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Cagle's Announces Q1 Results
US - Despite higher revenues in the first quarter of fiscal year 2009 ending 28 June, Cagle's Inc. reported a loss of almost $3 million.Cagle’s Inc. reported a loss of $2.99 million or $0.64 per diluted share for the first quarter of fiscal year 2009 compared with a profit of $1.53 million or $0.33 per diluted share for the first quarter of fiscal 2008.
Revenues for the first quarter were $77.9 million up 7.04% as a result of 13% additional pounds marketed compared to the first quarter of last year. Overall revenue per pound for poultry products for the first quarter of fiscal 2009 was $0.73 as compared to $0.78 for the same period of fiscal 2008. Quoted market prices for products for the first quarter of fiscal 2009 versus the same period last year fluctuated as boneless breast decreased 12%, breast tenders decreased 22%, wings decreased 26%, drums increased 9%, leg quarters were 2% higher and whole birds without giblets decreased 2%.
Cost of sales for the first quarter of fiscal 2009 increased 18.1% as compared with the same period last year, from $65.7 million to $77.6 million. Feed ingredient prices for broilers processed in the first quarter of 2009, which represented 39% of the total cost of sales, increased 43% as compared to the first quarter of 2008.
High grain cost are expected to continue to negatively impact operating margins for the third quarter as the company endeavors to increase pricing to enable a return to profitability.
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