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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):
March 18, 2004
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 REGISTRANT'S CERTIFYING ACCOUNTANT.
N/A
Item 5. OTHER EVENTS.
N/A
Item 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
N/A
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
Pro forma financial information
The accompanying pro forma consolidated balance sheet presents the accounts
of Cagle's, Inc. as if the disposition the Perry, Georgia complex occurred
on January 3, 2004. The accompanying pro forma consolidated statements of
operations present the accounts of Cagle's, Inc. for the year ended March
29, 2003 and the 40 weeks and 14 weeks ended January 3, 2004 as if the
disposition had occurred on March 31, 2002.
The following adjustments would be required if the disposition occurred
on the dates specified above. These adjustments are indicated in the
presentation below. (a) To eliminate the effects of the impairment loss
associated with the Perry Complex assets. (b) To record the sale of assets
and inventories in the Perry Complex transaction. (c) To retire long term
debt and reduce interest expense and related bank fees by the related pro
rata amount. (d) To eliminate all of the Perry Complex statement of
operations activity from the consolidated financial statements.
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Cagle's, Inc. And Subsidiary
Pro Forma Consolidated Balance Sheets
As of January 03, 2004
(In Thousands, Except Par Value)
(unaudited)
Original
01/03/04 Adjustments Pro Forma
------------ ----------- -----------
Assets -------------------------
CURRENT ASSETS
Cash $ 15 $ 0 15
Accounts receivable, net of
Allowance for doubtful accounts
of $601 at January 03, 2004
respectively 14,621 0 14,621
Inventories 26,679 (4,905) b 21,774
Current Refundable Income Taxes 854 0 854
Other current assets 1,902 0 1,902
------------ ----------- -----------
Total current assets 44,071 (4,905) 39,166
------------ ----------- -----------
Investments in and receivables
from unconsolidated affiliates 4,835 0 4,835
Assets held for sale 49,887 (45,000) b 4,887
PROPERTY, PLANT, AND EQUIPMENT 94,878 0 94,878
Less accumulated depreciation (54,885) 0 (54,885)
------------ ----------- -----------
Property, plant, and equipment, net 39,993 0 39,993
OTHER ASSETS:
Long Term Refundable Taxes 2,851 0 2,851
Intangible Assets 166 0 166
Other Assets 3,547 0 3,547
------------ ----------- -----------
Total Other Assets 6,564 0 6,564
------------ ----------- -----------
TOTAL ASSETS $ 145,350 $ (49,905) $ 95,445
============ =========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Curr maturities of long term debt $ 63,007 $ (49,905) c 13,102
Accounts payable 20,918 0 20,918
Accrued expenses 13,887 0 13,887
------------ ----------- -----------
Total current liabilities 97,812 (49,905) 47,907
------------ ----------- -----------
LONG TERM DEBT (net of current
maturities) 23,112 0 23,112
NONCURRENT DEFERRED INCOME TAXES 16 0 16
OTHER NONCURRENT LIABILITIES 1,000 0 1,000
STOCKHOLDERS' EQUITY:
Common stock, $1 par value;
authorized 9,000
Shares and 4,748 issued 4,748 0 4,748
Additional paid in Capital 4,198 0 4,198
Treasury stock (82) 0 (82)
Retained earnings 14,546 0 14,546
------------ ----------- -----------
Total stockholders' equity 23,410 0 23,410
------------ ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 145,350 $ (49,905) 95,445
============ =========== ===========
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Cagle's, Inc., & Subsidiary
Pro Forma Consolidated Statements of Operations
For the 52 weeks March 29, 2003
(Amounts in thousands, except per share data)
(unaudited)
52 wks 52 wks
as filed adjust Pro Forma
03/29/03 03/29/03 03/29/03
----------- ----------- -----------
Net Sales $ 313,800 $ (121,584) d $ 192,216
Costs and Expenses:
Cost of Sales 326,352 (140,804) d 185,548
Selling and Delivery 9,745 (1,654) d 8,091
General and Administrative 8,200 (1,483) d 6,717
----------- ----------- -----------
Total costs and expenses 344,297 (143,941) 200,356
----------- ----------- -----------
Income (Loss) From Operations (30,497) 22,357 (8,140)
Other Income(Expense):
Gain on sale of unconsolidated
Affiliates 12,914 0 12,914
Interest expense (8,156) 4,554 c (3,602)
Other (expense)income, net (1,037) 7 d (1,030)
----------- ----------- -----------
Earnings or (Loss) Before equity in
earnings of unconsolidated affiliates
and income taxes (Benefit) (26,776) 26,917 141
Equity in earnings of unconsolidated
affiliates 4,446 0 4,446
----------- ----------- -----------
Income (Loss) Before Income Taxes (22,330) 26,916 4,586
Provision (Benefit) For Income Taxes (9,058) 10,709 d 1,651
----------- ----------- -----------
Net Income (Loss) $ (13,272) 16,207 2,935
=========== =========== ===========
Weighted Average Shares Outstanding
-Basic 4,745 4,745 4,745
-Diluted 4,745 4,745 4,745
=========== =========== ===========
Net Income (Loss) Per Common Share
-Basic $ (2.80) $ 3.42 $ 0.62
-Diluted $ (2.80) $ 3.42 $ 0.62
Dividends Per Common Share $ .00 $ .00 $ .00
=========== =========== ===========
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Cagle's, Inc., & Subsidiary
Pro Forma Consolidated Statements of Operations
For the 40 weeks January 03, 2004
(Amounts in thousands, except per share data)
(unaudited)
40 wks 40 wks
as filed adjust Pro Forma
01/03/04 01/03/04 01/03/04
----------- ----------- -----------
Net Sales $ 240,430 $ (87,144) d $ 153,286
Costs and Expenses:
Cost of Sales 250,233 (110,255) a,d 139,978
Selling and Delivery 6,643 (1,039) d 5,604
General and Administrative 7,825 (1,541) d 6,284
----------- ----------- -----------
Total costs and expenses 264,701 (112,835) 151,866
----------- ----------- -----------
Income (Loss) From Operations (24,271) 25,691 1,420
Other Income(Expense):
Interest expense (6,054) 4,164 c (1,890)
Other (expense)income, net (3,807) 3,347 c,d (460)
----------- ----------- -----------
Earnings or (Loss) Before equity in
earnings of unconsolidated affiliates
and income taxes (benefit) (34,132) 33,202 (930)
Equity in earnings of unconsolidated
affiliates 2,371 0 2,371
----------- ----------- -----------
Income (Loss) Before Income Taxes (31,761) 33,202 1,441
Provision (Benefit) For Income Taxes (3,179) 3,698 d 519
----------- ----------- -----------
Net Income (Loss) $ (28,582) 29,504 922
=========== =========== ===========
Weighted Average Shares Outstanding
-Basic 4,747 4,747 4,747
-Diluted 4,747 4,747 4,747
=========== =========== ===========
Net Income (Loss) Per Common Share
-Basic $ (6.02) $ 6.22 $ 0.19
-Diluted $ (6.02) $ 6.22 $ 0.19
Dividends Per Common Share $ .00 $ .00 $ .00
=========== =========== ===========
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Pro Forma Consolidated Statements of Operations
For the 14 weeks January 03, 2004
(Amounts in thousands, except per share data)
(unaudited)
14 wks 14 wks
as filed adjust Pro Forma
01/03/04 01/03/04 01/03/04
----------- ----------- -----------
Net Sales $ 82,648 $ (29,576) d $ 53,072
Costs and Expenses:
Cost of Sales 98,132 (47,315) a,d 50,817
Selling and Delivery 2,333 (430) d 1,903
General and Administrative 3,093 (819) d 2,274
----------- ----------- -----------
Total costs and expenses 103,558 (48,564) 54,994
----------- ----------- -----------
Income (Loss) From Operations (20,910) 18,988 (1,922)
Other Income(Expense):
Interest expense (2,213) 1,391 d (822)
Other (expense)income, net (3,801) 3,348 c,d (453)
----------- ----------- -----------
Earnings or (Loss) Before equity in
earnings of unconsolidated affiliates
and income taxes (benefit) (26,924) 23,727 (3,197)
Equity in earnings of unconsolidated
affiliates 816 0 816
----------- ----------- -----------
Income (Loss) Before Income Taxes (26,108) 23,727 (2,381)
Provision (Benefit) For Income Taxes (1,159) 302 d (857)
----------- ----------- -----------
Net Income (Loss) $ (24,949) 23,425 (1,524)
=========== =========== ===========
Weighted Average Shares Outstanding
-Basic 4,747 4,747 4,747
-Diluted 4,747 4,747 4,747
=========== =========== ===========
Net Loss Per Common Share
-Basic $ (5.26) $ 4.93 $ (0.32)
-Diluted $ (5.26) $ 4.93 $ (0.32)
Dividends Per Common Share $ .00 $ .00 $ .00
=========== =========== ===========
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Item 8. CHANGE IN FISCAL YEAR.
N/A
Item 9. REGULATION FD DISCLOSURE.
N/A
SIGNATURES:
Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: March 18, 2004
Cagle's, Inc.
(Registrants)
/S/ George L. Pitts
George L. Pitts
Secretary
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