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GOLDEN POULTRY REPORTS EARNINGS OF $961,000 AS THIRD QUARTER SALES SURPASS $100 MILLION

 ATLANTA, April 22 /PRNewswire/ -- Golden Poultry Company, Inc. (NASDAQ: CHIK) today reported net earnings of $961,000, or $.07 per share, for the third fiscal quarter ended March 27, on net sales of $100,382,000, a new quarterly high.
 Those results compare with a net loss of $1,336,000, or $.10 per share, on net sales of $87,366,000 in the third quarter of the previous fiscal year.
 In nine months of fiscal 1993, Golden Poultry had net earnings of $5,110,000, or $.38 per share, on net sales of $286,808,000, compared to a net loss of $4,799,000, or $.36 per share, on net sales of $241,636,000, in the same period last year. The net loss last year included a net charge of $1,517,000, or $.11 per share, related to an accounting change for postretirement employee benefits.
 Year to date net sales were higher as a result of a 15 percent increase in pounds of products sold and an improvement of 6 percent in average selling prices, according to Harold O. Chitwood of Atlanta, chairman of the board. Profit margins were enhanced by a 6 percent decline in feed ingredient costs compared to the same quarter last fiscal year, Chitwood said.
 Golden Poultry Company is an integrated producer, processor, marketer and distributor of poultry and other food products.
 GOLDEN POULTRY COMPANY, INC. AND SUBSIDIARY
 Consolidated Statements of Operations
 (Amounts in thousands, except per share data)
 (Unaudited)
 3 mos. ended 9 mos. ended
 3/27/93 3/28/92 3/27/93 3/28/92
 Net sales $100,382 87,366 $286,808 241,636
 Cost of sales 95,906 87,132 269,008 240,553
 Gross profit (loss) 4,476 234 17,800 1,083
 Selling, administrative and
 general expenses 3,973 3,508 11,283 9,572
 Operating income (loss) 503 (3,274) 6,517 (8,489)
 Other (expense) income:
 Interest expense (528) (628) (1,780) (1,549)
 Miscellaneous 119 227 449 523
 Total (409) (401) (1,331) (1,026)
 Earnings (loss) before minority
 interest, income taxes and
 cumulative effect of change
 in accounting principle 94 (3,675) 5,186 (9,515)
 Minority interest in
 partnership loss 1,456 1,538 3,063 4,281
 Earnings (loss) before income
 taxes and cumulative effect of
 change in accounting
 principle 1,550 (2,137) 8,249 (5,234)
 Income tax expense (benefit) 589 (801) 3,139 (1,952)
 Earnings (loss) before
 cumulative effect of change
 in accounting principle 961 (1,336) 5,110 (3,282)
 Cumulative effect of change in
 accounting for postretirement
 benefits other than pensions,
 net of income tax benefit
 of $748 --- --- --- (1,517)
 Net earnings (loss) $ 961 (1,336)$ 5,110 (4,779)
 Net earnings (loss) per share:
 Earnings (loss) before
 cumulative effect of change
 in accounting principle $ 0.07 (0.10)$ 0.38 (0.24)
 Cumulative effect of change
 in accounting principle --- --- --- (0.11)
 Net earnings (loss) $ 0.07 (0.10)$ 0.38 (0.36)
 Weighted average outstanding
 shares 13,508 13,505 13,506 13,505
 Cash dividends per share $ 0.01 0.01 $ 0.03 0.03
 GOLDEN POULTRY COMPANY, INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 (Amounts in thousands)
 (Unaudited)
 3/27/93 6/27/92
 ASSETS
 Current Assets:
 Cash and cash equivalents $ 5,950 $ 2,330
 Trade accounts receivable less
 allowance for doubtful accounts
 of $243 at 3/27/93 and $255 at
 6/27/92 15,862 13,686
 Inventories 31,155 31,174
 Other 1,163 453
 Total current assets 54,130 47,643
 Property, plant and equipment, net 84,669 93,856
 Other assets 2,097 2,423
 Total $ 140,896 $ 143,922
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Short-term borrowings --- 5,175
 Current portion of long-term debt 1,166 1,166
 Accounts payable 16,581 13,185
 Due to Gold Kist 4,536 2,790
 Accrued compensation and related
 expenses 3,503 2,609
 Total current liabilities 25,786 24,925
 Long-term debt, excluding current
 portion 7,837 8,823
 Long-term debt, payable to Gold Kist 20,000 25,000
 Other liabilities 3,064 2,664
 Total liabilities 56,687 61,412
 Minority interest in consolidated
 partnership 1,519 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
 3/27/93 and 13,505 shares at
 6/27/92 42,330 42,309
 Retained earnings 40,360 35,619
 Total shareholders' equity 82,690 77,928
 Total $ 140,896 $ 143,992
 -0- 4/22/93
 /CONTACT: Paul G. Brower of Golden Poultry, 404-393-5312/
 (CHIK)


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

RA-BN -- AT017 -- 9708 04/22/93 16:36 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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