ATLANTA, June 12 /PRNewswire-FirstCall/ -- Cagle's Inc. reported a net loss of $11.5 million or $2.48 per diluted share for fiscal year 2009 compared with a net loss of $0.77 million or $0.17 per diluted share for fiscal 2008. Operating income for fiscal 2009 was a loss of $15.7 million compared to operating income of $0.14 million for fiscal 2008.
Revenues for fiscal 2009 were $292.6 million reflecting a 3.1% increase when compared to fiscal 2008 with poultry prices increasing $0.024 per pound sold. Quoted market prices for the year 2009 versus 2008 reflect a reduction in boneless breast - 13.6%, breast tenders -7.2%, wings -9.2% and leg quarters -3.4%.
Cost of sales for fiscal 2009 increased 9.2% as compared with 2008, from $268.5 million to $293.2 million. Feed ingredient cost per ton for broilers processed in 2009 increased 23.5% or $20.3 million as compared to fiscal 2008. Feed cost represented approximately 36% of total cost of sales in 2009.
Our fourth quarter operating income approached the breakeven mark as revenue per pound improved by over 3% and cost of sales fell 1.6%. As we begin fiscal 2010 demand for the cost effective protein offered by our products is improving and our markets are reacting favorably which we anticipate will return our company to positive margins in the first quarter.
Cagle's Inc. /s/ J. Douglas Cagle J. Douglas Cagle Chairman, CEO Cagle's, Inc. & Subsidiary Consolidated Statements of Income (In Thousands, except per share data) Twelve Months Ended March 28, March 29, 2009 2008 Net Sales $292,585 $283,649 Costs and Expenses: Cost of Sales 293,216 268,477 Selling & Delivery and General & Administrative 8,753 8,579 General and Administrative 6,293 6,458 Total Costs and Expenses 308,262 283,514 Operating Income (Loss) (15,677) 135 Other Income(Expense): Interest Expense (2,163) (1,483) Other Income, Net (40) 190 Total Other Income (Expense),net (2,203) (1,293) Income Before Income Taxes (17,880) (1,158) Income Taxes Provision (6,386) (385) Net Income $(11,494) $(773) Net Income Per Common Share $(2.48) $(0.17) Cagle's Inc. Condensed Consolidated Balance Sheet (In Thousands) ASSETS March 28, 2009 March 29, 2008 Current Assets $42,798 $46,420 Other Assets 11,571 6,294 Property, Plant, and Equipment (net) 36,783 39,260 TOTAL ASSETS $91,152 $91,974 LIABILITIES & STOCKHOLDERS' EQUITY Current Maturities of Long-term Debt $2,488 $2,269 Trade Accounts Payable 19,989 16,025 Other Current Liabilities 7,642 7,929 Total Current Liabilities 30,119 26,223 Long-Term Debt 29,049 20,924 Total Stockholders' Equity 31,984 44,827 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $91,152 $91,974
Cagle's Inc.
CONTACT: Mark Ham of Cagle's Inc., +1-404-355-2820
Web Site: http://www.cagles.net/
