BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended October 31, 2008 and November 2, 2007
(in thousands)
|
|
2008 |
|
2007 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net (loss) |
|
$ |
(12,447 |
) |
|
$ |
(292 |
) |
| Adjustments to reconcile net (loss) to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
3,283 |
|
|
|
3,389 |
|
| (Recovery) on losses on accounts receivable |
|
|
(194 |
) |
|
|
(245 |
) |
| (Gain) on sale of property, plant and equipment |
|
|
(27 |
) |
|
|
(8 |
) |
| Deferred income taxes, net |
|
|
(2,107 |
) |
|
|
(523 |
) |
| Tax Valuation Allowance |
|
|
8,615 |
|
|
|
--- |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Trading securities |
|
|
--- |
|
|
|
12,200 |
|
| Accounts receivable |
|
|
(111 |
) |
|
|
1,905 |
|
| Inventories |
|
|
2,281 |
|
|
|
1,211 |
|
| Prepaid expenses |
|
|
524 |
|
|
|
(887 |
) |
| Income taxes receivable |
|
|
33 |
|
|
|
489 |
|
| Other non-current assets |
|
|
928 |
|
|
|
(951 |
) |
| Accounts payable |
|
|
96 |
|
|
|
(945 |
) |
| Accrued payroll, advertising and other expenses |
|
|
1,504 |
|
|
|
(775 |
) |
| Current portion of non-current liabilities |
|
|
(2,116 |
) |
|
|
(597 |
) |
| Non-current liabilities |
|
|
(656 |
) |
|
|
(1,739 |
) |
| Net cash (used) provided by operating activities |
|
|
(394 |
) |
|
|
12,232 |
|
| Cash used in investing activities: |
|
|
|
|
|
|
|
|
| Proceeds from sale of property, plant and equipment |
|
|
69 |
|
|
|
26 |
|
| Additions to property, plant and equipment |
|
|
(1,880 |
) |
|
|
(1,587 |
) |
| Net cash used in investing activities |
|
|
(1,811 |
) |
|
|
(1,561 |
) |
| Cash used in financing activities: |
|
|
|
|
|
|
|
|
| Shares repurchased |
|
|
(3,039 |
) |
|
|
(515 |
) |
| Net cash used in financing activities |
|
|
(3,039 |
) |
|
|
(515 |
) |
| Net (decrease) increase in cash and cash equivalents |
|
|
(5,244 |
) |
|
|
10,156 |
|
| |
| Cash and cash equivalents at beginning of year |
|
|
11,336 |
|
|
|
1,180 |
|
| Cash and cash equivalents at end of year |
|
$ |
6,092 |
|
|
$ |
11,336 |
|
| |
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
| Cash paid for income taxes |
|
$ |
--- |
|
|
$ |
8 |
|
See accompanying notes to consolidated financial statements.
|
