Company: BRID
Filing Date: 2025-02-27
Form Type: DEF 14A
Source: 0001493152-25-008406
Chunk: 47

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-02-27
Form: DEF 14A
Chunk 47
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 fiscal year 2024, the Board determined to reinvest cash to, among other things, fund raw material ingredient purchases to meet upcoming customer orders and also to purchase packaging equipment to reduce labor costs and streamline production capabilities. While the Company has an available credit facility with Wells Fargo Bank, N.A., the Board and management generally prefer to rely upon cash flows rather than debt to fund operations.

Members of the Bridgford family own or control more than 80% of the Company’s outstanding common stock, and many members of the extended Bridgford family hold key management positions in the Company. The founding family members of Bridgford Foods Corporation desired to retain a substantial majority of the Company’s stock within the Bridgford family, while also sharing the opportunity to invest in a family-owned business with others who believed in the values of developing, producing, selling and distributing high-quality food products that deliver consistent value to the Company’s customers and a fair return to its shareholders. Our core competency is to manufacture and distribute premium meat and bread products to our customers. We believe that we wrap our future in every package and stand behind the products we sell 100%. We are proud of the Company and are committed to enhancing its assets and resources. We strive to be responsive, dependable and accountable to our associates, and view our relationships with customers and suppliers as partnerships. We believe that innovation is essential to the future success of our business and strive to be industry trendsetters in the development of new products. We are enthusiastic and communicate openly and honestly in our dealings with all of our shareholders.

Stock Repurchase Program- Since 1999, the Company has had a stock repurchase program, one of the primary objectives of which has been to distribute cash to shareholders. As of the end of fiscal year 2024, we had cumulatively repurchased 1,879,887 shares of common stock under the stock repurchase program for an aggregate purchase price of approximately $20.6 million. The current program authorizes the repurchase of up to an additional 120,113 shares of common stock. During fiscal year 2024, we did not repurchase any shares of our common stock pursuant to our stock repurchase program as the Board determined the best use of cash was to reinvest in the Company as described above.

Going Private— The Board has considered and extensively discussed taking the Company private under various scenarios. As a public company, the Company is required to comply with SEC reporting requirements, accounting standards, and Sarbanes-Oxley regulations.