What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-01-28 compared with 2025-01-29 · 204 added, 226 removed, 10 unchanged (98% of the section changed)

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 meat, and a manufacturer

and distributor of frozen food products for sale on a retail and wholesale basis.

Currently, we are primarily engaged in the manufacturing,

marketing, and distribution of an extensive line of frozen and snack food products throughout the United States.

We have not been involved

in any bankruptcy, receivership, or similar proceedings since inception nor have we been party to any merger, acquisition, etc.

or disposed of any material amounts of assets during the past five years other than the sale of our real property located at 170 N.

Street in Chicago in June 2022.

Substantially all of our assets have been acquired in the ordinary course of business.

Description of Business

Bridgford currently operates

in two business segments - the processing and distribution of frozen food products and the processing and distribution of snack food products.

For information regarding the separate financial performance of the business segments refer to Note 7 of the Notes to Consolidated Financial

Statements included in this Report.

The following table shows

sales, as a percentage of consolidated sales, for each business segment during the last two fiscal years:

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 meat,

and a manufacturer and distributor of frozen food products for sale on a retail and wholesale basis.

Currently, we are primarily engaged

in the manufacturing, marketing, and distribution of an extensive line of frozen and snack food products throughout the United States.

We have not been involved in any bankruptcy, receivership, or similar proceedings since inception nor have we been party to any merger,

acquisition, etc.

or acquired or disposed of any material amounts of assets during the past five years other than the sale of our real

property located at 170 N.

Green Street in Chicago in June 2022.

Substantially all of our assets have been acquired in the ordinary course

currently operates in two business segments - the processing and distribution of frozen food products and the processing and distribution

of snack food products.

For information regarding the separate financial performance of the business segments refer to Note 7 of the

Notes to Consolidated Financial Statements included in this Report.

following table shows sales, as a percentage of consolidated sales, for each business segment during the last two fiscal years:

Frozen Food Products

Snack Food Products

We manufacture nearly all

of our food products and distribute an extensive line of biscuits, bread dough items, roll dough items, dry sausage products and beef

manufacture nearly all of our food products and distribute an extensive line of biscuits, bread dough items, roll dough items, dry sausage

products, salami and beef jerky.

Our direct-store-delivery network consists of non-refrigerated snack food products.

Our frozen food products division serves both

food service and retail customers.

Although we have recently

introduced several new products, most of these products have not contributed significantly to our revenue growth for the fiscal year 2024.

Our sales are not subject to material seasonal variations.

Historically we have been able to respond quickly to the receipt of orders

and, accordingly, do not maintain a significant sales backlog.

Neither Bridgford nor its industry generally has unusual demands or restrictions

on working capital items.

During the last fiscal year, we did not enter into any new markets or any significant contractual or other material

relationships.

Product Distribution Methods

Our products are delivered

to customers using several distinct distribution channels.

The distribution channel utilized is dependent upon the needs of our customers,

the most efficient proximity to the delivery point, trade customs, and operating segment as well as product type, life, and stability.

Our frozen food

products division serves both food service and retail customers.

fiscal year 2025, we shifted toward producing more private label products due to increased consumer demand for more affordable non-branded

We believe that increased demand is due to higher inflation and rising costs for basic needs, driving consumer spending

habits towards more affordable private-label snack foods, including meat product purchases, in order to reduce expenses, Besides our

private label offerings, no other new products have contributed significantly to our revenue growth for the fiscal year 2025.

are not subject to material seasonal variations.

Historically we have been able to respond quickly to the receipt of orders and, accordingly,

do not maintain a significant sales backlog.

Neither Bridgford nor its industry generally has unusual demands or restrictions on working

capital items.

During the last fiscal year, we did not enter into any new markets or any significant contractual or other material relationships.

Distribution Methods

products are delivered to customers using several distinct distribution channels.

The distribution channel utilized is dependent upon

the needs of our customers, the most efficient proximity to the delivery point, trade customs, and operating segment as well as product

type, life, and stability.

Among our customers are many of the country’s largest broadline and specialty food service distributors.

These and other large-end

purchasers occasionally go through extensive qualification procedures and our manufacturing capabilities are subjected to thorough review

by the end purchasers prior to our approval as a vendor.

Large end purchasers typically select suppliers that can consistently meet increased

volume requirements on a national basis during peak promotional periods.

We believe that our manufacturing flexibility, national presence,

and long-standing customer relationships should allow us to compete effectively with other manufacturers seeking to provide similar products

to our current large food service end purchasers, although no assurances can be given.

The factors that contribute

to higher or lower margins generated from each method of distribution depend upon the accepted selling price, level of involvement by

our employees in setting up and maintaining displays, distance traveled, and fuel consumed by our Company-owned fleet as well as freight

and shipping costs depending on the distance the product travels to the delivery point.

Management is continually evaluating the profitability

of product delivery methods, analyzing alternate methods, and weighing economic inputs to determine the most efficient and cost-effective

method of delivery to fulfill the needs of our customers.

Major Product Classes

Frozen Food Products

Our frozen food products division

serves both food service and retail customers.

We sell approximately 130 unique frozen food products through approximately 820 wholesalers,

cooperatives, and distributors.

Frozen Food Products

– Food Service Customers

The food service industry

is composed of establishments that serve food outside the home and includes restaurants, the food operations of health care providers,

schools, hotels, resorts, corporations, and other traditional and non-traditional food service outlets.

Growth in this industry has been

driven by the increase in away-from-home meal preparation, which has accompanied the expanding number of both dual income and single-income

Another trend within the food service industry is the growth in the number of non-traditional food service outlets such as

convenience stores, retail stores and supermarkets.

These non-traditional locations often lack extensive cooking, storage, or preparation

facilities resulting in a need for pre-cooked and prepared foods similar to those we provide.

The expansion in the food service industry

has also been accompanied by the continued consolidation and growth of broadline and specialty food service distributors, many of which

are long-standing customers.

Frozen Food Products

– Retail Customers

The majority of our existing

and targeted retail customers are involved in the resale of branded and private label packaged foods.

The same trends which have contributed

to the increase in away-from-home meal preparation have also fueled the growth in easy to prepare, microwaveable frozen and refrigerated

convenience foods.

These and other large-end purchasers occasionally go through extensive qualification procedures, and our manufacturing capabilities are

subjected to thorough review by the end purchasers prior to our approval as a vendor.

Large end purchasers typically select suppliers

that can consistently meet increased volume requirements on a national basis during peak promotional periods.

We believe that our manufacturing

flexibility, national presence, and long-standing customer relationships should allow us to compete effectively with other manufacturers

seeking to provide similar products to our current large food service end purchasers, although no assurances can be given.

factors that contribute to higher or lower margins generated from each method of distribution depend upon the accepted selling price,

level of involvement by our employees in setting up and maintaining displays, distance traveled, and fuel consumed by our Company-owned

fleet as well as freight and shipping costs depending on the distance the product travels to the delivery point.

Management is continually

evaluating the profitability of product delivery methods, analyzing alternate methods, and weighing economic inputs to determine the

most efficient and cost-effective method of delivery to fulfill the needs of our customers.

Product Classes

Food Products

frozen food products division serves both food service and retail customers.

We sell approximately 130 unique frozen food products through

approximately 820 wholesalers, cooperatives, and distributors.

Food Products – Food Service Customers

food service industry is composed of establishments that serve food outside the home and includes restaurants, the food operations of

health care providers, schools, hotels, resorts, corporations, and other traditional and non-traditional food service outlets.

in this industry has been driven by the increase in away-from-home meal preparation.

Another trend within the food service industry is

the growth in the number of non-traditional food service outlets such as convenience stores, retail stores and supermarkets.

These non-traditional

locations often lack extensive cooking, storage, or preparation facilities resulting in a need for pre-cooked and prepared foods similar

to those we provide.

The expansion in the food service industry has also been accompanied by the continued consolidation and growth of

broadline and specialty food service distributors, many of which are long-standing customers.

Food Products – Retail Customers

majority of our existing and targeted retail customers are involved in the resale of branded and private label packaged foods.

trends which have contributed to the increase in away-from-home meal preparation have fueled growth in easy to prepare, microwaveable

frozen and refrigerated convenience foods.

Among the fastest growing segments is the frozen and refrigerated hand-held foods market.

This growth has been driven

by improved product quality and variety and the increasing need for inexpensive and healthy food items that require minimal preparation.

Despite rapid growth, many categories of frozen and refrigerated hand-held foods have achieved minimal household penetration.

we have been successful in establishing and maintaining supply relationships with certain selected leading retailers in this market.

Frozen Food Products

– Sales and Marketing

Our frozen food business covers

the United States.

Products produced by the Frozen Food Products segment are generally supplied to food service and retail distributors

who take title to the product upon shipment receipt.

The Company plans to shift away from Company-leased long-haul vehicles toward less

costly transportation methods such as common carriers.

In addition to regional sales managers, we maintain a network of independent food

service and retail brokers covering most of the United States.

This growth has been driven by improved product quality and variety and the increasing need for inexpensive and healthy food items that

require minimal preparation.

Despite rapid growth, many categories of frozen and refrigerated hand-held foods have achieved minimal household

We have been successful in establishing and maintaining supply relationships with certain selected leading retailers in

Food Products – Sales and Marketing

frozen food business covers the United States.

Products produced by the Frozen Food Products segment are generally supplied to food service

and retail distributors who take title to the product upon shipment receipt.

The Company has shifted away from Company-leased long-haul

vehicles toward less costly transportation methods such as common carriers.

In addition to regional sales managers, we maintain a network

of independent food service and retail brokers covering most of the United States.

Brokers are compensated on a commission basis.

We believe that our broker

relationships, in close cooperation with our regional sales managers, are a valuable asset providing significant new products and customer

opportunities.

Regional sales managers perform several significant functions for us, including identifying and developing new business

opportunities and providing customer service and support to our distributors and end purchasers through the effective use of our broker

Our annual advertising expenditure

is directed towards retail and institutional (foodservice) customers.

These customers participate in various special promotional and marketing

programs and direct advertising allowances we sponsor.

We also invest in general consumer advertising in various periodicals, and coupons

to advertise in major markets.

We direct advertising toward food service customers with campaigns in major industry publications and through

our participation in trade shows throughout the United States.

Our advertising strategy includes our presence on social media and online

distribution of promotional material.

Snack Food Products

During fiscal year 2024, our

snack food products division sold approximately 170 different items through customer-owned distribution centers and a direct-store-delivery

network serving approximately 21,000 supermarkets, mass merchandise and convenience retail stores located in 50 states.

Products produced or distributed

by the Snack Food Products segment are supplied to customers through either direct delivery to customer warehouses or direct-store-delivery

to retail locations.

believe that our broker relationships, in close cooperation with our regional sales managers, are a valuable asset providing significant

new product distribution channels and customer opportunities.

Regional sales managers perform several significant functions, including

identifying and developing new business opportunities, providing customer service, and supporting distributors and end purchasers through

the effective use of our broker network.

annual advertising expenditure is directed towards retail and institutional (foodservice) customers.

These customers participate in special

promotional and marketing programs as well as direct advertising allowances we sponsor.

We also invest in general consumer advertising

in various periodicals, and coupons to advertise in major markets.

We direct advertising toward food service customers with campaigns

in major industry publications and through our participation in trade shows throughout the United States.

Our advertising strategy includes

our presence on social media and online distribution of promotional material.

Food Products

fiscal year 2025, our snack food products division sold approximately 180 different items through customer-owned distribution centers

and a direct-store-delivery network serving approximately 19,000 supermarkets, mass merchandise, and convenience retail stores located

in all 50 states.

produced or distributed by the Snack Food Products segment are supplied to customers through either direct delivery to customer warehouses

or direct-store-delivery to retail locations.

We utilize customer managed warehouse distribution centers to lower distribution cost.

Product delivered to the customer’s

warehouse is then distributed to the store where it is resold to the end consumer.

Our direct-store-delivery system focus emphasizes high

quality service and supply of our premium branded products to our customers.

We also provide the service of setting up and maintaining

the display and restocking our products.

Snack Food Products

Our customers are comprised

of large retail chains and smaller “independent” or non-chain operators.

This part of our business is highly competitive.

Proper placement of our product lines is critical to selling success since most items could be considered “impulse” items

which are often consumed shortly after purchase.

Our ability to sell successfully to this distribution channel depends on aggressive marketing

and maintaining relationships with key buyers.

Snack Food Products

— Sales and Marketing

Snack food products are distributed

across the United States.

Regional sales managers perform several significant functions including identifying and developing new business

opportunities and providing customer service and support to our customers.

We also utilize the services of brokers, where appropriate,

to support efficient product distribution and customer satisfaction.

Bridgford is the primary sponsor for several professional anglers

that compete at the highest level of competitive bass fishing.

In addition to our Bridgford Pro Fishing team, which consists of Pro Anglers

from the Bass Master Elites, FLW Tour, and Major League Fishing, we have also launched our Bridgford Outdoors Ambassador program to continue

to grow and support others who share our passion for the outdoors.

Product Planning and Research

and Development

We continually monitor the

consumer acceptance of each product within our extensive product line.

Individual products are regularly added to and deleted from our

product line.

Historically, the addition or deletion of any individual product has not had a material effect on our operations at the

end of the fiscal year.

We believe that a key factor in the success of our products is our system of carefully targeted research and testing

of our products to ensure high quality and that each product matches an identified market opportunity.

The emphasis in new product introductions

in the past several years has been on single-serve items.

We are constantly striving to develop new products to complement our existing

product lines and improve processing techniques and formulas.

We utilize an in-house test kitchen and consultants to research and experiment

with unique food preparation methods, improve quality control and analyze new ingredient mixtures.

Our products are sold under

highly competitive conditions.

All food products can be considered competitive with other food products, but we consider our principal

competitors to include national, regional, and local producers and distributors of refrigerated, frozen and non-refrigerated snack food

Several of our competitors include large companies with substantially greater financial and marketing resources than ours.

competitors may broaden their product lines and potential competitors may enter or increase their focus on our markets, resulting in greater

competition for us.

Products including high quality private-label products are delivered to the customer’s warehouse which is then distributed to the

store where it is resold to the end consumer.

Our direct-store-delivery system focus emphasizes high quality service and supply of our

premium branded products to our customers.

We also provide the service of setting up and maintaining the display and restocking our products.

Food Products — Customers

customers are comprised of large retail chains and smaller “independent” or non-chain operators.

This part of our business

is highly competitive.

Proper placement of our product lines is critical to selling success since most items could be considered “impulse”

items which are often consumed shortly after purchase.

Our ability to sell successfully to this distribution channel depends on aggressive

marketing and maintaining relationships with key buyers.

Food Products — Sales and Marketing

food products are distributed across the United States.

Regional sales managers perform several significant functions including identifying

and developing new business opportunities and providing customer service and support to our customers.

We also utilize the services of

brokers, where appropriate, to support efficient product distribution and customer satisfaction.

Bridgford is the primary sponsor for

several professional anglers that compete at the highest level of competitive bass fishing.

In addition to our Bridgford Pro Fishing

team, which consists of Pro Anglers from the Bass Master Elites, FLW Tour, and Major League Fishing, we have also made a commitment for

college bass fishing teams, partnering with fours universities in addition to launching our Bridgford Outdoors Ambassador program to

continue to grow and support others who share our passion for the outdoors.

Planning and Research and Development

continually monitor consumer acceptance of each product within our extensive product line.

Individual products are regularly added to

and deleted from our product line.

Historically, the addition or deletion of any individual product has not had a material effect on

our operations at the end of the fiscal year.

We believe that a key factor in the success of our products is our system of carefully

targeted research and testing of our products to ensure high quality and that each product matches an identified market opportunity.

The emphasis on new product introductions in the past year has been on private label products and partnerships.

We are constantly striving

to develop new products to complement our existing product lines and improve processing techniques and formulas.

We utilize an in-house

test kitchen and consultants to research and experiment with unique food preparation methods, improve quality control and analyze new

ingredient mixtures.

products are sold under highly competitive conditions.

All food products can be considered competitive with other food products, but

we consider our principal competitors to include national, regional, and local producers and distributors of refrigerated, frozen and

non-refrigerated snack food products.

Several of our competitors include large companies with substantially greater financial and marketing

resources than ours.

Existing competitors may broaden their product lines and potential competitors may enter or increase their focus

on our markets, resulting in greater competition for us.

We believe that our products compete favorably with those of our competitors.

Such competitors’ products compete

against ours for retail shelf space, institutional distribution, and customer preference.

Innovation, high quality and consistency are

the major attributes of our products.

Effect of Government Regulations

Our operations are subject

to extensive inspection and regulation by the United States Department of Agriculture (the “USDA”), the Food and Drug Administration

(the “FDA”), and by other federal, state, and local authorities regarding the processing, packaging, storage, transportation,

distribution, and labeling of products that we manufacture, produce and process.

Our processing facilities and products are subject to

continuous inspection by the USDA and/or other federal, state, and local authorities.

The USDA has issued strict regulations concerning

the control of listeria monocytogenes in ready-to-eat meat and poultry products and contamination by food borne pathogens such as E.

and salmonella and implemented a system of regulation known as the Hazard Analysis Critical Control Points (“HACCP”) program.

The HACCP program requires all meat and poultry processing plants to develop and implement sanitary operating procedures and other program

requirements.

OSHA oversees safety compliance and establishes certain employer responsibilities to help “assure safe and healthful

working conditions” and keep the workplace free of recognized hazards or practices likely to cause death or serious injury.

that we are currently in compliance with governmental laws and regulations and that we maintain the necessary permits and licenses relating

to our operations.

To date, federal, state, and

local environmental laws and regulations, including those relating to the discharge of materials into the environment, and the resources

we expend to comply with such regulations, have not had a material effect on our business.

Importance of Key Customers

Sales to Wal-Mart® comprised

27.8% of revenues in fiscal year 2024 and 25.4% of total accounts receivable was due from Wal-Mart® as of November 1, 2024.

Such competitors’ products compete against ours for retail shelf space, institutional distribution, and customer preference.

high quality and consistency are the major attributes of our products.

of Government Regulations

operations are subject to extensive inspection and regulation by the United States Department of Agriculture (the “USDA”),

the Food and Drug Administration (the “FDA”), and by other federal, state, and local authorities regarding the processing,

packaging, storage, transportation, distribution, and labeling of products that we manufacture, produce and process.

Our processing facilities

and products are subject to continuous inspection by the USDA and/or other federal, state, and local authorities.

The USDA has issued

strict regulations concerning the control of listeria monocytogenes in ready-to-eat meat and poultry products and contamination by food

borne pathogens such as E.

coli and salmonella and implemented a system of regulation known as the Hazard Analysis Critical Control Points

(“HACCP”) program.

The HACCP program requires all meat and poultry processing plants to develop and implement sanitary operating

procedures and other program requirements.

The Department of Labor’s Occupational Health and Safety Administration (“OSHA”)

oversees safety compliance and establishes certain employer responsibilities to help assure safe and healthful working conditions and

keep the workplace free of recognized hazards or practices likely to cause death or serious injury.

We believe that we are currently

in compliance with governmental laws and regulations and that we maintain the necessary permits and licenses relating to our operations.

date, federal, state, and local environmental laws and regulations, including those relating to the discharge of materials into the environment,

and the resources we expend to comply with such regulations, have not had a material effect on our business.

of Key Customers

to Wal-Mart® comprised 33.5% of revenues in fiscal year 2025 and 8.2% of total accounts receivable was due from Wal-Mart® as

of November 3, 2023.

Sales to Dollar General® comprised 14.2% of revenues in fiscal year 2024 and 20.2% of total accounts receivable

was due from Dollar General® as of November 1, 2024.

Sales to Dollar General® comprised 16.3% of revenues in fiscal year 2023

and 20.5% of total accounts receivable was due from Dollar General® as of November 3, 2023.

Sources and Availability

of Raw Materials

We purchase large quantities

of pork, beef, and flour.

These ingredients are generally available from a number of different suppliers although the availability of

these ingredients is subject to seasonal variation.

We build ingredient inventories to take advantage of downward trends in seasonal prices

or anticipated supply limitations.

We purchase bulk flour under

short-term fixed price contracts at current market prices.

The contracts are usually effective for and settle within three months or less.

of October 31, 2025.

Sales to Wal-Mart® comprised 27.8% of revenues in fiscal year 2024 and 25.4% of total accounts receivable was

due from Wal-Mart® as of November 1, 2024.

Sales to Dollar General® comprised 14.2% of revenues in fiscal year 2025 and 28.8%

of total accounts receivable was due from Dollar General® as of October 31, 2025.

Sales to Dollar General® comprised 14.2% of

revenues in fiscal year 2024 and 20.2% of total accounts receivable was due from Dollar General® as of November 1, 2024.

and Availability of Raw Materials

purchase large quantities of pork, beef, and flour.

These ingredients are generally available from a number of different suppliers although

the availability of these ingredients is subject to seasonal variation.

We build ingredient inventories to take advantage of downward

trends in seasonal prices or anticipated supply limitations.

purchase bulk flour under short-term fixed price contracts at current market prices.

The contracts are usually effective for and settle

within three months or less.

We monitor and manage our ingredient costs to help negate volatile daily swings in market prices when possible.

We do not participate

in the commodity futures market or hedging to limit commodity exposure.

We had 662 employees (648

full-time employees) as of November 1, 2024, approximately 42% of whose employment relationship is governed by collective bargaining agreements.

These agreements either “have expired” or “will expire” between June 2025 and February 2028.

We believe that our

relationship with all of our employees is favorable and that any pending contracts will be settled favorably.

Availability of SEC Filings

and Code of Conduct on Internet Website

We maintain a website at www.bridgford.com.

Available through the “Investors” link on this website, free of charge, are our annual reports on Form 10-K, quarterly reports

on Form 10-Q, current reports on Form 8-K and amendments thereto, and reports filed under Section 16 of the Exchange Act, filed with the

Securities and Exchange Commission (the “SEC”).

Our Code of Conduct is also available on the website through the “Governance”

The information contained on the website is not incorporated by reference into this filing.

Further, our reference to the website

URL is intended to be an inactive textual reference only.

We do not participate in the commodity futures market or hedging to limit commodity exposure.

had 668 employees (649 full-time employees) as of October 31, 2025, approximately 44% of those employment relationships are governed

by collective bargaining agreements.

These agreements either “have expired” or “will expire” between June 2025

and February 2028.

We believe that our relationship with all of our employees is favorable and that any pending contracts will be settled

of SEC Filings and Code of Conduct on Internet Website

maintain a website at www.bridgford.com.

Available through the “Investors” link on this website, free of charge, are our

annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments thereto, and reports filed under

Section 16 of the Exchange Act, filed with the Securities and Exchange Commission (the “SEC”).

Our Code of Conduct is also

available on the website through the “Governance” link.

The information contained on the website is not incorporated by reference

into this filing.

Further, our reference to the website URL is intended to be an inactive textual reference only.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business