Cagle's Inc. Announces Results for Second Quarter Ended September 27, 2008
04 Noviembre 2008 - 3:54PM
PR Newswire (US)
ATLANTA, Nov. 4 /PRNewswire-FirstCall/ -- Cagle's Inc. (AMEX:CGL.A)
reported a net loss of $5.5 million or $1.18 per diluted share for
the second quarter of fiscal year 2009 compared with a profit of
$1.4 million or $.29 per diluted share for the second quarter of
fiscal 2008. For the first six months of fiscal 2009 net income was
a loss of $8.5 million or $1.82 per diluted share as compared with
a net income of $2.9 million or $.62 per diluted share for the same
period of fiscal 2008. Revenues for the second quarter were $75.6
million reflecting little change when compared to the second
quarter of fiscal 2008 and poultry pounds sold for the second
quarter increased 4.05%. For the six month period revenues were
$152.5 million up 3.1% and sales pounds were up 8.5% as compared to
fiscal 2008. Quoted market prices for the second quarter and six
month period of fiscal 2009 versus the same periods last year
reflect a continued reduction in boneless breast, breast tenders,
and wings, all decreasing over 10%. Cost of sales for the second
quarter of fiscal 2009 increased 14.6% as compared with the same
period last year, from $69.5 million to $79.7 million. For the
first six months of 2009 cost of sales was $157.3 million up 16.3%
from fiscal 2008. Feed ingredient prices for broilers processed in
the second quarter of 2009 represented 43% of the total cost of
sales increasing 53.7% as compared to the second quarter of 2008
continuing the trend from the previous quarter. Grain cost is being
moderated by the current worldwide economic environment with
ethanol, export and feed demand all being reduced. It appears that
the corn crop will be the second largest in history supportive of
reasonable cost to grow our broilers. Egg sets are the lowest in
the last five years which should help better balance our industry's
supply with today's reduced protein demand resulting in improved
prices for our product. We believe that Cagle's margins will
improve as grain and poultry markets adjust to the changes
currently in place and expect a move to profitability in early
2009. Cagle's Inc. Condensed Consolidated Balance Sheet (In
Thousands) (Unaudited) ASSETS September 27, September 29, 2008 2007
Current Assets $47,235 $48,137 Other Assets 9,177 3,688 Property,
Plant, and Equipment (net) 38,252 39,641 TOTAL ASSETS $94,664
$91,466 LIABILITIES & STOCKHOLDER'S EQUITY Current Maturities
of Long-term Debt $2,393 $2,181 Trade Accounts Payable 21,015
16,524 Other Current Liabilities 5,185 9,325 Total Current
Liabilities 28,593 28,030 Long-Term Debt 31,568 15,355 Total
Stockholders Equity 34,503 48,081 TOTAL LIABILITIES &
STOCKHOLDERS EQUITY $94,664 $91,466 Cagle's, Inc. & Subsidiary
Consolidated Statements of Income (In Thousands, except per share
data) (Unaudited) Three Months Ended Six Months Ended Sept. 27,
Sept. 29 Sept. 27, Sept. 29 2008 2007 2008 2007 Net Sales $75,632
$76,067 $152,553 $147,929 Costs and Expenses: Cost of Sales 79,702
69,527 157,279 135,187 Selling & Delivery and General &
Administrative 2,355 2,276 4,687 4,405 General and Administrative
1,532 1,759 2,724 3,117 Other General Expenses 0 6 0 (22) Total
Costs and Expenses 83,589 73,568 164,690 142,687 Operating Income
(Loss) (7,957) 2,499 (12,137) 5,242 Other Income(Expense): Interest
Expense (606) (356) (1,095) (724) Other Income, Net (4) 58 (16) 82
Total Other Income (Expense),net (610) (298) (1,111) (642) Income
Before Income Taxes (8,567) 2,201 (13,248) 4,600 Income Taxes
Provision (3,084) 826 (4,769) 1,690 Net Income $(5,483) $1,375
$(8,479) $2,910 Net Income Per Common Share $(1.18) $0.29 $(1.82)
$0.62 DATASOURCE: Cagle's Inc. CONTACT: Mark Ham, +1-404-355-2820,
for Cagle's Inc. Web site: http://www.cagles.net/
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