) | |||||||
| Net loss | $ | (13,359 | ) | $ | (3,381 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 6,382 | 6,540 | ||||||
| Provision for (recoveries on) losses on accounts receivable | 274 | (126 | ) | |||||
| (Reduction in) provision for promotional allowances | (496 | ) | 307 | |||||
| (Gain) loss on sale of property, plant and equipment | (143 | ) | 146 | |||||
| Deferred income taxes, net | (4,594 | ) | (720 | ) | ||||
| Changes in assets and liabilities | 6,244 | (3,263 | ) | |||||
| Net cash used in operating activities | $ | (5,692 | ) | $ | (497 | ) | ||
For the fifty-two weeks ended October 31, 2025, net cash used in operating activities was $5,692, a decrease of $5,195 in cash flows compared to the fifty-two weeks ended November 1, 2024. The increase in net cash used in operating activities primarily relates to a net loss of $13,359, a decrease in deferred income taxes of $4,594 and an increase in inventory of $3,734, partially offset by a decrease in accounts receivable of $6,493 due to accelerated payments from customers. During fiscal year 2025, we did not contribute towards our defined benefit pension plan. Plan funding strategies may be adjusted depending upon economic conditions, investment options, tax deductibility, or legislative changes in funding requirements.
Our cash conversion cycle (defined as days of inventory and trade receivables less days of trade payables outstanding) was equal to 68 days for the fifty-two weeks ended October 31, 2025, and 84 days for the fifty-two weeks ended November 1, 2024.
For the fifty-two weeks ended November 1, 2024, net cash used in operating activities was $497. The result was primarily related to net loss of $3,381, an increase in refundable income taxes of $1,240 and an increase of other non-current assets of $3,320, partially offset by a decrease in inventory of $7,235 due to selling down inventory finished goods to adjust to lower consumer demand. During fiscal year 2024, we did not contribute towards our defined benefit pension plan.
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Cash flows used in investing activities:
October 31, 2025 (52 Weeks) | November 1, 2024 (52 Weeks) | |||||||
| Proceeds from sale of property, plant and equipment | $ | 205 | $ | 69 | ||||
| Additions to property, plant and equipment | (3,597 | ) | (3,902 | ) | ||||
| Net cash used in investing activities | $ | (3,392 | ) | $ | (3,833 | ) | ||
Additions to property, plant and equipment include the acquisition of equipment, upgrading of facilities to maintain operating efficiency and investments in cost effective technologies to lower costs. In general, we capitalize the cost of additions and improvements and expense the cost for repairs and maintenance. We may also capitalize costs related to improvements that extend the useful life, increase capacity, or improve the efficiency of existing machinery and equipment. Specifically, capitalization of upgrades of facilities to maintain operating efficiency include acquisitions of machinery and equipment used on packaging lines, vehicles and refrigeration equipment used to process food products.
The table below highlights the additions to property, plant and equipment for the fifty-two weeks ended:
October 31, 2025 (52 Weeks) | November 1, 2024 (52 Weeks) | |||||||
| Building and leasehold improvements | $ | 502 | $ | - | ||||
| Furniture and fixture | 16 | 92 | ||||||
| Temperature control | 15 | - | ||||||
| Processing equipment | 259 | 215 | ||||||
| Packaging lines | 199 | 2,595 | ||||||
| Vehicles for sales and/or delivery | 1,290 | 2,372 | ||||||
| Quality control and communication systems | 75 | - | ||||||
| Computer software and hardware | 185 | 345 | ||||||
| Forklifts | 9 | 52 | ||||||
| Change in projects in process | 1,047 | (1,769 | ) | |||||
| Additions to property, plant and equipment | $ | 3,597 | $ | 3,902 | ||||
Expenditures for additions to property, plant and equipment during the fifty-two weeks ended October 31, 2025, include projects in process of $2,683 related to the production facilities in Chicago and Statesville.
Cash flows used in financing activities:
October 31, 2025 (52 Weeks) | November 1, 2024 (52 Weeks) | |||||||
| Payment of financing lease obligations | $ | (1,278 | ) | $ | (103 | ) | ||
| Proceeds from bank borrowings | 2,000 | - | ||||||
| Repayments of bank borrowings | (992 | ) | (1,045 | ) | ||||
| Net cash used in financing activities | $ | (270 | ) | $ | (1,148 | ) | ||
Our stock repurchase program was approved by the Board of Directors in November 1999 and was expanded in June 2005. Under the stock repurchase program we were authorized, at the discretion of management and the Board of Directors, to purchase up to an aggregate of 2,000,000 shares of our common stock on the open market. As of the end of fiscal year 2025, 120,113 shares remained authorized for repurchase under the program.
The Company leased three long-haul trucks received during fiscal year 2019. The six-year leases for these trucks would have expired in fiscal year 2025. We returned one long-haul truck on June 22, 2023, for a loss of $12 and returned the remaining two long-haul trucks on July 11, 2024, for a loss of $90, in an effort to reduce the overall cost of delivering products as we transitioned deliveries to common carriers. All long-haul trucks under this lease agreement have been returned as of October 31, 2025.
The Company leased one refrigerated truck received on May 10, 2024, for a net present value of $166. The seven-year lease for this truck will expire in fiscal year 2031. Amortization of equipment as a finance lease was $24 during the fifty-two weeks ended October 31, 2025.
Equipment Note Payable
The following table reflects major components of our line of credit and borrowing agreements as of October 31, 2025, and November 1, 2024, respectively.
| October 31, 2025 | November 1, 2024 | |||||||
| Revolving credit facility | $ | 2,000 | $ | - | ||||
| Equipment notes: | ||||||||
| 3.68% note due 04/16/27, out of lockout 04/17/22 | 1,794 | 2,786 | ||||||
| Total debt | 3,794 | 2,786 | ||||||
| Less current debt | (3,121 | ) | (1,084 | ) | ||||
| Total long-term debt | $ | 673 | $ | 1,702 | ||||
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Revolving Credit Facility
On July 23, 2025, we entered into the Amended Credit Agreement with Wells Fargo. The Amended Credit Agreement amended, restated and superseded our prior credit agreement with Wells Fargo that was set to expire by its terms on November 30, 2025. Under the terms of the Amended Credit Agreement and the revolving line of credit note it established, we may borrow up to $7,500 from time to time up until July 31, 2026, at an interest rate equal to the daily simple secured overnight financing rate plus 2.5% (6.77% at October 31, 2025), or if unavailable, the prime rate, in each case as determined by the bank. The revolving line of credit has an unused commitment fee of 0.35% of the available loan amount, payable on a quarterly basis. We borrowed $2,000 under this line of credit on May 20, 2025, which remained unpaid as of October 31, 2025. Amounts may be repaid and reborrowed during the term of the note. Accrued interest is payable on the first day of each month and the outstanding principal balance and remaining interest are due and payable on July 31, 2026.
Loan Covenants
The Wells Fargo Loan Agreements and the Amended Credit Agreement contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loans. Material financial covenants are listed below, and the capitalized terms are defined in the applicable agreements:
| ● | Total Liabilities divided by Tangible Net Worth not greater than 2.0 to 1.0 at each fiscal quarter end, | |
| ● | Quick Ratio not less than 1.25 to 1.0 at each fiscal quarter end, | |
| ● | Net income after taxes of not less than $1.00 on a quarterly basis, determined as of each fiscal quarter end, commencing on January 30, 2026. |
As of October 31, 2025, the Company was in violation of the quick ratio covenant which was subsequently waived by Wells Fargo (per letter dated December 12, 2025). As of October 31, 2025, the Company was in compliance with all other covenants under the Wells Fargo Loan Agreements.
Aggregate contractual maturities of debt in future fiscal years are as follows as of October 31, 2025:
| Fiscal Years | Debt Payable | |||
| 2026 | $ | 3,121 | ||
| 2027 | $ | 673 | ||
Off-Balance Sheet Arrangements
We do not currently have any off-balance sheet arrangements within the meaning of Item 303(b) of Regulation S-K.
Contractual Obligations
Except as described above, we had no other debt or other contractual obligations within the meaning of Item 303(b) of Regulation S-K, as of October 31, 2025.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. Amounts estimated related to liabilities for self-insured workers’ compensation, employee healthcare and pension benefits are especially subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts not originally estimated. We record promotions, return allowances, bad debt and inventory allowances based on recent and historical trends. Management believes its current estimates are reasonable and based on the best information available at the time. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.
Disclosure concerning our policies on credit risk, revenue recognition, cash surrender or contract value for life insurance policies, deferred income tax and the recoverability of our long-lived assets are provided in Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in this Report.
Recently Issued Accounting Pronouncements and Regulations
Various accounting standard-setting bodies have been active in soliciting comments and issuing statements, interpretations, and exposure drafts. For information on new accounting pronouncements and the impact, if any, on our financial position or results of operations, see Note 1 of the Notes to the Consolidated Financial Statements included within this Report.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Not applicable for a smaller reporting company.
| 16 |
Item 8. Consolidated Financial Statements and Supplementary Data
The Consolidated Financial Statements required by this Item are set forth in Part IV, Item 15 of this Report.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not applicable.
Item 9A. Controls and Procedures
Evaluation of disclosure controls and procedures
Disclosure controls and procedures are designed to help ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules, regulations and forms, and that such information is collected and communicated to our management, including our Chairman of the Board and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation and under the supervision of our Chairman of the Board and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this Report. Based on this evaluation, the Chairman of the Board and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of the end of the period covered by this Report.
Our management, including our Chairman of the Board and Chief Financial Officer, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.
The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
We maintain and evaluate a system of internal accounting controls, and a program designed to provide reasonable assurance that our assets are protected and that transactions are performed in accordance with proper authorization and are properly recorded. This system of internal accounting controls is continually reviewed and modified in response to evolving business conditions and operations and recommendations made by our independent registered public accounting firm. We have established a code of conduct. Our management believes that the accounting and internal control systems provide reasonable assurance that assets are safeguarded, and financial information is reliable.
The Audit Committee of the Board of Directors meets regularly with our financial management and counsel, and with the independent registered public accounting firm engaged by us. Internal accounting controls and the quality of financial reporting are discussed during these meetings. The Audit Committee has discussed with the independent registered public accounting firm matters required to be discussed by Statement of Auditing Standards No. 16 (Communication with Audit Committees). In addition, the Audit Committee and the independent registered public accounting firm have discussed the independent registered public accounting firm’s independence from our Company and its management, including the matters in the written disclosures required by Public Company Accounting Oversight Board Rule 3526 “Communicating with Audit Committees Concerning Independence.”
Section 404 of the Sarbanes-Oxley Act of 2002
In order to comply with the Sarbanes-Oxley Act of 2002, we have undertaken and continue a comprehensive effort, which includes the documentation and review of our internal controls. To comply with the Sarbanes-Oxley Act, we centralized most accounting and many administrative functions in an effort to control the cost of maintaining our control systems.
The Dodd-Frank Wall Street Reform and Consumer Protection Act permanently exempts smaller reporting companies with less than $75 million in public float, such as the Company, from the requirement to obtain an external audit on the effectiveness of internal financial reporting controls provided in Section 404(b) of the Sarbanes-Oxley Act. As a result, an attestation report on internal controls over financial reporting by an independent registered public accounting firm has not been presented. Section 404(a) is still effective for smaller reporting companies and requires the disclosure of management attestations on internal controls over financial reporting as set forth below.
Management’s Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
| 17 |
Management conducted an evaluation of the effectiveness of the internal controls over financial reporting based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control-Integrated Framework (2013) and related illustrative documents. Management determined that the 17 principles were present and functioning during its assessment of the effectiveness of our internal controls. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of our internal control over financial reporting for our fiscal year ended October 31, 2025. Based on management’s assessment and the above-referenced criteria, management believes that the internal control over financial reporting was effective as of October 31, 2025.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the last quarter of fiscal year ended October 31, 2025 that has materially affected or is reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
On January 5, 2026, Keith A. Ross, a current named director of the Company, passed away. Prior to hi death, Mr. Ross served as a member for the Board of Directors and the Nominating Committee of the Company since 2016.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
| 18 |
PART III
Item 10. Directors, Executive Officers, and Corporate Governance
Insider Trading Policies and Procedures
The Company has an insider trading policy and procedures governing the purchase, sale and/or other dispositions of the Company’s securities that applies to all directors, officers, employees and certain other persons. It is also the Company’s policy to take appropriate steps to comply with applicable federal and state securities laws and regulations, as well as applicable stock exchange listing standards, when the Company engages in transactions in the Company’s securities. The Company believes that its insider trading policy and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company. A copy of the Company’s insider trading policy is filed as Exhibit 19.1 to this Report.
The remaining information required by this item will be included in our definitive proxy statement on Schedule 14A related to our 2026 annual meeting of stockholders (the “Proxy Statement), which will be filed with the Securities and Exchange Commission pursuant to Regulation 14A under the Exchange Act not later than 120 days after the end of our fiscal year ended October 31, 2025, and is incorporated herein by reference.
Item 11. Executive Compensation
The information required by this item will be included in the Proxy Statement and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this item will be included in the Proxy Statement and is incorporated herein by reference.
Equity Compensation Plan Information
Not applicable, as we do not have any compensation plans under which our equity securities are authorized for issuance.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this item will be included in the Proxy Statement and is incorporated herein by reference.
Item 14. Principal Accountant Fees and Services
The information required by this item will be included in the Proxy Statement is incorporated herein by reference.
PART IV
Item 15. Exhibits and Financial Statement Schedules
(a)(1) Financial Statements. The following documents are filed as a part of this Report:
| Page | |
| Report of Independent Registered Public Accounting Firm (PCAOB ID: |
23 |
| Consolidated Balance Sheets as of October 31, 2025, and November 1, 2024 | 24 |
| Consolidated Statements of Operations for the fiscal years ended October 31, 2025, and November 1, 2024 | 25 |
| Consolidated Statements of Comprehensive Income for the fiscal years ended October 31, 2025, and November 1, 2024 | 26 |
| Consolidated Statements of Shareholders’ Equity for the fiscal years ended October 31, 2025, and November 1, 2024 | 27 |
| Consolidated Statements of Cash Flows for the fiscal years ended October 31, 2025, and November 1, 2024 | 28 |
| Notes to Consolidated Financial Statements | 29 |
(2) Financial Statement Schedules
Not applicable for a smaller reporting company.
(3) Exhibits
| (a) | The exhibits below are filed herewith or incorporated herein by reference. |
| 19 |
| Incorporated by Reference | ||||||||||||
| Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||
| 3.1 | Restated Articles of Incorporation, as amended. | 10-K | 000-02396 | 3.4 | 01/18/19 | |||||||
| 3.2 | Amended and Restated Bylaws. | 10-K/A | 000-02396 | 3.7 | 02/09/18 | |||||||
| 4.1 | Description of Capital Stock of the Registrant | 10-K | 000-02396 | 4.1 | 01/15/21 | |||||||
| 10.1* | Bridgford Foods Corporation Defined Benefit Pension Plan. | 10-K | 000-02396 | 10.1 | 01/18/19 | |||||||
| 10.2* | Bridgford Foods Corporation Supplemental Executive Retirement Plan. | 10-K | 000-02396 | 10.2 | 01/18/19 | |||||||
| 10.3* | Bridgford Foods Corporation Deferred Compensation Savings Plan. | 10-K | 000-02396 | 10.3 | 01/18/19 | |||||||
| 10.4* | Consulting Agreement, dated August 12, 2019, between the Registrant and Allan L. Bridgford Sr. | 8-K | 000-02396 | 10.1 | 08/16/19 | |||||||
| 10.5 | Purchase and Sale Agreement dated March 16, 2020 between Bridgford Food Processing Corporation and CRG Acquisition, LLC. | 8-K | 000-02396 | 10.1 | 03/19/20 | |||||||
10.6* |
Consulting Agreement dated February 2, 2023, between the Registrant and Raymond F. Lancy. |
8-K | 000-02396 | 10.1 | 02/02/23 |
| ||||||
| 10.7* | Consulting Agreement dated May 16, 2025, between the Registrant and John V. Simmons. | X | ||||||||||
| 19.1 | Insider Trading Policy | X | ||||||||||
| 21.1 | Subsidiaries of the Registrant. | 10-K | 000-02396 | 21.1 | 01/15/21 | |||||||
| 24.1 | Power of Attorney (included as part of the signature page). | X | ||||||||||
| 31.1 | Certification of Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||
| 31.2 | Certification of Principal Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||
| 32.1** | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Principal Executive Officer). | |||||||||||
| 32.2** | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Principal Financial Officer). | |||||||||||
| 97.1* | Clawback and Forfeiture Policy | X | ||||||||||
| 101.INS | Inline XBRL Instance Document. | X | ||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | X | ||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | X | ||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | X | ||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | X | ||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | X | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document contained in Exhibit 101). | |||||||||||
| * | Each of these Exhibits constitutes a management contract, compensatory plan or arrangement. |
| ** | Each of these Exhibits is furnished herewith. |
Item 16. Form 10-K Summary
Not applicable.
| 20 |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BRIDGFORD FOODS CORPORATION | ||
| By: | /s/ MICHAEL W. BRIDGFORD | |
| Michael W. Bridgford | ||
| Chairman of the Board | ||
Date: January 28, 2026
| 21 |
POWER OF ATTORNEY
We, the undersigned directors and officers of Bridgford Foods Corporation, do hereby constitute and appoint Michael W. Bridgford and Cindy Matthews-Morales, or either of them, with full power of substitution and resubstitution, our true and lawful attorneys and agents, to do any and all acts and things in our name and behalf in our capacities as directors and officers and to execute any and all instruments for us and in our names in the capacities indicated below, which said attorneys and agents, or either of them, or their substitutes, may deem necessary or advisable to enable said corporation to comply with the Securities Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in connection with this Annual Report on Form 10-K, including specifically, but without limitation, power and authority to sign for us or any of us in our names and in the capacities indicated below, any and all amendments; and we do hereby ratify and confirm all that the said attorneys and agents, or either of them, shall do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Signature | Title | Date | ||
| /s/ MICHAEL W. BRIDGFORD | Chairman of the Board (Principal Executive Officer) | January 28, 2026 | ||
| Michael W. Bridgford | ||||
| /s/ CINDY MATTHEWS-MORALES | Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) | January 28, 2026 | ||
| Cindy Matthews-Morales | ||||
| /s/ RAYMOND F. LANCY | Director | January 28, 2026 | ||
| Raymond F. Lancy | ||||
| /s/ BARON R. H. BRIDGFORD II | President | January 28, 2026 | ||
| Baron R. H. Bridgford II | ||||
| /s/ ALLAN L. BRIDGFORD SR. | Director | January 28, 2026 | ||
| Allan L. Bridgford Sr. | ||||
| /s/ WILLIAM L. BRIDGFORD | Vice President and Director | January 28, 2026 | ||
| William L. Bridgford | ||||
| /s/ JOHN V. SIMMONS | Director | January 28, 2026 | ||
| John V. Simmons | ||||
| /s/ TODD C. ANDREWS | Director | January 28, 2026 | ||
| Todd C. Andrews | ||||
| /s/ D. GREGORY SCOTT | Director | January 28, 2026 | ||
| D. Gregory Scott | ||||
| /s/ MARY SCHOTT | Director | January 28, 2026 | ||
| Mary Schott |
| 22 |
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders
Bridgford Foods Corporation
Opinion on the Consolidated Financial Statements
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
| ● | Net revenue – reserves for promotional allowances |
Critical Audit Matter Description
As described in Note 1 to the consolidated financial statements, contracts with customers often include some form of variable consideration in the form of discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative advertising, product returns and other such programs. Promotional allowances are treated as a reduction to revenue when the related revenue is recognized, and are recorded at the net estimated to be received, with updates to estimates and related accruals of promotional allowances occurring each period based on historical experience and changes in circumstances.
We identified the estimation of reserves for promotional allowances by management as a critical audit matter because the inputs and assumptions utilized by management in estimating these reserves, including consistency of historical data and contract pricing, require significant judgment and create a high-degree of estimation uncertainty. Consequently, auditing these assumptions requires subjective auditor judgment.
How We Addressed the Matter in Our Audit
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. The primary procedures we performed to address this critical audit matter included:
| ■ | Obtaining an understanding of management’s processes and controls over calculating the reserves for promotional allowances, including understanding relevant significant inputs and assumptions | |
| ■ | Performing substantive analytical procedures surrounding the reserves for promotional allowances by performing an independent calculation of the allowance by using historical data and assumptions | |
| ■ | Evaluating the reasonableness of key inputs and assumptions relevant to the reserve for promotional allowances, including contractual pricing and rebate arrangements with customers and historical allowance data, which were compared to source documents | |
| ■ | Performing sensitivity analysis over key inputs and significant assumptions | |
| ■ | Testing the accuracy, completeness, and validity of the underlying data used in the schedules that are calculating the reserves for promotional allowances | |
| ■ | Considered transactions submitted by customers subsequent to year-end | |
| ■ | Reviewing applicable financial statement disclosures |
/s/
January 28, 2026
We have served as the Company’s auditor since 2009.
| 23 |
BRIDGFORD FOODS CORPORATION
CONSOLIDATED BALANCE SHEETS
As of October 31, 2025, and November 1, 2024
(in thousands, except share and per share amounts)
| October 31, 2025 | November 1, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Accounts receivable, less
allowance for credit losses accounts of $ | ||||||||
| Inventories, net | ||||||||
| Refundable income taxes | ||||||||
| Prepaid expenses and other current assets | ||||||||
| Total current assets | ||||||||
| Property, plant and equipment, net of accumulated
depreciation and amortization of $ | ||||||||
| Other non-current assets | ||||||||
| Total assets | $ | $ | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued payroll, advertising, and other expenses | ||||||||
| Income taxes payable | ||||||||
| Current notes payable – equipment | ||||||||
| Current right-of-use leases payable | ||||||||
| Revolving credit facility | ||||||||
| Other current liabilities | ||||||||
| Total current liabilities | ||||||||
| Long-term notes payable – equipment, bridge loan and revolving credit facility | ||||||||
| Deferred income taxes, net | ||||||||
| Long-term right of use leases payable | ||||||||
| Executive retirement plans and other non-current liabilities | ||||||||
| Total long-term liabilities | ||||||||
| Total liabilities | ||||||||
| Contingencies and commitments (Notes 3, 5 and 6) | ||||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, without par value; Authorized - shares; issued and outstanding – | ||||||||
| Common stock, $ par value; Authorized - shares; issued and outstanding – shares | ||||||||
| Capital in excess of par value | ||||||||
| Retained earnings | ||||||||
| Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
See accompanying notes to consolidated financial statements.
| 24 |
BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
For the fiscal years ended October 31, 2025, and November 1, 2024
(in thousands, except share and per share amounts)
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Net sales | $ | $ | ||||||
| Cost of products sold | ||||||||
| Gross margin | ||||||||
| Selling, general and administrative expenses | ||||||||
| (Gain) loss on sale of property, plant and equipment | ( | ) | ||||||
| Operating loss | ( | ) | ( | ) | ||||
| Other income (expense) | ||||||||
| Interest expense | ( | ) | ( | ) | ||||
| Cash surrender value gain | ||||||||
| Total other income | ||||||||
| Loss before taxes | ( | ) | ( | ) | ||||
| Benefit on income taxes | ( | ) | ( | ) | ||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Basic loss per share | $ | ( | ) | $ | ( | ) | ||
| Shares used to compute basic loss per share | ||||||||
See accompanying notes to consolidated financial statements.
| 25 |
BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
For the fiscal years ended October 31, 2025, and November 1, 2024
(in thousands)
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Other comprehensive income from defined benefit plans | ||||||||
| Other post-retirement benefit plans: | ||||||||
| Actuarial loss | ( | ) | ||||||
| Other comprehensive loss from other postretirement benefit plans, net | ( | ) | ||||||
| Other comprehensive income, before taxes | ||||||||
| Tax benefit on other comprehensive income | ( | ) | ( | ) | ||||
| Change in other comprehensive income, net of tax | ||||||||
| Comprehensive loss, net of tax | $ | ( | ) | $ | ( | ) | ||
See accompanying notes to consolidated financial statements.
| 26 |
BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
For the fiscal years ended October 31, 2025, and November 1, 2024
(in thousands)
| Shares | Amount | Capital in excess of par value | Retained earnings | Accumulated other comprehensive loss | Total shareholders’ equity | |||||||||||||||||||
| Balance, November 3, 2023 | $ | $ | | $ | $ | ( | ) | $ | ||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Net change in defined benefit plans and other benefit plans, net of tax | - | |||||||||||||||||||||||
| Balance, November 1, 2024 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Net change in defined benefit plans and other benefit plans, net of tax | - | |||||||||||||||||||||||
| Balance, October 31, 2025 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
See accompanying notes to consolidated financial statements.
| 27 |
BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the fiscal years ended October 31, 2025, and November 1, 2024
(in thousands)
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization | ||||||||
| Provision for (recoveries on) losses on accounts receivable | ( | ) | ||||||
| Provision for (reduction in) promotional allowances | ( | ) | ||||||
| (Gain) loss on sale of property, plant and equipment | ( | ) | ||||||
| Deferred income taxes, net | ( | ) | ( | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | ( | ) | ||||||
| Inventories, net | ( | ) | ||||||
| Refundable income taxes | ( | ) | ||||||
| Prepaid expenses and other current assets | ( | ) | ( | ) | ||||
| Other non-current assets | ( | ) | ( | ) | ||||
| Accounts payable | ( | ) | ||||||
| Accrued payroll, advertising and other expenses | ( | ) | ||||||
| Income taxes payable | ||||||||
| Other current liabilities | ( | ) | ||||||
| Executive retirement plans and other non-current liabilities | ( | ) | ||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds from sale of property, plant and equipment | ||||||||
| Additions to property, plant and equipment | ( | ) | ( | ) | ||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| Cash flows from financing activities: | ||||||||
| Payment of financing lease obligations | ( | ) | ( | ) | ||||
| Proceeds from borrowings on revolving credit facility | ||||||||
| Repayments of equipment note payable | ( | ) | ( | ) | ||||
| Net cash used in financing activities | ( | ) | ( | ) | ||||
| Net decrease in cash and cash equivalents | ( | ) | ( | ) | ||||
| Cash and cash equivalents and restricted cash at beginning of year | ||||||||
| Cash and cash equivalents and restricted cash at end of year | $ | $ | ||||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for income taxes | $ | $ | ||||||
| Cash paid for interest | $ | $ | ||||||
| Non-cash receivable from tenant | $ | $ | ||||||
| Non-cash liability from tenant | $ | $ | ||||||
See accompanying notes to consolidated financial statements.
| 28 |
BRIDGFORD FOODS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands except share and per share amounts, time periods, ratios and percentages)
NOTE 1 - The Company and Summary of Significant Accounting Policies:
Bridgford Foods Corporation (collectively with its subsidiaries, “Bridgford”, the “Company”, “we”, “our”) was organized in 1952. We originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis. We, including our subsidiaries, are primarily engaged in the manufacturing, marketing, and distribution of an extensive line of frozen, refrigerated, and snack food products throughout the United States.
The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All inter-company transactions and balances have been eliminated.
Use of estimates and assumptions
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the respective reporting periods. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic factors, including inflation, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and recessionary concerns, on its business and operations. Although the full impact of these factors is unknown, the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of the reporting date. However, actual results could differ from those estimates. Amounts estimated related to liabilities for pension benefits, self-insured workers’ compensation and employee healthcare benefits are subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which may vary from current estimates. Other areas with underlying estimates include realization of deferred tax assets, cash surrender or contract value of life insurance policies, promotional allowances and the allowance for doubtful accounts and inventory reserves. Management believes its current estimates are reasonable and based on the best information available at the time. To the extent there are material differences between the estimates and the actual results, future results of operations could be affected.
Subsequent events
Management
has evaluated events subsequent to October 31, 2025, through the date the accompanying consolidated financial statements were filed with
the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial
statements. On November 13, 2025, we signed a letter of intent with First National Capital, LLC for equipment financing for three years
collateralized by $
On January 27, 2026, $
Based on management’s review, no other material subsequent events were identified that require adjustment to the consolidated financial statements or additional disclosure.
Accounts receivable
Accounts
receivables are recorded at net realizable value. The value is presented net of allowance for credit losses and promotional incentives.
Our accounts receivable consists mainly of trade receivables from customer sales. We evaluate the collectability of our accounts receivable
based on several factors. The provision for credit losses receivable is based on historical trends and current collectability risk. Our
provision for credit losses was $
Concentrations of credit risk
Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The carrying amount of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities approximate fair market value due to the short maturity of these instruments. We maintain cash balances at financial institutions, which may at times exceed the amounts insured by the Federal Deposit Insurance Corporation. Management does not believe there is significant credit risk associated with these financial institutions.
Sales
to Wal-Mart® comprised
Business segments
The Company and its subsidiaries operate in two business segments - the processing and distribution of frozen foods products, and the processing and distribution of snack food products. See Note 7 Segment Information for further information.
| 29 |
Fiscal year
We maintain our accounting records on a 52-53-week fiscal basis ending on the Friday closest to October 31. As part of the regular accounting cycle, fiscal years 2025 and 2024 included 52 weeks respectively.
Revenues
The
Company recognizes revenue for the sale of the product at the point in time when our performance obligation has been satisfied and control
of the product has transferred to our customer, which generally occurs upon shipment, pickup or delivery to a customer based on terms
of the sale. Contracts with customers are typically short-term in nature with completion of a single performance obligation. Product
is sold to foodservice, retail, institutional and other distribution channels. Products are delivered to customers primarily through
our own long-haul fleet, common carrier or through a Company owned direct-store-delivery system. These delivery costs, $
We
record revenue at the transaction price which is measured as the amount of consideration we anticipate to receive in exchange for providing
product to our customers. Revenue is recognized as the net amount estimated to be received after deducting estimated or known amounts
including variable consideration for discounts, trade allowances, consumer incentives, coupons, volume-based incentives, cooperative
advertising, product returns and other such programs. Promotional allowances, including customer incentive and trade promotion activities,
are recorded as a reduction in sales based on amounts estimated being due to customers, based primarily on historical utilization and
redemption rates. Estimates are reviewed regularly until incentives or product returns are realized and the result of any such adjustments
are known. Promotional allowances deducted from sales for fiscal years 2025 and 2024 were $
Advertising expenses
Advertising
and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2025
and 2024 were $
Cash and cash equivalents
We
consider all investments with original maturities of three months or less to be cash equivalents. Cash equivalents include money market
funds and treasury bills. Cash and cash equivalents totaled $
Restricted cash
The
Company had
Fair value measurements
We classify levels of inputs to measure the fair value of financial assets as follows:
| Level 1 inputs: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |
| Level 2 inputs: Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |
| Level 3 inputs: Level 3 inputs are unobservable and should be used to measure fair value to the extent that observable inputs are not available. |
The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value.
The Company does not have any assets or liabilities measured at fair value on a recurring or non-recurring basis for the fiscal years ended October 31, 2025, and November 1, 2024, except for pension plan investments (See Note 3 – Retirement and Other Benefit Plans).
| 30 |
Inventories
Inventories
are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. Inventories
include the cost of raw materials, labor, and manufacturing overhead. We regularly review inventory quantities on hand and write down
any excess or obsolete inventories to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete
inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements,
and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold
at reduced prices and could result in additional reserve provisions. The reserve for slow moving and obsolete inventory was $
Property, plant and equipment
Property,
plant, and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are charged to the asset accounts
while the cost of maintenance and repairs is charged to expense as incurred. When assets are sold or otherwise disposed of, the cost
and accumulated depreciation are removed from the respective accounts, and the resulting gain or loss is credited or charged to income.
Depreciation is computed on a straight-line basis over
We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an impairment is indicated, we measure the fair value of assets to determine if and when adjustments are recorded.
Leases
Leases are recognized in accordance with ASC Topic 842 Leases (“ASC 842”) which requires a lessee to recognize assets and liabilities with lease terms of more than 12 months. We lease or rent property for such operations as storing inventory and equipment. We analyze our agreements to evaluate whether or not a lease exists by determining what assets exist for which we control usage for a period of time in exchange for consideration. In the event a lease exists, we classify it as a finance or operating lease and record a right-of-use (“ROU”) asset and the corresponding lease liability at the inception of the lease. In the case of month-to-month lease or rental agreements with terms of 12 months or less, we made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. The storage units rented on a month-to-month basis for use by our Snack Food Product segment direct-store-delivery route system are not costly to relocate and contain no significant leasehold improvements or degree of integration over leased assets. Orders can be fulfilled by another route storage unit interchangeably. No specialized assets exist in the rental storage units. Market price is paid for storage units. No guarantee of debt is made.
Finance lease assets are recorded within property, plant and equipment, net of accumulated depreciation and amortization. The Company’s leases of a box truck used in its Frozen Food Products segment qualify as finance leases. Finance lease liabilities are recorded under other liabilities. Operating leases are recorded as ROU assets under property, plant and equipment and the corresponding liability is recorded under other liabilities. The consolidated balance sheets reflect both the current and long-term obligation. The classification as a finance or operating lease determines whether the recognition, measurement and presentation of expenses and cash flows are considered operating or financing.
Life insurance policies
We record the cash surrender value or contract value for life insurance policies as an adjustment of premiums paid in determining the expense or income to be recognized under the contract for the period. The cash surrender value is included in other non-current assets in the accompanying Consolidated Balance Sheets. Expected proceeds from life insurance are recorded under prepaid expenses and other current assets (refer to Note 2 – Composition of Certain Financial Statement Captions).
Income taxes
Deferred taxes are provided for items whose financial and tax bases differ. A valuation allowance is provided against deferred tax assets when it is expected that it is more likely than not that the related asset will not be fully realized. The determination as to whether or not a deferred tax asset can be fully realized is subject to a significant degree of judgment, based at least partially upon a projection of future taxable income, which takes into consideration past and future trends in profitability, customer demand, supply costs, and multiple other factors, which are inherently difficult to predict.
We provide tax accruals for federal, state, and local exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these accruals requires judgments about tax issues, potential outcomes, and timing. (See Note 4 for further information). Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations.
We measure and recognize compensation expenses for all share-based payments to employees, including grants of employee stock options, in the financial statements based on the fair value at the date of the grant. We have not issued, awarded, granted, or entered into any stock-based payment agreements since April 29, 1999, and such expense was recognized in fiscal years 2025 and 2024.
| 31 |
Comprehensive income or loss
Comprehensive income or loss consists of net income and additional minimum pension liability adjustments net of taxes.
Recently issued accounting pronouncements and regulations
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (ASC 326), which provides guidance on measurement of credit losses on financial instruments. This ASU adds a current expected credit loss impairment model to GAAP that is based on expected losses rather than incurred losses whereby a broader range of reasonable and supportable information is required to be utilized in order to derive credit loss estimates. The effective date of the new guidance as amended by ASU No. 2019-10 is fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted this standard on November 4, 2023 which did not have a material or significant impact on the Company’s Consolidated Financial Statements as it has been our policy to estimate and record credit losses on trade accounts receivable.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting – Improvements to Reportable Segments Disclosures. The amendments enhance disclosures of significant segment expenses by requiring the disclosure of significant segment expenses regularly provided to the chief operating decision maker, extending certain annual disclosures to interim periods, and permitting more than one measure of segment profit or loss to be reported under certain conditions. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of ASU No. 2023-07 did not have a material or significant impact on the Company’s Consolidated Financial Statements as we have historically disclosed financial data at the operating segment level.
In March 2024, the SEC adopted rules to develop standardized climate-related disclosures by publicly traded companies including the emission of greenhouse gases. The rules are currently effective for the Company in the fiscal year beginning in 2027. However, as a result of pending legal challenges, the actual timing of effectiveness of the rules and applicable phase-in periods, as well as whether portions of the rules remain in effect after the legal challenges, are uncertain. The Company is currently evaluating the guidance and its impact on the financial statements.
In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the U.S. The OBBBA includes numerous provisions that affect corporate taxation, including changes to bonus depreciation, the expensing of domestic research costs, and modifications to certain U.S. international tax rules. The Company has analyzed the impacts of the OBBBA and reflected them in the current period. These impacts do not have a material effect on the tax rate for the year ended October 31, 2025. The majority of the tax law changes will take effect in future years.
| 32 |
NOTE 2 - Composition of Certain Financial Statement Captions:
| October 31, 2025 | November 1, 2024 | |||||||
| Inventories, net: | ||||||||
| Meat, ingredients, and supplies | $ | $ | ||||||
| Work in process | ||||||||
| Finished goods | ||||||||
| $ | $ | |||||||
| Prepaid expenses and other current assets: | ||||||||
| Prepaid insurance | ||||||||
| Prepaid other | ||||||||
| $ | $ | |||||||
| Property, plant and equipment, net: | ||||||||
| Land | $ | $ | ||||||
| Buildings and improvements | ||||||||
| Machinery and equipment | ||||||||
| Finance leased trucks | ||||||||
| Transportation equipment | ||||||||
| Right of use assets | ||||||||
| Construction in process | ||||||||
| Accumulated depreciation and amortization | ( | ) | ( | ) | ||||
| $ | $ | |||||||
| Other non-current assets: | ||||||||
| Cash surrender value benefits | $ | $ | ||||||
| Defined benefit retirement plan | ||||||||
| Other | ||||||||
| $ | $ | |||||||
| Accrued payroll, advertising, and other expenses: | ||||||||
| Payroll, vacation, payroll taxes and employee benefits | $ | $ | ||||||
| Accrued advertising and broker commissions | ||||||||
| Property taxes | ||||||||
| Other | ||||||||
| $ | $ | |||||||
| Other current liabilities (Notes 3 and 6): | ||||||||
| Executive retirement plans | $ | $ | ||||||
| Incentive compensation | ||||||||
| Finance lease obligation | ||||||||
| Customer deposits | ||||||||
| Postretirement healthcare benefits | ||||||||
| $ | $ | |||||||
| Executive retirement plans and other non-current liabilities (Note 3): | ||||||||
| Defined benefit retirement plan | $ | $ | ( | ) | ||||
| Incentive compensation | ||||||||
| Finance lease obligation | ||||||||
| Postretirement healthcare benefits | ||||||||
| $ | $ | |||||||
| 33 |
NOTE 3 - Retirement and Other Benefit Plans:
Noncontributory-Trusteed Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees
We have noncontributory-trusteed defined benefit retirement plans for sales, administrative, supervisory, and certain other employees. In the third quarter of fiscal year 2006, we froze future benefit accruals under these plans for employees classified within the administrative, sales or supervisory job classifications or within any non-bargaining class. The benefits under these plans are primarily based on years of service and compensation levels. The funding policy of the plans requires contributions which are at least equal to the minimum required contributions needed to avoid a funding deficiency. The measurement date for the plans is our fiscal year end.
Net pension income consisted of the following:
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Service cost | $ | $ | ||||||
| Interest cost | ||||||||
| Expected return on plan assets | ( | ) | ( | ) | ||||
| Amortization of unrecognized loss | ||||||||
| Net pension income | $ | ( | ) | $ | ( | ) | ||
Net pension costs and benefit obligations are determined using assumptions as of the beginning of each fiscal year.
Weighted average assumptions for each fiscal year are as follows:
| October 31, 2025 | November 1, 2024 | |||||||
| Discount rate | % | % | ||||||
| Rate of increase in salary levels | N/A | N/A | ||||||
| Expected return on plan assets | % | % | ||||||
The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows:
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Change in plan assets: | ||||||||
| Fair value of the plans’ assets - beginning of year | $ | $ | ||||||
| Actual return on the plans’ assets | ||||||||
| Benefits paid | ( | ) | ( | ) | ||||
| Fair value of the plans’ assets - end of year | $ | $ | ||||||
| Change in benefit obligations: | ||||||||
| Benefit obligations - beginning of year | $ | $ | ||||||
| Service cost | ||||||||
| Interest cost | ||||||||
| Actuarial gain | ||||||||
| Benefits paid | (2,638 | ) | (2,574 | ) | ||||
| Benefit obligations - end of year | ||||||||
| Funded status of the plans | ||||||||
| Unrecognized net actuarial loss | ||||||||
| Net amount recognized | $ | $ | ||||||
We perform an internal rate of return analysis when making the discount rate selection. The discount rates were based on FTSE Pension Discount Curve (formerly Citibank) as of October 31, 2025, and November 1, 2024, respectively.
The plans’ assets are primarily invested in marketable equity securities, corporate and government debt securities, and the assets are administered by an investment management company. The plans’ long-term return on assets is based on the weighted average of the plans’ investment allocation as of the measurement date and the published historical returns for those types of asset categories, taking into consideration inflation rate forecasts. No expected employer contribution to the plans in fiscal year 2026 is planned.
For
fiscal year 2025, our actuary used mortality tables from the Pri-2012 Total Dataset Mortality Table with MP-2021 Scaling. The expected
rate of return on the plans’ assets was
| 34 |
On May 22, 2024, we transitioned our pension plan assets held with Morgan Stanley Smith Barney LLC to align with our updated investment policy statement to shift away from equities to fixed income. This derisking strategy helps establish a basis for our investment results as well as helping to ensure that assets of the Plan are managed in accordance with the Employment Retirement Income Security Act of 1974 (“ERISA”) and regulations pertaining thereto.
The actual and target allocation for the plans’ assets are as follows:
| Asset Class | 2025 | Target Asset Allocation | 2024 | Target Asset Allocation | ||||||||||||
| Large Cap Equities | % | % | % | % | ||||||||||||
| Mid Cap Equities | % | % | % | % | ||||||||||||
| Small Cap Equities | % | % | % | % | ||||||||||||
| International (equities only) | % | % | % | % | ||||||||||||
| Fixed Income | % | % | % | % | ||||||||||||
| Cash and other | % | % | % | % | ||||||||||||
| Total | % | % | % | % | ||||||||||||
The fair value of our pension plans’ assets as of October 31, 2025, and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows:
| 2025 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Total plan assets | $ | $ | ||||||||||||||
The fair value of our pension plans’ assets as of November 1, 2024, and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows:
| 2024 | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Total plan assets | $ | $ | ||||||||||||||
Expected payments for pension benefits are as follows:
| Fiscal Years | Pension Benefits | |||
| 2026 | $ | |||
| 2027 | $ | |||
| 2028 | $ | |||
| 2029 | $ | |||
| 2030 | $ | |||
| 2031-2035 | $ | |||
Executive Retirement Plans
Non-Qualified Deferred Compensation
Effective
January 1, 1991, we adopted a deferred compensation savings plan for certain key employees. Under this arrangement, selected employees
contribute a portion of their annual compensation to the plan. We contribute an amount to each participant’s account by computing
an investment return equal to Moody’s Average Seasoned Bond Rate plus
| 35 |
Supplemental Executive Retirement Plan
Retirement
benefits otherwise available to certain key executives under the Primary Benefit Plan have been limited by the effects of the Tax Equity
and Fiscal Responsibility Act of 1982 (“TEFRA”) and the Tax Reform Act of 1986 (“TRA”). To offset the loss of
retirement benefits associated with TEFRA and TRA, the Company has adopted a non-qualified “makeup” benefit plan (the “Supplemental
Executive Retirement Plan”). Benefits will be provided under the Supplemental Executive Retirement Plan in an amount equal to
Benefits
payable related to these plans and included in the accompanying consolidated financial statements were $
Expected payments for executive postretirement benefits are as follows:
| Fiscal Years | Executive Postretirement Benefits |
|||
| 2026 | $ | |
||
| 2027 | $ | |||
| 2028 | $ | |||
| 2029 | $ | |||
| 2030 | $ | |||
| 2031-2034 | $ | |||
Incentive Compensation Plan for Certain Key Executives
We
provide an incentive compensation plan for certain key executives, which is based upon our pretax income. The payment of these
amounts is generally deferred over
three or five-year periods. The total amount payable related to this arrangement was $
Postretirement Healthcare Benefits for Selected Executive Employees
We provide post-retirement health care benefits for selected executive employees. Net periodic postretirement healthcare (benefit) cost is determined using assumptions as of the beginning of each fiscal year, except for the total actual benefit payments and the discount rate used to develop the net periodic postretirement benefit expense, which is determined at the end of the fiscal year.
Net periodic post-retirement healthcare cost (benefit) consisted of the following:
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Interest cost | $ | $ | ||||||
| Amortization of actuarial gain | ( | ) | ||||||
| Service cost | ||||||||
| Net periodic postretirement healthcare cost | $ | $ | ||||||
Weighted average assumptions for the fiscal years ended October 31, 2025, and November 1, 2024, are as follows:
| 2025 | 2024 | |||||||
| Discount rate | % | % | ||||||
| Medical trend rate next year | % | % | ||||||
| Ultimate trend rate | % | % | ||||||
| Year ultimate trend rate is achieved | ||||||||
| 36 |
The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following:
| 2025 | 2024 | |||||||
| Interest cost plus service cost | $ | $ | ||||||
| Accumulated postretirement healthcare obligation | $ | $ | ||||||
The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following:
| 2025 | 2024 | |||||||
| Interest cost plus service cost | $ | ( | ) | $ | ( | ) | ||
| Accumulated postretirement healthcare obligation | $ | ( | ) | $ | ( | ) | ||
The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows:
| 2025 | 2024 | |||||||
| Change in accumulated postretirement healthcare obligation: | ||||||||
| Healthcare obligation - beginning of year | $ | $ | ||||||
| Interest cost | ||||||||
| Service cost | ||||||||
| Actuarial gain | ||||||||
| Benefits paid | ( | ) | ( | ) | ||||
| Healthcare obligation – end of year | $ | $ | ||||||
| Funded status of the plans | ||||||||
| Unrecognized net actuarial gain (loss) | ( | ) | ||||||
| Unrecognized amounts recorded in other comprehensive income | ( | ) | ||||||
| Postretirement healthcare liability | $ | $ | ||||||
Expected payments for the post-retirement benefits are as follows:
| Fiscal Years | Postretirement Healthcare Benefits |
|||
| 2026 | $ | |
||
| 2027 | $ | |||
| 2028 | $ | |||
| 2029 | $ | |||
| 2030-2034 | $ | |||
401(k) Plan for Sales, Administrative, Supervisory and Certain Other Employees
During the fiscal year ended November 3, 2006, we implemented a qualified 401(k) retirement plan (the “401k Plan”) for our sales, administrative, supervisory, and certain other employees. During fiscal years 2025 and 2024, we made total employer contributions to the 401k Plan in the amounts of $ and $, respectively.
NOTE 4 - Income Taxes:
The benefit on income taxes include the following:
| October 31, 2025 | November 1, 2024 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Current: | ||||||||
| Federal | $ | $ | ( | ) | ||||
| State | ||||||||
| Deferred: | ||||||||
| Federal | ( | ) | ( | ) | ||||
| State | ( | ) | ( | ) | ||||
| ( | ) | ( | ) | |||||
| Benefit on provision for income taxes | $ | ( | ) | $ | ( | ) | ||
| 37 |
The total tax benefit differs from the expected amount computed by applying the statutory federal income tax rate to income before income taxes as follows:
| October 31, 2025 | November 1, 2025 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Benefit on federal income taxes at the applicable statutory rate | $ | ( | ) | $ | ( | ) | ||
| Decrease in provision resulting from state income taxes, net of federal income tax benefit | ( | ) | ( | ) | ||||
| Non-taxable life insurance gain | ( | ) | ( | ) | ||||
| Change in valuation allowance | ||||||||
| Other, net | ( | ) | ||||||
| Benefit on income taxes | $ | ( | ) | $ | ( | ) | ||
Deferred income taxes result from differences in the basis of assets and liabilities for tax and accounting purposes.
| October 31, 2025 | November 1, 2024 | |||||||
| Receivables allowance | $ | $ | ||||||
| Returns allowance | ||||||||
| Inventory packaging reserve | ||||||||
| Inventory overhead capitalization | ||||||||
| Employee benefits | ||||||||
| Other | ||||||||
| State taxes payable | ||||||||
| Incentive compensation | ||||||||
| Pension and health care benefits | ( | ) | ||||||
| Depreciation | ( | ) | ( | ) | ||||
| Net operating loss carry-forward and credits | ||||||||
| Right of use assets | ( | ) | ||||||
| Valuation allowance established against state NOL | ( | ) | ( | ) | ||||
| Deferred income taxes, net | $ | ( | ) | $ | ( | ) | ||
Management is required to evaluate whether a valuation allowance should be established against its deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. Realization of deferred tax assets is dependent upon taxable income in prior carryback years, estimates of future taxable income, tax planning strategies, and reversals of existing taxable temporary differences.
As
of October 31, 2025, the Company did not have any valuation allowance against its federal net deferred tax assets. Management reevaluated
the need for a valuation allowance at the end of 2024 and determined that some of its California NOL may not be utilized. Therefore,
a valuation allowance of $
As
of October 31, 2025, the Company had net operating loss carryforwards of approximately $
In July 2006, the FASB issued guidance to clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This interpretation prescribed a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also discussed derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The cumulative effect, if any, of applying this guidance is to be reported as an adjustment to the opening balance of retained earnings in the year of adoption. The provisions of this guidance have been incorporated into ASC 740-10.
As
of October 31, 2025, we have provided a liability of $
As
of November 1, 2024, we have provided a liability of $
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:
| October 31, 2025 | November 1, 2025 | |||||||
| (52 Weeks) | (52 Weeks) | |||||||
| Balance at beginning of year | $ | $ | ||||||
| Additions based on tax positions related to the current year | ||||||||
| Additions for tax positions of prior years | ||||||||
| Balance at end of year | $ | $ | ||||||
| 38 |
We
recognize any future accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of October 31, 2025,
we had approximately $
Our federal income tax returns are open to audit under the statute of limitations for the fiscal year ended October 28, 2022, through November 1, 2024.
We are subject to income tax in California and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years ended October 29, 2021, through November 1, 2024.
We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months.
NOTE 5 - Line of Credit and Borrowing Agreements:
The following table reflects major components of our revolving credit facility and borrowing agreements as of October 31, 2025, and November 1, 2024, respectively.
| October 31, 2025 | November 1, 2024 | |||||||
| Revolving credit facility | $ | $ | ||||||
| Equipment note: | ||||||||
| Total debt | ||||||||
| Less current debt | ( | ) | ( | ) | ||||
| Total long-term debt | $ | $ | ||||||
Revolving Credit Facility
On
July 23, 2025, we entered into an amended and restated credit agreement with Wells Fargo (the “Amended Credit
Agreement”). The Amended Credit Agreement amended, restated and superseded our prior credit agreement, dated November 30, 2024
with Wells Fargo that was set to expire by its terms on November 30, 2025. Under the terms of this Amended Credit Agreement and the
revolving line of credit note, we may borrow up to $
Equipment Note Payable
On
December 26, 2018, we entered into a master collateral loan and security agreement with Wells Fargo Bank, (the “Original Wells
Fargo Loan Agreement”) for up to $
Loan Covenants
The Wells Fargo Loan Agreements and the Amended Credit Agreement contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loans. Material financial covenants are listed below, and the capitalized terms are defined in the applicable agreements:
| ● | Total Liabilities divided by Tangible Net Worth not greater than 2.0 to 1.0 at each fiscal quarter end, | |
| ● | Quick Ratio not less than 1.25 to 1.0 at each fiscal quarter end, | |
| ● | Net income after taxes of not less than $1.00 on a quarterly basis, determined as of each fiscal quarter end, commencing on January 30, 2026. |
As of October 31, 2025, the Company was in violation of the quick ratio covenant which was waived (per letter dated December 12, 2025).
As of October 31, 2025, the Company was in compliance with all other covenants under the Wells Fargo Loan Agreements and the Amended Credit Agreement.
Aggregate contractual maturities of debt in future fiscal years are as follows as of October 31, 2025:
| Fiscal Years | Debt Payable | |||
| 2026 | $ | |||
| 2027 | $ | |||
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NOTE 6- Contingencies and Commitments:
The Company leases warehouse and/or office facilities throughout the United States through month-to-month rental agreements. In the case of month-to-month lease or rental agreements with terms of 12 months or less, the Company made an accounting policy election to not recognize lease assets and liabilities and record them on a straight-line basis over the lease term. For further information regarding our lease accounting policy, please refer to Note 1 – The Company and Summary of Significant Accounting Policies – Leases.
The Company performed a detailed analysis and determined that the only indications of a long-term lease in addition to transportation leases for long-haul trucks were the warehouse leases with Hogshed Ventures, LLC and Racine Partners 4333 LLC.
The
Company’s five-year term lease with Racine Partners 4333 LLC, was effective June 1, 2022. A ROU asset of $
We leased warehouse storage space from Hogshed Ventures, LLC for 40th Street in Chicago, Illinois, during fiscal year 2024. We leased this space under a non-cancellable operating lease. This lease terminated on June 30, 2024 and was not renewed. There is no further lease liability recorded as of October 31, 2025.
We,
as lessor, leased a parking lot in Anaheim, California with a five-year term effective May 29, 2024, to a tenant. Both current and non-current
receivables less executory costs including broker’s commissions, were recorded in current and non-current liabilities in the amount
of $
The following is a schedule by years of future minimum lease payments for transportation leases and ROU assets:
| Fiscal Year | Financing Obligations | |||
| 2026 | $ | |||
| 2027 | ||||
| 2028 | ||||
| 2029 | ||||
| Later Years | ||||
| Total minimum lease payments(a) | $ | |||
| Less: Amount representing executory costs | ||||
| Less: Amount representing interest(b) | ||||
| Present value of future minimum lease payments(c) | $ | |||
| (a) | |
| (b) | |
| (c) | Reflected
in Note 2, as current and noncurrent obligations under capital leases of $ |
We purchase large quantities of pork, beef, and flour. These ingredients are generally available from a number of different suppliers although the availability of these ingredients is subject to seasonal variation. We build ingredient inventories to take advantage of downward trends in seasonal prices or anticipated supply limitations.
We purchase bulk flour under short-term fixed price contracts at current market prices. The contracts are usually effective for and settle within three months or less at a fixed price and quantity. We monitor and manage our ingredient costs to help negate volatile daily swings in market prices when possible. We do not participate in the commodity futures market or hedging to limit commodity exposure.
The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters is not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations.
| 40 |
NOTE 7 - Segment Information:
We
have
Our Executive Committee functions as the Chief Operating Decision Maker (CODM). We utilize an Executive Committee to serve in the capacity of Chief Executive Officer. We believe this structure is appropriate for the Company because it requires a full committee of officers, each of whom brings their own experiences and perspectives to bear on their decision making, to discuss and vote on important decisions affecting the Company. The Executive Committee is responsible for the day-to-day management of risk. The Executive Committee regularly assesses the operating segment’s performance and is responsible for allocating resources to each operating segment.
The
CODM is regularly provided and reviews financial data based on the
The following segment information is for the fiscal years ended October 31, 2025 (52 weeks) and November 1, 2024 (52 weeks):
| Segment Information | ||||||||||||||||
| 2025 | Frozen Food Products | Snack Food Products | Other | Totals | ||||||||||||
| Net sales | $ | $ | $ | $ | ||||||||||||
| Cost of products sold | ||||||||||||||||
| Gross margin | ||||||||||||||||
| SG&A | ||||||||||||||||
| Loss on sale of property, plant, and equipment | ( | ) | ( | ) | ( | ) | ||||||||||
| Operating income (loss) | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| Total assets | $ | $ | $ | $ | ||||||||||||
| Additions to PP&E | $ | $ | $ | $ | ||||||||||||
| Segment Information | ||||||||||||||||
| 2024 | Frozen Food Products | Snack Food Products | Other | Totals | ||||||||||||
| Net sales | $ | $ | $ | $ | ||||||||||||
| Cost of products sold | ||||||||||||||||
| Gross margin | ||||||||||||||||
| SG&A | ||||||||||||||||
| Loss on sale of property, plant, and equipment | ||||||||||||||||
| Operating (loss) income | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
| Total assets | $ | $ | $ | $ | ||||||||||||
| Additions to PP&E | $ | $ | $ | $ | ||||||||||||
| 41 |
The following information further disaggregates our sales to customers by major distribution channel and customer type for the fiscal years ended October 31, 2025, and November 1, 2024, respectively.
2025
| Distribution Channel | Retail (a) | Foodservice (b) | Totals | |||||||||
| Direct-store-delivery | $ | $ | $ | |||||||||
| Direct customer warehouse | ||||||||||||
| Total Snack Food Products | ||||||||||||
| Distributors | ||||||||||||
| Total Frozen Food Products | ||||||||||||
| Total Net Sales | $ | $ | $ | |||||||||
| (a) | Includes sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers. |
| (b) | Includes sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools, convenience stores, healthcare facilities and the military. |
| 2024 | ||||||||||||
| Distribution Channel | Retail (a) | Foodservice (b) | Totals | |||||||||
| Direct-store-delivery | $ | $ | $ | |||||||||
| Direct customer warehouse | ||||||||||||
| Total Snack Food Products | ||||||||||||
| Distributors | ||||||||||||
| Total Frozen Food Products | ||||||||||||
| Total Net Sales | $ | $ | $ | |||||||||
| (a) | |
| (b) |
NOTE 8 - Unaudited Interim Financial Information:
Not applicable for a smaller reporting company.
| 42 |
FAQ
How did Bridgford Foods (BRID) perform financially in fiscal 2025?
What drove Bridgford Foods’ segment results in 2025?
How exposed is Bridgford Foods (BRID) to major customers like Wal-Mart and Dollar General?
What is Bridgford Foods’ liquidity and debt position at year-end 2025?
Did Bridgford Foods (BRID) generate or use cash from operations in 2025?
How are inflation and commodity prices affecting Bridgford Foods?
What are the key risks highlighted in Bridgford Foods’ 2025 10-K?
