Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 429

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 5
Chunk 429
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 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. 

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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 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.

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.

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 year
2024 included 52 weeks and fiscal year 2023 included 53 weeks.

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, $7,460 and $7,190 for fiscal years 2024 and 2023, respectively, are