991231 Bridgford Announces Stock Repurchase Program
December 20, 1999
Anaheim, CA - Bridgford Foods Corp. announced that its board of directors has approved the repurchase of up to 1,000,000 shares, or approximately 9%, of its outstanding common stock.
The company believes the stock is undervalued in the current market and that the repurchase program is a good investment of available funds. The repurchase will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The company has engaged Salomon Smith Barney to manage the repurchase program.
Bridgford Foods recently announced record sales and earnings for the fiscal year ended Oct. 29, 1999. Last month, the board of directors increased the regular quarterly cash dividend rate from $0.06 to $0.07 per share.
Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, processed meats, dry sausages and other convenience food products, currently has five major plants located in California, Texas, Illinois, and North Carolina.