Bridgford Foods, ANAHEIM

Nature of Business: Manufacturer and distributor of refrigerated, frozen and snack food products. Employees Total: 560

In Orange County: 160 Stock Listed in the Times: on NASDAQ as “BrdgFs�

Ticker Symbol: “BRID� Friday’s Close: $21.00 One-week Change: None Analyst Review: “This is a well-managed, family-run company. There are three generations of Bridgfords involved in the corporation, and they all have a terrific work ethic. Five years ago, sales were $54 million, this year it will be close to $100 million; net income was $628,000 five years ago, and if my projection is correct, they will earn about $4.5 million for fiscal 1991. As a consequence, the stock has been a rocket. It has had four three-for-two splits for each of the past four years. They have grown rapidly, and have done so with no balance sheet leverage, while still earning a very attractive return. If they earn that $4.5 million, they will earn something like 25% return on shareholder’s equity, which is well-above the average.� --Ron Strauss, analyst William Blair & Co., Chicago Sales and Profits Dollar amounts in millions.

3 Qtrs. Fiscal year ending ’87 ’88 ’89 ’90 FY ’91 Sales $56.5 $60.2 $72.6 $84.3 $69.0 Profits $1.6 $2.7 $3.5 $3.9 $3.2

Corporate Outlook: “Bridgford Foods Corp. continues to grow through development and sale of high-quality and unique convenience food products such as microwave sandwiches, frozen dough for freshly-baked goods and Old World dry sausage items. We expect our growth to continue through sales to thousands of restaurants, supermarkets and convenience stores.� Allan L. Bridgford, president RETURN ON INVESTMENT: 4-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Oct. 30 Oct. 28 Nov. 3 Nov. 2 3 Qtrs. 1987 1988 1989 1990 1991 52-Week High $4.14 $5.86 $9.22 $16.00 $20.75 52-Week Low $0.98 $2.91 $4.89 $7.78 $10.33 Book Value Per Share* $6.83 $3.59 $3.19 $2.60 $1.98 Net Earnings (Loss) Per Share* $0.26 $0.42 $0.56 $0.63 $0.50 Price-to-Earnings Ratio 10:1 13:1 15:1 16:1 36:1 Avg. Return on on Investor Equity 20% 26% 26% 18% 19%

* Adjusted for four three-for-two stock splits distributed in January 1988, 1989, 1990 and December, 1990. For more information call or write, Bridgford Foods Corp.: 1308 N. Platt Street, Anaheim, Calif., 92803. (714) 526-5533 Source: Bridgford Foods Corp.