Castelnau (LSE:CGL)
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Cagle's Inc. Reports Third Quarter Results
ATLANTA, Feb. 7 /PRNewswire-FirstCall/ -- Cagle's Inc. (AMEX:CGL.A) today
reported the following results for its third quarter ended January 01, 2005.
Net income for the third quarter of fiscal 2005 was $115 thousand or $.02 per
diluted share as compared with a net loss of $24.9 million or $(5.26) per
diluted share for the third quarter of fiscal 2004. For the first nine months
of fiscal 2005, net income improved to $9.0 million or $1.89 per diluted share
compared with a net loss of $28.6 million or $(6.02) per diluted share for the
first nine months of fiscal 2004.
Poultry markets for the first nine months of our current fiscal year were
improved by approximately 19.8%; however, markets for the third quarter of this
year were 6.5% less than the same period last year. Grain markets are
supportive of our margins as record corn and soy crops have resulted in a three
month reduction in feed cost of 6.6% versus the same period last year, while
the nine month period reflected an increase of 16% as compared to the first
nine months of fiscal 2004.
The Company negotiated a financing facility for portions of its debt with an
agriculturally focused bank group this quarter and contemplate a stable,
long-term relationship going forward. Construction involving expansion of
existing hatchery capacity, which should be completed in April 2005, will allow
the Company to return to a self-sufficient supply of inventory necessary for
our plants to return to full production volumes by July 2005.
Cagle's Inc.
Consolidated Statements of Income (in thousands except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
January 1, January 3, January 1, January 3,
2005 2004 2005 2004
Net Sales $54,594 $46,826 $185,767 $136,194
Cost and Expenses:
Cost of Sales 51,715 45,741 164,412 124,056
Selling, General & Admin. 3,053 4,568 9,229 12,359
Total Cost and Expenses 54,768 50,309 173,641 136,415
Loss Divested Operations
(note 1) - (17,427) - (24,050)
Operating Income (Loss) (174) (20,910) 12,126 (24,271)
Other Expenses (Income):
Interest Expense 653 2,213 2,004 6,054
Miscellaneous (65) 3,801 (736) 3,807
Total Other Expenses 588 6,014 1,268 9,861
Earnings Unconsolidated
Affiliates 941 816 3,173 2,371
Income (Loss) before
Income Taxes 179 (26,108) 14,031 (31,761)
Income Tax Expense (Benefit) 64 (1,159) 5,036 (3,179)
Net Income (Loss) 115 (24,949) 8,995 (28,582)
Net Income (Loss) per Share $0.02 $(5.26) $1.89 $(6.02)
Note 1: The three month and nine month periods ended January 01, 2005 have been
adjusted to reflect the pretax loss generated from the Perry Complex, which the
company sold in the fourth quarter of fiscal 2004, as a single line item. The
details of this transaction for the three and nine month periods respectively
(in 000's) are a reduction in sales of $35,822 and $104,236, a reduction in
cost of sales of $52,391 and $126,177 and a reduction in selling, general, and
administrative expenses of $858 and $2,109.
Cagle's Inc.
Condensed Consolidated Balance Sheet (in thousands)
(Unaudited)
ASSETS January 1, 2005 January 3, 2004
Current Assets $35,789 $44,071
Investments in Affiliates 5,536 4,835
Other Assets 13,240 6,564
Property, Plant, and Equipment (net) 43,076 89,880
TOTAL ASSETS $97,641 $145,350
LIABILITIES & STOCKHOLDERS' EQUITY
Current Maturities of Long-term Debt $3,451 $63,007
Trade Accounts Payable 11,439 20,918
Other Current Liabilities 6,650 13,887
Total Current Liabilities 21,540 97,812
Long-Term Debt less Current Maturities 32,194 23,112
Other Non-current Liabilities 645 1,016
Total Stockholders' Equity 43,262 23,410
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $97,641 $145,350
Note 2: The periods ended January 01, 2005 and January 3, 2004 reflect changes
brought about by the anticipated and final disposition of the Perry Complex.
DATASOURCE: Cagle's Inc.
CONTACT: George Pitts, ext. 1200, or , or Mark Ham,
, both of Cagle's Inc., +1-404-355-2820
Web site: http://www.cagles.net/