Bridgford Foods Corp. (Nasdaq:BRID) Friday (14 September) announced a 1% increase in sales for the third quarter of its 2001 fiscal year.

Sales increased by $400,000, to $36.7 million, in the fiscal quarter ended Aug. 3, 2001, compared with the similar quarter last year. Net income in the third quarter decreased 52%, to $900,000, compared with the third quarter in the 2000 fiscal year. Diluted earnings per share decreased 50%, to $0.08 per share, compared with the same quarter last year.

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Higher costs for commodities, labor, fuel and utilities, combined with lower demand in a weakened economy and lower interest income on investments, were primarily responsible for the significant decrease in earnings.

Sales for the first 39 weeks of the 2001 fiscal year increased 4%, to $117.5 million, compared with the same period in the prior fiscal year. Net income for the 39 weeks ended Aug. 3, 2001, decreased 22%, to $5.1 million, compared with the same period last year.

Earnings in the first three quarters of 2001 were adversely affected by the cost and economic factors cited above. In addition, last year’s 39-week earnings included a $700,000 non-recurring pre-tax gain from the eminent domain land sale in San Diego.

The company announced the adoption of a stock repurchase plan. The plan authorizes the company to purchase up to 1 million shares (9%) of its outstanding common stock. To date, the company has purchased approximately 859,000 shares on the open market at an average cost of $10.45 per share.

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Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,511,000 shares outstanding. 

                         BRIDGFORD FOODS CORP.

                         FINANCIAL HIGHLIGHTS

13 Weeks Ended
Aug. 3, 2001 July 28, 2000

Sales $ 36,708,644 $ 36,276,606
Cost of sales $ 23,088,217 $ 22,025,980
Selling, general & admin. expenses $ 11,181,134 $ 10,503,261
Depreciation $ 1,062,750 $ 888,643
Income before taxes $ 1,376,543 $ 2,858,722
Income tax provision $ 523,000 $ 1,086,000
Net income $ 853,543 $ 1,772,722
Basic earnings per share 8 cents 16 cents
Average shares outstanding 10,517,872 10,809,098
Diluted earnings per share 8 cents 16 cents
Diluted shares computed 10,577,290 10,985,480

39 Weeks Ended
Aug. 3, 2001 July 28, 2000

Sales $ 117,485,217 $ 113,436,187
Cost of sales $ 71,371,988 $ 68,316,206
Selling, general & admin. expenses $ 34,667,490 $ 31,824,951
Depreciation $ 3,188,250 $ 2,749,500
Income before taxes $ 8,257,489 $ 10,545,530
Income tax provision $ 3,138,000 $ 4,007,000
Net income $ 5,119,489 $ 6,538,530
Basic earnings per share 49 cents 59 cents
Average shares outstanding 10,556,491 11,004,757
Diluted earnings per share 48 cents 58 cents
Diluted shares computed 10,611,876 11,181,139