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GOLDEN POULTRY EARNS $.20 PER SHARE IN FOURTH QUARTER, $.58 FOR FISCAL YEAR

 ATLANTA, July 22 /PRNewswire/ -- Golden Poultry Company, Inc. (NASDAQ: CHIK) today reported fourth quarter net earnings of $2,753,000, or $.20 per share, on a 6.7 percent increase in net sales to $101,522,000.
 The fourth quarter 1993 results compare with net earnings of $1,504,000, or $.11 per share, on net sales of $95,170,000 in the fourth quarter last year.
 For the fiscal year ended June 26 net earnings were $7,863,000, or $.58 per share, on net sales of $388,330,000. Golden Poultry had a loss of $3,295,000, or $.24 per share, on net sales of $336,806,000 in fiscal 1992. The 1992 loss included a net charge of $1,517,000, or $.11 per share, related to an accounting change for postretirement employee benefits.
 Fiscal 1993 net sales were up 15 percent as a result of a 12 percent increase in pounds of broiler products marketed and a five percent improvement in average selling prices, according to Harold O. Chitwood of Atlanta, chairman of the board. Consolidated sales include the sales of Carolina Golden Products Company, a partnership in which Golden Poultry owns 51 percent and Gold Kist Inc. owns 49 percent. Carolina Golden's sales were $92.4 million, up from $62.9 million in fiscal 1992. The first complete year of sales at full capacity by the company's Russellville, Ala., operation also contributed to the increase in net sales. Chitwood said margins were enhanced by a decline in feed ingredient costs of about five percent in 1993 due to the large grain harvests in 1992.
 Golden Poultry reported today that approximately $24 million of short and long-term loans provided to Carolina Golden Products by the company and Gold Kist in the same percentage as their respective partnership interests will be converted to partnership equity effective July 23.
 Golden Poultry Company is an integrated producer, processor, marketer and distributor of poultry and other food products.
 GOLDEN POULTRY COMPANY, INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 (Amounts in thousands)
 (Unaudited)
 ASSETS 6/26/93 6/27/92
 Current assets:
 Cash and cash equivalents $ 7,502 $ 2,330
 Trade accounts receivable, less allowance
 for doubtful accounts of $170 at June
 26, 1993, and $255 at June 27, 1992 15,324 13,686
 Inventories 34,155 31,174
 Other 145 453
 Total current assets 57,126 47,643
 Property, plant and equipment, net 82,407 93,856
 Other assets 1,902 2,423
 Total $141,435 $143,922
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Short-term borrowings $ --- $ 5,175
 Current portion of long-term debt 1,175 1,166
 Accounts payable 13,912 13,185
 Due to Gold Kist 5,841 2,790
 Income taxes payable 474 ---
 Accrued compensation and related expenses 4,125 2,609
 Total current liabilities 25,527 24,925
 Long-term debt, excluding current portion 7,648 8,823
 Long-term debt, payable to Gold Kist 20,000 25,000
 Other liabilities 2,473 2,664
 Total liabilities 55,648 61,412
 Minority interest in consolidated partnership 479 4,582
 Shareholders' equity:
 Preferred stock, $1.00 par value. Authorized
 1,000 shares; no shares issued --- ---
 Common stock, no stated par value. Authorized
 20,000 shares; issued and outstanding 13,508
 shares at June 26, 1993, and 13,505 shares
 at June 27, 1992 55,683 55,662
 Retained earnings 29,625 22,266
 Total shareholders' equity 85,308 77,928
 Total $141,435 $143,922
 Consolidated Statements of Operations
 (Amounts in thousands, except per share data)
 (Unaudited)
 3 mos. ended 12 mos. ended
 6/26/93 6/27/92 6/26/93 6/27/92
 Net sales $101,522 $ 95,170 $388,330 $336,806
 Cost of sales 94,399 90,206 363,407 330,759
 Gross profit 7,123 4,964 24,923 6,047
 Selling, administrative and
 general expenses 3,989 3,548 15,272 13,120
 Operating income (loss) 3,134 1,416 9,651 (7,073)
 Other (expense) income:
 Interest expense (586) (724) (2,366) (2,273)
 Miscellaneous 669 250 1,118 773
 Total 83 (474) (1,248) (1,500)
 Earnings (loss) before minority
 interest, income taxes and
 cumulative effect of change in
 accounting principle 3,217 942 8,403 (8,573)
 Minority interest in
 partnership loss 1,039 1,470 4,102 5,751
 Earnings (loss) before income taxes
 and cumulative effect of change in
 accounting principle 4,256 2,412 12,505 (2,822)
 Income tax expense (benefit) 1,503 908 4,642 (1,044)
 Earnings (loss) before cumulative
 effect of change in accounting
 principle 2,753 1,504 7,863 (1,778)
 Cumulative effect of change in
 accounting for postretirement
 benefits other than pensions
 net of income tax benefit
 of $748 --- --- --- (1,517)
 Net earnings (loss) $ 2,753 $ 1,504 $ 7,863 $ (3,295)
 Net earnings (loss) per share:
 Earnings (loss) before
 cumulative effect of change in
 accounting principle $ 0.20 $ 0.11 $ 0.58 $ (0.13)
 Cumulative effect of change
 in accounting principle --- --- --- (0.11)
 Net earnings (loss) $ 0.20 $ 0.11 $ 0.58 $ (0.24)
 Weighted average outstanding
 shares 13,508 13,505 13,507 13,504
 -0- 7/22/93
 /CONTACT: Paul G. Brower of Golden Poultry, 404-393-5312/
 (CHIK)


CO: Golden Poultry Company, Inc. ST: Georgia IN: FOD SU: ERN

RA-CF -- AT019 -- 4782 07/22/93 16:49 EDT
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Date:Jul 22, 1993
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