ATLANTA, Feb. 10 /PRNewswire-FirstCall/ -- Cagle's Inc. 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
