Atlanta, Georgia
June 1, 2005
PRESS RELEASE
FOR IMMEDIATE RELEASE
Cagle's Inc. today reported the following results for its fiscal year ended April 2, 2005.
Fiscal 2005 was a key period for our Company as we continue to gain momentum with excellent demand for our products in conjunction with a shifting of our product mix towards more specialized, value added markets.
Net income for fiscal year 2005 totaled $11.5 million or $2.43 per diluted share. The average market price for our products improved 11.4% from fiscal 2004 while cost of sales per pound decreased by 3.6%. Capital expenditures were made at our processing facilities to allow for new product lines and expansion of our hatchery in Dalton, completed in April 2005, will allow us to maximize capacity promoting efficiencies throughout our operations. All capital projects in fiscal 2005 were financed out of available cash flow and the Company closed the year with its revolving credit facility untapped providing ample flexibility to meet our working capital needs for the forthcoming year.
The Company celebrated its sixtieth birthday in March of 2005 and I wish to express management’s gratitude to our stakeholders including our stockholders, customers, vendors, employees and contract growers for their ongoing loyalty and support.
Cagle's Inc.
/S/ J. Douglas Cagle
J. Douglas Cagle
Chairman, CEO
Cagle's Inc.
Consolidated Statements of Income
(in thousands except per share amounts)
| | | | | | | | | |
| | | Three Months Ended | Twelve Months Ended |
| | | April 2, 2005 | | April 3, 2004 | | April 2, 2005 | | April 3, 2004 |
Net Sales | $ 60,576 | | $ 64,077 | | $ 246,343 | | $ 304,507 |
Cost and Expenses: | | | | | | | |
| | Cost of Sales | 52,612 | | 59,180 | | 217,024 | | 309,413 |
| | Selling & Delivery, General & Admin. | 4,113 | | 3,639 | | 13,342 | | 18,107 |
Total Cost and Expenses | 56,725 | | 62,819 | | 230,366 | | 327,520 |
| | | | | | | | |
Operating Profit (Loss) | 3,851 | | 1,258 | | 15,977 | | (23,013) |
Other Income (Expense): | | | | | | | |
| | Interest Expense | (645) | | (964) | | (2,649) | | (7,018) |
| | Other Income (Expense), net | (187) | | (107) | | 549 | | (3,915) |
Total Other Income(Expense),net | (832) | | (1,071) | | (2,100) | | (10,933) |
| | | | | | | | | |
Equity in Earnings of Unconsolidated Affiliates | 956 | | 999 | | 4,129 | | 3,371 |
Profit (Loss) before Income Taxes | 3,975 | | 1,186 | | 18,006 | | (30,575) |
Income Tax Expense (Benefit) | 1,431 | | (9,671) | | 6,467 | | (12,850) |
| | | | | | | | |
Net Profit (Loss) | $ 2,544 | | $ 10,857 | | $ 11,539 | | $ (17,725) |
| | | | | | | | |
Net Profit (Loss) per Share | $ 0.54 | | $ 2.29 | | $ 2.43 | | $ (3.74) |
Cagle's Inc.
Condensed Consolidated Balance Sheet
(in thousands)
ASSETS | | April 2, 2005 | | April 3, 2004 |
| | | | | |
Current Assets | | $ 32,687 | | $ 33,727 |
| | | | | |
Investments in Affiliates | | 6,105 | | 4,041 |
| | | | | |
Other Assets | | 11,000 | | 18,027 |
| | | | | |
Property, Plant, and Equipment (net) | | 44,500 | | 44,224 |
| | | | | |
TOTAL ASSETS | | $ 94,292 | | $ 100,019 |
| | | | | |
| | | | | |
LIABILITIES & STOCKHOLDER'S EQUITY | | | | |
| | | | | |
Current Maturities of Long-term Debt | | $ 3,476 | | $ 2,921 |
Trade Accounts Payable | | 11,563 | | 18,367 |
Other Current Liabilities | | 6,438 | | 8,912 |
| | | | | |
Total Current Liabilities | | 21,477 | | 30,200 |
| | | | | |
Long-Term Debt | | 26,534 | | 34,552 |
| | | | | |
Other Non-current Liabilities | | 475 | | 1,000 |
| | | | | |
Total Stockholder's Equity | | 45,806 | | 34,267 |
| | | | | |
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY | | $ 94,292 | | $ 100,019 |
| | | | | |
