Bridgford Net Slips Despite Revenue Rise
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ANAHEIM — Bridgford Foods Corp. posted a 14% decline in net income for the fiscal year while revenue climbed to a record high.
The producer of convenience food products said net income for the year ended Nov. 1 fell to $5.7 million, or 60 cents a share, from $6.6 million, or 70 cents a share, for the previous year. Revenue increased 5% to $118.3 million from $112.5 million. The company said operating margins were adversely affected by unusually high grain and pork prices during the year.
Net income for the fourth quarter dropped 5% to $1.9 million, or 20 cents a share, from $2 million, or 22 cents a share, for the like period last year. Sales were down 2% to $30.8 million from $31.4 million.
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