Cagle's Inc. reports net income of $2.5 million or $0.55 per share for fiscal year 2010 compared to a net (loss) of ($11.5) million or ($2.48) per share for fiscal year 2009, according to a press release from the company.
Revenue increased to $307.1 million or 5.0% from fiscal 2009. Quoted markets were variable with breast, wings and tenders up, while all dark meat items were down. Cost of sales decreased $7.3 million or 2.5% from last year reflecting lower feed cost of $32 per ton or 11.2%.
Cagle's saw improvements in key financial ratios for fiscal 2010 as it reduced debt and vendor obligations by $7.7 million or 14.9%, and stockholders' equity increased by 10.5% or $3.4 million.