Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 835

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 11
Chunk 835
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151)
  
    Repayments of bank borrowings 
     (1,045) 
     (1,083)
  
    Net cash used in financing activities 
     (1,148) 
     (2,234)
  
    Net decrease in cash and cash equivalents 
     (5,478) 
     (625)

    Cash and cash equivalents and restricted cash at beginning of year 
     15,708  
     16,333 
  
    Cash and cash equivalents and restricted cash at end of year 
    $10,230  
    $15,708 

    Supplemental disclosure of cash flow information: 

    Cash paid for income taxes 
    $1,365  
    $2,587 
  
    Cash paid for interest 
    $429  
    $579 

See accompanying notes to consolidated financial
statements.

 30 

BRIDGFORD FOODS CORPORATION 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

(in thousands except share and per share amounts,
time periods, ratios and percentages)

NOTE 1 - The Company and Summary of Significant
Accounting Policies:

Bridgford Foods Corporation
(collectively with its subsidiaries, “Bridgford”, the “Company”, “we”, “our”) was organized in
1952. We originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels
and restaurants, a distributor of frozen food products, a processor and packer of meat, and a manufacturer and distributor of frozen food
products for sale on a retail and wholesale basis. We, including our subsidiaries, are primarily engaged in the manufacturing, marketing,
and distribution of an extensive line of frozen, refrigerated, and snack food products throughout the United States.

The consolidated financial
statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All inter-company transactions and
balances have been eliminated.

Use of estimates and assumptions

The preparation of financial
statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements, as well as the reported revenues and expenses during the respective reporting periods. Management bases these estimates and
assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that
management believes to be