Cagle's swings from loss to profit in first quarter

by Keith Nunes
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ATLANTA — Cagle’s Inc. posted net income of $1,536,000, equal to 33c per share on the common stock, for the first quarter of fiscal 2008, which ended June 30. The result compares favorably to the loss of $1,762,000 the company reported during the first quarter of 2007. The move into the black for the quarter was spurred by substantially higher prices for the company’s products, which include boneless breast meat, breast tenders, wings and leg quarters.

Sales for the first quarter were $71,862,000, up 32.4% compared to $54,277,000 for the same period last year. The company said its cost of sales for the first quarter increased 21.3% compared with the same period last year, but anticipated that despite the volatility of the market margins would remain positive for the remainder of the calendar year.

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