Company: BRID
Filing Date: 2025-06-02
Form Type: 10-Q
Source: 0001641172-25-013252
Chunk: 50

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-06-02
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

(dollars
in thousands)

Note
1 – Summary of Significant Accounting Policies:

The
unaudited Condensed Consolidated Financial Statements of Bridgford Foods Corporation (the “Company”, “we”, “our”,
“us”) for the twelve and twenty-four weeks ended April 18, 2025 and April 19, 2024 have been prepared in accordance with
U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form
10-Q and Article 8 of Regulation S-X, and include all adjustments considered necessary by management for a fair presentation of the interim
periods. This Quarterly Report on Form 10-Q for our second fiscal quarter ended April 18, 2025 (this Report) should be read in conjunction
with the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2024 (the “Annual Report”). Due
to seasonality and other factors, interim results are not necessarily indicative of the results for the full year. Recent accounting
pronouncements, if any, and their effect on the Company are discussed in Part I, Item 2, Management’s Discussion and Analysis of
Financial Condition and Results of Operations in this Report.

The
November 1, 2024, balance sheet amounts within these interim Condensed Consolidated Financial Statements were derived from the audited
fiscal year 2024 consolidated financial statements included in the Company’s Annual Report.

The
preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the
financial statements and the reported revenues and expenses during the reporting periods. Some of the estimates made by management include
the allowance for doubtful accounts, promotional and returns allowances, inventory reserves, the estimated useful lives of property,
plant and equipment, and the valuation allowance for the Company’s deferred tax assets. Management determines the amounts to record
based on historical experience and various other assumptions that we view as reasonable under the circumstances and considers all relevant
available information. Actual results could materially differ from these estimates. Amounts estimated related to liabilities for self-insured
workers’ compensation, employee healthcare, and pension benefits are especially subject to inherent uncertainties and these estimated
liabilities may ultimately settle at amounts which vary from our current