Cagle's Inc. Announces Results for First Quarter Ended June 28, 2008
05 Agosto 2008 - 4:10PM
PR Newswire (US)
ATLANTA, Aug. 5 /PRNewswire-FirstCall/ -- Cagle's Inc. (AMEX:CGL.A)
reported a loss of $3.0 million or $.64 per diluted share for the
first quarter of fiscal year 2009 compared with a profit of $1.5
million or $.33 per diluted share for the first quarter of fiscal
2008. Revenues for the first quarter were $76.9 million up 7.04% as
a result of 13% additional pounds marketed compared to the first
quarter of last year. Overall revenue per pound for poultry
products for the first quarter of fiscal 2009 was $.73 as compared
to $.78 for the same period of fiscal 2008. Quoted market prices
for products for the first quarter of fiscal 2009 versus the same
period last year fluctuated as boneless breast decreased 12%,
breast tenders decreased 22%, wings decreased 26%, drums increased
9%, leg quarters were 2% higher and whole birds without giblets
decreased 2%. Cost of sales for the first quarter of fiscal 2009
increased 18.1% as compared with the same period last year, from
$65.7 million to $77.6 million. Feed ingredient prices for broilers
processed in the first quarter of 2009, which represented 39% of
the total cost of sales, increased 43% as compared to the first
quarter of 2008. High grain costs are expected to continue to
negatively impact operating margins for the third quarter as the
company endeavors to increase pricing to enable a return to
profitability. 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. Condensed
Consolidated Balance Sheet (In Thousands) ASSETS June 28, 2008
March 29, 2008 Current Assets $ 49,061 $ 46,420 Other Assets 6,520
6,294 Property, Plant, and Equipment (net) 38,912 39,260 TOTAL
ASSETS $ 94,493 $ 91,974 LIABILITIES & STOCKHOLDER'S EQUITY
Current Maturities of Long-term Debt $ 2,346 $ 2,269 Trade Accounts
Payable 18,924 16,025 Other Current Liabilities 7,112 7,929 Total
Current Liabilities 28,382 26,223 Long-Term Debt 23,060 20,924
Total Stockholders Equity 43,051 44,827 TOTAL LIABILITIES &
STOCKHOLDERS EQUITY $ 94,493 $ 91,974 Cagle's, Inc. &
Subsidiary Consolidated Statements of Income (In Thousands, except
per share data) Three Months Ended June 28, June 30, 2008 2007 Net
Sales $ 76,921 $ 71,862 Costs and Expenses: Cost of Sales 77,577
65,660 Selling & Delivery and General & Administrative
2,332 3,486 General and Administrative 1,192 (28) Other General
Expenses 0 0 Total Costs and Expenses 81,101 69,118 Operating
Income (Loss) (4,180) 2,744 Other Income (Expense): Interest
Expense (489) (368) Other Income, Net (12) 23 Total Other Income
(Expense), net (501) (345) Income Before Income Taxes (4,681) 2,399
Income Taxes Provision (1,685) 863 Net Income $ (2,996) $ 1,536 Net
Income Per Common Share $ (0.64) $ 0.33 DATASOURCE: Cagle's Inc.
CONTACT: George Pitts, Cagle's Inc., +1-404-355-2820, Ext. 1200 Web
site: http://www.cagles.net/
Copyright
Cagles (AMEX:CGL.A)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Cagles (AMEX:CGL.A)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024