Cagle's reports loss for fiscal year
The company reported in a statement that revenues increased 21.2 percent to $283.6 million. The company marketed additional products with an average per pound increase of 11.2 percent. However, feed costs rose 31.5 percent to $23.5 million as compared to the same period last year.
In April, Cagle's announced a 4 percent cutback in production. Recent industry cutbacks are now being reflected in declining egg sets and chick placements which we expect to result in improved chicken prices that will outpace feed cost and return the company to positive margins, the company said.