Cagle's Inc. Announces Results for Third Quarter Ended December 29, 2007
31 Enero 2008 - 3:35PM
PR Newswire (US)
ATLANTA, Jan. 31 /PRNewswire-FirstCall/ -- Cagle's Inc.
(AMEX:CGL.A) reported a loss of ($1.77) million or ($.38) per
diluted share for the third quarter of fiscal year 2008 compared
with a loss of ($3.16) million or ($.67) per diluted share for the
third quarter of fiscal 2007. For the first nine months of fiscal
2008 net income was $1.14 million or $.24 per diluted share as
compared with a net income of $1.58 million or $.34 per diluted
share for the same period of fiscal 2007. Reported earnings for the
first nine months of fiscal 2007 included a pretax profit of $18
million from the sale of the Company's minority interest in a joint
venture. Operating income for the quarter ended December 29, 2007
was a loss of ($2.5) million compared to a loss of ($4.7) million
for the third quarter of fiscal 2007. Nine month operating income
reflected a profit of $2.8 million versus a loss of ($11.3) million
for the same period last year. Third quarter revenues increased
18.7% to $66.9 million and were up 24.4% to $214.8 million for the
first nine months of fiscal 2008 as poultry markets responded to
increasing feed ingredient cost. For our third quarter Cagle's cost
of sales increased 14.5% to $65.8 million as compared to the
previous year's third quarter results reflecting feed ingredient
cost increases of $3.9 million. Fiscal year to date cost of sales
increased 15.8% to $200.9 million with feed ingredient cost
increasing $14.2 million over the same period last year. Looking
forward, cost of sales and earnings continue to be very
unpredictable as poultry markets, feed ingredients, energy,
packaging and freight costs react to global supply and demand
pressures and uncertainty in world financial markets. Cagle's Inc.
/s/ J. Douglas Cagle J. Douglas Cagle Chairman, CEO Forward-Looking
Statements: Statements contained in this press release that state
the intentions, hopes, beliefs, anticipations, expectations or
predictions of the future of Cagle's Inc. and its management are
forward looking statements. It is important to note that the actual
results could differ materially from those projected. Factors that
could cause actual results to differ materially from those project
in such forward-looking statements include: additional outbreaks of
avian influenza or other diseases affecting the production
performance and/or marketability of the Company's poultry products;
matters affecting the poultry industry in general, including
fluctuations in the commodity prices of feed ingredients and
chicken; contamination of our products leading to product liability
claims and recalls; exposures to risks related to property damage
and injuries to persons for which insurance is limited and
potentially inadequate; management of our cash resources,
particularly in light of our substantial leverage; trade barriers;
changes in laws or regulations affecting our operations as well as
competitive factors and pricing pressures; and the impact of
uncertainties of litigations as well as other risk factors.
Cagle's, Inc. & Subsidiary Consolidated Statements of Income
(In Thousands, except per share data) Three Months Ended Nine
Months Ended December 29, December 30, December 29, December 30,
2007 2006 2007 2006 Net Sales $66,920 $56,374 $214,849 $172,669
Costs and Expenses: Cost of Sales 65,774 57,454 200,961 173,560
Selling & Delivery and General & Administrative 3,650 3,595
11,172 10,522 Other General Expenses (19) (2) (41) (65) Total Costs
and Expenses 69,405 61,047 212,092 184,017 Operating Income (Loss)
(2,485) (4,673) 2,757 (11,348) Other Income(Expense): Interest
Expense (345) (408) (1,069) (1,675) Gain On Sale Of Unconsolidated
Affiliate - - - 18,323 Other Income, Net 40 148 122 311 Total Other
Income (Expense), net (305) (260) (947) 16,959 Equity In Earnings
Of Unconsolidated Affiliates - - - 1,317 Income Before Income Taxes
(2,790) (4,933) 1,810 6,928 Income Taxes Provision (1,021) (1,776)
668 5,348 Net Income $(1,769) $(3,157) $1,142 $1,580 Net Income Per
Common Share $(0.38) $(0.67) $0.24 $0.34 Cagle's Inc. Condensed
Consolidated Balance Sheet (In Thousands) ASSETS December 29, 2007
March 31, 2007 Current Assets $42,625 $41,139 Investments in
Affiliates - - Other Assets 3,905 3,607 Property, Plant, and
Equipment (net) 39,155 39,273 TOTAL ASSETS $85,685 $84,019
LIABILITIES & STOCKHOLDER'S EQUITY Current Maturities of
Long-term Debt $2,225 $2,098 Trade Accounts Payable 14,765 13,581
Other Current Liabilities 7,600 6,519 Total Current Liabilities
24,590 22,198 Long-Term Debt 14,783 16,467 Other Non-current
Liabilities - - Total Stockholders Equity 46,312 45,354 TOTAL
LIABILITIES & STOCKHOLDERS EQUITY $85,685 $84,019 DATASOURCE:
Cagle's Inc. CONTACT: George Pitts of Cagle's Inc., +1-404-355-2820
Web site: http://www.cagles.net/
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