Cagle's Inc. reported a net (loss) of $(5.7) million
Cagle’s cuts production in wake of Q1 loss
Cagle's Inc. reported a net (loss) of $(5.7) million or $(1.24) per share for the quarter ended July 2, 2011 compared to net income of $3.5 million or $0.75 per share for the quarter ended July 3, 2010.
Net sales for the first quarter were $81.9 million, up 4.2% from $78.6 million, reflecting an increase in pounds sold of 14.9% and a decrease in sales price for poultry of $0.059 per pound as compared to the same period of fiscal 2011. Quoted market price changes for products for the first quarter of fiscal 2012 versus the same period last year were: leg quarters increased 27.4%, boneless breast decreased 17.6%, breast tenders decreased 11.8%, wing markets decreased 40.3%, and whole birds without giblets were unchanged.