Sanderson Farms reports $127 million net loss for for fiscal 2011
Sanderson Farms Inc. reported results for the fourth quarter and fiscal year ended October 31, 2011. Net sales for the fourth quarter of fiscal 2011 were $559.8 million compared with $529.1 million for the same period a year ago. For the quarter, the company reported a net loss of $21.6 million, or $0.97 per share, compared with net income of $47.8 million, or $2.08 per share, for the fourth quarter of fiscal 2010. The net loss for the quarter includes an adjustment of $9 million, or $0.27 per share net of income taxes, to record live inventories on hand at October 31, 2011, at the lower of cost or market as required by generally accepted accounting principles.
Net sales for fiscal 2011 were $1.978 billion compared with $1.925 billion for fiscal 2010. The net loss for the year totaled $127.1 million, or $5.74 per share, compared with net income of $134.8 million, or $6.07 per share, for last year. The net loss for the fiscal year also includes the inventory adjustment described above.