Cagle’s announces first quarter results

Cagle’s reported a loss of $2.99 mln for the first quarter of fiscal year 2009 compared with a profit of $1.53 mln for the first quarter of fiscal 2008.

Revenues for the first quarter were $77.9 mln (+7.04%) due to 13% additional pounds marketed. Overall revenue per pound for poultry products for the first quarter of fiscal 2009 was $0.73 compared to $0.78 for the previous year’s quarter.

Quoted market prices for products for the first quarter of fiscal 2009 versus the same period 2008 fluctuated as boneless breast decreased 12%, breast tenders decreased 22%, wings decreased 26%, drums increased 9%, leg quarters were 2% higher and whole birds without giblets decreased 2%.

Feed ingredient prices for broilers processed in the first quarter of 2009, which represented 39% of the total cost of sales, increased 43%.