Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 16

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 11,912  
     14,529 

    Totals 
    $40,633  
    $11,912  
    $52,545 

Twelve
weeks Ended January 26, 2024

    Distribution Channel 
    Retail (a)  
    Foodservice (b)  
    Totals 
  
    Direct-store-delivery 
    $27,986  
    $-  
    $27,986 
  
    Direct customer warehouse 
     12,457  
     -  
     12,457 
  
    Total Snack Food Products 
     40,443  
     -  
     40,443 

    Distributors 
     2,684  
     11,715  
     14,399 
  
    Total Frozen Food Products 
     2,684  
     11,715  
     14,399 

    Totals 
    $43,127  
    $11,715  
    $54,842 

    (a)
    Includes
    sales to food retailers, such as grocery retailers, warehouse club stores, and internet-based retailers.
  
    (b)
    Includes
    sales to foodservice distributors, restaurant operators, hotel chains and noncommercial foodservice establishments such as schools,
    convenience stores, healthcare facilities and the military.

    12 of 25

Note
5 – Income Taxes:

The
Company’s effective tax rate was 28.9% and 29.2% for the first quarter of fiscal years 2025 and 2024, respectively. The effective
tax rate for the first quarter of fiscal year 2025 reflects the impact of $453 of tax benefit.

As
of January 24, 2025, the Company did not have any valuation allowance against its federal net deferred tax assets. Management reevaluated
the need for a valuation allowance at the end of 2022 and determined that some of its California net operating losses (“NOL”)
may not be utilized. Therefore, a valuation allowance of $99 has been retained for such portion of the California NOL. As of January
24, 2025, the Company had NOL carryforwards of approximately $0 for federal and $5,000 for state purposes. The state loss carryforwards
will expire at various dates through 2040.

Our
federal income tax returns are