The following report of earnings for Cagle’s, Inc. (Amex: CGLA) was released today:
(Amounts in Thousands, Except per Share Data)
13 Weeks Ended 13 Weeks Ended
July 01, 2000 July 03, 1999
Net Sales $69,184 $86,358
Net Profit (Loss) $(189) $3,391
Net Income Per Common Share
Basic $(.04) $.71
Diluted $(.04) $.71
Wtd. avg shares outstanding
Basic 4,747 4,765
Diluted 4,742 4,770
In releasing this report, Cagle’s, Inc. stated that the lower revenues and earnings as compared to the same period of a year ago is attributable to significantly lower market prices for poultry products. The major factor being boneless skinless breast meat which averaged $.31 per pound lower than for the same period of year ago. Other products including whole birds experienced markedly lower prices.
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Feed grain prices have remained stable at favorable levels, limiting to some extent the effect of depressed prices in the poultry sector.
