BRIDGFORD FOODS CORP (BRID) Form 10-Q — Aug 24, 2026
Wells Fargo has notified Bridgford Foods that it will not renew the company's $7.5 million revolving credit line when it matures on September 29, 2026. Bridgford had $4.5 million drawn at the filing date and is negotiating with other banks for a replacement, with repayment from operations and overfunded company-owned life insurance policies as a fallback. Third-quarter net sales fell 9.5% year over year to $47.0 million as unit volumes dropped 17.2% following price increases, and the net loss widened to $2.0 million, or $0.22 per share. Gross margin still improved to 23.1% from 20.5% despite roughly $2.5 million of higher meat commodity costs in the quarter.
Key figures
- Eps
- -$0.22 (Q3); -$0.86 (36 weeks)
- Revenue
- $47.0M Q3 (twelve weeks ended July 10, 2026); $152.4M for 36 weeks
- Net Income
- -$2.0M (Q3); -$7.775M (36 weeks)
- Total Debt
- $8.725M as of July 10, 2026 (vs $3.794M at October 31, 2025)
- Revenue Yoy
- -9.5% (Q3); -1.8% (36 weeks)
- Cash Position
- $333K as of July 10, 2026 (vs $876K at October 31, 2025)
- Shares Outstanding
- 9076832
- Gross margin q3
- 23.1% vs 20.5% prior-year quarter
- Operating loss q3
- $3.31M vs $3.86M prior-year quarter
- Revolver facility
- $7.5M Wells Fargo line; $6.0M drawn at quarter end, $4.5M drawn at filing date
- Revolver maturity
- September 29, 2026 (Wells Fargo will not renew)
- Net working capital
- $34.97M
- Cash conversion cycle
- 60 days vs 68 days prior year
- Unit volume change q3
- -17.2% consolidated
- Operating loss 36 weeks
- $10.39M vs $9.05M prior year
- Walmart pct sales 36 weeks
- 29.7%
- Effective tax rate 36 weeks
- 21.9%
- Meat commodity cost increase q3
- ~$2.5M
- Remaining buyback authorization
- 120,113 shares
- Dollar general pct sales 36 weeks
- 16.9%
- Net cash used in operations 36 weeks
- $3.97M
Price after filing
Close on the filing date to close N calendar days later (from $6.28). Historical, not a forecast.
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