Bridgford Foods (BRID) - 2019 Q2 - Quarterly Report

Sales Performance - For the twenty-four weeks ended April 19, 2019, total sales were $63,066 thousand for Snack Food Products and $23,418 thousand for Frozen Food Products, totaling $86,484 thousand[48]. - For the twelve weeks ended April 19, 2019, total sales were $41,443 thousand, with Snack Food Products contributing $29,897 thousand[47]. - Total Snack Food Products revenue for the twenty-four weeks ended April 19, 2019, was $63,066 million, while Total Frozen Food Products revenue was $23,418 million, leading to a combined total of $86,484 million[50]. - The company reported a total of 29,897 million in Snack Food Products revenue for the twelve weeks ended April 19, 2019[49]. Gross Margin - The gross margin for the twenty-four weeks ended April 19, 2019 was $21,951 thousand for Snack Food Products and $8,104 thousand for Frozen Food Products, totaling $30,055 thousand[48]. - The company reported a gross margin of $14,401 thousand for the twelve weeks ended April 19, 2019[47]. Income and Taxation - Income before taxes for the twenty-four weeks ended April 19, 2019 was $4,156 thousand for Snack Food Products and $1,204 thousand for Frozen Food Products, totaling $5,360 thousand[48]. - The effective tax rate for the second quarter of fiscal 2019 was 23.6%, a significant decrease from 64.8% in the same quarter of fiscal 2018[56]. - The corporate federal income tax rate was reduced from 35% to 21% effective January 1, 2018, impacting the company's tax provisions[55]. - The company recorded a charge totaling $3,059 million in fiscal year 2018 due to the re-measurement of deferred taxes[55]. - The effective tax rate for the second quarter of fiscal 2018 included a 19.2% impact related to tax on the gain from the sale of a land parcel[56]. - The company did not have any outstanding federal or state net operating loss carryforwards as of April 19, 2019[57]. Assets and Liabilities - As of April 19, 2019, total assets amounted to $111,035 thousand, with $78,981 thousand attributed to Snack Food Products and $20,521 thousand to other assets[47]. - The total long-term notes payable as of April 19, 2019, was $6,556 million after accounting for the current portion of notes payable[61]. Financing and Investments - The company borrowed $7,500 thousand under a master collateral loan and security agreement for equipment financing, with a total borrowing of $15,000 thousand under this agreement[36]. - The company entered into a master collateral loan agreement with Wells Fargo Bank for up to $15,000 million, borrowing $7,500 million for equipment financing at a fixed rate of 4.13% per annum[59]. - The company plans to invest in new capital lease arrangements later in fiscal year 2019[39]. Revenue Recognition - The company recognized revenue primarily through retail and foodservice distribution channels, with revenues resulting from short-term contracts with customers[33]. Accounts Receivable - The company had accounts receivable concentration with Wal-Mart accounting for 36.1% of consolidated accounts receivable as of April 19, 2019[30]. - The company was in compliance with all covenants under the master collateral loan agreement as of April 19, 2019[59].