Poultry processor Sanderson Farms has announced a rise in income, helped by a reduction in the cost of poultry feed, for the fourth quarter ended 31 October 2005.
Net sales for the fourth quarter were US$249.1m compared with US$259.2m for the same period a year ago. For the quarter, net income was US$10.1m compared with net income of US$5.1m for the previous year’s fourth quarter.
Net sales for the year were US$1.006bn compared with US$1.052bn the year before.
Net income for the year totalled US$70.6m, compared with net income of US$91.4m for last year.
The company’s financial statements reflect a receivable from the company’s insurance carriers of US$14.9m for property damage, expenses incurred and lost profits resulting from Hurricane Katrina.
“Our fourth quarter performance completed another good year for Sanderson Farms,” said Joe F Sanderson Jr, chairman and CEO. “We continued to execute well in all areas of our business despite softer market conditions at the close of our fiscal year and the effects of Hurricane Katrina on our operations. Overall, fiscal 2005 was another successful year for Sanderson Farms as we exceeded US$1.0 billion in sales for the second time in the company’s history and we again delivered strong earnings to our shareholders.”