Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Jan. 13, 2015 | Apr. 18, 2014 |
Entity Registrant Name | BRIDGFORD FOODS CORP | ||
Entity Central Index Key | 14177 | ||
Current Fiscal Year End Date | -21 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,112,165 | ||
Entity Public Float | $17,183 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Oct-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2014 | Nov. 01, 2013 |
Current assets: | ||
Cash and cash equivalents | $192,000 | $8,325,000 |
Accounts receivable, less allowance for doubtful accounts of $144 and $119, respectively and promotional allowances of $5,810 and $3,156, respectively | 10,302,000 | 12,146,000 |
Inventories, less reserves of $601 and $558, respectively | 21,292,000 | 18,919,000 |
Prepaid expenses | 346,000 | 333,000 |
Refundable income taxes | 133,000 | 683,000 |
Deferred income taxes, less valuation allowance of $2,113 and $2,276, respectively | 0 | 0 |
Total current assets | 32,265,000 | 40,406,000 |
Property, plant and equipment, net of accumulated depreciation and amortization of $58,450 and $57,352, respectively | 12,251,000 | 11,212,000 |
Other non-current assets | 13,660,000 | 13,146,000 |
Deferred income taxes, less valuation allowance of $8,486 and $5,671, respectively | 0 | 0 |
Total assets | 58,176,000 | 64,764,000 |
Current liabilities: | ||
Accounts payable | 5,780,000 | 4,815,000 |
Accrued payroll, advertising and other expenses | 6,029,000 | 7,631,000 |
Current portion of non-current liabilities | 2,596,000 | 3,200,000 |
Total current liabilities | 14,405,000 | 15,646,000 |
Non-current liabilities | 18,521,000 | 15,663,000 |
Total liabilities | 32,926,000 | 31,309,000 |
Contingencies and commitments (Notes 3, 5 and 6) | ||
Shareholders’ equity: | ||
Preferred stock, without par value Authorized, - 1,000 shares; issued and outstanding – none | 0 | 0 |
Common stock, $1.00 par value Authorized, - 20,000 shares; issued and outstanding – 9,113 and 9,134 | 9,171,000 | 9,191,000 |
Capital in excess of par value | 8,584,000 | 8,748,000 |
Retained earnings | 24,861,000 | 29,205,000 |
Accumulated other comprehensive loss | -17,366,000 | -13,689,000 |
Total shareholders’ equity | 25,250,000 | 33,455,000 |
Total liabilities and shareholders’ equity | $58,176,000 | $64,764,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Oct. 31, 2014 | Nov. 01, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $144 | $119 |
Accounts receivable, allowance for promotional allowances | 5,810 | 3,156 |
Inventories, reserves | 601 | 558 |
Deferred income taxes, valuation allowance | 2,113 | 2,276 |
Property, plant and equipment, accumulated depreciation | 58,450 | 57,352 |
Deferred income taxes, valuation allowance | $8,486 | $5,671 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $1 | $1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 9,113,000 | 9,134,000 |
Common stock, shares outstanding (in shares) | 9,113,000 | 9,134,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Net sales | $133,401 | $129,003 |
Cost of products sold | 94,744 | 83,566 |
Gross margin | 38,657 | 45,437 |
SG&A | 43,089 | 42,352 |
(Loss) income before taxes | -4,432 | 3,085 |
(Benefit) provision for income taxes | -88 | 169 |
Net (loss) income | ($4,344) | $2,916 |
Basic (loss) earnings per share (in dollars per share) | ($0.48) | $0.32 |
Shares used to compute basic earnings per common share (in shares) | 9,123,593 | 9,151,939 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (loss) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Net income | ($4,344) | $2,916 |
Defined benefit pension plans: | ||
Actuarial (loss) gain unrecognized | -3,454 | 10,458 |
Prior service cost | 1 | 1 |
Other comprehensive (loss) income from defined benefit plans | -3,453 | 10,459 |
Other postretirement benefit plans: | ||
Actuarial (loss) gain | -321 | 395 |
Prior service cost | 97 | 208 |
Other comprehensive (loss) income from other postretirement benefit plans | -224 | 603 |
Other comprehensive (loss) income, before taxes | -3,677 | 11,062 |
Tax (provision) benefit on other comprehensive loss | 1,054 | -4,204 |
Valuation allowance on tax benefit from items of other comprehensive income | -1,054 | 4,204 |
Change in other comprehensive (loss) income, net of tax | -3,677 | 11,062 |
Comprehensive (loss) income | ($8,021) | $13,978 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Retained Earnings [Member] |
Share data in Thousands | |||||
Balance at Nov. 02, 2012 | $20,144,000 | ($24,751,000) | $8,932,000 | $9,216,000 | $26,747,000 |
Balance (in shares) at Nov. 02, 2012 | 9,159 | ||||
Shares repurchased and retired (in shares) | -25 | ||||
Shares repurchased and retired | -209,000 | -184,000 | -25,000 | ||
Net income | 2,916,000 | 2,916,000 | |||
Cash dividends paid | -458,000 | -458,000 | |||
Net change in defined benefit plans and other benefit plans | 11,062,000 | 11,062,000 | |||
Balance at Nov. 01, 2013 | 33,455,000 | -13,689,000 | 8,748,000 | 9,191,000 | 29,205,000 |
Balance (in shares) at Nov. 01, 2013 | 9,134 | ||||
Shares repurchased and retired (in shares) | -21 | ||||
Shares repurchased and retired | -184,000 | -164,000 | -20,000 | ||
Net income | -4,344,000 | -4,344,000 | |||
Net change in defined benefit plans and other benefit plans | -3,677,000 | -3,677,000 | |||
Balance at Oct. 31, 2014 | $25,250,000 | ($17,366,000) | $8,584,000 | $9,171,000 | $24,861,000 |
Balance (in shares) at Oct. 31, 2014 | 9,113 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Cash flows from operating activities: | ||
Net income | ($4,344,000) | $2,916,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||
Depreciation | 2,827,000 | 2,236,000 |
Provision (recovery) for losses on accounts receivable | 28,000 | 23,000 |
Gain on sale of property, plant and equipment | -152,000 | -66,000 |
Deferred income taxes, net | 1,598,000 | -1,214,000 |
Tax valuation allowance | 1,598,000 | -1,214,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,816,000 | -411,000 |
Inventories | -2,373,000 | -1,564,000 |
Prepaid expenses | -12,000 | 176,000 |
Refundable income taxes | 549,000 | 104,000 |
Other non-current assets | -514,000 | -825,000 |
Accounts payable | 965,000 | 401,000 |
Accrued payroll, advertising and other expenses | -1,602,000 | 1,169,000 |
Current portion of non-current liabilities | -627,000 | -708,000 |
Non-current liabilities | -582,000 | 309,000 |
Net cash (used in) provided by operating activities | -4,021,000 | 3,760,000 |
Cash used in investing activities: | ||
Proceeds from sale of property, plant and equipment | 163,000 | 72,000 |
Additions to property, plant and equipment | -3,877,000 | -4,378,000 |
Net cash used in investing activities | -3,714,000 | -4,306,000 |
Cash used in financing activities: | ||
Shares repurchased | -184,000 | -209,000 |
Payment of capital lease obligations | -214,000 | -206,000 |
Cash dividends paid | -458,000 | |
Net cash used in financing activities | -398,000 | -873,000 |
Net decrease in cash and cash equivalents | -8,133,000 | -1,419,000 |
Cash and cash equivalents at beginning of year | 8,325,000 | 9,744,000 |
Cash and cash equivalents at end of year | 192,000 | 8,325,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | $0 | $70,000 |
Note_1_The_Company_and_Summary
Note 1 - The Company and Summary of Significant Accounting Policies | 12 Months Ended | |
Oct. 31, 2014 | ||
Notes to Financial Statements | ||
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 1- | |
The Company and Summary of Significant Accounting Policies: | ||
Bridgford Foods 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. For more than the past five years we and our subsidiaries have been primarily engaged in the manufacturing, marketing and distribution of an extensive line of frozen, refrigerated, and snack food products throughout the United States. We have had no significant change in the type of products produced or distributed, nor in the markets we serve. | ||
The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All inter-company transactions have been eliminated. | ||
Use of estimates and assumptions | ||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. Amounts estimated related to liabilities for pension benefits, self-insured workers’ compensation and employee healthcare benefits are subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which may vary from current estimates. Other areas with underlying estimates include realization of deferred tax assets, cash surrender or contract value of life insurance policies, promotional allowances and the allowance for doubtful accounts and inventory reserves. Management believes its current estimates are reasonable and based on the best information available at the time. | ||
We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an impairment is indicated, we measure the fair value of assets to determine if and when adjustments are recorded. | ||
Subsequent events | ||
Management has evaluated events subsequent to October 31, 2014 through the date the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. Based on its review, no material events were identified that require adjustment to the financial statements or additional disclosure. | ||
Concentrations of credit risk | ||
Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The carrying amount of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities approximate fair market value due to the short maturity of these instruments. We maintain cash balances at financial institutions, which may at times exceed the amounts insured by the Federal Deposit Insurance Corporation. Management does not believe there is significant credit risk associated with these financial institutions. The provision for doubtful accounts receivable is based on historical trends and current collectability risk. We have significant accounts receivable with a few large, well known customers which, although historically secure, could be subject to material risk should these customers’ operations suddenly deteriorate. Sales to Wal-Mart® comprised 28.8% of revenues in fiscal 2014 and 31.8% of total accounts receivable was due from Wal-Mart® at October 31, 2014. Sales to Wal-Mart® comprised 19.6% of revenues in fiscal 2013 and 17.0% of total accounts receivable was due from Wal-Mart® at November 1, 2013. Sales to Dollar General® comprised 9.9% of revenues for fiscal year 2013 and 20.7% of total accounts receivable was due from Dollar General at November 1, 2013. | ||
Business segments | ||
Our Company and its subsidiaries operate in two business segments - the processing and distribution of frozen foods, and the processing and distribution of refrigerated and snack food products. See Note 7 to the Consolidated Financial Statements for further information. | ||
Fiscal year | ||
We maintain our accounting records on a 52-53 week fiscal basis ending on the Friday closest to October 31. As part of the regular accounting cycle, fiscal years 2014 and 2013 each included 52 weeks. | ||
Revenues | ||
Revenues are recognized upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system. These delivery costs, $5,045 and $5,214 for 2014 and 2013, respectively, are included in selling, general and administrative expenses in the accompanying consolidated financial statements | ||
. | ||
We record promotional and returns allowances based on recent and historical trends. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for discounts, trade allowances and product returns. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Promotional allowances deducted from sales for fiscal years 2014 and 2013 were $10,868 and $8,988, respectively. | ||
Advertising expenses | ||
Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2014 and 2013 were $3,093 and $3,325, respectively. | ||
Cash and cash equivalents | ||
We consider all investments with original maturities of three months or less to be cash equivalents. Cash equivalents include money market funds and treasury bills. Cash equivalents totaled $192 at October 31, 2014 and $8,325 at November 1, 2013. All cash and cash equivalents at October 31, 2014 were held at either BB&T or Citibank. All cash and cash equivalents at November 1, 2013 were held at Wells Fargo Bank N.A. | ||
Fair value measurements | ||
We classify levels of inputs to measure the fair value of financial assets as follows: | ||
● | Level 1 inputs: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |
● | Level 2 inputs: Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |
● | Level 3 inputs: Level 3 inputs are unobservable and should be used to measure fair value to the extent that observable inputs are not available. | |
The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. | ||
Inventories | ||
Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or market. Costs related to warehousing, transportation and distribution to customers are considered when computing market value. Inventories include the cost of raw materials, labor and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. | ||
Property, plant and equipment | ||
Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are charged to the asset accounts while the cost of maintenance and repairs is charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the respective accounts and the resulting gain | ||
or loss is credited or charged to income. Depreciation is computed on a straight-line basis over 10 to 20 years for buildings and improvements, 5 to 10 years for machinery and equipment, and 3 to 5 years for transportation equipment. | ||
Capital Leases | ||
Leased property and equipment that meet capital lease criteria are capitalized at the lower of the present value of the minimum payments required under the lease or the fair value of the asset at inception of the lease and are included within Property, plant and equipment on the consolidated balance sheet. Obligations under capital leases are accounted for as current and noncurrent liabilities on the consolidated balance sheet. Amortization is calculated on a straight-line method based upon the shorter of the estimated useful life of the asset or the lease term. | ||
Life insurance policies | ||
We record the cash surrender value or contract value for life insurance policies as an adjustment of premiums paid in determining the expense or income to be recognized under the contract for the period. The cash surrender value is included in other noncurrent assets in the accompanying consolidated balance sheets. | ||
Income taxes | ||
Deferred taxes are provided for items whose financial and tax bases differ. A valuation allowance is provided against deferred tax assets when it is expected that it is more likely than not that the related asset will not be fully realized. During the fourth quarter of fiscal 2008, management recorded a full valuation allowance with respect to its deferred tax assets. The determination as to whether or not a deferred tax asset can be fully realized is subject to a significant degree of judgment, based at least partially upon a projection of future taxable income, which takes into consideration past and future trends in profitability, customer demand, supply costs, and multiple other factors, none of which are predictable. | ||
We provide tax accruals for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these accruals requires judgments about tax issues, potential outcomes and timing. (See Note 4 to the Consolidated Financial Statements). Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations. | ||
Stock-based compensation | ||
We measure and recognize compensation expense for all share-based payments to employees, including grants of employee stock options, in the financial statements based on the fair value at the date of the grant. We have not issued, awarded, granted or entered into any stock-based payment agreements since April 29, 1999. | ||
Foreign currency transactions | ||
Our foreign branch located in Canada enters into transactions that are denominated in a foreign currency. The related transaction gains and losses arising from changes in exchange rates are not material and are included in selling, general and administrative expenses in the consolidated statements of operations in the period the transaction occurred. Our Canadian branch was closed at the end of fiscal year 2014. | ||
Comprehensive income (loss) | ||
Comprehensive income (loss) consists of net income and additional minimum pension liability adjustments. | ||
Recently issued accounting pronouncements and regulations | ||
In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The guidance modified the definition of a discontinued operation to include disposals that qualify as a strategic shift that has or will have a major effect on an entity’s operations and financial results. The guidance becomes effective for fiscal years and interim reporting periods beginning on or after December 14, 2014, with early adoption permitted. The Company does not expect this statement will have a material impact on its results of operations or financial position. | ||
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” to supersede previous revenue recognition guidance under current U.S. GAAP. The guidance presents steps for comprehensive revenue recognition that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance becomes effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with no early adoption permitted. The Company is currently evaluating this statement and its impact on its results of operations or financial position. |
Note_2_Composition_of_Certain_
Note 2 - Composition of Certain Financial Statement Captions | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 2- | ||||||||
Composition of Certain Financial Statement Captions: | |||||||||
2014 | 2013 | ||||||||
Inventories: | |||||||||
Meat, ingredients and supplies | $ | 4,716 | $ | 4,291 | |||||
Work in process | 1,447 | 1,290 | |||||||
Finished goods | 15,129 | 13,338 | |||||||
$ | 21,292 | $ | 18,919 | ||||||
Property, plant and equipment: | |||||||||
Land | $ | 1,802 | $ | 1,807 | |||||
Buildings and improvements | 14,254 | 13,845 | |||||||
Machinery and equipment | 47,352 | 44,832 | |||||||
Asset impairment | (234 | ) | (234 | ) | |||||
Capital leased trucks | 1,848 | 1,848 | |||||||
Transportation equipment | 5,522 | 6,246 | |||||||
Construction in process | 157 | 220 | |||||||
70,701 | 68,564 | ||||||||
Accumulated depreciation and amortization | (58,450 | ) | (57,352 | ) | |||||
$ | 12,251 | $ | 11,212 | ||||||
Other non-current assets: | |||||||||
Cash surrender value benefits | $ | 13,654 | $ | 13,140 | |||||
Other | 6 | 6 | |||||||
$ | 13,660 | $ | 13,146 | ||||||
Accrued payroll, advertising and other expenses: | |||||||||
Payroll, vacation, payroll taxes and employee benefits | $ | 4,007 | $ | 5,400 | |||||
Accrued advertising and broker commissions | 1,278 | 1,246 | |||||||
Property taxes | 327 | 326 | |||||||
Other | 417 | 659 | |||||||
$ | 6,029 | $ | 7,631 | ||||||
Current portion of non-current liabilities (Note 3): | |||||||||
Defined benefit retirement plan | $ | 1,127 | $ | 1,693 | |||||
Executive retirement plans | 467 | 509 | |||||||
Incentive compensation | 718 | 724 | |||||||
Capital lease obligation | 241 | 231 | |||||||
Postretirement healthcare | 43 | 43 | |||||||
$ | 2,596 | $ | 3,200 | ||||||
Non-current liabilities (Note 3): | |||||||||
Defined benefit retirement plan | $ | 10,830 | $ | 8,337 | |||||
Executive retirement plans | 4,227 | 4,012 | |||||||
Capital lease obligation | 1,104 | 1,328 | |||||||
Incentive compensation | 640 | 1,149 | |||||||
Teamster pension withdrawal liability | 798 | - | |||||||
Postretirement healthcare | 922 | 837 | |||||||
$ | 18,521 | $ | 15,663 |
Note_3_Retirement_and_Other_Be
Note 3 - Retirement and Other Benefit Plans | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
Notes to Financial Statements | |||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 3- | ||||||||||||||||
Retirement and Other Benefit Plans: | |||||||||||||||||
Noncontributory-Trusteed Defined Benefit Retirement Plans for Sales, Administrative, Supervisory and Certain Other Employees | |||||||||||||||||
We have noncontributory-trusteed defined benefit retirement plans for sales, administrative, supervisory and certain other employees. In the third quarter of fiscal 2006, we froze future benefit accruals under this plan for employees classified within the administrative, sales or supervisory job classifications or within any non-bargaining class. The benefits under these plans are primarily based on years of service and compensation levels. The funding policy of the plan is to make contributions which are at least equal to the minimum required contributions needed to avoid a funding deficiency. The measurement date for the plan is our fiscal year end. | |||||||||||||||||
Net pension cost consisted of the following: | |||||||||||||||||
52 Weeks | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Service cost | $ | 135 | $ | 174 | |||||||||||||
Interest cost | 2,226 | 2,019 | |||||||||||||||
Expected return on plan assets | (3,131 | ) | (2,674 | ) | |||||||||||||
Amortization of unrecognized loss | 830 | 1,688 | |||||||||||||||
Amortization of unrecognized prior service costs | 1 | 1 | |||||||||||||||
Net pension cost | $ | 61 | $ | 1,208 | |||||||||||||
Net pension costs and benefit obligations are determined using assumptions as of the beginning of each fiscal year. Weighted average assumptions for each fiscal year are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 4.05 | % | 4.65 | % | |||||||||||||
Rate of increase in salary levels | N/A | N/A | |||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | |||||||||||||
The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows: | |||||||||||||||||
52 Weeks | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets - beginning of year | $ | 39,124 | $ | 33,266 | |||||||||||||
Employer contributions | 1,587 | 1,922 | |||||||||||||||
Actual return on plan assets | 2,939 | 5,163 | |||||||||||||||
Benefits paid | (1,330 | ) | (1,227 | ) | |||||||||||||
Fair value of plan assets - end of year | $ | 42,320 | $ | 39,124 | |||||||||||||
Change in benefit obligations: | |||||||||||||||||
Benefit obligations - beginning of year | $ | 49,154 | $ | 54,468 | |||||||||||||
Service cost | 135 | 174 | |||||||||||||||
Interest cost | 2,226 | 2,019 | |||||||||||||||
Actuarial (gain) loss | 4,093 | (6,280 | ) | ||||||||||||||
Benefits paid | (1,331 | ) | (1,227 | ) | |||||||||||||
Benefit obligations - end of year | 54,277 | 49,154 | |||||||||||||||
Funded status of the plans | (11,957 | ) | (10,030 | ) | |||||||||||||
Unrecognized prior service costs | 0 | 1 | |||||||||||||||
Unrecognized net actuarial loss | 18,319 | 14,865 | |||||||||||||||
Net amount recognized | $ | 6,362 | $ | 4,836 | |||||||||||||
The Company performs an internal rate of return analysis when making the discount rate selection. The discount rates were based on Citigroup Pension Liability Index as of October 31, 2014 and November 1, 2013 respectively. | |||||||||||||||||
Plan assets are primarily invested in marketable equity securities, corporate and government debt securities and are administered by an investment management company. The plans’ long-term return on assets is based on the weighted-average of the plans’ investment allocation as of the measurement date and the published historical returns for those types of asset | |||||||||||||||||
categories, taking into consideration inflation rate forecasts. Our expected employer contribution to the plan in fiscal year 2015 is $1,127. | |||||||||||||||||
The actual and target allocation for plan assets are as follows: | |||||||||||||||||
Asset Class | 2014 | Target | 2013 | Target | |||||||||||||
Asset | Asset | ||||||||||||||||
Allocation | Allocation | ||||||||||||||||
Large Cap Equities | 30.9 | % | 30 | % | 33.6 | % | 30 | % | |||||||||
Mid Cap Equities | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Small Cap Equities | 15.6 | % | 15 | % | 13.8 | % | 15 | % | |||||||||
International (equities only) | 18.4 | % | 20 | % | 19.7 | % | 20 | % | |||||||||
Fixed Income | 29.2 | % | 31 | % | 28.1 | % | 31 | % | |||||||||
Other (Government/Corporate, Bonds) | 2.8 | % | 2 | % | 1.5 | % | 2 | % | |||||||||
Cash | 3.1 | % | 2 | % | 3.3 | % | 2 | % | |||||||||
Total | 100 | 100 | 100 | 100 | |||||||||||||
The fair value of our pension plan assets and the level under which fair values were determined, using the hierarchy described in Note 1, is as follows: | |||||||||||||||||
Year Ended 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Total plan assets | $ | 42,320 | - | - | $ | 42,320 | |||||||||||
Expected payments for the pension benefits are as follows: | |||||||||||||||||
Fiscal Years | Pension | ||||||||||||||||
Benefits | |||||||||||||||||
2015 | $ | 1,762 | |||||||||||||||
2016 | $ | 1,838 | |||||||||||||||
2014 | $ | 1,997 | |||||||||||||||
2018 | $ | 2,105 | |||||||||||||||
2019 | $ | 2,234 | |||||||||||||||
2020-2024 | $ | 13,653 | |||||||||||||||
Executive Retirement Plans | |||||||||||||||||
Non-Qualified Deferred Compensation | |||||||||||||||||
Effective January 1, 1991 we adopted a deferred compensation savings plan for certain key employees. Under this arrangement, selected employees contribute a portion of their annual compensation to the plan. We contribute an amount to each participant’s account by computing an investment return equal to Moody’s Average Seasoned Bond Rate plus 2%. Employees receive vested amounts upon death, termination or attainment of retirement age. No benefit expense was recorded under these plans for fiscal years 2014 and 2013. | |||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||
In fiscal year 1991, we adopted a non-qualified supplemental retirement plan for certain key employees. Benefits provided under the plan are equal to 60% of the employee’s final average earnings, less amounts provided by our defined benefit pension plan and amounts available through Social Security. | |||||||||||||||||
Benefits payable related to these plans and included in the accompanying consolidated financial statements were $4,694 and $4,521 at October 31, 2014 and November 1, 2013, respectively. In connection with this arrangement we are the beneficiary of life insurance policies on the lives of certain key employees and retirees. The aggregate cash surrender value of these policies, included in non-current assets, was $13,654 and $13,140 at October 31, 2014 and November 1, 2013, respectively. | |||||||||||||||||
Expected payments for executive postretirement benefits are as follows: | |||||||||||||||||
Fiscal Years | Executive | ||||||||||||||||
Postretirement | |||||||||||||||||
Benefits | |||||||||||||||||
2014 | $ | 470 | |||||||||||||||
2015 | $ | 274 | |||||||||||||||
2016 | $ | 69 | |||||||||||||||
2017 | $ | 111 | |||||||||||||||
2018 | $ | 287 | |||||||||||||||
2019-2023 | $ | 2,518 | |||||||||||||||
Incentive Compensation Plan for Certain Key Executives | |||||||||||||||||
We provide an incentive compensation plan for certain key executives, which is based upon our pretax income. The payment of these amounts is generally deferred over three or five-year periods. The total amount payable related to this arrangement was $1,359 and $1,873 at October 31, 2014 and November 1, 2013, respectively. Future payments are approximately $719, $395, $112, $79 and $42 for fiscal years 2015 through 2019, respectively. | |||||||||||||||||
Postretirement Healthcare Benefits for Selected Executive Employees | |||||||||||||||||
We provide postretirement health care benefits for selected executive employees. Net periodic postretirement healthcare cost is determined using assumptions as of the beginning of each fiscal year, except for the total actual benefit payments and the discount rate used to develop the net periodic postretirement benefit expense, which is determined at the end of the fiscal year. | |||||||||||||||||
Net periodic postretirement healthcare cost consisted of the following: | |||||||||||||||||
52 Weeks | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Service cost | $ | 18 | $ | 19 | |||||||||||||
Interest cost | 37 | 31 | |||||||||||||||
Amortization of prior service cost | - | - | |||||||||||||||
Amortization of actuarial gain | (65 | ) | (55 | ) | |||||||||||||
Net periodic postretirement healthcare (benefit) cost | $ | (10 | ) | $ | (5 | ) | |||||||||||
Weighted average assumptions for the fiscal years ended October 31, 2014 and November 1, 2013 are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Discount rate | 3.83 | % | 4.35 | % | |||||||||||||
Medical trend rate next year | 8.5 | % | 8.5 | % | |||||||||||||
Ultimate trend rate | 5 | % | 5 | % | |||||||||||||
Year ultimate trend rate is achieved | 2021 | 2020 | |||||||||||||||
The table below shows the estimated effect of a 1% increase in healthcare cost trend rate on the following: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest cost plus service cost | $ | 5 | $ | 5 | |||||||||||||
Accumulated postretirement healthcare obligation | $ | 78 | $ | 69 | |||||||||||||
The table below shows the estimated effect of a 1% decrease in healthcare cost trend rate on the following: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Interest cost plus service cost | $ | (4 | ) | $ | (4 | ) | |||||||||||
Accumulated postretirement healthcare obligation | $ | (64 | ) | $ | (58 | ) | |||||||||||
The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in accumulated postretirement healthcare obligation: | |||||||||||||||||
Healthcare obligation - beginning of year | $ | 880 | $ | 909 | |||||||||||||
Service cost | 18 | 19 | |||||||||||||||
Interest cost | 37 | 31 | |||||||||||||||
Actuarial loss (gain) | 52 | (55 | ) | ||||||||||||||
Benefits paid | (22 | ) | (24 | ) | |||||||||||||
Healthcare obligation – end of year | $ | 965 | $ | 880 | |||||||||||||
Funded status of the plans | 965 | 880 | |||||||||||||||
Unrecognized prior service costs | - | - | |||||||||||||||
Unrecognized net actuarial gain | (212 | ) | (329 | ) | |||||||||||||
Unrecognized amounts recorded in other comprehensive income | 212 | 329 | |||||||||||||||
Postretirement healthcare liability | $ | 965 | $ | 880 | |||||||||||||
Expected payments for the postretirement benefits are as follows: | |||||||||||||||||
Fiscal Years | Postretirement | ||||||||||||||||
Heathcare | |||||||||||||||||
Benefits | |||||||||||||||||
2015 | $ | 43 | |||||||||||||||
2016 | $ | 43 | |||||||||||||||
2017 | $ | 43 | |||||||||||||||
2018 | $ | 42 | |||||||||||||||
2019 | $ | 41 | |||||||||||||||
2020-2024 | $ | 427 | |||||||||||||||
401(K) Plan for Sales, Administrative, Supervisory and Certain Other Employees | |||||||||||||||||
During the fiscal year ended November 3, 2006, we implemented a qualified 401(K) retirement plan (the “Plan”) for our sales, administrative, supervisory and certain other employees. During fiscal years 2014 and 2013, we made total employer contributions to the Plan in the amounts of $500 and $452, respectively. | |||||||||||||||||
Teamster Pension Withdrawal Liability | |||||||||||||||||
During the fourth quarter of fiscal 2014, we closed the refrigerated snack food products division (a division within the Refrigerated and Snack Food Segment involving primarily deli products) and withdrew from the Western Conference of Teamsters Pension Plan. According to the Multi-employer Pension Plan Act of 1980 we are subject to the Western Conference of Teamsters Pension Trust Fund Withdrawal Liability. We recorded a liability in the amount of $798 as of October 31, 2014. This amount was recorded in other selling and administrative expenses for fiscal 2014. Such amount is not expected to be paid in the near term. |
Note_4_Income_Taxes
Note 4 - Income Taxes | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Income Tax Disclosure [Text Block] | NOTE 4- | ||||||||
Income Taxes: | |||||||||
The provision (benefit) for taxes on income includes the following: | |||||||||
52 Weeks | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | (91 | ) | $ | 47 | ||||
State | 3 | 122 | |||||||
(88 | ) | 169 | |||||||
Deferred: | |||||||||
Federal | - | - | |||||||
State | - | - | |||||||
$ | (88 | ) | $ | 169 | |||||
The total tax provision differs from the expected amount computed by applying the statutory federal income tax rate to income before income taxes as follows: | |||||||||
52 Weeks | |||||||||
2014 | 2013 | ||||||||
Provision (benefit) for federal income taxes at the applicable statutory rate | $ | (1,477 | ) | $ | 1,049 | ||||
Increase in provision (benefit) resulting from state income taxes, net of federal income tax benefit | 61 | 488 | |||||||
Research & development tax credit | (25 | ) | (33 | ) | |||||
Non-taxable life insurance gain | (175 | ) | (280 | ) | |||||
Change in valuation allowance | 1,598 | (1,214 | ) | ||||||
Other, net | (70 | ) | 159 | ||||||
$ | (88 | ) | $ | 169 | |||||
Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes. | |||||||||
2014 | 201 | ||||||||
3 | |||||||||
Receivables allowance | $ | 58 | $ | 50 | |||||
Returns allowance | 163 | 165 | |||||||
Inventory packaging reserve | 165 | 209 | |||||||
Inventory overhead capitalization | 452 | 391 | |||||||
Incentive compensation | 272 | 178 | |||||||
State taxes | 8 | 49 | |||||||
Employee benefits | 911 | 1,232 | |||||||
Other | 84 | 2 | |||||||
Valuation allowance | (2,113 | ) | (2,276 | ) | |||||
Current tax assets, net | $ | - | $ | - | |||||
State taxes | $ | 263 | $ | 186 | |||||
Incentive compensation | 257 | 487 | |||||||
Pension and health care benefits | 6,366 | 5,356 | |||||||
Depreciation | (1,280 | ) | (1,623 | ) | |||||
Net operating loss carry-forward and credits | 2,880 | 1,265 | |||||||
Valuation allowance | (8,486 | ) | (5,671 | ) | |||||
Non-current tax assets, net | $ | - | $ | - | |||||
The Company policy outlines measurable objective criteria that must be met before a release of the valuation allowance will occur. The three criteria set forth in the policy must all be satisfied before the valuation allowance can be reversed. The criteria are as follows: first, the Company’s available federal tax net operating loss ("NOL") must be zero; second, the prior thirty-six month cumulative book basis pre-tax income (loss), after considering “one-time” events, is positive; third, the Company considers its outlook of near term continued profitable operations and assesses any material negative and positive trends or events on the immediate horizon. As of October 31, 2014, the Company (1) has a federal tax NOL of $6,160, (2) has positive thirty-six month cumulative book income and (3) volatility and recent record highs in commodity costs create uncertainty about the Company's ability to generate future earnings. Only the second criterion has been satisfied, therefore, the Company will maintain a full valuation allowance against its deferred tax assets as of October 31, 2014. The weight of negative factors and level of economic uncertainty in our current business continued to support the conclusion that | |||||||||
the realization of our deferred tax assets does not meet the more likely than not standard. Therefore, a full valuation allowance will remain against the net deferred tax assets. | |||||||||
As of October 31, 2014, the Company had federal and state net operating loss carryforwards of approximately $6 | |||||||||
,160 and $4,006 respectively. These loss carryforwards will expire at various dates from 2018 through 2033. | |||||||||
In July 2006, the FASB issued guidance to clarify the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This interpretation prescribed a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also discussed derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The provisions of this guidance have been incorporated into Accounting Standards Codification ("ASC") 740-10. | |||||||||
As of October 31, 2014, we have provided a liability of $100 for unrecognized tax benefits related to various federal and state income tax matters. A significant portion of this amount would generally reduce our effective income tax rate if recognized in future reporting periods. However, due to the valuation allowance against its deferred tax assets, the unrecognized tax benefit would not have an effect on the Company’s effective income tax rate if recognized in future periods. We have not identified any new unrecognized tax benefits. | |||||||||
As of November 1, 2014, we have provided a liability of $100 for unrecognized tax benefits related to various federal and state income tax matters. A significant portion of this amount would generally reduce our effective income tax rate if recognized in future reporting periods. We have not identified any new unrecognized tax benefits. | |||||||||
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||
52 Weeks | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 100 | $ | 97 | |||||
Additions based on tax positions related to the current year | - | - | |||||||
Additions for tax positions of prior years | 1 | 3 | |||||||
Reductions for tax positions of prior years | (1 | ) | - | ||||||
Settlements | - | - | |||||||
Balance at end of year | $ | 100 | $ | 100 | |||||
We recognize any future accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of October 31, 2014, we had approximately $5 in accrued interest and penalties which is included as a component of the $100 unrecognized tax benefit noted above. | |||||||||
Our federal income tax returns are open to audit under the statute of limitations for the years ended October 31, 2011 through 2013. | |||||||||
We are subject to income tax in California and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years ended October 31, 2009 through 2012. | |||||||||
We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months. |
Note_5_Line_of_Credit
Note 5 - Line of Credit | 12 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5- |
Line of Credit: | |
We maintain a line of credit with Wells Fargo Bank, N.A. that expires on March 1, 2015. During the fourth quarter of fiscal 2014, we converted our line of credit to a borrowing base line collateralized by accounts receivable. Under the terms of this line of credit, we may borrow up to $6,500 at an interest rate equal to the bank’s prime rate. The borrowing agreement contains various covenants, the more significant of which require us to maintain a minimum tangible net worth and a minimum net income after tax and total capital expenditures less than $3,000. The Company was in violation of the capital expenditure covenant which was waived (letter dated December 17, 2013) at October 31, 2014. The Company was also in violation of the tangible net worth and net income covenants which were waived (letter dated December 24, 2014) at October 31, 2014. The Company temporarily borrowed on the line of credit during the fourth quarter of fiscal 2014 to pay for working capital purposes. There were no borrowings under this line of credit as of October 31, 2014. Other than noted above, the Company is currently in compliance with all provisions of the agreement. |
Note_6_Commitments_and_Conting
Note 6 - Commitments and Contingencies | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
Notes to Financial Statements | |||||||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 6- | ||||||||||||
Contingencies and Commitments: | |||||||||||||
The Company leases warehouse and/or office facilities throughout the United States and Canada through month-to-month rental agreements. | |||||||||||||
Leases for semi-truck trailers expire in 2015 and are classified as operating leases. Six year leases for semi-trucks expire in 2018 and are classified as capital leases. Rental payments including prior leases were $574 in 2014 and $581 in 2013. Amortization of equipment under capital lease was $284 in 2014. | |||||||||||||
The following is a schedule by years of future minimum lease payments for transportation leases: | |||||||||||||
Fiscal Year | Capital | Operating | Financing | ||||||||||
Leases | Leases | Obligations | |||||||||||
2015 | 379 | 51 | 430 | ||||||||||
2016 | 379 | - | 379 | ||||||||||
2017 | 379 | - | 379 | ||||||||||
2018 | 723 | - | 723 | ||||||||||
Total Minimum Lease Payments(a) | $ | 1,860 | $ | 51 | $ | 1,911 | |||||||
Less: Amount representing executory costs | (380 | ) | |||||||||||
Less: Amount representing interest(b) | (135 | ) | |||||||||||
Present value of future minimum lease payments(c) | $ | 1,345 | |||||||||||
(a) Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. Contingent rentals amounted to $116 in 2014 and $127 in 2013 including prior lease arrangements. | |||||||||||||
(b) Amount necessary to reduce net minimum lease payments to present value calculated at the Company’s incremental borrowing rate at the inception of the leases. | |||||||||||||
(c) Reflected in the Note 2, as current and noncurrent obligations under capital leases of $241 and $1,104, respectively. |
Note_7_Segment_Information
Note 7 - Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | NOTE 7- | ||||||||||||||||||||||||
Segment Information: | |||||||||||||||||||||||||
We have two reportable operating segments, Frozen Food Products (the processing and distribution of frozen products), and Refrigerated and Snack Food Products (the processing and distribution of refrigerated meat and other convenience foods). | |||||||||||||||||||||||||
We evaluate each segment’s performance based on revenues and operating income. Selling, general and administrative expenses include corporate accounting, information systems, human resource and marketing management at the corporate level. These activities are allocated to each operating segment based on revenues and/or actual usage. | |||||||||||||||||||||||||
The following segment information is for the fiscal years ended October 31, 2014 (52 weeks) and November 1, 2013 (52 weeks): | |||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
2014 | Frozen Food | Refrigerated | Other | Elimination | Totals | Refrigerated | |||||||||||||||||||
Products | and Snack Food | Products Division | |||||||||||||||||||||||
Products | * | ||||||||||||||||||||||||
Sales | $ | 50,740 | 82,661 | - | - | $ | 133,401 | 6,650 | |||||||||||||||||
Intersegment sales | 446 | - | 446 | - | - | ||||||||||||||||||||
Net sales | 50,740 | 83,107 | - | 446 | 133,401 | 6,650 | |||||||||||||||||||
Cost of products sold | 31,790 | 63,400 | - | 446 | 94,744 | 4,704 | |||||||||||||||||||
Gross margin | 18,950 | 19,707 | - | - | 38,657 | 1,946 | |||||||||||||||||||
SG&A | 15,715 | 27,374 | - | - | 43,089 | 5,002 | |||||||||||||||||||
Income before taxes | 3,235 | (7,667 | ) | - | - | (4,432 | ) | (3,056 | ) | ||||||||||||||||
Total assets | $ | 11,332 | 32,427 | 14,417 | - | $ | 58,176 | ||||||||||||||||||
Additions to PP&E | $ | 201 | 3,601 | 75 | - | $ | 3,877 | ||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
2013 | Frozen Food | Refrigerated | Other | Elimination | Totals | Refrigerated | |||||||||||||||||||
Products | and Snack Food | Products Division | |||||||||||||||||||||||
Products | * | ||||||||||||||||||||||||
Sales | $ | 51,449 | 77,554 | - | - | $ | 129,003 | 11,527 | |||||||||||||||||
Intersegment sales | 986 | - | 986 | - | - | ||||||||||||||||||||
Net sales | 51,449 | 78,540 | - | 986 | 129,003 | 11,527 | |||||||||||||||||||
Cost of products sold | 32,437 | 52,115 | - | 986 | 83,566 | 6,790 | |||||||||||||||||||
Gross margin | 19,012 | 26,425 | - | - | 45,437 | 4,737 | |||||||||||||||||||
SG&A | 16,635 | 25,717 | - | - | 42,352 | 6,154 | |||||||||||||||||||
Income before taxes | 2,377 | 708 | - | - | 3,085 | (1,417 | ) | ||||||||||||||||||
Total assets | $ | 13,009 | 29,821 | 21,934 | - | $ | 64,764 | ||||||||||||||||||
Additions to PP&E | $ | 1,032 | 3,164 | 182 | - | $ | 4,378 | ||||||||||||||||||
* =t the end of fiscal year 2014, the Company discontinued operation of the refrigerated snack food products division which was reported under the Refrigerated and Snack Food Products segment involving primarily deli products. |
Note_8_Unaudited_Interim_Finan
Note 8 - Unaudited Interim Financial Information | 12 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 8- |
Unaudited Interim Financial Information: | |
Not applicable to smaller reporting company |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended | |
Oct. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Use of Estimates, Policy [Policy Text Block] | Use of estimates and assumptions | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues and expenses during the respective reporting periods. Actual results could differ from those estimates. Amounts estimated related to liabilities for pension benefits, self-insured workers’ compensation and employee healthcare benefits are subject to inherent uncertainties and these estimated liabilities may ultimately settle at amounts which may vary from current estimates. Other areas with underlying estimates include realization of deferred tax assets, cash surrender or contract value of life insurance policies, promotional allowances and the allowance for doubtful accounts and inventory reserves. Management believes its current estimates are reasonable and based on the best information available at the time. | ||
We test long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an impairment is indicated, we measure the fair value of assets to determine if and when adjustments are recorded. | ||
Subsequent Events, Policy [Policy Text Block] | Subsequent events | |
Management has evaluated events subsequent to October 31, 2014 through the date the accompanying consolidated financial statements were filed with the Securities and Exchange Commission for transactions and other events that may require adjustment of and/or disclosure in such financial statements. Based on its review, no material events were identified that require adjustment to the financial statements or additional disclosure. | ||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk | |
Our credit risk is diversified across a broad range of customers and geographic regions. Losses due to credit risk have recently been immaterial. The carrying amount of cash equivalents, accounts and other receivables, accounts payable and accrued liabilities approximate fair market value due to the short maturity of these instruments. We maintain cash balances at financial institutions, which may at times exceed the amounts insured by the Federal Deposit Insurance Corporation. Management does not believe there is significant credit risk associated with these financial institutions. The provision for doubtful accounts receivable is based on historical trends and current collectability risk. We have significant accounts receivable with a few large, well known customers which, although historically secure, could be subject to material risk should these customers’ operations suddenly deteriorate. Sales to Wal-Mart® comprised 28.8% of revenues in fiscal 2014 and 31.8% of total accounts receivable was due from Wal-Mart® at October 31, 2014. Sales to Wal-Mart® comprised 19.6% of revenues in fiscal 2013 and 17.0% of total accounts receivable was due from Wal-Mart® at November 1, 2013. Sales to Dollar General® comprised 9.9% revenues for fiscal year 2013 and 20.7% of total accounts receivable was due from Dollar General at November 1, 2013. | ||
Segment Reporting, Policy [Policy Text Block] | Business segments | |
Our Company and its subsidiaries operate in two business segments - the processing and distribution of frozen foods, and the processing and distribution of refrigerated and snack food products. See Note 7 to the Consolidated Financial Statements for further information. | ||
Fiscal Period, Policy [Policy Text Block] | Fiscal year | |
We maintain our accounting records on a 52-53 week fiscal basis ending on the Friday closest to October 31. As part of the regular accounting cycle, fiscal years 2014 and 2013 each included 52 weeks. | ||
Revenue Recognition, Policy [Policy Text Block] | Revenues | |
Revenues are recognized upon passage of title to the customer, typically upon product pick-up, shipment or delivery to customers. Products are delivered to customers primarily through our own long-haul fleet or through a Company owned direct store delivery system. These delivery costs, $5,045 and $5,214 for 2014 and 2013, respectively, are included in selling, general and administrative expenses in the accompanying consolidated financial statements | ||
. | ||
We record promotional and returns allowances based on recent and historical trends. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for discounts, trade allowances and product returns. Promotional allowances, including customer incentive and trade promotion activities, are recorded as a reduction to sales based on amounts estimated being due to customers, based primarily on historical utilization and redemption rates. Promotional allowances deducted from sales for fiscal years 2014 and 2013 were $10,868 and $8,988, respectively. | ||
Advertising Costs, Policy [Policy Text Block] | Advertising expenses | |
Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2014 and 2013 were $3,093 and $3,325, respectively. | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents | |
We consider all investments with original maturities of three months or less to be cash equivalents. Cash equivalents include money market funds and treasury bills. Cash equivalents totaled $192 at October 31, 2014 and $8,325 at November 1, 2013. All cash and cash equivalents at October 31, 2014 were held at either BB&T or Citibank. All cash and cash equivalents at November 1, 2013 were held at Wells Fargo Bank N.A. | ||
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements | |
We classify levels of inputs to measure the fair value of financial assets as follows: | ||
? | Level 1 inputs: Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |
? | Level 2 inputs: Level 2 inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. | |
? | Level 3 inputs: Level 3 inputs are unobservable and should be used to measure fair value to the extent that observable inputs are not available. | |
The hierarchy noted above requires us to minimize the use of unobservable inputs and to use observable market data, if available, when determining fair value. | ||
Inventory, Policy [Policy Text Block] | Inventories | |
Inventories are valued at the lower of cost (which approximates actual cost on a first-in, first-out basis) or market. Costs related to warehousing, transportation and distribution to customers are considered when computing market value. Inventories include the cost of raw materials, labor and manufacturing overhead. We regularly review inventory quantities on hand and write down any excess or obsolete inventories to net realizable value. An inventory reserve is created when potentially slow-moving or obsolete inventories are identified in order to reflect the appropriate inventory value. Changes in economic conditions, production requirements, and lower than expected customer demand could result in additional obsolete or slow-moving inventory that cannot be sold or must be sold at reduced prices and could result in additional reserve provisions. | ||
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment | |
Property, plant and equipment are carried at cost less accumulated depreciation. Major renewals and improvements are charged to the asset accounts while the cost of maintenance and repairs is charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the respective accounts and the resulting gain | ||
or loss is credited or charged to income. Depreciation is computed on a straight-line basis over 10 to 20 years for buildings and improvements, 5 to 10 years for machinery and equipment, and 3 to 5 years for transportation equipment. | ||
Lease, Policy [Policy Text Block] | Capital Leases | |
Leased property and equipment that meet capital lease criteria are capitalized at the lower of the present value of the minimum payments required under the lease or the fair value of the asset at inception of the lease and are included within property plant and equipment on the consolidated balance sheet. Obligations under capital leases are accounted for as current and noncurrent liabilities on the consolidated balance sheet. Amortization is calculated on a straight-line method based upon the shorter of the estimated useful life of the asset or the lease term. | ||
Income Tax, Policy [Policy Text Block] | Income taxes | |
Deferred taxes are provided for items whose financial and tax bases differ. A valuation allowance is provided against deferred tax assets when it is expected that it is more likely than not that the related asset will not be fully realized. During the fourth quarter of fiscal 2008, management recorded a full valuation allowance with respect to its deferred tax assets. The determination as to whether or not a deferred tax asset can be fully realized is subject to a significant degree of judgment, based at least partially upon a projection of future taxable income, which takes into consideration past and future trends in profitability, customer demand, supply costs, and multiple other factors, none of which are predictable. | ||
We provide tax accruals for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these accruals requires judgments about tax issues, potential outcomes and timing. (See Note 4 to the Consolidated Financial Statements). Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations. | ||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation | |
We measure and recognize compensation expense for all share-based payments to employees, including grants of employee stock options, in the financial statements based on the fair value at the date of the grant. We have not issued, awarded, granted or entered into any stock-based payment agreements since April 29, 1999. | ||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency transactions | |
Our foreign branch located in Canada enters into transactions that are denominated in a foreign currency. The related transaction gains and losses arising from changes in exchange rates are not material and are included in selling, general and administrative expenses in the consolidated statements of operations in the period the transaction occurred. Our Canadian branch was closed at the end of fiscal year 2014. | ||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income (loss) | |
Comprehensive income (loss) consists of net income and additional minimum pension liability adjustments. | ||
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Life insurance policies | |
We record the cash surrender value or contract value for life insurance policies as an adjustment of premiums paid in determining the expense or income to be recognized under the contract for the period. The cash surrender value is included in other noncurrent assets in the accompanying consolidated balance sheets. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements and regulations | |
In April 2014, the FASB issued ASU 2014-08 “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” The guidance modified the definition of a discontinued operation to include disposals that qualify as a strategic shift that has or will have a major effect on an entity’s operations and financial results. The guidance becomes effective for fiscal years and interim reporting periods beginning on or after December 14, 2014, with early adoption permitted. The Company does not expect this statement will have a material impact on its results of operations or financial position. | ||
In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” to supersede previous revenue recognition guidance under current U.S. GAAP. The guidance presents steps for comprehensive revenue recognition that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance becomes effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with no early adoption permitted. The Company is currently evaluating this statement and its impact on its results of operations or financial position. |
Note_2_Composition_of_Certain_1
Note 2 - Composition of Certain Financial Statement Captions (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes Tables | |||||||||
Condensed Balance Sheet [Table Text Block] | 2014 | 2013 | |||||||
Inventories: | |||||||||
Meat, ingredients and supplies | $ | 4,716 | $ | 4,291 | |||||
Work in process | 1,447 | 1,290 | |||||||
Finished goods | 15,129 | 13,338 | |||||||
$ | 21,292 | $ | 18,919 | ||||||
Property, plant and equipment: | |||||||||
Land | $ | 1,802 | $ | 1,807 | |||||
Buildings and improvements | 14,254 | 13,845 | |||||||
Machinery and equipment | 47,352 | 44,832 | |||||||
Asset impairment | (234 | ) | (234 | ) | |||||
Capital leased trucks | 1,848 | 1,848 | |||||||
Transportation equipment | 5,522 | 6,246 | |||||||
Construction in process | 157 | 220 | |||||||
70,701 | 68,564 | ||||||||
Accumulated depreciation and amortization | (58,450 | ) | (57,352 | ) | |||||
$ | 12,251 | $ | 11,212 | ||||||
Other non-current assets: | |||||||||
Cash surrender value benefits | $ | 13,654 | $ | 13,140 | |||||
Other | 6 | 6 | |||||||
$ | 13,660 | $ | 13,146 | ||||||
Accrued payroll, advertising and other expenses: | |||||||||
Payroll, vacation, payroll taxes and employee benefits | $ | 4,007 | $ | 5,400 | |||||
Accrued advertising and broker commissions | 1,278 | 1,246 | |||||||
Property taxes | 327 | 326 | |||||||
Other | 417 | 659 | |||||||
$ | 6,029 | $ | 7,631 | ||||||
Current portion of non-current liabilities (Note 3): | |||||||||
Defined benefit retirement plan | $ | 1,127 | $ | 1,693 | |||||
Executive retirement plans | 467 | 509 | |||||||
Incentive compensation | 718 | 724 | |||||||
Capital lease obligation | 241 | 231 | |||||||
Postretirement healthcare | 43 | 43 | |||||||
$ | 2,596 | $ | 3,200 | ||||||
Non-current liabilities (Note 3): | |||||||||
Defined benefit retirement plan | $ | 10,830 | $ | 8,337 | |||||
Executive retirement plans | 4,227 | 4,012 | |||||||
Capital lease obligation | 1,104 | 1,328 | |||||||
Incentive compensation | 640 | 1,149 | |||||||
Teamster pension withdrawal liability | 798 | - | |||||||
Postretirement healthcare | 922 | 837 | |||||||
$ | 18,521 | $ | 15,663 |
Note_3_Retirement_and_Other_Be1
Note 3 - Retirement and Other Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | 52 Weeks | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Service cost | $ | 135 | $ | 174 | |||||||||||||
Interest cost | 2,226 | 2,019 | |||||||||||||||
Expected return on plan assets | (3,131 | ) | (2,674 | ) | |||||||||||||
Amortization of unrecognized loss | 830 | 1,688 | |||||||||||||||
Amortization of unrecognized prior service costs | 1 | 1 | |||||||||||||||
Net pension cost | $ | 61 | $ | 1,208 | |||||||||||||
Schedule of Assumptions Used [Table Text Block] | 2014 | 2013 | |||||||||||||||
Discount rate | 4.05 | % | 4.65 | % | |||||||||||||
Rate of increase in salary levels | N/A | N/A | |||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | |||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 52 Weeks | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Change in plan assets: | |||||||||||||||||
Fair value of plan assets - beginning of year | $ | 39,124 | $ | 33,266 | |||||||||||||
Employer contributions | 1,587 | 1,922 | |||||||||||||||
Actual return on plan assets | 2,939 | 5,163 | |||||||||||||||
Benefits paid | (1,330 | ) | (1,227 | ) | |||||||||||||
Fair value of plan assets - end of year | $ | 42,320 | $ | 39,124 | |||||||||||||
Change in benefit obligations: | |||||||||||||||||
Benefit obligations - beginning of year | $ | 49,154 | $ | 54,468 | |||||||||||||
Service cost | 135 | 174 | |||||||||||||||
Interest cost | 2,226 | 2,019 | |||||||||||||||
Actuarial (gain) loss | 4,093 | (6,280 | ) | ||||||||||||||
Benefits paid | (1,331 | ) | (1,227 | ) | |||||||||||||
Benefit obligations - end of year | 54,277 | 49,154 | |||||||||||||||
Funded status of the plans | (11,957 | ) | (10,030 | ) | |||||||||||||
Unrecognized prior service costs | 0 | 1 | |||||||||||||||
Unrecognized net actuarial loss | 18,319 | 14,865 | |||||||||||||||
Net amount recognized | $ | 6,362 | $ | 4,836 | |||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Class | 2014 | Target | 2013 | Target | ||||||||||||
Asset | Asset | ||||||||||||||||
Allocation | Allocation | ||||||||||||||||
Large Cap Equities | 30.9 | % | 30 | % | 33.6 | % | 30 | % | |||||||||
Mid Cap Equities | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Small Cap Equities | 15.6 | % | 15 | % | 13.8 | % | 15 | % | |||||||||
International (equities only) | 18.4 | % | 20 | % | 19.7 | % | 20 | % | |||||||||
Fixed Income | 29.2 | % | 31 | % | 28.1 | % | 31 | % | |||||||||
Other (Government/Corporate, Bonds) | 2.8 | % | 2 | % | 1.5 | % | 2 | % | |||||||||
Cash | 3.1 | % | 2 | % | 3.3 | % | 2 | % | |||||||||
Total | 100 | 100 | 100 | 100 | |||||||||||||
Fair Value of Pension Plan Assets [Table Text Block] | Year Ended 2014 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Total plan assets | $ | 42,320 | - | - | $ | 42,320 | |||||||||||
Net Periodic Post-retirement Healthcare Cost [Table Text Block] | 52 Weeks | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Service cost | $ | 18 | $ | 19 | |||||||||||||
Interest cost | 37 | 31 | |||||||||||||||
Amortization of prior service cost | - | - | |||||||||||||||
Amortization of actuarial gain | (65 | ) | (55 | ) | |||||||||||||
Net periodic postretirement healthcare (benefit) cost | $ | (10 | ) | $ | (5 | ) | |||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | 2014 | 2013 | |||||||||||||||
Discount rate | 3.83 | % | 4.35 | % | |||||||||||||
Medical trend rate next year | 8.5 | % | 8.5 | % | |||||||||||||
Ultimate trend rate | 5 | % | 5 | % | |||||||||||||
Year ultimate trend rate is achieved | 2021 | 2020 | |||||||||||||||
Schedule of Net Funded Status [Table Text Block] | 2014 | 2013 | |||||||||||||||
Change in accumulated postretirement healthcare obligation: | |||||||||||||||||
Healthcare obligation - beginning of year | $ | 880 | $ | 909 | |||||||||||||
Service cost | 18 | 19 | |||||||||||||||
Interest cost | 37 | 31 | |||||||||||||||
Actuarial loss (gain) | 52 | (55 | ) | ||||||||||||||
Benefits paid | (22 | ) | (24 | ) | |||||||||||||
Healthcare obligation – end of year | $ | 965 | $ | 880 | |||||||||||||
Funded status of the plans | 965 | 880 | |||||||||||||||
Unrecognized prior service costs | - | - | |||||||||||||||
Unrecognized net actuarial gain | (212 | ) | (329 | ) | |||||||||||||
Unrecognized amounts recorded in other comprehensive income | 212 | 329 | |||||||||||||||
Postretirement healthcare liability | $ | 965 | $ | 880 | |||||||||||||
Pension Plan [Member] | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years | Pension | |||||||||||||||
Benefits | |||||||||||||||||
2015 | $ | 1,762 | |||||||||||||||
2016 | $ | 1,838 | |||||||||||||||
2014 | $ | 1,997 | |||||||||||||||
2018 | $ | 2,105 | |||||||||||||||
2019 | $ | 2,234 | |||||||||||||||
2020-2024 | $ | 13,653 | |||||||||||||||
Executive Post-retirement Benefits [Member] | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years | Executive | |||||||||||||||
Postretirement | |||||||||||||||||
Benefits | |||||||||||||||||
2014 | $ | 470 | |||||||||||||||
2015 | $ | 274 | |||||||||||||||
2016 | $ | 69 | |||||||||||||||
2017 | $ | 111 | |||||||||||||||
2018 | $ | 287 | |||||||||||||||
2019-2023 | $ | 2,518 | |||||||||||||||
One Percent Decrease in Healthcare Cost Trend Rate [Member] | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 2014 | 2013 | |||||||||||||||
Interest cost plus service cost | $ | (4 | ) | $ | (4 | ) | |||||||||||
Accumulated postretirement healthcare obligation | $ | (64 | ) | $ | (58 | ) | |||||||||||
One Percent Increase in Healthcare Cost Trend Rate [Member] | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 2014 | 2013 | |||||||||||||||
Interest cost plus service cost | $ | 5 | $ | 5 | |||||||||||||
Accumulated postretirement healthcare obligation | $ | 78 | $ | 69 | |||||||||||||
Post-retirement Healthcare Benefits [Member] | |||||||||||||||||
Notes Tables | |||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years | Postretirement | |||||||||||||||
Heathcare | |||||||||||||||||
Benefits | |||||||||||||||||
2015 | $ | 43 | |||||||||||||||
2016 | $ | 43 | |||||||||||||||
2017 | $ | 43 | |||||||||||||||
2018 | $ | 42 | |||||||||||||||
2019 | $ | 41 | |||||||||||||||
2020-2024 | $ | 427 |
Note_4_Income_Taxes_Tables
Note 4 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Notes Tables | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 52 Weeks | ||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | (91 | ) | $ | 47 | ||||
State | 3 | 122 | |||||||
(88 | ) | 169 | |||||||
Deferred: | |||||||||
Federal | - | - | |||||||
State | - | - | |||||||
$ | (88 | ) | $ | 169 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 52 Weeks | ||||||||
2014 | 2013 | ||||||||
Provision (benefit) for federal income taxes at the applicable statutory rate | $ | (1,477 | ) | $ | 1,049 | ||||
Increase in provision (benefit) resulting from state income taxes, net of federal income tax benefit | 61 | 488 | |||||||
Research & development tax credit | (25 | ) | (33 | ) | |||||
Non-taxable life insurance gain | (175 | ) | (280 | ) | |||||
Change in valuation allowance | 1,598 | (1,214 | ) | ||||||
Other, net | (70 | ) | 159 | ||||||
$ | (88 | ) | $ | 169 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 201 | |||||||
3 | |||||||||
Receivables allowance | $ | 58 | $ | 50 | |||||
Returns allowance | 163 | 165 | |||||||
Inventory packaging reserve | 165 | 209 | |||||||
Inventory overhead capitalization | 452 | 391 | |||||||
Incentive compensation | 272 | 178 | |||||||
State taxes | 8 | 49 | |||||||
Employee benefits | 911 | 1,232 | |||||||
Other | 84 | 2 | |||||||
Valuation allowance | (2,113 | ) | (2,276 | ) | |||||
Current tax assets, net | $ | - | $ | - | |||||
State taxes | $ | 263 | $ | 186 | |||||
Incentive compensation | 257 | 487 | |||||||
Pension and health care benefits | 6,366 | 5,356 | |||||||
Depreciation | (1,280 | ) | (1,623 | ) | |||||
Net operating loss carry-forward and credits | 2,880 | 1,265 | |||||||
Valuation allowance | (8,486 | ) | (5,671 | ) | |||||
Non-current tax assets, net | $ | - | $ | - | |||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 52 Weeks | ||||||||
2014 | 2013 | ||||||||
Balance at beginning of year | $ | 100 | $ | 97 | |||||
Additions based on tax positions related to the current year | - | - | |||||||
Additions for tax positions of prior years | 1 | 3 | |||||||
Reductions for tax positions of prior years | (1 | ) | - | ||||||
Settlements | - | - | |||||||
Balance at end of year | $ | 100 | $ | 100 |
Note_6_Commitments_and_Conting1
Note 6 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | |||||||||||||
Notes Tables | |||||||||||||
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Fiscal Year | Capital | Operating | Financing | |||||||||
Leases | Leases | Obligations | |||||||||||
2015 | 379 | 51 | 430 | ||||||||||
2016 | 379 | - | 379 | ||||||||||
2017 | 379 | - | 379 | ||||||||||
2018 | 723 | - | 723 | ||||||||||
Total Minimum Lease Payments(a) | $ | 1,860 | $ | 51 | $ | 1,911 | |||||||
Less: Amount representing executory costs | (380 | ) | |||||||||||
Less: Amount representing interest(b) | (135 | ) | |||||||||||
Present value of future minimum lease payments(c) | $ | 1,345 |
Note_7_Segment_Information_Tab
Note 7 - Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Information | ||||||||||||||||||||||||
2014 | Frozen Food | Refrigerated | Other | Elimination | Totals | Refrigerated | |||||||||||||||||||
Products | and Snack Food | Products Division | |||||||||||||||||||||||
Products | * | ||||||||||||||||||||||||
Sales | $ | 50,740 | 82,661 | - | - | $ | 133,401 | 6,650 | |||||||||||||||||
Intersegment sales | 446 | - | 446 | - | - | ||||||||||||||||||||
Net sales | 50,740 | 83,107 | - | 446 | 133,401 | 6,650 | |||||||||||||||||||
Cost of products sold | 31,790 | 63,400 | - | 446 | 94,744 | 4,704 | |||||||||||||||||||
Gross margin | 18,950 | 19,707 | - | - | 38,657 | 1,946 | |||||||||||||||||||
SG&A | 15,715 | 27,374 | - | - | 43,089 | 5,002 | |||||||||||||||||||
Income before taxes | 3,235 | (7,667 | ) | - | - | (4,432 | ) | (3,056 | ) | ||||||||||||||||
Total assets | $ | 11,332 | 32,427 | 14,417 | - | $ | 58,176 | ||||||||||||||||||
Additions to PP&E | $ | 201 | 3,601 | 75 | - | $ | 3,877 | ||||||||||||||||||
Segment Information | |||||||||||||||||||||||||
2013 | Frozen Food | Refrigerated | Other | Elimination | Totals | Refrigerated | |||||||||||||||||||
Products | and Snack Food | Products Division | |||||||||||||||||||||||
Products | * | ||||||||||||||||||||||||
Sales | $ | 51,449 | 77,554 | - | - | $ | 129,003 | 11,527 | |||||||||||||||||
Intersegment sales | 986 | - | 986 | - | - | ||||||||||||||||||||
Net sales | 51,449 | 78,540 | - | 986 | 129,003 | 11,527 | |||||||||||||||||||
Cost of products sold | 32,437 | 52,115 | - | 986 | 83,566 | 6,790 | |||||||||||||||||||
Gross margin | 19,012 | 26,425 | - | - | 45,437 | 4,737 | |||||||||||||||||||
SG&A | 16,635 | 25,717 | - | - | 42,352 | 6,154 | |||||||||||||||||||
Income before taxes | 2,377 | 708 | - | - | 3,085 | (1,417 | ) | ||||||||||||||||||
Total assets | $ | 13,009 | 29,821 | 21,934 | - | $ | 64,764 | ||||||||||||||||||
Additions to PP&E | $ | 1,032 | 3,164 | 182 | - | $ | 4,378 |
Note_1_The_Company_and_Summary1
Note 1 - The Company and Summary of Significant Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Accounting Policies [Abstract] | ||
Promotional Allowances | $10,868 | $8,988 |
Number of Reportable Segments | 2 | |
Shipping, Handling and Transportation Costs | 5,045 | 5,214 |
Advertising Expense | 3,093 | 3,325 |
Cash Equivalents, at Carrying Value | $192 | $8,325 |
Building and Building Improvements [Member] | Maximum [Member] | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Transportation Equipment [Member] | Minimum [Member] | ||
Accounting Policies [Abstract] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Dollar General [Member] | ||
Accounting Policies [Abstract] | ||
Concentration Risk, Percentage | 20.70% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wal-Mart [Member] | ||
Accounting Policies [Abstract] | ||
Concentration Risk, Percentage | 31.80% | 17.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Dollar General [Member] | ||
Accounting Policies [Abstract] | ||
Concentration Risk, Percentage | 9.90% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Wal-Mart [Member] | ||
Accounting Policies [Abstract] | ||
Concentration Risk, Percentage | 28.80% | 19.60% |
Note_2_Composition_of_Certain_2
Note 2 - Composition of Certain Financial Statement Captions - Composition of Certain Financial Statement Captions (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Inventories: | ||
Meat, ingredients and supplies | $4,716,000 | $4,291,000 |
Work in process | 1,447,000 | 1,290,000 |
Finished goods | 15,129,000 | 13,338,000 |
21,292,000 | 18,919,000 | |
Property, plant and equipment: | ||
Land | 1,802,000 | 1,807,000 |
Buildings and improvements | 14,254,000 | 13,845,000 |
Machinery and equipment | 47,352,000 | 44,832,000 |
Asset impairment | -234,000 | -234,000 |
Capital leased trucks | 1,848,000 | 1,848,000 |
Transportation equipment | 5,522,000 | 6,246,000 |
Construction in process | 157,000 | 220,000 |
70,701,000 | 68,564,000 | |
Accumulated depreciation and amortization | -58,450,000 | -57,352,000 |
12,251,000 | 11,212,000 | |
Other non-current assets: | ||
Cash Surrender Value of Life Insurance | 13,654,000 | 13,140,000 |
Other | 6,000 | 6,000 |
13,660,000 | 13,146,000 | |
Accrued payroll, advertising and other expenses: | ||
Payroll, vacation, payroll taxes and employee benefits | 4,007,000 | 5,400,000 |
Accrued advertising and broker commissions | 1,278,000 | 1,246,000 |
Property taxes | 327,000 | 326,000 |
Other | 417,000 | 659,000 |
6,029,000 | 7,631,000 | |
Current portion of non-current liabilities (Note 3): | ||
Defined benefit retirement plan | 1,127,000 | 1,693,000 |
Executive retirement plans | 467,000 | 509,000 |
Incentive compensation | 718,000 | 724,000 |
Capital Lease Obligations, Current | 241,000 | 231,000 |
Postretirement healthcare | 43,000 | 43,000 |
2,596,000 | 3,200,000 | |
Non-current liabilities (Note 3): | ||
Defined benefit retirement plan | 10,830,000 | 8,337,000 |
Executive retirement plans | 4,227,000 | 4,012,000 |
Capital lease obligation | 1,104,000 | 1,328,000 |
Incentive compensation | 640,000 | 1,149,000 |
Teamster pension withdrawal liability | 798,000 | |
Postretirement healthcare | 922,000 | 837,000 |
$18,521,000 | $15,663,000 |
Note_3_Retirement_and_Other_Be2
Note 3 - Retirement and Other Benefit Plans (Details Textual) (USD $) | 12 Months Ended | ||||||
Oct. 31, 2014 | Nov. 01, 2013 | Nov. 01, 2019 | Nov. 02, 2018 | Nov. 03, 2017 | Oct. 28, 2016 | Oct. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |||||||
Defined Contribution Plan, Cost Recognized | $0 | $0 | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 1,127,000 | ||||||
Percent Added To Seasoned Bond Rate | 2.00% | ||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 60.00% | ||||||
Other Postretirement Benefits Payable | 4,694,000 | 4,521,000 | |||||
Cash Surrender Value of Life Insurance | 13,654,000 | 13,140,000 | |||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 1,359,000 | 1,873,000 | |||||
Defined Benefit Plan, Contributions by Employer | 1,587,000 | 1,922,000 | |||||
Teamster Pension Withdrawal Liability, Non-Current | 798,000 | ||||||
Scenario, Forecast [Member] | |||||||
Compensation and Retirement Disclosure [Abstract] | |||||||
Officers' Compensation | 42,000 | 79,000 | 112,000 | 395,000 | 719,000 | ||
Maximum [Member] | |||||||
Compensation and Retirement Disclosure [Abstract] | |||||||
Deferred Incentive Compensation Plan Payment Period | 5 years | ||||||
Minimum [Member] | |||||||
Compensation and Retirement Disclosure [Abstract] | |||||||
Deferred Incentive Compensation Plan Payment Period | 3 years | ||||||
Plan Type, 401K [Member] | |||||||
Compensation and Retirement Disclosure [Abstract] | |||||||
Defined Benefit Plan, Contributions by Employer | $500,000 | $452,000 |
Note_3_Retirement_and_Other_Be3
Note 3 - Retirement and Other Benefit Plans - Net Pension Cost (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Service cost | $135,000 | $174,000 |
Interest cost | 2,226,000 | 2,019,000 |
Expected return on plan assets | -3,131,000 | -2,674,000 |
Amortization of unrecognized loss | 830,000 | 1,688,000 |
Amortization of unrecognized prior service costs | 1,000 | 1,000 |
Net pension cost | $61,000 | $1,208,000 |
Note_3_Retirement_and_Other_Be4
Note 3 - Retirement and Other Benefit Plans - Net Pension Costs and Benefit Obligations Determined Using Assumptions (Details) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Discount rate | 4.05% | 4.65% |
Expected return on plan assets | 8.00% | 8.00% |
Note_3_Retirement_and_Other_Be5
Note 3 - Retirement and Other Benefit Plans - Benefit Obligation, Plan Assets, and Funded Status of Plans (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Change in plan assets: | ||
Fair value of plan assets - beginning of year | $39,124,000 | $33,266,000 |
Employer contributions | 1,587,000 | 1,922,000 |
Actual return on plan assets | 2,939,000 | 5,163,000 |
Fair value of plan assets - end of year | 42,320,000 | 39,124,000 |
Change in benefit obligations: | ||
Healthcare obligation - beginning of year | 49,154,000 | 54,468,000 |
Service cost | 135,000 | 174,000 |
Interest cost | 2,226,000 | 2,019,000 |
Actuarial loss (gain) | 4,093,000 | -6,280,000 |
Healthcare obligation b end of year | 54,277,000 | 49,154,000 |
Funded status of the plans | -11,957,000 | -10,030,000 |
Unrecognized prior service costs | 0 | 1,000 |
Unrecognized net actuarial gain | 18,319,000 | 14,865,000 |
Net amount recognized | 6,362,000 | 4,836,000 |
Change in Benefit Obligations [Member] | ||
Change in plan assets: | ||
Benefits paid | -1,331,000 | -1,227,000 |
Change in benefit obligations: | ||
Benefits paid | -1,331,000 | -1,227,000 |
Change in Plan Assets [Member] | ||
Change in plan assets: | ||
Benefits paid | -1,330,000 | -1,227,000 |
Change in benefit obligations: | ||
Benefits paid | ($1,330,000) | ($1,227,000) |
Note_3_Retirement_and_Other_Be6
Note 3 - Retirement and Other Benefit Plans - Actual and Target Allocation for Plan Assets (Details) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Actual Asset Allocation | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | 100.00% |
Cash [Member] | ||
Actual Asset Allocation | 3.10% | 3.30% |
Target Asset Allocation | 2.00% | 2.00% |
Fixed Income [Member] | ||
Actual Asset Allocation | 29.20% | 28.10% |
Target Asset Allocation | 31.00% | 31.00% |
International Including Non US Fixed Income [Member] | ||
Actual Asset Allocation | 18.40% | 19.70% |
Target Asset Allocation | 20.00% | 20.00% |
Large Cap Equities [Member] | ||
Actual Asset Allocation | 30.90% | 33.60% |
Target Asset Allocation | 30.00% | 30.00% |
Mid Cap Equities [Member] | ||
Actual Asset Allocation | 0.00% | 0.00% |
Target Asset Allocation | 0.00% | 0.00% |
Other Government Corporate Bonds [Member] | ||
Actual Asset Allocation | 2.80% | 1.50% |
Target Asset Allocation | 2.00% | 2.00% |
SmallCapEquitiesMember | ||
Actual Asset Allocation | 15.60% | 13.80% |
Target Asset Allocation | 15.00% | 15.00% |
Note_3_Retirement_and_Other_Be7
Note 3 - Retirement and Other Benefit Plans - Fair Value of Pension Plan Assets (Details) (USD $) | Oct. 31, 2014 |
Total plan assets | $42,320,000 |
Fair Value, Inputs, Level 1 [Member] | |
Total plan assets | $42,320,000 |
Note_3_Retirement_and_Other_Be8
Note 3 - Retirement and Other Benefit Plans - Expected Payments for Pension Benefits (Details) (USD $) | Oct. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $1,762 |
2016 | 1,838 |
2014 | 1,997 |
2018 | 2,105 |
2019 | 2,234 |
2020-2024 | $13,653 |
Note_3_Retirement_and_Other_Be9
Note 3 - Retirement and Other Benefit Plans - Expected Payments for Executive Postretirement Benefits (Details) (USD $) | Nov. 01, 2013 |
In Thousands, unless otherwise specified | |
Executive Post-retirement Benefits [Member] | |
2015 | $470 |
2016 | 274 |
2014 | 69 |
2018 | 111 |
2019 | 287 |
2020-2024 | $2,518 |
Recovered_Sheet1
Note 3 - Retirement and Other Benefit Plans - Net Periodic Postretirement Healthcare Cost (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Service cost | $135,000 | $174,000 |
Interest cost | 2,226,000 | 2,019,000 |
Net periodic postretirement healthcare (benefit) cost | 61,000 | 1,208,000 |
Postretirement Health Coverage [Member] | ||
Service cost | 18,000 | 19,000 |
Interest cost | 37,000 | 31,000 |
Amortization of actuarial gain | -65,000 | -55,000 |
Net periodic postretirement healthcare (benefit) cost | ($10,000) | ($5,000) |
Recovered_Sheet2
Note 3 - Retirement and Other Benefit Plans - Weighted Average Assumptions (Details) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Discount rate | 4.05% | 4.65% |
Postretirement Health Coverage [Member] | ||
Discount rate | 3.83% | 4.35% |
Medical trend rate next year | 8.50% | 8.50% |
Ultimate trend rate | 5.00% | 5.00% |
Year ultimate trend rate is achieved | 2021 | 2020 |
Recovered_Sheet3
Note 3 - Retirement and Other Benefit Plans - Estimated Effect of a 1% Increase in Healthcare Cost Trend Rate (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Interest cost plus service cost | $5 | $5 |
Accumulated postretirement healthcare obligation | $78 | $69 |
Recovered_Sheet4
Note 3 - Retirement and Other Benefit Plans - Estimated Effect of a 1% Decrease in Healthcare Cost Trend Rate (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Interest cost plus service cost | ($4) | ($4) |
Accumulated postretirement healthcare obligation | ($64) | ($58) |
Recovered_Sheet5
Note 3 - Retirement and Other Benefit Plans - Healthcare Obligation and Funded Status of Plan (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Change in accumulated postretirement healthcare obligation: | ||
Healthcare obligation - beginning of year | $49,154,000 | $54,468,000 |
Service cost | 135,000 | 174,000 |
Interest cost | 2,226,000 | 2,019,000 |
Actuarial loss (gain) | 4,093,000 | -6,280,000 |
Healthcare obligation b end of year | 54,277,000 | 49,154,000 |
Funded status of the plans | -11,957,000 | -10,030,000 |
Unrecognized net actuarial gain | 18,319,000 | 14,865,000 |
Postretirement Health Coverage [Member] | ||
Change in accumulated postretirement healthcare obligation: | ||
Healthcare obligation - beginning of year | 880,000 | 909,000 |
Service cost | 18,000 | 19,000 |
Interest cost | 37,000 | 31,000 |
Actuarial loss (gain) | 52,000 | -55,000 |
Benefits paid | -22,000 | -24,000 |
Healthcare obligation b end of year | 965,000 | 880,000 |
Funded status of the plans | 965,000 | 880,000 |
Unrecognized net actuarial gain | -212,000 | -329,000 |
Unrecognized amounts recorded in other comprehensive income | 212,000 | 329,000 |
Postretirement healthcare liability | $965,000 | $880,000 |
Recovered_Sheet6
Note 3 - Retirement and Other Benefit Plans - Expected Payments for Postretirement Benefits (Details) (USD $) | Oct. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $1,762 |
2016 | 1,838 |
2014 | 1,997 |
2018 | 2,105 |
2019 | 2,234 |
2020-2024 | 13,653 |
Postretirement Health Coverage [Member] | |
2015 | 43 |
2016 | 43 |
2014 | 43 |
2018 | 42 |
2019 | 41 |
2020-2024 | $427 |
Note_4_Income_Taxes_Details_Te
Note 4 - Income Taxes (Details Textual) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Domestic Subsidiaries | 100,000 | $100,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5,000 | |
Domestic Tax Authority [Member] | ||
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | 6,160,000 | |
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||
Income Tax Disclosure [Abstract] | ||
Open Tax Year | 2011 | |
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||
Income Tax Disclosure [Abstract] | ||
Open Tax Year | 2013 | |
Domestic Tax Authority [Member] | Scenario Criteria [Member] | ||
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | 0 | |
State and Local Jurisdiction [Member] | ||
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | 4,006,000 | |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||
Income Tax Disclosure [Abstract] | ||
Open Tax Year | 2009 | |
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||
Income Tax Disclosure [Abstract] | ||
Open Tax Year | 2012 |
Note_4_Income_Taxes_Provision_
Note 4 - Income Taxes - Provision for Taxes on Income (Details) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Current: | ||
Federal | ($91,000) | $47,000 |
State | 3,000 | 122,000 |
-88,000 | 169,000 | |
Deferred: | ||
Federal | 0 | 0 |
State | 0 | 0 |
($88,000) | $169,000 |
Note_4_Income_Taxes_Tax_Provis
Note 4 - Income Taxes - Tax Provision Differs from Applying Statutory Federal Income Tax Rate (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Provision (benefit) for federal income taxes at the applicable statutory rate | ($1,477) | $1,049 |
Increase in provision (benefit) resulting from state income taxes, net of federal income tax benefit | 61 | 488 |
Research & development tax credit | -25 | -33 |
Non-taxable life insurance gain | -175 | -280 |
Change in valuation allowance | 1,598 | -1,214 |
Other, net | -70 | 159 |
($88) | $169 |
Note_4_Income_Taxes_Deferred_I
Note 4 - Income Taxes - Deferred Income Taxes Results from Differences in the Bases of Assets and Liabilities (Details) (USD $) | Oct. 31, 2014 | Nov. 01, 2013 |
Receivables allowance | $58,000 | $50,000 |
Returns allowance | 163,000 | 165,000 |
Inventory packaging reserve | 165,000 | 209,000 |
Inventory overhead capitalization | 452,000 | 391,000 |
Employee benefits | 911,000 | 1,232,000 |
Other | 84,000 | 2,000 |
Valuation allowance | -2,113,000 | -2,276,000 |
Current tax assets, net | 0 | 0 |
Pension and health care benefits | 6,366,000 | 5,356,000 |
Depreciation | -1,280,000 | -1,623,000 |
Net operating loss carry-forward and credits | 2,880,000 | 1,265,000 |
Valuation allowance | -8,486,000 | -5,671,000 |
Non-current tax assets, net | 0 | 0 |
Incentive Compensation Current Asset [Member] | ||
Incentive compensation | 272,000 | 178,000 |
Incentive Compensation Noncurrent Asset [Member] | ||
Incentive compensation | 257,000 | 487,000 |
State Taxes Current Asset [Member] | ||
State taxes | 8,000 | 49,000 |
State Taxes Noncurrent Asset [Member] | ||
State taxes | $263,000 | $186,000 |
Note_4_Income_Taxes_Reconcilia
Note 4 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Balance at beginning of year | $100 | $97 |
Additions for tax positions of prior years | 1 | 3 |
Reductions for tax positions of prior years | -1 | |
Balance at end of year | $100 | $100 |
Note_5_Line_of_Credit_Details_
Note 5 - Line of Credit (Details Textual) (USD $) | 12 Months Ended | |
Oct. 31, 2014 | Nov. 01, 2013 | |
Debt Disclosure [Abstract] | ||
Long-term Line of Credit | $0 | |
Line of Credit Facility, Maximum Borrowing Capacity | 6,500,000 | |
Net Income (Loss) Attributable to Parent | -4,344,000 | 2,916,000 |
Line of Credit [Member] | Scenario Criteria [Member] | ||
Debt Disclosure [Abstract] | ||
Net Income (Loss) Attributable to Parent | $3,000,000 |
Note_6_Commitments_and_Conting2
Note 6 - Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 01, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital Lease Term | 6 years | |
Operating Leases, Rent Expense | $574 | $581 |
Capital Leases, Income Statement, Amortization Expense | 284 | |
Operating Leases, Rent Expense, Contingent Rentals | 116 | 127 |
Capital Lease Obligations, Current | 241 | 231 |
Capital Lease Obligations, Noncurrent | $1,104 | $1,328 |
Note_6_Commitments_and_Conting3
Note 6 - Commitments and Contingencies - Future Minimum Lease Payments for Transportation Leases (Details) (USD $) | Oct. 31, 2014 | |
In Thousands, unless otherwise specified | ||
2015 | $379 | |
2015 | 51 | |
2015 | 430 | |
2016 | 379 | |
2016 | 379 | |
2017 | 379 | |
2017 | 379 | |
2018 | 723 | |
2018 | 723 | |
Total Minimum Lease Payments(a) | 1,860 | [1] |
Total Minimum Lease Payments(a) | 51 | [1] |
Total Minimum Lease Payments(a) | 1,911 | [1] |
Less: Amount representing executory costs | -380 | |
Less: Amount representing interest(b) | -135 | [2] |
Present value of future minimum lease payments(c) | $1,345 | [3] |
[1] | Minimum payments exclude contingent rentals based on actual mileage and adjustments of rental payments based on the Consumer Price Index. Contingent rentals amounted to $116 in 2014 and $127 in 2013 including prior lease arrangements. | |
[2] | Amount necessary to reduce net minimum lease payments to present value calculated at the Company's incremental borrowing rate at the inception of the leases. | |
[3] | Reflected in the Note 2, as current and noncurrent obligations under capital leases of $241 and $1,104, respectively. |
Note_7_Segment_Information_Det
Note 7 - Segment Information (Details Textual) | 12 Months Ended |
Oct. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Note_7_Segment_Information_Seg
Note 7 - Segment Information - Segment Reporting (Details) (USD $) | 12 Months Ended | |||
Oct. 31, 2014 | Nov. 01, 2013 | |||
Sales | $133,401,000 | $129,003,000 | ||
Net sales | 133,401,000 | 129,003,000 | ||
Cost of products sold | 94,744,000 | 83,566,000 | ||
Gross margin | 38,657,000 | 45,437,000 | ||
SG&A | 43,089,000 | 42,352,000 | ||
Income before taxes | -4,432,000 | 3,085,000 | ||
Total assets | 58,176,000 | 64,764,000 | ||
Additions to PP&E | 3,877,000 | 4,378,000 | ||
Other Segments [Member] | ||||
Total assets | 14,417,000 | 21,934,000 | ||
Additions to PP&E | 75,000 | 182,000 | ||
Frozen Food Products [Member] | ||||
Sales | 50,740,000 | 51,449,000 | ||
Net sales | 50,740,000 | 51,449,000 | ||
Cost of products sold | 31,790,000 | 32,437,000 | ||
Gross margin | 18,950,000 | 19,012,000 | ||
SG&A | 15,715,000 | 16,635,000 | ||
Income before taxes | 3,235,000 | 2,377,000 | ||
Total assets | 11,332,000 | 13,009,000 | ||
Additions to PP&E | 201,000 | 1,032,000 | ||
Refrigerated and Snack Food Products [Member] | ||||
Sales | 82,661,000 | 77,554,000 | ||
Intersegment sales | 446,000 | 986,000 | ||
Net sales | 83,107,000 | 78,540,000 | ||
Cost of products sold | 63,400,000 | 52,115,000 | ||
Gross margin | 19,707,000 | 26,425,000 | ||
SG&A | 27,374,000 | 25,717,000 | ||
Income before taxes | -7,667,000 | 708,000 | ||
Total assets | 32,427,000 | 29,821,000 | ||
Additions to PP&E | 3,601,000 | 3,164,000 | ||
Refrigerated Products Division [Member] | ||||
Sales | 6,650,000 | [1] | 11,527,000 | [1] |
Net sales | 6,650,000 | [1] | 11,527,000 | [1] |
Cost of products sold | 4,704,000 | [1] | 6,790,000 | [1] |
Gross margin | 1,946,000 | [1] | 4,737,000 | [1] |
SG&A | 5,002,000 | [1] | 6,154,000 | [1] |
Income before taxes | -3,056,000 | [1] | -1,417,000 | [1] |
Intersegment Eliminations [Member] | ||||
Intersegment sales | 446,000 | 986,000 | ||
Net sales | 446,000 | 986,000 | ||
Cost of products sold | $446,000 | $986,000 | ||
[1] | At the end of fiscal year 2014, the Company discontinued operation of the refrigerated snack food products division which was reported under the Refrigerated and Snack Food Products segment involving primarily deli products. |