EX-99.1 2 a09-15404_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Atlanta, Georgia

June 12, 2009

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

Cagle’s Inc. Announces Results for Fiscal Year Ended March 28, 2009

 

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)

 

 

 

March 28, 2009

 

March 29, 2008

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

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 & STOCKHOLDER’S 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