Cagle’s, Inc. reported net income of $2.5 million, or $0.55 per share, for the fiscal year 2010, which ended 4/3/2010. The company reported a loss of $11.5 million, or ($2.48) per share, in fiscal 2009.
Cagle’s, Inc. said that the large loss in fiscal 2009 was caused by a drop in product sales combined with rising costs, including energy and feed costs.
Cagle’s, Inc. also reported an improvement in sales in fiscal 2010. The company reported sales of $292.5 million in fiscal 2009, compared to $307 million in fiscal 2010.
Cagle’s, Inc. sells fresh and frozen chicken on a retail and wholesale basis to supermarkets, restaurants, food service distributors and convenience stores. The company’s products include rotisserie chicken, marinated raw breaded chicken, chicken wings and boneless skinless breasts.
The management of Cagle’s, Inc. expressed optimism about the current conditions in the chicken industry. The company cited the low level of egg sets and chick placements entering the market, which will help firm up prices for chicken, both dark and white meat.
Cagle’s, Inc. also noted that competing food sources like beef and pork are capacity constrained and unable to expand further in 2010.
For more information on the company, go to www.cagles.net