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Background of Business Bridgford Foods Corporation (collectively with its subsidiaries, Bridgford , the Company , we , or our ), a California corporation, was organized in 1952. We originally began operations in 1932 as a retail meat market in San Diego, California and evolved into a meat wholesaler for hotels and restaurants, a distributor of frozen food products, a processor and packer of mea…
The business is unprofitable at the operating level (-8.12% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 3.3%, steady but not accelerating. Margins contracted 5.3pp, which offsets some of the top-line progress.
ROIC dropped from -3.62% to -11.49%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$233M
▲ +3.3% YoY
Net Income (TTM)
-$14M
▼ -295.1% YoY
Op. Margin
-8.85%
▼ -5.3pp YoY
ROIC
-13.11%
▼ -7.9pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$9M
▼ -111.2% YoY
Op. Cash Flow (TTM)
$4M
▼ -1045.3% YoY
Net Debt
$11M
Cash & Equiv.
$830K
5Y CAGR: +3.1%
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