Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 33

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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860 

Cash
flows from financing activities for the twelve weeks ended:

    January 24, 2025  
    January 26, 2024 
  
    Change in lease and right-of-use obligations 
    $(264) 
    $(327)
  
    Repayment of notes payable - equipment 
     (178) 
     (170)
  
    Net cash used in financing activities 
    $(442) 
    $(497)

Our
stock repurchase program was approved by our Board of Directors in November 1999 and was expanded in June 2005. Under the stock repurchase
program, we are authorized, at the discretion of management and our Board of Directors, to purchase up to an aggregate of 2,000,000 shares
of our common stock on the open market. As of January 24, 2025, 120,113 shares remained authorized for repurchase under the program.

20 of 25

Revolving
Credit Facility

On
November 30, 2024, we entered into a sixth amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended,
and also executed a revolving line of credit note pursuant to the amendment. The revolving line of credit note replaces the existing
note that expired by its terms on November 30, 2024. Under the terms of this amendment and the revolving line of credit note, we may
borrow up to $7,500 from time to time up to November 30, 2025, at an interest rate equal to (a) the daily simple secured overnight financing
rate plus 2.0%, or if unavailable, (b) the prime rate, in each case as determined by the bank. The line of credit has an unused commitment
fee of 0.35% of the available loan amount, payable on a quarterly basis. Amounts may be repaid and reborrowed during the term of the
note. Accrued interest is payable on the first day of each month and the outstanding principal balance and remaining interest are due
and payable on November 30, 2025.

Equipment
Notes Payable

On
each of December 26, 2018, April 18, 2019, December 19, 2019, March 5, 2020, and April 17, 2020, we entered into master collateral loan
and security agreements with Wells Fargo Bank, N.A