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Financial Statement Impact Of Fires
9 Months Ended
Feb. 28, 2015
Financial Statement Impact Of Fires [Abstract]  
Financial Statement Impact Of Fires

10.   Financial Statement Impact of Fires

 

In the second quarter of fiscal 2014, a contract producer owned pullet complex in Florida was damaged by fire.  The fire destroyed two contract producer owned pullet houses that contained the Company’s flocks.  In the third quarter of fiscal 2014, the Company’s Shady Dale, Georgia complex was damaged by fire.  The fire destroyed two pullet houses.  The Company received a net of $2.0 million from insurance carriers as full settlement of these claims, after payment of $720,000 in deductibles and coinsurance.  During the first quarter of fiscal 2015, the Company recorded proceeds received for business interruption losses of $60,000 as a reduction to “Cost of sales” and a $886,000 gain on the property damage claim which was recorded in “Other income (expense)”.  The $1.0 million remainder of the insurance proceeds was used to reimburse the Company for the book value of damaged property written off and other out of pocket expenses.