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010913 Bridgford Third Quarter Results

September 18, 2001

Anaheim, CA - Bridgford Foods Corp. announced a 1% increase in sales for the third quarter of its 2001 fiscal year.

Sales increased by $400,000, to $36.7 million, in the fiscal quarter ended Aug. 3, 2001, compared with the similar quarter last year. Net income in the third quarter decreased 52%, to $900,000, compared with the third quarter in the 2000 fiscal year. Diluted earnings per share decreased 50%, to $0.08 per share, compared with the same quarter last year.

Higher costs for commodities, labor, fuel and utilities, combined with lower demand in a weakened economy and lower interest income on investments, were primarily responsible for the significant decrease in earnings.

Sales for the first 39 weeks of the 2001 fiscal year increased 4%, to $117.5 million, compared with the same period in the prior fiscal year. Net income for the 39 weeks ended Aug. 3, 2001, decreased 22%, to $5.1 million, compared with the same period last year.

Earnings in the first three quarters of 2001 were adversely affected by the cost and economic factors cited above. In addition, last year's 39-week earnings included a $700,000 non-recurring pre-tax gain from the eminent domain land sale in San Diego.

The company announced the adoption of a stock repurchase plan. The plan authorizes the company to purchase up to 1 million shares (9%) of its outstanding common stock. To date, the company has purchased approximately 859,000 shares on the open market at an average cost of $10.45 per share.

Bridgford Foods, a producer of frozen bread dough, microwaveable sandwiches, dry sausages, processed meats and other convenience food products, currently has 10,511,000 shares outstanding.


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