Income for Golden Oval Eggs, LLC, was up 20 percent in the third fiscal quarter 2007 compared to the same quarter last year, the company reported last month. The positive income of $1.3 million was also the first quarter of the current fiscal year to report an operating profit, the company says.
Net sales for the third quarter were $53 million, an increase of $33.8 million, or 176 percent over the third quarter of the prior fiscal year. Business acquired in the MoArk liquid egg business acquisition accounted for $33.3 million of 98 percent of the increase. The remainder of the increase is from the company’s interest in United Mills, and is due to an increase in sales because of higher feed costs.
Net income for the quarter ended May 31 was a loss of $1 million, compared to a profit of $500,000 the same period a year ago. Net income for the nine months ended May 31 resulted in a loss of $9.4 million, compared to a profit of $2.7 million the same period a year ago. Net sales for the nine months of fiscal 2007 were $147.1 million, an increase of $89.8 million, or 157 percent over the first nine months of the prior fiscal year.
The average selling price per pound for the quarter increased from 35.3 cents to 56.4 cents, an increase of 21.1 cents, or 59.8 percent over the prior year same period, with 15.7 cents due to the inclusion of further processed products which command a higher selling price per pound, as well as overall strengthening in liquid whole egg prices at the Renville, Minn., and Thompson, Iowa, facilities.
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