Cagle's Inc. Today Reported Financial Results for the Fiscal Year Ended March 29, 2008
06 Juin 2008 - 10:37PM
PR Newswire (US)
ATLANTA, June 6 /PRNewswire-FirstCall/ -- Cagle's Inc. (AMEX:CGL.A)
today reported financial results for the fiscal year ended March
29, 2008. For fiscal 2008, the company reported a loss of ($0.77)
million or ($0.17) per diluted share compared to a profit of $.56
million or $0.12 per diluted share for fiscal 2007. Earnings for
fiscal 2007 results included a pretax profit of $18 million from
the sale of the Company's minority interest in a joint venture.
Operating income for fiscal 2008 was $.14 million compared to a
loss of ($12.6) million for fiscal 2007. Revenues for fiscal 2008
increased 21.2% to $283.6 million reflecting additional pounds
marketed coupled with an average price per pound increase of 11.2%.
Fiscal year cost of sales increased 15.6% largely due to the
continued increase in our feed ingredient prices which rose 31.5%
or $23.5 million over the same period last year. On April 10, 2008
Cagle's announced a 4% cutback in production. Recent industry
cutbacks are now being reflected in declining egg sets and chick
placements which we expect to result in improved chicken prices
that will outpace feed cost and return the company to positive
margins. 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) Twelve Months Ended March 29 March 31 2008 2007 Net
Sales $283,649 $233,936 Costs and Expenses: Cost of Sales 268,477
232,290 Selling & Delivery and General & Administrative
8,579 8,667 General and Administrative 6,458 5,654 Other General
Expenses 0 (63) Total Costs and Expenses 283,514 246,548 Operating
Income (Loss) 135 (12,612) Other Income (Expense): Interest Expense
(1,483) (2,054) Gain On Sale Of Unconsolidated Affiliate 0 18,323
Other Income, Net 190 358 Total Other Income (Expense), net (1,293)
16,627 Equity In Earnings Of Unconsolidated Affiliates 0 1,317
Income Before Income Taxes (1,158) 5,332 Income Taxes Provision
(385) 4,773 Net Income $(773) $559 Net Income Per Common Share
$(0.17) $0.12 Cagle's Inc. Condensed Consolidated Balance Sheet (In
Thousands) ASSETS March 29, 2008 March 31, 2007 Current Assets
$46,420 $41,139 Other Assets 6,294 3,607 Property, Plant, and
Equipment (net) 39,260 39,273 TOTAL ASSETS $91,974 $84,019
LIABILITIES & STOCKHOLDER'S EQUITY Current Maturities of
Long-term Debt $2,269 $2,098 Trade Accounts Payable 16,025 13,581
Other Current Liabilities 7,929 6,519 Total Current Liabilities
26,223 22,198 Long-Term Debt 20,924 16,467 Total Stockholders
Equity 44,827 45,354 TOTAL LIABILITIES & STOCKHOLDERS EQUITY
$91,974 $84,019 DATASOURCE: Cagle's Inc. CONTACT: George Pitts,
Cagle's Inc., +1-404-355-2820 Web site: http://www.cagles.net/
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