BRIDGFORD FOODS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended October 30, 2009 and October 31, 2008
| |
|
2009 |
|
|
2008 |
|
| |
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
6,787 |
|
|
$ |
(12,447 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,733 |
|
|
|
3,283 |
|
Provision (recovery) on losses on accounts receivable |
|
|
78 |
|
|
|
(194 |
) |
(Gain) on sale of property, plant and equipment |
|
|
(11 |
) |
|
|
(27 |
) |
Loss on sale of equity securities |
|
|
159 |
|
|
|
— |
|
Deferred income taxes, net |
|
|
171 |
|
|
|
(2,107 |
) |
Tax valuation allowance |
|
|
(171 |
) |
|
|
8,615 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(929 |
) |
|
|
(111 |
) |
Inventories |
|
|
457 |
|
|
|
2,281 |
|
Prepaid expenses |
|
|
1 |
|
|
|
524 |
|
Refundable income taxes |
|
|
296 |
|
|
|
33 |
|
Other non-current assets |
|
|
(750 |
) |
|
|
928 |
|
Accounts payable |
|
|
1,154 |
|
|
|
96 |
|
Accrued payroll, advertising and other expenses |
|
|
(1,525 |
) |
|
|
1,504 |
|
Current portion of non-current liabilities |
|
|
2,071 |
|
|
|
(2,116 |
) |
Non-current liabilities |
|
|
(1,085 |
) |
|
|
(656 |
) |
Net cash provided by (used in) operating activities |
|
|
9,436 |
|
|
|
(394 |
) |
Cash used in investing activities: |
|
|
|
|
|
|
|
|
Proceeds from sale of equity securities |
|
|
268 |
|
|
|
— |
|
Proceeds from sale of property, plant and equipment |
|
|
56 |
|
|
|
69 |
|
Additions to property, plant and equipment |
|
|
(1,303 |
) |
|
|
(1,880 |
) |
Net cash used in investing activities |
|
|
(979 |
) |
|
|
(1,811 |
) |
Cash used in financing activities: |
|
|
|
|
|
|
|
|
Shares repurchased |
|
|
(638 |
) |
|
|
(3,039 |
) |
Net cash used in financing activities |
|
|
(638 |
) |
|
|
(3,039 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
7,819 |
|
|
|
(5,244 |
) |
| |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year |
|
|
6,092 |
|
|
|
11,336 |
|
Cash and cash equivalents at end of year |
|
$ |
13,911 |
|
|
$ |
6,092 |
|
| |
|
|
|
|
|
|
|
|
Suppllemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for income taxes |
|
$ |
318 |
|
|
$ |
— |
|
See accompanying notes to consolidated financial statements.
|
