Company: BRID
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001493152-25-009592
Chunk: 52

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 8
Chunk 52
---
ivery 
    $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 open to audit under the statute of limitations for the fiscal years 2021 through 2023. We are subject
to income tax in Texas and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute
of limitations for the fiscal years 2020 through 2023.

Note
6 – Equipment Notes Payable and Financial Arrangements:

Revol