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BRIDGFORD FOODS CORP

BRIDGFORD FOODS CORPBRID決算レポート

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Bridgford Foods Corp is a US-based food manufacturer and distributor offering frozen sandwiches, baked goods, jerky, meat snacks, and refrigerated meal items. It serves retail chains, convenience stores, foodservice operators and institutional clients across North America, focusing on delivering high-quality, convenient food solutions for daily consumption.

What changed in BRIDGFORD FOODS CORP's 10-K — 2024 vs 2025

Top changes in BRIDGFORD FOODS CORP's 2025 10-K

128 paragraphs added · 116 removed · 101 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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Product Planning and Research and Development We continually monitor the 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.
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.
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 also fueled the growth in easy to prepare, microwaveable frozen and refrigerated convenience foods.
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.
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.
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.
The following table shows sales, as a percentage of consolidated sales, for each business segment during the last two fiscal years: 2024 2023 Frozen Food Products 26 % 23 % Snack Food Products 74 % 77 % 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 and beef jerky.
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 advertising strategy includes our presence on social media and online distribution of promotional material. Snack Food Products During fiscal year 2024, our snack food products division sold approximately 170 different items through customer-owned distribution centers and a direct-store-delivery network serving approximately 21,000 supermarkets, mass merchandise and convenience retail stores located in 50 states.
Our advertising strategy includes our presence on social media and online distribution of promotional material. 4 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.
Growth in this industry has been driven by the increase in away-from-home meal preparation, which has accompanied the expanding number of both dual income and single-income households. 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.
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.
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 in new product introductions in the past several years has been on single-serve items.
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 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.
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.
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 launched our Bridgford Outdoors Ambassador program to continue to grow and support others who share our passion for the outdoors.
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.
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. Product delivered to the customer’s warehouse is then distributed to the store where it is resold to the end consumer.
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.
Employees We had 662 employees (648 full-time employees) as of November 1, 2024, approximately 42% of whose employment relationship is 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.
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.
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.
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.
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.
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.
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.
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.
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. Sales to Dollar General® comprised 16.3% of revenues in fiscal year 2023 and 20.5% of total accounts receivable was due from Dollar General® as of November 3, 2023.
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.
Importance of Key Customers 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 Wal-Mart® comprised 29.1% of revenues in fiscal year 2023 and 26.5% of total accounts receivable was due from Wal-Mart® as of November 3, 2023.
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.
We believe 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.
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.
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.
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.
These customers participate in various special promotional and marketing programs and 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.
We direct advertising toward food service customers with campaigns in major industry publications and through our participation in trade shows throughout the United States.
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.
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. 5 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.
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. 5 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.
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.
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.
Regional sales managers perform several significant functions for us, including identifying and developing new business opportunities and providing customer service and support to our distributors and end purchasers through the effective use of our broker network. 4 Our annual advertising expenditure is directed towards retail and institutional (foodservice) customers.
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.
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 products and customer opportunities.
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.
Our direct store delivery network consists of non-refrigerated snack food products. Our frozen food products division serves both food service and retail customers. 3 Although we have recently introduced several new products, most of these products have not contributed significantly to our revenue growth for the fiscal year 2024. Our sales are not subject to material seasonal variations.
Our direct-store-delivery network consists of non-refrigerated snack food products. Our frozen food products division serves both food service and retail customers. 3 During fiscal year 2025, we shifted toward producing more private label products due to increased consumer demand for more affordable non-branded productions.
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Large end purchasers typically select suppliers that can consistently meet increased volume requirements on a national basis during peak promotional periods.
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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.
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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 plans to shift away from Company-leased long-haul vehicles toward less costly transportation methods such as common carriers.
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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.
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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.
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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.
Added
The HACCP program requires all meat and poultry processing plants to develop and implement sanitary operating procedures and other program requirements.
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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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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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. 8 We participate in Multiemployer Pension Plans which could negatively impact our operations and profitability.
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.
Failure to respond to these trends could reduce our volume and cause us to lower prices or increase promotional spending for 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.
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.
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 certain climate-related disclosures and set goals for reducing our carbon footprint.
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.
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 a failure to comply with such regulations could negatively impact our financial results.
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.
While fluctuations in significant cost structure components, such as ingredient commodities and fuel prices, have had a significant impact on profitability over the last three 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.
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.
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.
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.
Finally, we may be adversely affected by changes in domestic or foreign economic conditions, including 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 these past few years, which has had varying impacts on our business.
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.
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 statement of operations.
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 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.
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.
As of November 1, 2024, approximately 278 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.
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.
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.
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.
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.
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.
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 conflict between Ukraine and Russia. The marketing of our value-added products does not lend itself to instantaneous changes in selling prices.
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 ultimate amount of the 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.
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.
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.
In the event of a full or partial withdrawal from these plans, the impact on our financial statements could be material. 8 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.
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.
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.
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. 7 We depend on our major customers and any loss of such customers could have a negative impact on our profitability.
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.
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 2024 and 20.2% of total accounts receivable was due from Dollar General® 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. Many of our customers, such as supermarkets, warehouse clubs, and food distributors, have consolidated in recent years.
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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.
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Bridgford. 7 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.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Our Audit Committee is responsible in overseeing risks from cybersecurity threats, and has the authority to regularly review the adequacy of our cybersecurity, information and technology security, and data privacy programs, procedures, and policies. Our IT Steering Committee, led by the Vice President of Information Technology, is primarily responsible for monitoring, assessing, and managing material risks from cybersecurity threats.
Our Audit Committee is responsible for overseeing risks from cybersecurity threats and has the authority to regularly review the adequacy of our cybersecurity, information and technology security, and data privacy programs, procedures, and policies. Our IT Steering Committee, led by the Vice President of Information Technology, is primarily responsible for monitoring, assessing, and managing material risks from cybersecurity threats.
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. 9 Cybersecurity Governance Our cybersecurity risk management program is overseen by the Audit Committee and led by the IT Steering Committee.
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. Cybersecurity Governance Our cybersecurity risk management program is overseen by the Audit Committee and led by the IT Steering 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.
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. 9
The Audit Committee / IT Steering Committee also regularly engages with 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.
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.

Item 2. Properties

Properties — owned and leased real estate

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Properties We own the following properties as of November 1, 2024: 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.
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.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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Item 3. Legal Proceedings No material legal proceedings were pending against us as of November 1, 2024, or as of the date of filing of this Report. We are likely to be subject to claims arising from time to time in the ordinary course of our business.
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.
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Item 4. Mine Safety Disclosures Not applicable. 10 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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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 22, 2025, there were 1,031 shareholders of record in our common stock.
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.
During fiscal years 2024 and 2023, 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 November 1, 2024, 120,113 shares remained authorized for repurchase under the program.
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 & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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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 and the performance of operating divisions and economic conditions of capital markets.
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.
We returned one long-haul truck on June 22, 2023, for a loss of $12 and returned 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.
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.
(Refer to Note 4 of Notes to Consolidated Financial Statements included within this Report for more information). 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.
(Refer to Note 4 of Notes to Consolidated Financial Statements included within this Report for more information). 13 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.
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 life, increase the capacity, or improve the efficiency of existing machinery and equipment.
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.
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, returns allowances, bad debt and inventory allowances based on recent and historical trends.
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.
Specifically, capitalization of upgrades of facilities to maintain operating efficiency include acquisitions of machinery and equipment used on packaging lines and refrigeration equipment used to process food products.
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.
Instances of higher interest rates, general price inflation or deflation, raw materials costs, labor shortages or supply chain issues could adversely affect the Company’s financial results and its liquidity. Higher product prices and promotions could potentially lower demand for our product and decrease volume.
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.
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 2024, 120,113 shares remained authorized for repurchase under the program.
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.
During fiscal year 2024, 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.
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.
Despite higher commodity costs like we experienced in fiscal year 2024, 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 a price increase.
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.
The effective tax rate was 27.9% and 22.7% for fiscal years 2024 and 2023, respectively. In addition, the effective tax rates for fiscal years 2024 and 2023 were impacted by such items as non-deductible meals and entertainment, non-taxable gains and losses on life insurance policies and state income taxes.
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.
The decrease in net cash provided by operating activities primarily relates to a 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.
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.
Loss on Sale of Property, Plant and Equipment 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, $96 and $75, for fiscal years 2024 and 2023, respectively, and Snack Food Products segments, $50 and $86, for fiscal years 2024 and 2023, respectively.
(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.
With the cash expected to be generated from the Company’s operations, we anticipate that we will maintain sufficient liquidity or exercise a portion of the line of credit to operate our business for at least the next twelve months.
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.
Income Taxes Income tax for fiscal years 2024 and 2023, respectively, was as follows: November 1, 2024 November 3, 2023 (Benefit on) provision for income taxes $ (1,311 ) $ 1,021 Effective tax rate 27.9 % 22.7 % We recorded a tax benefit of $1,311 and tax provision of $1,021, for fiscal years 2024 and 2023, respectively, related to federal and state taxes, based on the Company’s expected annual effective tax rate.
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.
Additionally, commodity costs, including meat and flour costs, have and may continue to fluctuate due to both political and economic conditions, including the ongoing conflict between Ukraine and Russia.
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.
Our cash conversion cycle (defined as days of inventory and trade receivables less days of trade payables outstanding) was equal to 84 days for the fifty-two weeks ended November 1, 2024, and 83 days for the fifty-three weeks ended November 3, 2023. For the fifty-three weeks ended November 3, 2023, net cash provided by operating activities was $3,985.
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 gross margin decreased from 28.0% to 25.2% during fiscal year 2024 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.
Under the terms of this amendment and the revolving line of credit note, we may borrow up to $7,500 from time to time up to November 30, 2024, at an interest rate equal to (a) the daily simple secured overnight financing rate plus 2.0%, or if unavailable, (b) the prime rate, in each case as determined by the bank.
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.
Results of Operations (dollars in thousands) Fiscal Year Ended November 1, 2024 (52 weeks) Compared to Fiscal Year Ended November 3, 2023 (53 weeks) Net Sales-Consolidated Net sales in fiscal year 2024 decreased $27,991 (11.1%) when compared to the prior fiscal year.
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 seven-year lease for this truck will expire in fiscal year 2031. Amortization of equipment as a finance lease was $44 during the fifty-two weeks ended November 1, 2024. Equipment Note Payable The following table reflects major components of our line of credit and borrowing agreements as of November 1, 2024, and November 3, 2023, respectively.
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.
The changes in net sales were comprised as follows: Impact on Net Sales-Frozen Food Products % $ Selling price per pound 3.2 2,117 Unit sales volume in pounds -1.3 (837 ) Returns activity 0.3 177 Promotional activity -0.9 (687 ) Increase in net sales 1.3 770 The increase in net sales for fiscal year 2024 primarily relates to higher selling prices per pound partially offset by lower unit sales volume in pounds.
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 ) 11 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.
Cash flows used in investing activities: November 1, 2024 (52 Weeks) November 3, 2023 (53 Weeks) Proceeds from sale of property, plant and equipment $ 69 $ 227 Additions to property, plant and equipment (3,902 ) (2,603 ) Net cash used in investing activities $ (3,833 ) $ (2,376 ) 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.
During fiscal year 2024, we did not contribute towards our defined benefit pension plan. 14 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.
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 November 1, 2024.
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.
Under the terms of this amendment and the revolving line of credit note, we may borrow up to $7,500 from time to time up to 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.
November 1, 2024 November 3, 2023 Revolving credit facility $ - $ - Equipment notes: 3.68% note due 04/16/27, out of lockout 04/17/22 2,786 3,831 Total debt 2,786 3,831 Less current debt (1,084 ) (1,045 ) Total long-term debt $ 1,702 $ 2,786 Revolving Credit Facility On November 30, 2023, we entered into a fifth amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended, and also executed a revolving line of credit note pursuant to the amendment.
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 15 Revolving Credit Facility On July 23, 2025, we entered into the Amended Credit Agreement with Wells Fargo.
Change in Cost of Products Sold by Segment $ Consolidated % Commodity $ (Decrease) Increase Frozen Food Products Segment (776 ) -0.4 (522 ) Snack Food Products Segment (13,186 ) -7.3 4,900 Total (13,962 ) -7.7 4,378 Cost of Products Sold and Gross Margin–Frozen Food Products Segment Cost of products sold in the Frozen Food Products segment decreased by $776 (1.8%) in fiscal year 2024 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.
The Company was in compliance with all loan covenants as of November 1, 2024. 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 through fiscal year 2024.
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.
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, ● Fixed Charge Coverage Ratio not less than 1.25 to 1.0 at each fiscal quarter end. 16 As of November 1, 2024, the Company was in compliance with all covenants under the Wells Fargo Loan Agreements and the credit agreement.
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.
All long-haul trucks under this lease agreement have been returned as of November 1, 2024. The Company leased one box truck for a market value of $27 on April 17, 2023, and that lease term is two years. The Company leased one refrigerated truck received on May 10, 2024, for a net present value of $166.
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.
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. 14 Cash flows (used in) provided by operating activities: November 1, 2024 (52 Weeks) November 3, 2023 (53 Weeks) Net (loss) income $ (3,381 ) $ 3,474 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization 6,540 6,558 (Recoveries on) provision for losses on accounts receivable (126 ) 147 Provision for (reduction in) promotional allowances 307 (679 ) Loss on sale of property, plant and equipment 146 161 Deferred income taxes, net (720 ) (631 ) Changes in assets and liabilities (3,263 ) (5,045 ) Net cash (used in) provided by operating activities $ (497 ) $ 3,985 For the fifty-two weeks ended November 1, 2024, net cash used in operating activities was $497, a decrease of $4,482 in cash flows compared to the fifty-three weeks ended November 3, 2023.
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 table below highlights the additions to property, plant and equipment for the fifty-two and fifty-three weeks ended: November 1, 2024 (52 Weeks) November 3, 2023 (53 Weeks) Building and leasehold improvements $ - $ 192 Furniture and fixture 92 - Temperature control - - Processing equipment 215 506 Packaging lines 2,595 205 Vehicles for sales and/or delivery 2,372 1,390 Quality control and communication systems - 66 Computer software and hardware 345 - Forklifts 52 39 Change in projects in process (1,769 ) 205 Additions to property, plant and equipment $ 3,902 $ 2,603 Expenditures for additions to property, plant and equipment during the fifty-two weeks ended November 1, 2024, include projects in process of $755 related to the production facilities in Chicago and Statesville. 15 Cash flows used in financing activities: November 1, 2024 (52 Weeks) November 3, 2023 (53 Weeks) Payment of capital lease obligations $ (103 ) $ (1,151 ) Repayments of bank borrowings (1,045 ) (1,083 ) Net cash used in financing activities $ (1,148 ) $ (2,234 ) Our stock repurchase program was approved by the Board of Directors in November 1999 and was expanded in June 2005.
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.
The changes in net sales were comprised as follows: Impact on Net Sales-Consolidated % $ Selling price per pound -0.4 (1,138 ) Unit sales volume in pounds -8.8 (23,988 ) Returns activity -0.1 377 Promotional activity -1.8 (3,242 ) Decrease in net sales -11.1 (27,991 ) Net Sales-Frozen Food Products Segment Net sales in the Frozen Food Products segment in fiscal year 2024 increased $770 (1.3%) compared to the prior fiscal year.
The changes in net sales were comprised as follows: Impact on Net Sales-Consolidated Percent Change (%) Total ($) 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.
Promotional offers increased due to higher promotional deductions and billbacks by customers compared to fiscal year 2023. 12 Cost of Products Sold and Gross Margin-Consolidated Cost of products sold from continuing operations decreased on a consolidated basis by $13,962 (7.7%) during fiscal year 2024 compared to the prior fiscal year.
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 major components comprising the decrease of “Other SG&A” expenses were lower provision for doubtful accounts, lower postage and insurance expenses and higher rental income partially offset by higher travel and business expense. 13 Selling, General and Administrative Expenses-Frozen Food Products Segment SG&A expenses in the Frozen Food Products segment decreased by $241 (1.7%) during fiscal year 2024 compared to the prior fiscal year.
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 gross margin earned in this segment decreased from 28.8% to 24.4% during fiscal year 2024. Selling, General and Administrative Expenses-Consolidated Selling, general and administrative expenses (“SG&A”) in fiscal year 2024 decreased $3,118 (4.8%) when compared to the prior fiscal year. The decrease in this category did not directly correspond to the change in sales.
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 line of credit has an unused commitment fee of 0.35% of the available loan amount, payable on a quarterly basis. 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 November 30, 2024.
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.
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 as well as lower pension discount rates resulting in higher liability.
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.
Vehicle repairs and maintenance on vehicles have increased compared to the prior fiscal year period mainly due to an aging fleet. None of the changes individually or as a group of expenses in “Other SG&A” were significant enough to merit separate disclosure.
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.
Costs for product advertising decreased mainly as a result of lower payments under brand licensing agreements in the Snack Food Products segment during fiscal year 2024. Healthcare costs have increased due to unfavorable claim trends. Outside consulting costs increased due to higher legal fees, advisory services, inspection and product testing fees.
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.
The changes in net sales were comprised as follows: Impact on Net Sales-Snack Food Products % $ Selling price per pound -1.6 (3,254 ) Unit sales volume in pounds -11.1 (23,152 ) Returns activity -0.3 200 Promotional activity -1.8 (2,555 ) Decrease in net sales -14.8 (28,761 ) Net sales of Snack Food Products decreased due to lower sales through our direct-store-delivery distribution channel during the fiscal year 2024.
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.
We increased our net realizable value reserve by $1,174 during fiscal year 2024 after determining that the market value on some meat products was less than the costs associated with production and sale of the product. We maintained a net realizable reserve of $1,467 on products as of November 1, 2024.
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.
Selling, General and Administrative Expenses-Refrigerated and Snack Food Products Segment SG&A expenses in the Snack Food Products segment decreased by $2,877 (5.6%) during fiscal year 2024 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.
As of November 1, 2024, we had $1,084 of current debt on equipment loans, $61,536 of net working capital and $7,500 available under our revolving line of credit with Wells Fargo Bank, N.A. Refer to Note 5 to the Consolidated Financial Statements and the “Revolving Credit Facility” and “Loan Covenants” included within this Report for further information.
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.
Refer to Subsequent Events under Note 1 to the Consolidated Financial Statements included within this Report for further information. Loan Covenants The Wells Fargo Loan Agreements and the credit agreement contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loans.
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.
The increase in net sales was primarily driven by a significant increase in volume to institutional customers and an increase in selling price per pound due to price increases implemented during the fourth quarter of fiscal year 2023. Other institutional Frozen Food Products sales, including sheet dough and rolls, increased 8% by volume and retail sales volume decreased 8%.
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.
The weighted average selling price per pound decreased compared to fiscal year 2023 due to changes in product mix. Unit sales volume in pounds was lower compared to the prior fiscal year. We believe demand decreased primarily due to inflationary pressure on consumer spending habits as consumers have pulled back on meat product purchases.
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 decreased compared to the 2023 fiscal year. Promotional activity was higher in fiscal year 2024 as a percentage of sales due to increased sales to high promotion customers. Net Sales-Snack Food Products Segment Net sales in the Snack Food Products segment in fiscal year 2024 decreased $28,761 (14.8%) compared to the prior fiscal year.
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.
Lower unit sales volume in pounds and changes in the product mix were the primary contributing factors to this decrease. The cost of purchased flour decreased approximately $522 contributing to the decrease in costs of goods sold. The gross margin percentage increased from 25.1% to 27.4% during fiscal year 2024 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.
Returns activity was lower in dollars but higher as a percentage of sales compared to the 2023 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.
Removed
Cost of Products Sold and Gross Margin–Snack Food Products Segment Cost of products sold in the Snack Food Products segment decreased by $13,186 (9.5%) during fiscal year 2024 compared to the prior fiscal year due primarily to lower unit sales volume in our direct-store-delivery distribution channel.
Added
The gross margin percentage decreased from 27.4% to 24.5% during fiscal year 2025 compared to the prior fiscal year.
Removed
The cost of meat commodities increased approximately $4,900 during fiscal year 2024 compared to the prior fiscal year due to unfavorable fluctuations in commodity markets.
Added
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.
Removed
The table below summarizes the primary expense variances in this category: November 1, 2024 (52 Weeks) November 3, 2023 (53 Weeks) Expense (Decrease) Increase Wages and bonus $ 23,464 $ 26,716 $ (3,252 ) Pension cost (248 ) (1,160 ) 912 Product advertising 7,935 8,732 (797 ) Healthcare cost 3,331 2,721 610 Outside consultants 2,773 2,322 451 Vehicle repairs and maintenance 1,820 1,590 230 Other SG&A 23,374 24,646 (1,272 ) Total - SG&A 62,449 65,567 (3,118 ) Lower sales commissions paid on reduced sales resulted in lower wages and bonus expenses in the 2024 fiscal year compared to the 2023 fiscal year.
Added
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.
Removed
The overall decrease in SG&A expenses was due to lower unit sales volume in pounds, lower equipment rental and lower fuel expenses related to a reduction in the number of company-owned long-haul trucks partially offset by an increase in insurance expenses and broker commissions.
Added
The increase in this category did not directly correspond to the change in sales. 12 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.
Removed
Most of the decrease was due to the significantly lower unit sales volume in pounds and the corresponding decrease in wages and bonuses, and lower payments under brand licensing agreements.
Added
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.
Removed
We normally fund our operations from cash balances and cash flow generated from operations. Additionally, we have maintained a revolving line of credit with Wells Fargo Bank, N.A. pursuant to the terms of the credit agreement dated March 1, 2018, as amended to date.
Added
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.
Removed
On November 30, 2024, we entered into a sixth amendment to the credit agreement with Wells Fargo Bank, N.A., and also executed a new revolving line of credit note pursuant to the amendment.
Added
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.
Removed
The result was primarily related to net income of $3,474 and a reduction in accounts receivable of $6,480, partially offset by a decrease in accounts payable of $6,457 and lower non-current liabilities of $1,836. During fiscal year 2023, we did not contribute towards our defined benefit pension plan.
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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.
Removed
The revolving line of credit note replaces the existing note that expired by its terms on November 30, 2023.
Added
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.
Removed
Aggregate contractual maturities of debt in future fiscal years are as follows as of November 1, 2024: Fiscal Years Debt Payable 2025 $ 1,084 2026 $ 1,124 2027 $ 578 Impact of Inflation Our operating results are heavily dependent upon the prices paid for raw materials.
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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.
Removed
The marketing of our value-added products does not lend itself to instantaneous changes in selling prices. Changes in selling prices are relatively infrequent and do not compare with the volatility of commodity markets. All of our operating segments have been impacted by inflation, including higher costs for labor, freight, and specific materials.
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(“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.
Removed
We expect this trend to continue through fiscal year 2025. Management is of the opinion that the Company’s financial position and its capital resources are sufficient to provide for its operating needs and capital expenditures for fiscal year 2025. However, future volatility of general price inflation or deflation and raw material cost and availability could adversely affect our financial results.
Added
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.
Added
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.
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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.
Added
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.
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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.
Added
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.
Added
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.

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