Cagle's loss widens in third quarter
February 11, 2009
by MEAT&POULTRY Staff
ATLANTA — For the third quarter ended Jan. 3, Cagle’s, Inc. sustained a loss of $2,520,000, which compared with a loss of $1,769,000 during the same quarter of the previous year.
Sales for the third quarter were $73,526,000, up 10% from $66,920,000 during the same quarter of the previous year.
The company said while feed costs increased from prior year levels, Cagle’s third-quarter feed costs decreased 18% compared with the second quarter.
"As we move into the fourth quarter the trend continues to reflect the decreasing cost of feed," Cagle’s said. "Our industry and Cagle’s continue to attempt to balance the supply and demand for our products … with the anticipated result of improved protein markets. Improved protein markets coupled with the aforementioned reduced feed cost are expected to return the company to profitability in 2009."
For the nine months Cagle’s had a loss of $10,999,000, which compared with income of $1,142,000 during the same period of the previous year. Sales for the nine months were $226,078,000, up 5% from the same period of the previous year.