Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 353

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 4
Chunk 353
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 $3,474 
  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: 

    Depreciation and amortization 
     6,540  
     6,558 
  
    (Recoveries on) provision for losses on accounts receivable 
     (126) 
     147 
  
    Provision for (reduction in) promotional allowances 
     307  
     (679)
  
    Loss on sale of property, plant and equipment 
     146  
     161 
  
    Deferred income taxes, net 
     (720) 
     (631)
  
    Changes in assets and liabilities 
     (3,263) 
     (5,045)
  
    Net cash (used in) provided by operating activities 
    $(497) 
    $3,985 

For the fifty-two weeks ended November 1, 2024,
net cash used in operating activities was $497, a decrease of $4,482 in cash flows compared to the fifty-three weeks ended November 3,
2023. The decrease in net cash provided by operating activities primarily relates to a net loss of $3,381, an increase in refundable income
taxes of $1,240 and an increase of other non-current assets of $3,320, partially offset by a decrease in inventory of $7,235 due to selling
down inventory finished goods to adjust to lower consumer demand. During fiscal year 2024, we did not contribute towards our defined benefit
pension plan. Plan funding strategies may be adjusted depending upon economic conditions, investment options, tax deductibility, or legislative
changes in funding requirements.

Our cash conversion cycle (defined as days of
inventory and trade receivables less days of trade payables outstanding) was equal to 84 days for the fifty-two weeks ended November 1,
2024, and 83 days for the fifty-three weeks ended November 3, 2023.

For the fifty-three weeks ended November 3, 2023,
net cash provided by operating activities was $3,985. The result was primarily related to net income of $3,474 and a reduction in accounts
receivable of $6,480, partially offset by a decrease in accounts payable of $6,457 and lower non-current liabilities of $1,836. During
fiscal year 2023, we did not contribute towards our defined benefit