Poultry producer Cagles Inc moved into profit in the year ended 2 April 2005, despite a sharp fall in sales as it moved towards value added markets.
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Net sales for the year were $246m, compared with $305m the year before. The company made a net profit of $11.5m, compared with a $17.7m loss in the previous year.
“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,” the company said. “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,” it said.
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