Bridgford | Investor Service

	Page 37

Accrued payroll, advertising and other expenses:
Payroll, vacation, payroll taxes and employee benefits	$	3,396	$	4,297
Accrued advertising and broker commissions	929		681
Property taxes	363		439
Others	565		612
	$	5,253	$	6,029

Current portion of non-current liabilities:
Incentive compensation	$	203	$	217
Accrued pension cost	2,877		3,476
Other accrued retirement plans	506		510
Post retirement healthcare	85		76
	$	3,671	$	4,279

Non-current liabilities:
Incentive compensation	$	285	$	340
Accrued pension cost	688		3,732
Other accrued retirement plans	3,692		3,929
Post retirement healthcare	1,111		513
	$	5,776	$	8,514

NOTE 3- Retirement and Other Benefit Plans:

Adoption of SFAS No. 158

Effective November 2, 2007, the Company adopted SFAS 158, which requires the recognition in pension obligations and accumulated other comprehensive income of actuarial gains or losses, prior service costs or credits and transition assets or obligations previously deferred under the reporting requirements of SFAS 87, SFAS 106 and SFAS 132(R). The following table reflects the effects of initial adoption of SFAS 158 on the Consolidated Balance Sheet as of November 2, 2007.

	Before Application of SFAS No. 158			Adjustments			After Application of SFAS No. 158
Deferred income taxes current	$	1,494		$	(4	)	$	1,490
Deferred income taxes	3,524			356			3,880
Total assets	67,299			348			67,647
Current liabilities	11,913			(11		)	11,902
Non-current liabilities	4,850			926			5,776
Accumulated other comprehensive income/(loss)	(36		)	(567		)	(603		)
Total shareholders’ equity	50,536			(567		)	49,969
Total liabilities and shareholders’ equity	$	67,299		$	348		$	67,647

Noncontributory-Trusteed Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees

The Company has noncontributory-trusteed defined benefit retirement plans for sales, administrative, supervisory and certain other employees. The benefits under these plans are primarily based on years of service and compensation levels. The Company’s funding policy is to contribute annually the maximum amount deductible for federal income tax purposes, without regard to the plans’ unfunded current liability. The measurement date for the plan is the Company’s fiscal year end.

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Exhibit: 21.1 23.1 31.1 31.2 32.1 32.2