-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J3mOefA08MmueIlUCiWQfYqIpzDtto11Zj/OXTQKrNg9aCsdMQ4ikltAM3LAy89D ipZSkZ66y9uc8DqJSihn6g== 0000016104-02-000023.txt : 20020626 0000016104-02-000023.hdr.sgml : 20020626 20020626111028 ACCESSION NUMBER: 0000016104-02-000023 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020508 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAGLES INC CENTRAL INDEX KEY: 0000016104 STANDARD INDUSTRIAL CLASSIFICATION: POULTRY SLAUGHTERING AND PROCESSING [2015] IRS NUMBER: 580625713 STATE OF INCORPORATION: GA FISCAL YEAR END: 0403 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-07138 FILM NUMBER: 02687280 BUSINESS ADDRESS: STREET 1: 2000 HILLS AVE NW CITY: ATLANTA STATE: GA ZIP: 30318 BUSINESS PHONE: 4043552820 MAIL ADDRESS: STREET 1: 2000 HILLS AVE NW CITY: ATLANTA STATE: GA ZIP: 30318 8-K/A 1 ka8-cam.txt FOODS SALE SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 OR 15(D) of the Securities Exchange Act of 1934: Date of Report (Date of earliest event reported): May 8, 2002 CAGLE'S, INC. (Exact name of registrant as specified in its charter) GEORGIA 1-7138 58-0625713 (State of Incorporation) (Commission File Number) (IRS Employer ID No.) 2000 Hills Avenue, N.W., Atlanta, Ga. 30318 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (404) 355-2820 Item 1 Changes in control of registrant N/A Item 2 Acquisition or disposition of assets N/A Item 3 Bankruptcy or Receivership N/A Item 4 Changes in Registrants Certifying Accountant N/A Item 5 Other Events Sale of company's interest in Cagle Foods JV LLC and Cagle Foods Credit LLC. Original filing on May 9, 2002 is amended to include pro-forma financial statements. Item 6 Resignations of Registrants Directors N/A Item 7 Financial Statements and Exhibits ProForma financial statements are provided to show the effect of the sale of the Company's sale of its interest in Cagle Foods JV LLC and Cagle Foods Credit LLC, as if the sale had occurred at the beginning for the fiscal year ended March 30, 2002. To show effect of sale of Company's interest in Cagle Foods JV LLC and Cagle Foods Credit LLC on April 30, 2002 To show Pro Forma affected sale of Company's interest in Cagle Foods JV LLC and Cagle Foods Credit on April 30, 2002 Actual ProForma 3/30/02 Dr Cr 2002 ... -------- -------- -------- -------- Net Sales 353,792 0 0 353,792 Cost and Expense: Cost of Sales 356,948 0 0 356,948 Selling & Delivery 10,259 0 0 10,259 General/Administration 8,350 0 0 8,350 ... -------- -------- -------- -------- Total Cost & Expense 375,557 0 0 375,557 ... -------- -------- -------- -------- Operating Income (21,765) 0 0 (21,765) ... -------- -------- -------- -------- Other Income(Expense) Interest Expense (9,852) 0 3,000 (6,852) Other Income (Net) 1,213 0 17,516 18,729 ... -------- -------- -------- -------- (Loss)Income before equity in earnings of Uncon. Affiliate and income taxes (30,404) 0 20,516 (9,888) ... -------- -------- -------- -------- Equity in earnings of unconsolidated affiliates 10,958 (6,906) 0 4,052 ... -------- -------- -------- -------- Income before income taxes (19,446) (6,906) 20,516 (5,836) (Benefit)Provision for income tax 12,485 (5,238) 0 7,247 ... -------- -------- -------- -------- Net Income (Loss) (6,961) (12,144) 20,516 1,411 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 4,743 4,743 ... ======== ======== ======== ======== Diluted 4,743 4,743 ... ======== ======== ======== ======== PER COMMON SHARE: Net (loss) income Basic $ (1.47) $ .30 ... ======== ======== ======== ======== Diluted $ (1.47) $ .30 ... ======== ======== ======== ======== Dividends $ - $ 0 ... ======== ======== ======== ======== To show Pro Forma affected sale of Company's interest in Cagle Foods JV LLC and Cagle Foods Credit on April 30, 2002 Consolidated Balance Sheets Actual ProForma 3/30/02 Dr Cr 2002 ... -------- -------- -------- -------- ASSETS CURRENT ASSETS: Cash . . . . . . . . . . . . . . . $ 91 0 0 91 Trade accounts receivable, less allowance for doubtful accounts of $446 . . . . . . . . . . . . 16,919 0 0 16,919 Inventories . . . . . . . . . . . 34,176 0 0 34,176 Refundable income taxes . . . . . 10,016 0 5,238 4,778 Other current assets . . . . . . 559 0 0 559 ... -------- -------- -------- -------- Total current assets . . . . . . . 61,761 0 5,238 56,523 ... -------- -------- -------- -------- INVESTMENTS IN AND RECEIVABLES FROM UNCONSOLIDATED AFFILIATES. . 45,136 0 37,545 7,591 ... -------- -------- -------- -------- OTHER ASSETS . . . . . . . . . . . 2,232 0 0 2,232 ... -------- -------- -------- -------- ASSETS HELD FOR SALE . . . . . . . 6,738 0 0 6,738 ... -------- -------- -------- -------- PROPERTY, PLANT AND EQUIPMENT, . . 198,293 0 0 198,293 Less accumulated depreciation . . (74,209) 0 0 (74,209) ... -------- -------- -------- -------- Property, plant and equipment, net 124,084 0 0 124,084 ... -------- -------- -------- -------- TOTAL ASSETS . . . . . . . . . . . $ 239,951 $ 0 $ 42,783 $197,168 ... ======== ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current maturities of long-term debt . . . . . . . . . . . . . . $ 9,921 $ 0 $ 0 $ 9,921 Accounts payable . . . . . . . . 24,143 1,155 0 22,988 Accrued expenses . . . . . . . . 8,847 0 0 8,847 ... -------- -------- -------- -------- Total current liabilities . . . 42,911 1,155 0 41,756 ... -------- -------- -------- -------- LONG-TERM DEBT . . . . . . . . . 114,885 50,000 0 64,885 ... -------- -------- -------- -------- DEFERRED INCOME TAX LIABILITIES. . 11,831 0 0 11,831 ... -------- -------- -------- -------- OTHER NONCURRENT LIABILITIES . . . 5,927 0 0 5,927 ... -------- -------- -------- -------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred stock, $1 par value; 1,000 shares authorized, none issued 0 0 0 0 Common stock, $1 par value; 9,000 shares authorized, 4,748 shares issued and 4,745 and 4,743 shares outstanding in 2002 . . . . . . . . . . . . 4,748 0 0 4,748 Treasury stock, at cost . . . . . . (94) 0 0 (94) Additional paid-in capital . . . . 4,198 0 0 4,198 Retained earnings . . . . . . . . 56,402 0 8,372 64,774 Other comprehensive income (loss). (857) 0 0 (857) ... -------- -------- -------- -------- Total stockholders' equity . . . 64,397 0 0 72,769 ... -------- -------- -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY. . . . . . . $239,951 $ 51,155 $ 8,372 $197,168 ... ======== ======== ======== ======== See accompanying notes to ProForma financial statements. Notes to ProForma Financial statements as of 3/30/02 1. ProForma statements are prepared to show the effects on the Financial Statements of the company dated 3/30/02 assuming that the sale of the Company's interest in Cagle Foods JV LLC and Cagle Foods Credit LLC had occurred at the beginning of the Fiscal year ended 3/30/02. 2. Adjusting entries made to prepare the ProForma statements are shown. 3. Company assumes that entire proceeds of sale applied to reduce debt with a resulting reduction of the interest expense of $3,000,000 for the year. 4. A gain of $17,516,000 was assumed and the earnings reported for the sold entities was eliminated for the year. 5. Income tax provision was adjusted for the change in income. Item 8 Change in Fiscal year N/A Item 9 Regulation FD Disclosure N/A Signatures Pursuant to the requirements of the Securities Acts of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Cagle's, Inc. (Registrants) /S/ Kenneth R. Barkley Date: June 26, 2002 Kenneth R. Barkley Senior Vice President Finance/Treasurer/CFO -----END PRIVACY-ENHANCED MESSAGE-----