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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(D) of the Securities Exchange Act of 1934:
Date of Report (Date of earliest event reported):
May 8, 2002
CAGLE'S, INC.
(Exact name of registrant as specified in its charter)
GEORGIA 1-7138 58-0625713
(State of Incorporation) (Commission File Number) (IRS Employer ID No.)
2000 Hills Avenue, N.W., Atlanta, Ga. 30318
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (404) 355-2820
Item 1 Changes in control of registrant
N/A
Item 2 Acquisition or disposition of assets
N/A
Item 3 Bankruptcy or Receivership
N/A
Item 4 Changes in Registrants Certifying Accountant
N/A
Item 5 Other Events
Sale of company's interest in Cagle Foods JV LLC and Cagle Foods Credit
LLC. Original filing on May 9, 2002 is amended to include pro-forma
financial statements.
Item 6 Resignations of Registrants Directors
N/A
Item 7 Financial Statements and Exhibits
ProForma financial statements are provided to show the effect of the
sale of the Company's sale of its interest in Cagle Foods JV LLC and
Cagle Foods Credit LLC, as if the sale had occurred at the beginning
for the fiscal year ended March 30, 2002.
To show effect of sale of Company's interest in Cagle Foods JV LLC and Cagle
Foods Credit LLC on April 30, 2002
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To show Pro Forma affected sale of Company's interest in Cagle Foods JV LLC
and Cagle Foods Credit on April 30, 2002
Actual ProForma
3/30/02 Dr Cr 2002
... -------- -------- -------- --------
Net Sales 353,792 0 0 353,792
Cost and Expense:
Cost of Sales 356,948 0 0 356,948
Selling & Delivery 10,259 0 0 10,259
General/Administration 8,350 0 0 8,350
... -------- -------- -------- --------
Total Cost & Expense 375,557 0 0 375,557
... -------- -------- -------- --------
Operating Income (21,765) 0 0 (21,765)
... -------- -------- -------- --------
Other Income(Expense)
Interest Expense (9,852) 0 3,000 (6,852)
Other Income (Net) 1,213 0 17,516 18,729
... -------- -------- -------- --------
(Loss)Income before equity in
earnings of Uncon. Affiliate
and income taxes (30,404) 0 20,516 (9,888)
... -------- -------- -------- --------
Equity in earnings of
unconsolidated affiliates 10,958 (6,906) 0 4,052
... -------- -------- -------- --------
Income before income taxes (19,446) (6,906) 20,516 (5,836)
(Benefit)Provision for income tax 12,485 (5,238) 0 7,247
... -------- -------- -------- --------
Net Income (Loss) (6,961) (12,144) 20,516 1,411
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING:
Basic 4,743 4,743
... ======== ======== ======== ========
Diluted 4,743 4,743
... ======== ======== ======== ========
PER COMMON SHARE:
Net (loss) income
Basic $ (1.47) $ .30
... ======== ======== ======== ========
Diluted $ (1.47) $ .30
... ======== ======== ======== ========
Dividends $ - $ 0
... ======== ======== ======== ========
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To show Pro Forma affected sale of Company's interest in Cagle Foods JV LLC
and Cagle Foods Credit on April 30, 2002
Consolidated Balance Sheets
Actual ProForma
3/30/02 Dr Cr 2002
... -------- -------- -------- --------
ASSETS
CURRENT ASSETS:
Cash . . . . . . . . . . . . . . . $ 91 0 0 91
Trade accounts receivable, less
allowance for doubtful accounts
of $446 . . . . . . . . . . . . 16,919 0 0 16,919
Inventories . . . . . . . . . . . 34,176 0 0 34,176
Refundable income taxes . . . . . 10,016 0 5,238 4,778
Other current assets . . . . . . 559 0 0 559
... -------- -------- -------- --------
Total current assets . . . . . . . 61,761 0 5,238 56,523
... -------- -------- -------- --------
INVESTMENTS IN AND RECEIVABLES
FROM UNCONSOLIDATED AFFILIATES. . 45,136 0 37,545 7,591
... -------- -------- -------- --------
OTHER ASSETS . . . . . . . . . . . 2,232 0 0 2,232
... -------- -------- -------- --------
ASSETS HELD FOR SALE . . . . . . . 6,738 0 0 6,738
... -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT, . . 198,293 0 0 198,293
Less accumulated depreciation . . (74,209) 0 0 (74,209)
... -------- -------- -------- --------
Property, plant and equipment, net 124,084 0 0 124,084
... -------- -------- -------- --------
TOTAL ASSETS . . . . . . . . . . . $ 239,951 $ 0 $ 42,783 $197,168
... ======== ======== ======== ========
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term
debt . . . . . . . . . . . . . . $ 9,921 $ 0 $ 0 $ 9,921
Accounts payable . . . . . . . . 24,143 1,155 0 22,988
Accrued expenses . . . . . . . . 8,847 0 0 8,847
... -------- -------- -------- --------
Total current liabilities . . . 42,911 1,155 0 41,756
... -------- -------- -------- --------
LONG-TERM DEBT . . . . . . . . . 114,885 50,000 0 64,885
... -------- -------- -------- --------
DEFERRED INCOME TAX LIABILITIES. . 11,831 0 0 11,831
... -------- -------- -------- --------
OTHER NONCURRENT LIABILITIES . . . 5,927 0 0 5,927
... -------- -------- -------- --------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $1 par value;
1,000 shares authorized, none
issued 0 0 0 0
Common stock, $1 par value;
9,000 shares authorized,
4,748 shares issued and 4,745
and 4,743 shares outstanding
in 2002 . . . . . . . . . . . . 4,748 0 0 4,748
Treasury stock, at cost . . . . . . (94) 0 0 (94)
Additional paid-in capital . . . . 4,198 0 0 4,198
Retained earnings . . . . . . . . 56,402 0 8,372 64,774
Other comprehensive income (loss). (857) 0 0 (857)
... -------- -------- -------- --------
Total stockholders' equity . . . 64,397 0 0 72,769
... -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY. . . . . . . $239,951 $ 51,155 $ 8,372 $197,168
... ======== ======== ======== ========
See accompanying notes to ProForma financial statements.
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Notes to ProForma Financial statements as of 3/30/02
1. ProForma statements are prepared to show the effects on the Financial
Statements of the company dated 3/30/02 assuming that the sale of the
Company's interest in Cagle Foods JV LLC and Cagle Foods Credit LLC had
occurred at the beginning of the Fiscal year ended 3/30/02.
2. Adjusting entries made to prepare the ProForma statements are shown.
3. Company assumes that entire proceeds of sale applied to reduce debt with
a resulting reduction of the interest expense of $3,000,000 for the year.
4. A gain of $17,516,000 was assumed and the earnings reported for the sold
entities was eliminated for the year.
5. Income tax provision was adjusted for the change in income.
Item 8 Change in Fiscal year
N/A
Item 9 Regulation FD Disclosure
N/A
Signatures
Pursuant to the requirements of the Securities Acts of 1934 the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Cagle's, Inc.
(Registrants)
/S/ Kenneth R. Barkley
Date: June 26, 2002 Kenneth R. Barkley
Senior Vice President Finance/Treasurer/CFO
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