The poultry producer Sanderson Farms Inc., based in Laurel, Miss., reported results for its fiscal year and fourth quarter ending October 31, 2009.
Net income was $82.3 million for the fiscal year, or $3.99 a share, compared with an unadjusted net loss of $11.0 million and an adjusted net loss of $43.1 million in fiscal 2008, and net sales were $1.789 billion, up 3.8% from the previous year. Adjustments included unreimbursed expenses from Hurricanes Gustav and Ike and a revision of inventory values to the lower of cost or market worth.
For the fourth quarter of fiscal 2009, net sales were $469.0 million, up from $460.2 in the fourth quarter of fiscal 2008. Net income was $19.9 million, or $0.96 a share, compared with an unadjusted net loss of $21.5 million and an adjusted net loss of $51.9 million in the fourth quarter of fiscal 2008.
Joe F. Sanderson Jr., chairman and chief executive officer of Sanderson Farms, said the improved performance reflected the growth of the company’s Waco, Texas, facility and lower grain prices. He said total feed costs in fiscal 2009 were 10% lower than in fiscal 2008.
Sanderson said the company had $636.2 million in assets, stockholders’ equity of $430.7 million, net working capital of $162.7 million and long-term debt of $103.1 million as of October 31, 2009.