Sanderson Farms records loss despite increased sales
by MBJ Staff
Published: December 20,2011
LAUREL — Sanderson Farms Inc. reported net sales for the fourth quarter of fiscal 2011 were $559.8 million, compared with $529.1 million for the same period a year ago.
For the quarter, the poultry company reported a net loss of $21.6 million, or $0.97 per share, compared with net income of $47.8 million, or $2.08 per share, for the fourth quarter of fiscal 2010. The net loss for the quarter includes an adjustment of $9 million, or $0.27 per share net of income taxes, to record live inventories on hand at Oct. 31, 2011, at the lower of cost or market as required by generally accepted accounting principles.
Net sales for fiscal 2011 were $1.978 billion, compared with $1.925 billion for fiscal 2010. The net loss for the year totaled $127.1 million, or $5.74 per share, compared with net income of $134.8 million, or $6.07 per share, for last year. The net loss for the fiscal year also includes the inventory adjustment described above.
“The fourth quarter of fiscal 2011 marked the end of a challenging year for Sanderson Farms and the poultry industry,” said Joe F. Sanderson Jr., chairman and CEO of Sanderson Farms. “Our results reflect the combination of weaker poultry markets throughout the year and the significantly higher feed grain costs we experienced during the entire year.”
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