ATLANTA, June 11 /PRNewswire-FirstCall/ -- Cagle's, Inc.
(Amex: CGL.A) reported net income of $2.5
million or $0.55 per share for
fiscal year 2010 compared to a net (loss) of ($11.5) million or ($2.48) per share for fiscal year 2009.
Revenue increased to $307.1
million or 5.0% from fiscal 2009. Quoted markets were
variable with breast, wings and tenders up while all dark meat
items were down. Cost of sales decreased $7.3 million or 2.5% from last year reflecting
lower feed cost of $32 per ton or
11.2%.
Cagle's saw improvements in key financial ratios for fiscal 2010
as we reduced debt and vendor obligations by $7.7 million or 14.9% and stockholders' equity
increased by 10.5% or $3.4
million.
The poultry industry continues to practice restraint with egg
sets and chick placements continuing below 2007 and 2008 levels and
only moderately above 2009 levels. Pork and beef herds and frozen
stocks are at relatively low levels and it appears it will be
difficult for either industry to expand in 2010. Cagle's celebrated
its 65th birthday in March with an optimistic view of our future as
we anticipate that economic conditions will continue to improve and
the value and demand for poultry will increase providing positive
margins for the remainder of this fiscal year.
Cagle's, Inc.
/s/ J. Douglas Cagle
J. Douglas Cagle
Chairman, Chief Executive Officer
and President
This press release contains forward-looking statements based
on management's current views and assumptions. Actual results and
events may differ. For a discussion of these matters, please refer
to the "Forward-Looking Statements" in Item 7A of the
Company's 2009 Annual Report on Form 10-K and please refer to the
cautionary statement found in Management's Discussion and Analysis
of Financial Condition and Results of Operations in Part I,
Item 2 of the Quarterly Report on Form 10-Q for the Company's
third quarter ended January 2,
2010.
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Cagle's,
Inc.
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Condensed
Consolidated Statements of Operations
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(In Thousands,
except net income per share)
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53 Weeks
Ended
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52 Weeks
Ended
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April 3,
2010
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March 28,
2009
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Net Sales
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$
307,091
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$
292,585
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Costs and Expenses:
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Cost of
Sales
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285,895
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293,216
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Selling and
Delivery
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8,535
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8,753
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General and
Administrative
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7,352
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6,293
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Total Costs and
Expenses
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301,782
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308,262
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Operating Income (Loss)
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5,309
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(15,677)
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Other Income (Expense):
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Interest Expense
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(1,605)
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(2,163)
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Other Income (Expense),
Net
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71
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(40)
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Total Other Income (Expense),
Net
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(1,534)
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(2,203)
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Income (Loss) Before Income
Taxes
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3,775
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(17,880)
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Income Tax Expense
(Benefit)
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1,238
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(6,386)
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Net Income (Loss)
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$
2,537
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$
(11,494)
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Weighted-Average Common Shares
Outstanding
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4,617
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4,638
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Net Income (Loss) Per Common
Share
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$
0.55
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$
(2.48)
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Cagle's,
Inc.
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Condensed
Consolidated Balance Sheets
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(In
Thousands)
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ASSETS
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April 3, 2010
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March 28, 2009
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Current Assets
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$
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44,011
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$
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42,798
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Property, Plant, and Equipment
(net)
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34,869
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36,783
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Other Assets
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8,739
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11,571
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TOTAL ASSETS
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$
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87,619
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$
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91,152
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LIABILITIES & STOCKHOLDERS'
EQUITY
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Current Maturities of Long-term
Debt
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$
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2,685
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$
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2,488
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Accounts Payable
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16,142
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19,989
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Other Current
Liabilities
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8,424
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7,642
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Total Current
Liabilities
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27,251
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30,119
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Long-Term Debt
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25,033
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29,049
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Total Stockholders'
Equity
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35,335
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31,984
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TOTAL LIABILITIES & STOCKHOLDERS'
EQUITY
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$
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87,619
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$
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91,152
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SOURCE Cagle's, Inc.