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Published in House and Home on Tuesday, August 16th 2011 at 17:41 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Cagle's, Inc. Announces Results for the Quarter Ended July 2, 2011 -- ATLANTA, Aug. 16, 2011 /PRNewswire/ --
Cagle's, Inc. Announces Results for the Quarter Ended July 2, 2011
ATLANTA, Aug. 16, 2011 /PRNewswire/ -- Cagle's, Inc. (NYSE Amex: [ CGL.A ]) reported a net (loss) of $(5.7) million or $(1.24) per share for the quarter ended July 2, 2011 compared to net income of $3.5 million or $0.75 per share for the quarter ended July 3, 2010.
Net sales for the first quarter were $81.9 million, up 4.2% from $78.6 million, reflecting an increase in pounds sold of 14.9% and a decrease in sales price for poultry of $0.059 per pound as compared to the same period of fiscal 2011. Quoted market price changes for products for the first quarter of fiscal 2012 versus the same period last year were: leg quarters increased 27.4%, boneless breast decreased 17.6%, breast tenders decreased 11.8%, wing markets decreased 40.3%, and whole birds without giblets were unchanged.
Cost of sales for the first quarter of fiscal 2012 increased 27.1% as compared with the same period last year, from $68.2 million to $86.7 million. Feed ingredient prices for broilers processed in the first quarter of fiscal 2012, which represented 46% of the total cost of sales, increased 68.3% or $16.3 million as compared to the first quarter of fiscal 2011.
Cagle's and the industry's profitability continue to be challenged by high feed cost accentuated by broiler markets pressured by over production. Effective the end of August Cagle's will have executed a further cut back in production at its Pine Mountain Valley plant that will result in the company processing 22% less head than capacity. Towards the end of July our industry had begun to react in similar fashion with egg sets 6% less than the same period in 2010. These industry cut backs should have a positive effect on markets and final margins in the coming months.
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 7 of the Company's 2011 SEC Form 10-K Annual Report 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 SEC Form 10-Q for the Company's first quarter ended July 2, 2011.
Cagle's, Inc. | |||||
Condensed Consolidated Statements of Operations | |||||
(In Thousands, except net income per share) | |||||
13 Weeks Ended | 13 Weeks Ended | ||||
July 2, 2011 | July 3, 2010 | ||||
Net Sales | $ 81,873 | $ 78,571 | |||
Costs and Expenses: | |||||
Cost of Sales | 86,683 | 68,215 | |||
Selling and Delivery | 2,220 | 2,447 | |||
General and Administrative | 1,507 | 2,098 | |||
Total Costs and Expenses | 90,410 | 72,760 | |||
Operating Income (Loss) | (8,537) | 5,811 | |||
Other Income (Expense): | |||||
Interest Expense | (420) | (381) | |||
Other Income (Expense), Net | (4) | 4 | |||
Total Other Expense, Net | (424) | (377) | |||
Income (Loss) Before Income Taxes | (8,961) | 5,434 | |||
Income Tax Expense (Benefit) | (3,226) | 1,956 | |||
Net Income (Loss) | $ (5,735) | $ 3,478 | |||
Weighted-Average Common Shares Outstanding | 4,616 | 4,616 | |||
Net Income (Loss) Per Common Share | $ (1.24) | $ 0.75 | |||
Cagle's, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In Thousands) | |||||||
July 2, 2011 | April 2, 2011 | ||||||
ASSETS | |||||||
Cash | $ | 950 | $ | 1,370 | |||
Trade Accounts Receivable, net | 15,100 | 15,882 | |||||
Inventories | 33,996 | 31,990 | |||||
Other Current Assets | 562 | 307 | |||||
Total Current Assets | 50,608 | 49,549 | |||||
Property, Plant and Equipment (net) | 32,245 | 33,245 | |||||
Other Assets | 9,172 | 7,519 | |||||
TOTAL ASSETS | $ | 92,025 | $ | 90,313 | |||
LIABILITIES & STOCKHOLDERS' EQUITY | |||||||
Current Maturities of Long-term Debt | $ | 10,401 | $ | 9,127 | |||
Accounts Payable | 26,917 | 22,346 | |||||
Other Current Liabilities | 5,672 | 7,791 | |||||
Total Current Liabilities | 42,990 | 39,264 | |||||
Long-Term Debt | 20,001 | 16,280 | |||||
Total Stockholders' Equity | 29,034 | 34,769 | |||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 92,025 | $ | 90,313 | |||
SOURCE Cagle's, Inc.
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