Grainnet

Atlanta—Cagle's Inc. (AMEX:CGL.A) 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.

Full Cagle's Report

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 mid-west 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.

For more information, call 404-355-2820.

See Related Websites/Articles:

• Cagle's Inc.
• Full Cagle's Report

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