Fri, May 31, 9:09 PM (143 days ago)
Bridgford Foods Corporation's Q2 2024 financial report indicates a decline in overall performance compared to the same period in 2023. Net sales dropped by 14.8% to $47.3 million, driven by a 21.1% decrease in the Snack Food Products segment, despite an 8.4% increase in the Frozen Food Products segment. Cost of products sold decreased by 8.7%, but gross margin also fell to 22.7% from 27.8%. SG&A expenses decreased by 6.5%, primarily due to lower wages and bonuses. The company reported a net loss of $2.2 million, a significant decline from the $149,000 net income in Q2 2023. Cash flow from operating activities was $1 million, a slight decrease from the previous year. The company remains in compliance with loan covenants and has $7.5 million available under its revolving credit facility. Inflation, commodity costs, and consumer spending pressures are expected to continue impacting financial performance.