Cagle's cites feed costs for third-quarter loss
February 02, 2007
by Keith Nunes
ATLANTA — Cagle’s, Inc., a mid-size chicken processor, sustained a loss of $3,157,000 for the third quarter of fiscal 2007, which ended Dec. 30. The company reported a loss of $534,000 for the same period during fiscal 2006. Sales for the quarter were $56,374,000 during fiscal 2007 compared with $59,495,000 for the same period last year.
Third quarter cost of sales per pound of chicken increased 8.5% compared with last year, according to the company. The increase primarily was caused by rising feed ingredient costs.
For the first nine months of fiscal 2007, Cagle’s posted net income of $1,580,000, or 34c per share, on sales of $172,669,000. For the first nine months of fiscal 2006, the company had net income of $2,562,000, or 54c per share. Net sales were $182,386,000.