11-11 news: Coharie Hog Farm declares bankruptcy
The company employs 170 people and also works with 101 farms in North Carolina and Indiana to raise hogs, reports The Fayetteville Observer. It was listed as the 22nd largest hog-producing company in the country by Successful Farming magazine.
In the bankruptcy document, the company stated that it lost $13.3 million in 2008 and has lost $17 million so far in 2009. It blames high feed costs, combined with the drop in demand for pork after the H1N1 scare, which was initially mis-named as “swine flu.” The company has more than 450 creditors with about $50 million in secured debts and $8 to $10 million in unsecured debts. Coharie farmers had complained last month that they hadn’t been getting paid.
Source: The Fayetteville Observer
Cagle's reports $700K income in Q2Cagle's Inc. reported net income of $ 0.7 million or $0.15 per share for the second quarter of fiscal year 2010 compared to a net loss of $5.5 million or $1.18 per share for the second quarter of fiscal 2009. For the first six months of fiscal 2010 net income was $2.0 million or $0.43 per share compared with a net loss of $8.5 million or $1.82 per share for the first six months of fiscal 2009.
The company reported that revenues for the second quarter were $ 87.6 million up 15.8 % and pounds sold increased 14.7% both influenced by a fourteen week period in 2010 versus a thirteen week period in 2009. For the six month period revenues were $165.6 million up 8.5% and sales pounds increased 4.9% again influenced by the additional week in the first two quarters of fiscal 2010 as compared to the same period in fiscal 2009. Quoted market prices for the second quarter of fiscal 2010 versus the same period last year fluctuated as boneless breast increased 6%, breast tenders increased 22%, wings increased 49%, drums decreased 14%, leg quarters were 24% lower and whole birds without giblets were 6% less.
Cost of sales for the second quarter of fiscal 2010 increased 2.7% as compared with the same period last year, from $79.7 million to $81.8 million reflecting the previously mentioned additional week in the period and a 14.7% increase in pounds sold coupled with an 8.6% reduction in the cost of feed. For the first six months of 2010 cost of sales was $153.5 million down 2.4% from fiscal 2009.
Wet weather across the Midwest has delayed and possibly damaged what appeared to be a record crop in both corn and soybean meal causing feed prices to increase as we enter our third quarter. Poultry producers continue to exhibit restraint with egg sets 3% less than the same quarter of 2008 and 7% below the July - September period in 2007. Producers of pork, beef and turkey have been slower to contract resulting in an excess of protein on the world market as demand remains problematic.
Source: Cagle’s Inc.
Bob Evans meets Q2 goalsBob Evans Farms Inc. announced results for the 2010 second fiscal quarter ended Friday, Oct. 23, 2009. The company reported consolidated operating income of $24.9 million in the second quarter of fiscal 2010, a 22.8 percent increase compared to $20.3 million in the second quarter of fiscal 2009. This increase is due to significantly improved profitability in the food products segment, which more than offset a decline in the restaurant segment's operating income. Bob Evans also had net income of $15.5 million in the second quarter of fiscal 2010, a 36.5 percent increase compared to $11.3 million in the second quarter of fiscal 2009.
Chairman and CEO Steve Davis said strong food products performance enabled the company to meet its second-quarter operating income goals, despite challenges in the restaurant segment. "Our food products presence positions us better than most restaurant companies to capitalize on a shift in consumer spending during an economic downturn, as evidenced by our 10-percent increase of comparable pounds sold in the second quarter," Davis said. "Furthermore, by converting our food products segment from a direct-store-delivery distribution system to a warehouse model last year, we have significantly improved our sales volume and profitability. This conversion, coupled with lower sow costs, drove the improvement in our food products segment during the second quarter.
"Despite the challenges in our restaurant segment, our strong performance in the food products segment and effective cost management gives us the confidence to reaffirm our operating income outlook for the 2010 fiscal year," Davis added.
Source: Bob Evans Farms Inc.
AMI releases 10-year report on food safetyThe American Meat Institute Foundation’s 10-Year Report on its Food Safety Initiative, an effort designed to research ways to target and destroy key pathogens and to educate consumers about the role they play in ensuring safe food, among other activities, is now available.
The 36-page report highlights the Foundation’s contribution to progress and continued efforts in preventing pathogens on meat products and associated foodborne illnesses as well as its impact in other areas such as animal welfare, worker safety, nutrition and education.
The AMIF is a non-profit research, education, and information foundation established and funded by the American Meat Institute (AMI) to study ways the meat and poultry industry can produce better, safer products and operate more efficiently. Originally, created in 1944, the Foundation provides research funding to universities, private institutions, non-profit organizations and other foundations to conduct research on behalf of the industry. AMIF publicly disseminates research findings, best practices and other educational materials on a broad range of food safety, worker safety, nutrition and consumer information projects.
To view the report, go to http://amif.org/ht/a/GetDocumentAction/i/54679.
Sara Lee names chief information officerSara Lee Corp. has appointed Anne Teague to chief information officer, effective immediately. She will be based in Utrecht, The Netherlands.
Teague, 50, will be responsible for continuing the progress that the information technology organization has seen over the past five years. Teague will report to Mark Garvey, senior vice president, finance and IT, Sara Lee Corp. Teague most recently served as vice president and chief information officer for Sara Lee International. She joined Sara Lee from Heinz in 2006 where she was the European information services account manager and senior project consultant.
“We are delighted that Anne will lead our IT organization,” said Garvey. “Throughout her time with Sara Lee, Anne’s leadership and technical expertise have been an asset to our organization.”
Source: Sara Lee Corp.
NCBA Trade Show set for January 2010 in San AntonioMore than 5,000 people involved in the cattle industry are expected to attend the 2010 Cattle Industry Convention and NCBA Trade Show to be held in San Antonio, Texas Jan. 25-30. The annual event is the largest cattle industry event in the country and this year’s convention and trade show offers more education, entertainment and excitement than ever.
“They say everything is bigger in Texas and that is certainly true of the 2010 convention. It may also be one of the most important cattle industry gatherings in recent history,” says NCBA President Gary Voogt. “We will be making critical decisions that will impact the future of every beef producer in the country.”
This year’s event agenda will provide more educational sessions, entertainment options and excitement, the association promises. The three-day program provides attendees with the opportunity to form new business relationships and have a voice in the decisions that will shape the industry. Each day provides a mix of interactive seminars and business meetings to establish policy and checkoff priorities for the coming year, with evenings filled with social events for the entire family. The mix of activities provide ample opportunity for attendees to re-establish personal and business relationships with farmers and cattle ranchers from across the US.
2010 event highlights include:
* Applied Reproductive Strategies in Beef Cattle Workshop - NCBA is partnering with the Beef Reproduction Task Force to offer a workshop designed to improve understanding and management of the estrous cycle, estrus synchronization protocols, and other approaches to improving the efficiency of reproductive rates; as well as strategies to improve cowherd profitability via enhanced management techniques and strategies. Nutritional influences on reproductive success and the role of male fertility will also be covered.
* Cattlemen’s College® - Sponsored in part by Pfizer Animal Health, this educational seminar has been educating cattlemen on how to protect and improve profitability for 17 years. This year’s curriculum is designed to offer cutting edge concepts and solutions in 15 educational sessions and more opportunities for discussion and networking. Attendees gain direct access to the leading authorities on pressing industry issues, as well as discussion with other producers facing similar challenges.
* NCBA Trade Show - With more than 250 companies in attendance, this is the largest, most advanced trade show for the cattle industry. Every year groundbreaking technologies and ideas are introduced at the event, in addition to expert demonstrations on topics such as low stress cattle handling, fundamentals of horsemanship and animal processing techniques.
* NCBA Invitational Bull Riding and Clay Walker Concert – Full event registration includes a ticket to the hottest event in town. Wrap up the event watching the some of the top bull riders and toughest bulls in the world for this exclusive event sanctioned by Professional Bull Riders. Following the PBR will be a concert with country singer Clay Walker
Registration is required to attend the educational programs, business meetings, social events and the NCBA Trade Show. More details, pricing information and online registration is available at http://www.beefusa.org/convregistration.aspx.