Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 28, 2016 | Jan. 13, 2017 | Apr. 15, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | BRIDGFORD FOODS CORP | ||
Entity Central Index Key | 14,177 | ||
Trading Symbol | brid | ||
Current Fiscal Year End Date | --10-28 | ||
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) | 9,076,832 | ||
Entity Public Float | $ 20,069 | ||
Document Type | 10-K | ||
Document Period End Date | Oct. 28, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 28, 2016 | Oct. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 6,985 | $ 5,842 |
Accounts receivable, less allowance for doubtful accounts of $17 and $146, respectively and promotional allowances of $2,271 and $3,061, respectively | 16,582 | 14,619 |
Inventories, less reserves of $308, and $381, respectively | 24,081 | 19,977 |
Prepaid expenses | 937 | 319 |
Total current assets | 48,585 | 40,757 |
Property, plant and equipment, net of accumulated depreciation and amortization of $62,330 and $60,454, respectively | 10,362 | 10,235 |
Other non-current assets | 13,775 | 13,666 |
Deferred income taxes | 14,532 | 10,644 |
Total assets | 87,254 | 75,302 |
Current liabilities: | ||
Accounts payable | 4,085 | 6,087 |
Accrued payroll, advertising and other expenses | 4,089 | 5,203 |
Income taxes payable | 130 | 96 |
Current portion of non-current liabilities | 3,918 | 2,825 |
Total current liabilities | 12,222 | 14,211 |
Non-current liabilities | 36,123 | 25,446 |
Total liabilities | 48,345 | 39,657 |
Contingencies and commitments (Notes 3, 5 and 6) | ||
Shareholders’ equity: | ||
Preferred stock, without par value Authorized, - 1,000 shares; issued and outstanding – none | ||
Common stock, $1.00 par value Authorized, - 20,000 shares; issued and outstanding – 9,076 and 9,080 | 9,134 | 9,138 |
Capital in excess of par value | 8,298 | 8,334 |
Retained earnings | 48,073 | 40,303 |
Accumulated other comprehensive loss | (26,596) | (22,130) |
Total shareholders’ equity | 38,909 | 35,645 |
Total liabilities and shareholders’ equity | $ 87,254 | $ 75,302 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Oct. 28, 2016 | Oct. 30, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 17 | $ 146 |
Accounts receivable, allowance for promotional allowances | 2,271 | 3,061 |
Inventories, reserves | 308 | 381 |
Property, plant and equipment, accumulated depreciation | $ 62,330 | $ 60,454 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
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, authorized (in shares) | 20,000 | 20,000 |
Common stock, issued (in shares) | 9,076 | 9,080 |
Common stock, outstanding (in shares) | 9,076 | 9,080 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Net sales | $ 140,063 | $ 130,448 |
Cost of products sold | 84,850 | 83,579 |
Gross margin | 55,213 | 46,869 |
Selling, general and administrative expenses | 44,377 | 38,751 |
Income before taxes | 10,836 | 8,118 |
Provision for (benefit on) income taxes | 3,066 | (7,324) |
Net income | $ 7,770 | $ 15,442 |
Basic earnings per share (in dollars per share) | $ 0.86 | $ 1.70 |
Shares used to compute basic earnings per common share (in shares) | 9,077,606 | 9,098,742 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Net income | $ 7,770 | $ 15,442 |
Other comprehensive (loss) from defined benefit plans | (7,419) | (7,525) |
Other postretirement benefit plans: | ||
Actuarial (loss) | (103) | (170) |
Prior service cost (benefit) | 202 | (36) |
Other comprehensive income (loss) from other postretirement benefit plans | 99 | (206) |
Other comprehensive (loss), before taxes | (7,320) | (7,731) |
Tax benefit on other comprehensive income/loss | 2,854 | 2,967 |
Change in other comprehensive (loss), net of tax | (4,466) | (4,764) |
Comprehensive income, net of tax | $ 3,304 | $ 10,678 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Oct. 31, 2014 | 9,113 | ||||
Balance at Oct. 31, 2014 | $ 9,171 | $ 8,584 | $ 24,861 | $ (17,366) | $ 25,250 |
Shares repurchased and retired (in shares) | (33) | ||||
Shares repurchased and retired | $ (33) | (250) | (283) | ||
Net income | 15,442 | 15,442 | |||
Net change in defined benefit plans and other benefit plans | (4,764) | (4,764) | |||
Balance (in shares) at Oct. 30, 2015 | 9,080 | ||||
Balance at Oct. 30, 2015 | $ 9,138 | 8,334 | 40,303 | (22,130) | 35,645 |
Shares repurchased and retired (in shares) | (4) | ||||
Shares repurchased and retired | $ (4) | (36) | (40) | ||
Net income | 7,770 | 7,770 | |||
Net change in defined benefit plans and other benefit plans | (4,466) | (4,466) | |||
Balance (in shares) at Oct. 28, 2016 | 9,076 | ||||
Balance at Oct. 28, 2016 | $ 9,134 | $ 8,298 | $ 48,073 | $ (26,596) | $ 38,909 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 7,770 | $ 15,442 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,043 | 3,050 |
(Recovery) provision for losses on accounts receivable | (166) | 24 |
Provision for promotional allowances | 790 | 2,749 |
Loss (gain) on sale of property, plant and equipment | 3 | (127) |
Deferred income taxes, net | (1,034) | 3,171 |
Tax valuation allowance | (10,848) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,587) | (7,090) |
Inventories | (4,104) | 1,315 |
Prepaid expenses | (556) | 27 |
Refundable income taxes | (62) | 133 |
Other non-current assets | (109) | (6) |
Accounts payable | (2,002) | 307 |
Accrued payroll, advertising and other expenses | (1,114) | (826) |
Income taxes payable | 34 | 96 |
Current portion of non-current liabilities | 1,105 | 365 |
Non-current liabilities | 3,516 | (322) |
Net cash provided by operating activities | 4,527 | 7,460 |
Cash used in investing activities: | ||
Proceeds from sale of property, plant and equipment | 24 | 52 |
Additions to property, plant and equipment | (3,265) | (1,404) |
Net cash used in investing activities | (3,241) | (1,352) |
Cash used in financing activities: | ||
Shares repurchased | (40) | (283) |
Payment of capital lease obligations | (103) | (175) |
Net cash used in financing activities | (143) | (458) |
Net increase in cash and cash equivalents | 1,143 | 5,650 |
Cash and cash equivalents at beginning of year | 5,842 | 192 |
Cash and cash equivalents at end of year | 6,985 | 5,842 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 4,267 | 156 |
Transportation equipment returned originally financed by capital lease obligation | $ (132) | $ (656) |
Note 1 - The Company and Summar
Note 1 - The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 28, 2016 | |
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. 1932 five 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 may We test long - lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may Subsequent events Management has evaluated events subsequent to October 28, 2016 may 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 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 34.8% 2016 35.6% October 28, 2016. 7.8% 2016 24.5% October 28, 2016. 31.4% 2015 42.6% October 30, 2015. Business segments Our company and its subsidiaries operate in two 7 Fiscal year We maintain our accounting records on a 52 53 October 31. 2016 2015 52 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, $3,456 $3,663 2016 2015, 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 2016 2015 $8,578 $8,881, Advertising expenses Advertising and other promotional expenses are recorded as selling, general and administrative expenses. Advertising expenses for fiscal years 2016 2015 $2,055 $1,861, Cash and cash equivalents We consider all investments with original maturities of three $6,985 October 28, 2016 $5,842 October 30, 2015. October 28, 2016 Fair value measurements We classify levels of inputs to measure the fair value of financial assets as follows: • Level 1 1 • Level 2 2 1 • Level 3 3 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. The Company does not have any assets or liabilities measured at fair value on a recurring or non - recurring basis for the years ended October 28, 2016 October 30, 2015. Inventories Inventories are valued at the lower of cost (which approximates actual cost on a first first 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 20 5 10 3 5 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 non - current 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. 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 and local 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 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. Comprehensive income Comprehensive income consists of net income and additional minimum pension liability adjustments. Recently issued accounting pronouncements and regulations In May 2014, 2014 09 December 15, 2017, In July 2015, 2015 11 may December 15, 2016. In November 2015, 2015 17, December 6, 2016 October 28, 2016. In February 2016, 2016 02, December 15, 2018 In March 2016, 2016 08, 606): 2014 09 April 2016, 2016 10, May 2016, 2016 12, 2014 09, 2019 In October 2016, 2016 16, eight December 15, 2017 |
Note 2 - Composition of Certain
Note 2 - Composition of Certain Financial Statement Captions | 12 Months Ended |
Oct. 28, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Composition of Certain Financial Statement Captions: 2016 2015 Inventories, net: Meat, ingredients and supplies $ 5,401 $ 5,268 Work in process 1,206 1,125 Finished goods 17,474 13,584 $ 24,081 $ 19,977 Property, plant and equipment, net: Land $ 1,802 $ 1,802 Buildings and improvements 14,394 14,272 Machinery and equipment 48,498 47,687 Capital leased trucks 1,060 1,192 Transportation equipment 5,860 5,219 Construction in process 1,078 517 72,692 70,689 Accumulated depreciation and amortization (62,330 ) (60,454 ) $ 10,362 $ 10,235 Other non-current assets: Cash surrender value benefits $ 13,769 $ 13,660 Other 6 6 $ 13,775 $ 13,666 Accrued payroll, advertising and other expenses: Payroll, vacation, payroll taxes and employee benefits $ 2,912 $ 3,589 Accrued advertising and broker commissions 471 704 Property taxes 352 356 Other 354 554 $ 4,089 $ 5,203 Current portion of non-current liabilities (Note 3): Defined benefit retirement plan $ 1,099 $ 1,150 Executive retirement plans 75 277 Incentive compensation 2,574 1,196 Capital lease obligation 150 162 Customer deposits 9 - Postretirement healthcare benefits 11 40 $ 3,918 $ 2,825 Non-current liabilities (Note 3): Defined benefit retirement plan $ 25,317 $ 17,362 Executive retirement plans 5,379 4,630 Capital lease obligation 404 563 Incentive compensation 4,524 1,929 Postretirement healthcare benefits 499 962 $ 36,123 $ 25,446 |
Note 3 - Retirement and Other B
Note 3 - Retirement and Other Benefit Plans | 12 Months Ended |
Oct. 28, 2016 | |
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 2006, Net pension cost consisted of the following: 52 Weeks 2016 2015 Service cost $ 130 $ 113 Interest cost 2,448 2,176 Expected return on plan assets (2,871 ) (3,346 ) Amortization of unrecognized loss 1,927 1,244 Amortization of unrecognized prior service costs - - Net pension cost $ 1,634 $ 187 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: 2016 2015 Discount rate 3.40 % 4.15 % Rate of increase in salary levels N/A N/A Expected return on plan assets 7.00 % 8.00 % The benefit obligation, plan assets, and funded status of these plans as of the fiscal years ended are as follows: 52 Weeks 2016 2015 Change in plan assets: Fair value of plan assets - beginning of year $ 41,419 $ 42,320 Employer contributions 1,150 1,157 Actual return (depreciation) on plan assets 790 (640 ) Benefits paid (1,488 ) (1,418 ) Fair value of plan assets - end of year $ 41,871 $ 41,419 Change in benefit obligations: Benefit obligations - beginning of year $ 59,931 $ 54,277 Service cost 130 113 Interest cost 2,448 2,176 Actuarial loss 7,266 4,783 Benefits paid (1,488 ) (1,418 ) Benefit obligations - end of year 68,287 59,931 Funded status of the plans (26,416 ) (18,512 ) Unrecognized prior service costs - - Unrecognized net actuarial loss 33,264 25,844 Net amount recognized $ 6,848 $ 7,332 We perform an internal rate of return analysis when making the discount rate selection. The discount rates were based on Citigroup Pension Liability Index as of September 30, 2016 October 31, 2015 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 2017 $1,109. During fiscal year 2015, 2014 2014 2006 2015. 2015 2016. 8.00% 7.00% 2016. The actual and target allocation for plan assets are as follows: Asset Class 2016 Target Asset Allocation 2015 Target Asset Allocation Large Cap Equities 32.0 % 32.0 % 31.1 % 32.0 % Mid Cap Equities 0 % 0.0 % 0 % 0.0 % Small Cap Equities 12.1 % 12.0 % 13.3 % 12.0 % International (equities only) 21.3 % 21.0 % 20.3 % 21.0 % Fixed Income 30.7 % 31.0 % 30.8 % 31.0 % Other (Government/Corporate, Bonds) 2.0 % 2.0 % 1.9 % 2.0 % Cash 1.9 % 2.0 % 2.6 % 2.0 % Total 100.0 100.0 % 100.0 100.0 % The fair value of our pension plan assets as of October 28, 2016 1, 2016 Level 1 Level 2 Level 3 Total Total plan assets $ 41,871 - - $ 41,871 Expected payments for the pension benefits are as follows: Fiscal Years Pension Benefits $ 2,277 $ 2,197 $ 2,124 $ 2,466 $ 2,663 2022-2026 $ 15,888 Executive Retirement Plans Non - Qualified Deferred Compensation Effective January 1, 1991 2%. 2016 2015. Supplemental Executive Retirement Plan In fiscal year 1991, 60% Benefits payable related to these plans and included in the accompanying consolidated financial statements were $5,454 $4,907 October 28, 2016 October 30, 2015, $13,769 $13,660 October 28, 2016 October 30, 2015, Expected payments for executive postretirement benefits are as follows: Fiscal Years Executive Postretirement Benefits $ 75 $ 121 $ 287 $ 521 $ 521 2022-2026 $ 2,603 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 five $7,098 $3,125 October 28, 2016 October 30, 2015, $2,574, $2,541, $1,785, $129 $69 2017 2021, 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 2016 2015 Service cost $ 13 $ 20 Interest cost 28 36 Amortization of prior service cost (132 ) - Amortization of actuarial gain (106 ) (37 ) Net periodic postretirement healthcare (benefit) cost $ (197 ) $ 19 Weighted average assumptions for the fiscal years ended October 28, 2016 October 30, 2015 2016 2015 Discount rate 3.38 % 3.94 % Medical trend rate next year 8.50 % 8.50 % Ultimate trend rate 5.00 % 5.00 % Year ultimate trend rate is achieved 2021 2021 The table below shows the estimated effect of a 1% 2016 2015 Interest cost plus service cost $ 6 $ 5 Accumulated postretirement healthcare obligation $ 59 $ 80 The table below shows the estimated effect of a 1% 2016 2015 Interest cost plus service cost $ (5 ) $ (4 ) Accumulated postretirement healthcare obligation $ (49 ) $ (66 ) The healthcare obligation and funded status of this plan as of the fiscal years ended are as follows: 2016 2015 Change in accumulated postretirement healthcare obligation: Healthcare obligation - beginning of year $ 1,003 $ 965 Service cost 13 20 Interest cost 28 36 Eliminate FSA (441 ) - Actuarial (gain) loss (89 ) 1 Benefits paid (3 ) (19 ) Healthcare obligation – end of year $ 511 $ 1,003 Funded status of the plans 511 1,003 Unrecognized prior service costs (308 ) - Unrecognized net actuarial gain (156 ) (174 ) Unrecognized amounts recorded in other comprehensive income 464 174 Postretirement healthcare liability $ 511 $ 1,003 Expected payments for the postretirement benefits are as follows: Fiscal Years Postretirement Heathcare Benefits 2017 $ 13 2018 $ 13 2019 $ 53 2020 $ 76 2021-2025 $ 396 401(K) During the fiscal year ended November 3, 2006, 401(K) 2016 2015, $549 $515, |
Note 4 - Income Taxes
Note 4 - Income Taxes | 12 Months Ended |
Oct. 28, 2016 | |
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 2016 2015 Current: Federal $ 3,874 $ 253 State 226 100 4,100 353 Deferred: Federal (883 ) (6,335 ) State (151 ) (1,342 ) (1,034 ) (7,677 ) $ 3,066 $ (7,324 ) 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 2016 2015 Provision for federal income taxes at the applicable statutory rate $ 3,684 $ 2,772 Increase in provision resulting from state income taxes, net of federal income tax benefit 49 641 Research & development tax credit - (3 ) Non-taxable life insurance gain (37 ) (2 ) Domestic Production Activities Deduction (429 ) - Change in valuation allowance - (10,848 ) Other, net (201 ) 116 $ 3,066 $ (7,324 ) Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes. 2016 2015 Receivables allowance $ 7 $ 58 Returns allowance 166 201 Inventory packaging reserve 100 125 Inventory overhead capitalization 524 400 Employee benefits 552 793 Other 1 1 State taxes (655 ) (515 ) Incentive compensation 2,140 925 Pension and health care benefits 12,438 9,202 Depreciation (837 ) (816 ) Net operating loss carry-forward and credits 96 271 Non-current tax assets, net $ 14,532 $ 10,645 Accounting Standards Codification ("ASC") 740 740. three three 2015. first, zero; second, thirty six “one third, October 28, 2016, (1) (2) thirty six (3) October 28, 2016. Due to the degree of judgment involved, actual taxable income could differ materially from management's estimates, or the timing of taxable income could be such that the net operating losses could expire prior to their utilization. Management could determine in the future that the assets are unrealizable, materially decreasing net income in one As of October 28, 2016, In July 2006, 740 10. In November 2015, 2015 17 December 15, 2016. October 30, 2015. As of October 28, 2016, $130 As of October 30, 2015, $112 A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 52 Weeks 2016 2015 Balance at beginning of year $ 112 $ 100 Additions based on tax positions related to the current year 16 12 Additions for tax positions of prior years 2 2 Reductions for tax positions of prior years - (2 ) Settlements - - Balance at end of year $ 130 $ 112 We recognize any future accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of October 28, 2016, $12 $130 Our federal income tax returns are open to audit under the statute of limitations for the years ended October 31, 2013 2015. 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 2014. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 |
Note 5 - Line of Credit
Note 5 - Line of Credit | 12 Months Ended |
Oct. 28, 2016 | |
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, 2018. may $4,000 1.75%. $3,000. October 28, 2016 December 19, 2016. no 2016 2015. |
Note 6 - Contingencies and Comm
Note 6 - Contingencies and Commitments | 12 Months Ended |
Oct. 28, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 Contingencies and Commitments: We lease warehouse and/or office facilities throughout the United States through month - to - month rental agreements. We returned all semi - truck trailers on operating leases before the end of fiscal 2016. 2018 six $656 $69 second 2015 third 2016, $316 2016 $448 2015. $177 $225 2016 2015, The following is a schedule by years of future minimum lease payments for transportation leases: Fiscal Year Capital Leases Operating Leases Financing Obligations 2017 219 - 219 2018 447 - 447 Total Minimum Lease Payments(a) $ 666 $ - $ 666 Less: Amount representing executory costs (103 ) Less: Amount representing interest(b) (9 ) Present value of future minimum lease payments(c) $ 554 (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 $66 2016 $93 2015 (b) Amount necessary to reduce net minimum lease payments to present value calculated at our incremental borrowing rate at the inception of the leases. (c) Reflected in Note 2, $150 $403, |
Note 7 - Segment Information
Note 7 - Segment Information | 12 Months Ended |
Oct. 28, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 7 Segment Information: We have two 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 28, 2016 (52 October 30, 2015 (52 Segment Information 2016 Frozen Food Products Snack Food Products Other Totals Sales $ 46,589 $ 93,474 $ - $ 140,063 Cost of products sold 29,271 55,579 - 84,850 Gross margin 17,318 37,895 - 55,213 SG&A 14,477 29,900 - 44,377 Income before taxes $ 2,841 $ 7,995 $ - 10,836 Total assets $ 10,748 $ 40,525 $ 35,981 $ 87,254 Additions to PP&E $ 420 $ 2,845 $ - $ 3,265 Segment Information 2015 Frozen Food Products Snack Food Products Other Totals Sales $ 50,549 $ 79,899 $ - $ 130,448 Cost of products sold 30,372 53,207 - 83,579 Gross margin 20,177 26,692 - 46,869 SG&A 14,625 24,126 - 38,751 Income before taxes $ 5,552 $ 2,566 $ - 8,118 Total assets $ 11,206 $ 33,853 $ 30,243 $ 75,302 Additions to PP&E $ 182 $ 1,222 $ - $ 1,404 |
Note 8 - Unaudited Interim Fina
Note 8 - Unaudited Interim Financial Information | 12 Months Ended |
Oct. 28, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 8 Unaudited Interim Financial Information: Not applicable to smaller reporting company |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 28, 2016 | |
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 may We test long - lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount may |
Subsequent Events, Policy [Policy Text Block] | Subsequent events Management has evaluated events subsequent to October 28, 2016 may |
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 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 34.8% 2016 35.6% October 28, 2016. 7.8% 2016 24.5% October 28, 2016. 31.4% 2015 42.6% October 30, 2015. |
Segment Reporting, Policy [Policy Text Block] | Business segments Our company and its subsidiaries operate in two 7 |
Fiscal Period, Policy [Policy Text Block] | Fiscal year We maintain our accounting records on a 52 53 October 31. 2016 2015 52 |
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, $3,456 $3,663 2016 2015, 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 2016 2015 $8,578 $8,881, |
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 2016 2015 $2,055 $1,861, |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents We consider all investments with original maturities of three $6,985 October 28, 2016 $5,842 October 30, 2015. October 28, 2016 |
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 1 • Level 2 2 1 • Level 3 3 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. The Company does not have any assets or liabilities measured at fair value on a recurring or non - recurring basis for the years ended October 28, 2016 October 30, 2015. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost (which approximates actual cost on a first first |
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 20 5 10 3 5 |
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. |
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 non - current assets in the accompanying consolidated balance sheets. |
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. 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 and local 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 |
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. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income Comprehensive income consists of net income and additional minimum pension liability adjustments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements and regulations In May 2014, 2014 09 December 15, 2017, In July 2015, 2015 11 may December 15, 2016. In November 2015, 2015 17, December 6, 2016 October 28, 2016. In February 2016, 2016 02, December 15, 2018 In March 2016, 2016 08, 606): 2014 09 April 2016, 2016 10, May 2016, 2016 12, 2014 09, 2019 In October 2016, 2016 16, eight December 15, 2017 |
Note 2 - Composition of Certa17
Note 2 - Composition of Certain Financial Statement Captions (Tables) | 12 Months Ended |
Oct. 28, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Inventories, net: Meat, ingredients and supplies $ 5,401 $ 5,268 Work in process 1,206 1,125 Finished goods 17,474 13,584 $ 24,081 $ 19,977 Property, plant and equipment, net: Land $ 1,802 $ 1,802 Buildings and improvements 14,394 14,272 Machinery and equipment 48,498 47,687 Capital leased trucks 1,060 1,192 Transportation equipment 5,860 5,219 Construction in process 1,078 517 72,692 70,689 Accumulated depreciation and amortization (62,330 ) (60,454 ) $ 10,362 $ 10,235 Other non-current assets: Cash surrender value benefits $ 13,769 $ 13,660 Other 6 6 $ 13,775 $ 13,666 Accrued payroll, advertising and other expenses: Payroll, vacation, payroll taxes and employee benefits $ 2,912 $ 3,589 Accrued advertising and broker commissions 471 704 Property taxes 352 356 Other 354 554 $ 4,089 $ 5,203 Current portion of non-current liabilities (Note 3): Defined benefit retirement plan $ 1,099 $ 1,150 Executive retirement plans 75 277 Incentive compensation 2,574 1,196 Capital lease obligation 150 162 Customer deposits 9 - Postretirement healthcare benefits 11 40 $ 3,918 $ 2,825 Non-current liabilities (Note 3): Defined benefit retirement plan $ 25,317 $ 17,362 Executive retirement plans 5,379 4,630 Capital lease obligation 404 563 Incentive compensation 4,524 1,929 Postretirement healthcare benefits 499 962 $ 36,123 $ 25,446 |
Note 3 - Retirement and Other18
Note 3 - Retirement and Other Benefit Plans (Tables) | 12 Months Ended |
Oct. 28, 2016 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | 52 Weeks 2016 2015 Service cost $ 130 $ 113 Interest cost 2,448 2,176 Expected return on plan assets (2,871 ) (3,346 ) Amortization of unrecognized loss 1,927 1,244 Amortization of unrecognized prior service costs - - Net pension cost $ 1,634 $ 187 |
Schedule of Assumptions Used [Table Text Block] | 2016 2015 Discount rate 3.40 % 4.15 % Rate of increase in salary levels N/A N/A Expected return on plan assets 7.00 % 8.00 % |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | 52 Weeks 2016 2015 Change in plan assets: Fair value of plan assets - beginning of year $ 41,419 $ 42,320 Employer contributions 1,150 1,157 Actual return (depreciation) on plan assets 790 (640 ) Benefits paid (1,488 ) (1,418 ) Fair value of plan assets - end of year $ 41,871 $ 41,419 Change in benefit obligations: Benefit obligations - beginning of year $ 59,931 $ 54,277 Service cost 130 113 Interest cost 2,448 2,176 Actuarial loss 7,266 4,783 Benefits paid (1,488 ) (1,418 ) Benefit obligations - end of year 68,287 59,931 Funded status of the plans (26,416 ) (18,512 ) Unrecognized prior service costs - - Unrecognized net actuarial loss 33,264 25,844 Net amount recognized $ 6,848 $ 7,332 |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Class 2016 Target Asset Allocation 2015 Target Asset Allocation Large Cap Equities 32.0 % 32.0 % 31.1 % 32.0 % Mid Cap Equities 0 % 0.0 % 0 % 0.0 % Small Cap Equities 12.1 % 12.0 % 13.3 % 12.0 % International (equities only) 21.3 % 21.0 % 20.3 % 21.0 % Fixed Income 30.7 % 31.0 % 30.8 % 31.0 % Other (Government/Corporate, Bonds) 2.0 % 2.0 % 1.9 % 2.0 % Cash 1.9 % 2.0 % 2.6 % 2.0 % Total 100.0 100.0 % 100.0 100.0 % |
Fair Value of Pension Plan Assets [Table Text Block] | 2016 Level 1 Level 2 Level 3 Total Total plan assets $ 41,871 - - $ 41,871 |
Net Periodic Post-retirement Healthcare Cost [Table Text Block] | 52 Weeks 2016 2015 Service cost $ 13 $ 20 Interest cost 28 36 Amortization of prior service cost (132 ) - Amortization of actuarial gain (106 ) (37 ) Net periodic postretirement healthcare (benefit) cost $ (197 ) $ 19 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | 2016 2015 Discount rate 3.38 % 3.94 % Medical trend rate next year 8.50 % 8.50 % Ultimate trend rate 5.00 % 5.00 % Year ultimate trend rate is achieved 2021 2021 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 2016 2015 Interest cost plus service cost $ (5 ) $ (4 ) Accumulated postretirement healthcare obligation $ (49 ) $ (66 ) |
Schedule of Net Funded Status [Table Text Block] | 2016 2015 Change in accumulated postretirement healthcare obligation: Healthcare obligation - beginning of year $ 1,003 $ 965 Service cost 13 20 Interest cost 28 36 Eliminate FSA (441 ) - Actuarial (gain) loss (89 ) 1 Benefits paid (3 ) (19 ) Healthcare obligation – end of year $ 511 $ 1,003 Funded status of the plans 511 1,003 Unrecognized prior service costs (308 ) - Unrecognized net actuarial gain (156 ) (174 ) Unrecognized amounts recorded in other comprehensive income 464 174 Postretirement healthcare liability $ 511 $ 1,003 |
Post-retirement Healthcare Benefits [Member] | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years Postretirement Heathcare Benefits 2017 $ 13 2018 $ 13 2019 $ 53 2020 $ 76 2021-2025 $ 396 |
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] | 2016 2015 Interest cost plus service cost $ 6 $ 5 Accumulated postretirement healthcare obligation $ 59 $ 80 |
Executive Post-retirement Benefits [Member] | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years Executive Postretirement Benefits $ 75 $ 121 $ 287 $ 521 $ 521 2022-2026 $ 2,603 |
Pension Plan [Member] | |
Notes Tables | |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal Years Pension Benefits $ 2,277 $ 2,197 $ 2,124 $ 2,466 $ 2,663 2022-2026 $ 15,888 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 12 Months Ended |
Oct. 28, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 52 Weeks 2016 2015 Current: Federal $ 3,874 $ 253 State 226 100 4,100 353 Deferred: Federal (883 ) (6,335 ) State (151 ) (1,342 ) (1,034 ) (7,677 ) $ 3,066 $ (7,324 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 52 Weeks 2016 2015 Provision for federal income taxes at the applicable statutory rate $ 3,684 $ 2,772 Increase in provision resulting from state income taxes, net of federal income tax benefit 49 641 Research & development tax credit - (3 ) Non-taxable life insurance gain (37 ) (2 ) Domestic Production Activities Deduction (429 ) - Change in valuation allowance - (10,848 ) Other, net (201 ) 116 $ 3,066 $ (7,324 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Receivables allowance $ 7 $ 58 Returns allowance 166 201 Inventory packaging reserve 100 125 Inventory overhead capitalization 524 400 Employee benefits 552 793 Other 1 1 State taxes (655 ) (515 ) Incentive compensation 2,140 925 Pension and health care benefits 12,438 9,202 Depreciation (837 ) (816 ) Net operating loss carry-forward and credits 96 271 Non-current tax assets, net $ 14,532 $ 10,645 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 52 Weeks 2016 2015 Balance at beginning of year $ 112 $ 100 Additions based on tax positions related to the current year 16 12 Additions for tax positions of prior years 2 2 Reductions for tax positions of prior years - (2 ) Settlements - - Balance at end of year $ 130 $ 112 |
Note 6 - Contingencies and Co20
Note 6 - Contingencies and Commitments (Tables) | 12 Months Ended |
Oct. 28, 2016 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Fiscal Year Capital Leases Operating Leases Financing Obligations 2017 219 - 219 2018 447 - 447 Total Minimum Lease Payments(a) $ 666 $ - $ 666 Less: Amount representing executory costs (103 ) Less: Amount representing interest(b) (9 ) Present value of future minimum lease payments(c) $ 554 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 12 Months Ended |
Oct. 28, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment Information 2016 Frozen Food Products Snack Food Products Other Totals Sales $ 46,589 $ 93,474 $ - $ 140,063 Cost of products sold 29,271 55,579 - 84,850 Gross margin 17,318 37,895 - 55,213 SG&A 14,477 29,900 - 44,377 Income before taxes $ 2,841 $ 7,995 $ - 10,836 Total assets $ 10,748 $ 40,525 $ 35,981 $ 87,254 Additions to PP&E $ 420 $ 2,845 $ - $ 3,265 Segment Information 2015 Frozen Food Products Snack Food Products Other Totals Sales $ 50,549 $ 79,899 $ - $ 130,448 Cost of products sold 30,372 53,207 - 83,579 Gross margin 20,177 26,692 - 46,869 SG&A 14,625 24,126 - 38,751 Income before taxes $ 5,552 $ 2,566 $ - 8,118 Total assets $ 11,206 $ 33,853 $ 30,243 $ 75,302 Additions to PP&E $ 182 $ 1,222 $ - $ 1,404 |
Note 1 - The Company and Summ22
Note 1 - The Company and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Number of Reportable Segments | 2 | |
Shipping, Handling and Transportation Costs | $ 3,456 | $ 3,663 |
Promotional Allowances | 8,578 | 8,881 |
Advertising Expense | 2,055 | 1,861 |
Cash Equivalents, at Carrying Value | $ 6,985 | $ 5,842 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Transportation Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Wal-Mart [Member] | ||
Concentration Risk, Percentage | 34.80% | 31.40% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Dollar General [Member] | ||
Concentration Risk, Percentage | 7.80% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wal-Mart [Member] | ||
Concentration Risk, Percentage | 35.60% | 42.60% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Dollar General [Member] | ||
Concentration Risk, Percentage | 24.50% |
Note 2 - Composition of Certa23
Note 2 - Composition of Certain Financial Statement Captions - Schedule of Inventories (Details) - USD ($) $ in Thousands | Oct. 28, 2016 | Oct. 30, 2015 |
Inventories, net: | ||
Meat, ingredients and supplies | $ 5,401 | $ 5,268 |
Work in process | 1,206 | 1,125 |
Finished goods | 17,474 | 13,584 |
24,081 | 19,977 | |
Property, plant and equipment, net: | ||
Land | 1,802 | 1,802 |
Buildings and improvements | 14,394 | 14,272 |
Machinery and equipment | 48,498 | 47,687 |
Capital leased trucks | 1,060 | 1,192 |
Transportation equipment | 5,860 | 5,219 |
Construction in process | 1,078 | 517 |
72,692 | 70,689 | |
Accumulated depreciation and amortization | (62,330) | (60,454) |
10,362 | 10,235 | |
Other non-current assets: | ||
Cash surrender value benefits | 13,769 | 13,660 |
Other | 6 | 6 |
13,775 | 13,666 | |
Accrued payroll, advertising and other expenses: | ||
Payroll, vacation, payroll taxes and employee benefits | 2,912 | 3,589 |
Accrued advertising and broker commissions | 471 | 704 |
Property taxes | 352 | 356 |
Other | 354 | 554 |
4,089 | 5,203 | |
Current portion of non-current liabilities (Note 3): | ||
Defined benefit retirement plan | 1,099 | 1,150 |
Executive retirement plans | 75 | 277 |
Incentive compensation | 2,574 | 1,196 |
Capital lease obligation | 150 | 162 |
Customer deposits | 9 | |
Postretirement healthcare benefits | 11 | 40 |
3,918 | 2,825 | |
Non-current liabilities (Note 3): | ||
Defined benefit retirement plan | 25,317 | 17,362 |
Executive retirement plans | 5,379 | 4,630 |
Capital Lease Obligations, Noncurrent | 403 | 563 |
Incentive compensation | 4,524 | 1,929 |
Postretirement healthcare benefits | 499 | 962 |
$ 36,123 | $ 25,446 |
Note 3 - Retirement and Other24
Note 3 - Retirement and Other Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||||
Oct. 30, 2020 | Nov. 01, 2019 | Nov. 02, 2018 | Nov. 03, 2017 | Oct. 28, 2016 | Oct. 30, 2015 | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 1,109 | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.00% | 8.00% | ||||
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 | $ 5,454 | $ 4,907 | ||||
Cash Surrender Value of Life Insurance | 13,769 | 13,660 | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | 7,098 | 3,125 | ||||
Officers' Compensation | 2,574 | |||||
Defined Benefit Plan, Contributions by Employer | 1,150 | 1,157 | ||||
Plan Type, 401K [Member] | ||||||
Defined Benefit Plan, Contributions by Employer | $ 549 | $ 515 | ||||
Scenario, Forecast [Member] | ||||||
Officers' Compensation | $ 69 | $ 129 | $ 1,785 | $ 2,541 | ||
Minimum [Member] | ||||||
Deferred Incentive Compensation Plan Payment Period | 3 years | |||||
Maximum [Member] | ||||||
Deferred Incentive Compensation Plan Payment Period | 5 years |
Note 3 - Retirement and Other25
Note 3 - Retirement and Other Benefit Planes - Net Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Service cost | $ 130 | $ 113 |
Interest cost | 2,448 | 2,176 |
Expected return on plan assets | (2,871) | (3,346) |
Amortization of unrecognized loss | 1,927 | 1,244 |
Amortization of unrecognized prior service costs | ||
Net pension cost | $ 1,634 | $ 187 |
Note 3 - Retirement and Other26
Note 3 - Retirement and Other Benefit Plans - Net Pension Costs and Benefit Obligations Determined Using Assumptions (Details) | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Discount rate | 3.40% | 4.15% |
Expected return on plan assets | 7.00% | 8.00% |
Note 3 - Retirement and Other27
Note 3 - Retirement and Other Benefit Plans - Benefit Obligation, Plan Assets, and Funded Status of Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Change in plan assets: | ||
Fair value of plan assets - beginning of year | $ 41,419 | $ 42,320 |
Employer contributions | 1,150 | 1,157 |
Actual return (depreciation) on plan assets | 790 | (640) |
Benefits paid | (1,488) | (1,418) |
Fair value of plan assets - end of year | 41,871 | 41,419 |
Change in benefit obligations: | ||
Benefit obligations - beginning of year | 59,931 | 54,277 |
Service cost | 130 | 113 |
Interest cost | 2,448 | 2,176 |
Actuarial (gain) loss | 7,266 | 4,783 |
Benefits paid | (1,488) | (1,418) |
Benefit obligations – end of year | 68,287 | 59,931 |
Funded status of the plans | (26,416) | (18,512) |
Unrecognized prior service costs | ||
Unrecognized net actuarial loss | 33,264 | 25,844 |
Net amount recognized | $ 6,848 | $ 7,332 |
Note 3 - Retirement and Other28
Note 3 - Retirement and Other Benefit Plans - Actual and Target Allocation for Plan Assets (Details) | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Actual Asset Allocation | 100.00% | 100.00% |
Target Asset Allocation | 100.00% | 100.00% |
Large Cap Equities [Member] | ||
Actual Asset Allocation | 32.00% | 31.10% |
Target Asset Allocation | 32.00% | 32.00% |
Mid Cap Equities [Member] | ||
Actual Asset Allocation | 0.00% | 0.00% |
Target Asset Allocation | 0.00% | 0.00% |
SmallCapEquitiesMember | ||
Actual Asset Allocation | 12.10% | 13.30% |
Target Asset Allocation | 12.00% | 12.00% |
International Including Non US Fixed Income [Member] | ||
Actual Asset Allocation | 21.30% | 20.30% |
Target Asset Allocation | 21.00% | 21.00% |
Fixed Income [Member] | ||
Actual Asset Allocation | 30.70% | 30.80% |
Target Asset Allocation | 31.00% | 31.00% |
Other Government Corporate Bonds [Member] | ||
Actual Asset Allocation | 2.00% | 1.90% |
Target Asset Allocation | 2.00% | 2.00% |
Cash [Member] | ||
Actual Asset Allocation | 1.90% | 2.60% |
Target Asset Allocation | 2.00% | 2.00% |
Note 3 - Retirement and Other29
Note 3 - Retirement and Other Benefit Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Oct. 28, 2016 | Oct. 30, 2015 | Oct. 31, 2014 |
Total plan assets | $ 41,871 | $ 41,419 | $ 42,320 |
Fair Value, Inputs, Level 1 [Member] | |||
Total plan assets | $ 41,871 |
Note 3 - Retirement and Other30
Note 3 - Retirement and Other Benefit Plans - Expected Payments for Pension Benefits (Details) $ in Thousands | Oct. 28, 2016USD ($) |
2,017 | $ 2,277 |
2,018 | 2,197 |
2,019 | 2,124 |
2,020 | 2,466 |
2,021 | 2,663 |
2022-2026 | $ 15,888 |
Note 3 - Retirement and Other31
Note 3 - Retirement and Other Benefit Plans - Expected Payments for Executive Postretirement Benefits (Details) $ in Thousands | Oct. 28, 2016USD ($) |
2,017 | $ 2,277 |
2,018 | 2,197 |
2,019 | 2,124 |
2,020 | 2,466 |
2,021 | 2,663 |
2022-2026 | 15,888 |
Executive Post-retirement Benefits [Member] | |
2,017 | 75 |
2,018 | 121 |
2,019 | 287 |
2,020 | 521 |
2,021 | 521 |
2022-2026 | $ 2,603 |
Note 3 - Retirement and Other32
Note 3 - Retirement and Other Benefit Plans - Net Periodic Postretirement Healthcare Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Service cost | $ 130 | $ 113 |
Interest cost | 2,448 | 2,176 |
Amortization of prior service cost | ||
Net periodic postretirement healthcare (benefit) cost | 1,634 | 187 |
Post-retirement Healthcare Benefits [Member] | ||
Service cost | 13 | 20 |
Interest cost | 28 | 36 |
Amortization of prior service cost | (132) | |
Amortization of actuarial gain | (106) | (37) |
Net periodic postretirement healthcare (benefit) cost | $ (197) | $ 19 |
Note 3 - Retirement and Other33
Note 3 - Retirement and Other Benefit Plans - Weighted Average Assumption (Details) | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Discount rate | 3.40% | 4.15% |
Post-retirement Healthcare Benefits [Member] | ||
Discount rate | 3.38% | 3.94% |
Medical trend rate next year | 8.50% | 8.50% |
Ultimate trend rate | 5.00% | 5.00% |
Year ultimate trend rate is achieved | 2,021 | 2,021 |
Note 3 - Retirement and Other34
Note 3 - Retirement and Other Benefit Plans - Estimated Effect of a 1% Increase in Healthcare Cost Trend Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Interest cost plus service cost | $ 6 | $ 5 |
Accumulated postretirement healthcare obligation | $ 59 | $ 80 |
Note 3 - Retirement and Other35
Note 3 - Retirement and Other Benefit Plans - Estimated Effect of a 1% Decrease in Healthcare Cost Trend Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Interest cost plus service cost | $ (5) | $ (4) |
Accumulated postretirement healthcare obligation | $ (49) | $ (66) |
Note 3 - Retirement and Other36
Note 3 - Retirement and Other Benefit Plans - Healthcare Obligation and Funded Status of Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Change in accumulated postretirement healthcare obligation: | ||
Benefit obligations - beginning of year | $ 59,931 | $ 54,277 |
Service cost | 130 | 113 |
Interest cost | 2,448 | 2,176 |
Actuarial (gain) loss | 7,266 | 4,783 |
Benefits paid | (1,488) | (1,418) |
Benefit obligations – end of year | 68,287 | 59,931 |
Funded status of the plans | (26,416) | (18,512) |
Postretirement Health Coverage [Member] | ||
Change in accumulated postretirement healthcare obligation: | ||
Benefit obligations - beginning of year | 1,003 | 965 |
Service cost | 13 | 20 |
Interest cost | 28 | 36 |
Eliminate FSA | (441) | |
Actuarial (gain) loss | (89) | 1 |
Benefits paid | (3) | (19) |
Benefit obligations – end of year | 511 | 1,003 |
Funded status of the plans | 511 | 1,003 |
Unrecognized prior service costs | (308) | |
Unrecognized net actuarial gain | (156) | (174) |
Unrecognized amounts recorded in other comprehensive income | 464 | 174 |
Postretirement healthcare liability | $ 511 | $ 1,003 |
Note 3 - Retirement and Other37
Note 3 - Retirement and Other Benefit Plans - Expected Payments for Postretirement Benefits (Details) $ in Thousands | Oct. 28, 2016USD ($) |
2,017 | $ 2,277 |
2,018 | 2,197 |
2,019 | 2,124 |
2,020 | 2,466 |
2022-2026 | 15,888 |
Postretirement Health Coverage [Member] | |
2,017 | 13 |
2,018 | 13 |
2,019 | 53 |
2,020 | 76 |
2022-2026 | $ 396 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Domestic Subsidiaries | $ 130 | $ 112 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 12 | |
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||
Open Tax Year | 2,009 | |
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||
Open Tax Year | 2,014 |
Note 4 - Income Taxes - Provisi
Note 4 - Income Taxes - Provision for Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Current: | ||
Federal | $ 3,874 | $ 253 |
State | 226 | 100 |
4,100 | 353 | |
Deferred: | ||
Federal | (883) | (6,335) |
State | (151) | (1,342) |
(1,034) | (7,677) | |
$ 3,066 | $ (7,324) |
Note 4 - Income Taxes - Tax Pro
Note 4 - Income Taxes - Tax Provision Differs from Applying Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Provision for federal income taxes at the applicable statutory rate | $ 3,684 | $ 2,772 |
Increase in provision resulting from state income taxes, net of federal income tax benefit | 49 | 641 |
Research & development tax credit | (3) | |
Non-taxable life insurance gain | (37) | (2) |
Domestic Production Activities Deduction | (429) | |
Change in valuation allowance | (10,848) | |
Other, net | (201) | 116 |
$ 3,066 | $ (7,324) |
Note 4 - Income Taxes - Deferre
Note 4 - Income Taxes - Deferred Income Taxes Results from Differences in the Bases of Assets and Liabilities (Details) - USD ($) $ in Thousands | Oct. 28, 2016 | Oct. 30, 2015 |
Receivables allowance | $ 7 | $ 58 |
Returns allowance | 166 | 201 |
Inventory packaging reserve | 100 | 125 |
Inventory overhead capitalization | 524 | 400 |
Employee benefits | 552 | 793 |
Other | 1 | 1 |
Pension and health care benefits | 12,438 | 9,202 |
Depreciation | (837) | (816) |
Net operating loss carry-forward and credits | 96 | 271 |
Non-current tax assets, net | 14,532 | 10,645 |
State Taxes Current Asset [Member] | ||
State taxes | (655) | (515) |
Incentive Compensation Current Asset [Member] | ||
Incentive compensation | $ 2,140 | $ 925 |
Note 4 - Income Taxes - Reconci
Note 4 - Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Balance at beginning of year | $ 112 | $ 100 |
Additions based on tax positions related to the current year | 16 | 12 |
Additions for tax positions of prior years | 2 | 2 |
Reductions for tax positions of prior years | (2) | |
Balance at end of year | $ 130 | $ 112 |
Note 5 - Line of Credit (Detail
Note 5 - Line of Credit (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Long-term Line of Credit | $ 0 | $ 0 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | |
Debt Covenant, Maximum Allowable Capital Expenditures | $ 3,000 | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 6 - Contingencies and Co44
Note 6 - Contingencies and Commitments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 08, 2016 | Apr. 17, 2015 | Oct. 28, 2016 | Oct. 30, 2015 | |
Capital Lease Term | 6 years | |||
Return of Equipment Financed by Capital Lease | $ 69 | $ 656 | $ (132) | $ (656) |
Operating Leases, Rent Expense | 316 | 448 | ||
Capital Leases, Income Statement, Amortization Expense | 177 | 225 | ||
Operating Leases, Rent Expense, Contingent Rentals | 66 | 93 | ||
Capital Lease Obligations, Current | 150 | 162 | ||
Capital Lease Obligations, Noncurrent | $ 403 | $ 563 |
Note 6 - Contingencies and Co45
Note 6 - Contingencies and Commitments - Contingencies and Commitments (Details) $ in Thousands | Oct. 28, 2016USD ($) | |
Capital leases, 2017 | $ 219 | |
Total, 2017 | 219 | |
Capital leases, 2018 | 447 | |
Total, 2018 | 447 | |
Capital leases, Total Minimum Lease Payments(a) | 666 | [1] |
Total Minimum Lease Payments(a) | [1] | |
Total, Minimum Lease Payments(a) | 666 | [1] |
Capital leases, Less: Amount representing executory costs | (103) | |
Capital leases, Less: Amount representing interest(b) | (9) | [2] |
Capital leases, Present value of future minimum lease payments(c) | $ 554 | [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 $66 in fiscal year 2016 and $93 in fiscal year 2015 including prior lease arrangements. | |
[2] | Amount necessary to reduce net minimum lease payments to present value calculated at our incremental borrowing rate at the inception of the leases. | |
[3] | Reflected in Note 2, as current and noncurrent obligations under capital leases of $150 and $403, respectively. |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 12 Months Ended |
Oct. 28, 2016 | |
Number of Reportable Segments | 2 |
Note 7 - Segment Information -
Note 7 - Segment Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 28, 2016 | Oct. 30, 2015 | |
Sales | $ 140,063 | $ 130,448 |
Cost of products sold | 84,850 | 83,579 |
Gross margin | 55,213 | 46,869 |
SG&A | 44,377 | 38,751 |
Income before taxes | 10,836 | 8,118 |
Total assets | 87,254 | 75,302 |
Additions to PP&E | 3,265 | |
Additions to property, plant and equipment | 1,404 | |
Frozen Food Products [Member] | ||
Sales | 46,589 | 50,549 |
Cost of products sold | 29,271 | 30,372 |
Gross margin | 17,318 | 20,177 |
SG&A | 14,477 | 14,625 |
Income before taxes | 2,841 | 5,552 |
Total assets | 10,748 | 11,206 |
Additions to PP&E | 420 | |
Additions to property, plant and equipment | 182 | |
Refrigerated and Snack Food Products [Member] | ||
Sales | 93,474 | 79,899 |
Cost of products sold | 55,579 | 53,207 |
Gross margin | 37,895 | 26,692 |
SG&A | 29,900 | 24,126 |
Income before taxes | 7,995 | 2,566 |
Total assets | 40,525 | 33,853 |
Additions to PP&E | 2,845 | |
Additions to property, plant and equipment | 1,222 | |
Other Segments [Member] | ||
Sales | ||
Cost of products sold | ||
Gross margin | ||
SG&A | ||
Income before taxes | ||
Total assets | 35,981 | 30,243 |
Additions to PP&E | ||
Additions to property, plant and equipment |