The earnings for the Renville, Minn., company were on net sales for the quarter in 2008 of $55.3 million, an increase of $9.9 million, or 21.8 percent over the second quarter in the prior fiscal year.
Pounds sold in the second quarter were 69.6 million, a decrease of 23.7 percent. The decrease is due to a significant reduction of the Millersburg, Ohio facility egg supply, which resulted in an impairment charge in the fiscal year ended Aug. 31, 2007. Additional causes of the decline include a decrease in pounds available to sell from production from the Renville, Minn., and Thompson, Iowa, facilities as a result of reductions in flock sizes associated with an increase in the amount of space allotted to each bird in compliance with animal care guidelines promulgated by industry groups, the company says. The average selling price per pound sold increased from 46.8 cents to 74.5 cents, a 59.1 percent increase over year-earlier levels, as a result of higher prices executed in an environment of sharply increased liquid egg markets.
For the six months ended Feb. 29, Golden Oval showed net income of $6.5 million, compared to a net loss of $8.4 million for the same period a year earlier. Net sales for the first half of 2008 were $108.5 million, an increase of 15.4 percent over net sales of the first half of the prior fiscal year.
