Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 355

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 4
Chunk 355
---

 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. 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.

The Company leased three long-haul trucks received
during fiscal year 2019. The six-year leases for these trucks would have expired in fiscal year 2025. 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. 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. 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.

    November 1, 2024  
    November 3, 2023 

    Revolving credit facility 
    $-  
    $- 
  
    Equipment notes