CAGLES INC

CIK:0000016104|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Net sales	$ 81,873	$ 78,571
Costs and expenses
Cost of sales	86,683	68,215
Selling and delivery	2,220	2,447
General and administrative	1,507	2,098
Total costs and expenses	90,410	72,760
Operating income (loss)	(8,537)	5,811
Other income (expense)
Interest expense	(420)	(381)
Other income (expense), net	(4)	4
Total other expense, net	(424)	(377)
Income (loss) before income taxes	(8,961)	5,434
Income tax expense (benefit)	(3,226)	1,956
Net income (loss)	$ (5,735)	$ 3,478
Weighted-average common shares outstanding
Basic and diluted (in shares)	4,616	4,616
Net Income (Loss)
Basic and diluted (in dollars per share)	$ (1.24)	$ 0.75
Dividends (in dollars per share)	$ 0

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands	3 Months Ended
	Jul. 02, 2011	Jul. 03, 2010
Cash flows from operating activities
Net income (loss)	$ (5,735)	$ 3,478
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation	1,059	1,222
Amortization	32	15
(Gain) loss on sale of property, plant and equipment	5	(4)
Deferred income tax expense (benefit)	(3,226)	1,956
Changes in operating assets and liabilities
Trade accounts receivable, net	782	1,030
Inventories	(2,006)	(1,403)
Other current assets	(255)	(441)
Accounts payable	1,345	(1,071)
Accrued expenses and compensation	(506)	539
Net cash provided by (used in) operating activities	(8,505)	5,321
Cash flows from investing activities
Purchases of property, plant and equipment	(64)	(2,338)
Proceeds from sale of property, plant and equipment		4
Net cash used in investing activities	(64)	(2,334)
Cash flows from financing activities
Proceeds on revolving line of credit	23,850	12,875
Payments on revolving line of credit	(18,150)	(17,200)
Payments of long-term debt	(705)	(653)
Increase in negative book cash balances	3,226	1,997
Payments of deferred financing costs	(72)
Net cash provided by (used in) financing activities	8,149	(2,981)
Net increase (decrease) in cash	(420)	6
Cash - beginning of period	1,370	1,872
Cash - end of period	950	1,878
Cash paid during the period for:
Interest	$ 277	$ 380

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jul. 02, 2011	Apr. 02, 2011
Current assets
Cash	$ 950	$ 1,370
Trade accounts receivable, less allowance for doubtful accounts of $257 at July 2011 and April 2011	15,100	15,882
Inventories	33,996	31,990
Other current assets	562	307
Total current assets	50,608	49,549
Property, plant and equipment, at cost
Land	1,976	1,976
Buildings and improvements	59,896	59,896
Machinery, furniture and equipment	45,022	45,645
Vehicles	5,678	5,639
Construction in progress	6	115
Property, plant and equipment, gross	112,578	113,271
Accumulated depreciation	(80,333)	(80,026)
Property, plant and equipment, net	32,245	33,245
Other assets
Deferred financing costs, net	132	92
Deferred income taxes	7,788	6,175
Other assets	1,252	1,252
Total other assets	9,172	7,519
Total assets	92,025	90,313
Current liabilities
Current maturities of long-term debt	10,401	9,127
Accounts payable	26,917	22,346
Accrued expenses and compensation	5,288	5,794
Deferred income taxes	384	1,997
Total current liabilities	42,990	39,264
Long-term debt, less current maturities	20,001	16,280
Stockholders' equity
Preferred stock, $1 par value; 1,000 shares authorized, none issued
Common stock, $1 par value; 9,000 shares authorized, 4,616 shares issued and outstanding at July 2011 and April 2011	4,616	4,616
Additional paid-in capital	3,520	3,520
Retained earnings	20,898	26,633
Total stockholders' equity	29,034	34,769
Total liabilities and stockholders' equity	$ 92,025	$ 90,313