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Cagle's Reports Improving Results

12 February 2010

US - Poultry processsor Cagle's Inc has reported increases in both the volume and value of sales during the first three quarters of the current financial year compared to the same period a year previously.

Cagle's Inc. reported a net loss of $0.3 million or $0.08 per share for the third quarter of fiscal year 2010 compared to a net loss of $2.5 million or $0.54 per share for the third quarter of fiscal 2009. For the first nine months of fiscal 2010, net income was $1.6 million or $0.35 per share compared with a net loss of $11.0 million or $2.36 per share for the first nine months of fiscal 2009.

Revenues for the third quarter were $70.4 million down 4.2 per cent and pounds sold decreased 2.0 per cent, both due to a 13-week period in 2010 versus a 14-week period in 2009. For the nine-month period, revenues were $236.0 million up 4.4 per cent and sales pounds increased 2.7 per cent when compared to the same period in the prior year.

Quoted market prices for the third quarter of fiscal 2010 versus the same period last year fluctuated as boneless breast increased nine per cent, breast tenders increased 15 per cent, wings increased 36 per cent, drums decreased two per cent, leg quarters were six per cent lower and whole birds without giblets were 12 per cent less.

Cost of sales for the third quarter of fiscal 2010 decreased 8.2 per cent as compared with the same period last year, from $72.9 million to $66.9 million due to the 13-week period versus the prior year 14-week period and a 2.0 per cent decrease in pounds sold coupled with a 7.1 per cent reduction in the cost of feed. For the first nine months of 2010, cost of sales was $220.5 million, down 4.2 per cent from fiscal 2009.

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