Cagle's Inc. Announces Results for Third Quarter Ended January 3, 2009
10 Février 2009 - 10:52PM
PR Newswire (US)
ATLANTA, Feb. 10 /PRNewswire-FirstCall/ -- Cagle's Inc.
(AMEX:CGL.A) reported a net loss of $2.5 million or $.54 per
diluted share for the third quarter of fiscal year 2009 compared
with a loss of $1.8 million or $.38 per diluted share for the third
quarter of fiscal 2008. The first nine months of fiscal 2009
resulted in a net loss of $11.0 million or $2.36 per diluted share
as compared with a net income of $1.1 million or $.24 per diluted
share for the same period of fiscal 2008. Revenues for the third
quarter were $73.5 million reflecting a 9.9% increase when compared
to the third quarter of fiscal 2008 with poultry pounds sold for
the third quarter decreasing 1.4% and the price increasing $.096
per pound sold. For the nine month period revenues were $226
million up 5.2% with sales pounds up 5.1% and the price increasing
$.023 per pound sold as compared to fiscal 2008. Quoted market
prices for the third quarter versus the same period last year
reflect a reduction in boneless breast (-15.1%), breast tenders
(-2.3%), and leg quarters (-12.3%) with wing prices holding steady.
Quoted markets for the nine months ended versus the same period in
2008 show reductions in boneless breast (-16.1%), tenders (-15.6%)
and wings (-18.1%) with leg quarters stable. Cost of sales for the
third quarter of fiscal 2009 increased 10.8% as compared with the
same period last year, from $65.8 million to $72.9 million. For the
first nine months of 2009 cost of sales was $230.1 million up 14.5%
from fiscal 2008. Feed ingredient cost per ton for broilers
processed in the third quarter of 2009 increased 22% as compared to
the third quarter of 2008 and increased 39% per ton for the nine
months when compared to the same period last year. Feed cost
represented approximately 43% of total cost of sales. While feed
cost increased from prior year levels, Cagle's third quarter 2009
feed cost decreased 18% as compared to the second quarter 2009. As
we move into the fourth quarter the trend continues to reflect the
decreasing cost of feed. Our industry and Cagle's continue to
attempt to balance the supply and demand for our products,
reflected in reduced egg sets of 6.6% (Oct - Dec 2008 NASS Report),
with the anticipated result of improved protein markets. Improved
markets coupled with the aforementioned reduced feed cost are
expected to return the company to profitability in 2009. Cagle's
Inc. /s/ J. Douglas Cagle J. Douglas Cagle Chairman, CEO Cagle's
Inc. Condensed Consolidated Balance Sheet (In Thousands) ASSETS
January 3, 2009 December 27, 2007 Current Assets $43,089 $46,420
Other Assets 9,330 6,294 Property, Plant, and Equipment (net)
37,507 39,260 TOTAL ASSETS $89,926 $91,974 LIABILITIES &
STOCKHOLDER'S EQUITY Current Maturities of Long-term Debt $2,440
$2,269 Trade Accounts Payable 20,259 16,025 Other Current
Liabilities 5,359 7,929 Total Current Liabilities 28,058 26,223
Long-Term Debt 29,640 20,924 Total Stockholders Equity 32,228
44,827 TOTAL LIABILITIES & STOCKHOLDERS EQUITY $89,926 $91,974
Cagle's, Inc. & Subsidiary Consolidated Statements of
Operations (In Thousands, except per share data) 14 weeks 13 weeks
40 weeks 39 weeks ended ended ended ended January 3 December 27
January 3 December 27 2009 2007 2009 2007 Net Sales $73,526 $66,920
$226,078 $214,849 Costs and Expenses: Cost of Sales 72,905 65,774
230,184 200,961 Selling & Delivery and General &
Administrative 2,138 2,169 6,825 6,574 General and Administrative
1,825 1,462 4,548 4,557 Total Costs and Expenses 76,868 69,405
241,557 212,092 Operating Income (Loss) (3,342) (2,485) (15,479)
2,757 Other Income(Expense): Interest Expense (593) (346) (1,688)
(1,069) Other Income, Net (2) 41 (18) 122 Total Other Income
(Expense),net (595) (305) (1,706) (947) Income (loss) Before Income
Taxes (3,937) (2,790) (17,185) 1,810 Income Tax Provision (Benefit)
(1,417) (1,021) (6,186) 668 Net Income (Loss) $(2,520) $(1,769)
$(10,999) $1,142 Net Income Per Common Share $(0.54) $(0.38)
$(2.36) $0.24 DATASOURCE: Cagle's Inc. CONTACT: Mark Ham or George
Pitts, both of Cagle's Inc., +1-404-355-2820 Web site:
http://www.cagles.net/
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