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FOURTH QUARTER EARNINGS OF $1.5 MILLION REDUCE GOLDEN POULTRY FISCAL YEAR LOSS

 FOURTH QUARTER EARNINGS OF $1.5 MILLION REDUCE GOLDEN POULTRY
 FISCAL YEAR LOSS
 ATLANTA, July 23 /PRNewswire/ -- Golden Poultry Co., Inc. (NASDAQ: CHIK) today reported fourth quarter earnings of $1,504,000, or $.12 per share, on net sales of $95,170,000.
 Net earnings were $1,541,000, or $.13 per share, on net sales of $77,990,000 in the fourth quarter of fiscal 1991.
 For the fiscal year ended June 27, Golden Poultry had a net loss, before a change in accounting, of $1,778,000, or $.15 per share, on net sales of $336,806,000. That compares with net earnings of $2,798,000, or $.25 per share, on net sales of $260,970,000 in fiscal 1991. A change in accounting for postretirement benefits other than pensions required by the FASB's new Accounting Standard 106 resulted in an after- tax charge of $1,517,000, or $.12 per share, increasing the fiscal 1992 net loss to $3,295,000, or $.27 per share.
 The company returned to profitable operations in the fourth quarter after recording losses in the two previous quarters. Sales were up 22 percent over the fourth quarter of the prior year due to an increase in pounds of products sold, according to Chairman Don W. Sands. A new processing plant at Russellville, Ala., reached full production of 830,000 chickens per week in April. Carolina Golden Products Company, a joint venture operation at Sumter, S.C., in which Golden Poultry has 51 percent ownership, produced an average of 475,000 chickens per week in fiscal 1992 and is increasing its capacity to 950,000 chickens per week in the first quarter of fiscal 1993. Average Georgia Dock wholesale broiler prices were 1 percent lower in fiscal 1992, and feed ingredient costs rose by about 1 percent. Burdensome supples of red meat and poultry came to market in 1992, Sands noted, and these market conditions are expected to continue to restrict margin improvement for six to nine months.
 Golden Poultry Company is an integrated producer, processor, marketer and distributor of poultry and other foods.
 GOLDEN POULTRY COMPANY, INC.
 Consolidated Statements of Operations
 Qtrs. ended Years ended
 6/27/92 6/29/91 6/27/92 6/29/91
 Net sales $ 95,170 $ 77,990 $336,806 $260,970
 Cost of sales 90,206 73,282 330,759 247,987
 Gross profit 4,964 4,708 6,047 12,983
 Selling, administrative and
 general expenses 3,548 3,438 13,120 10,805
 Operating income (loss) 1,416 1,270 (7,073) 2,178
 Other (expense) income:
 Interest expense (724) (282) (2,273) (463)
 Interest income 3 2 6 494
 Miscellaneous 247 113 767 293
 Total (474) (167) (1,500) 324
 Earnings (loss) before minority
 interest, income taxes and
 cumulative effect of acctng.
 change 942 1,103 (8,573) 2,502
 Minority interest in
 partnership loss 1,470 1,247 5,751 1,917
 Earnings (loss) before income
 taxes and cumulative effect of
 accounting change 2,412 2,350 (2,822) 4,419
 Income tax expense (benefit) 908 809 (1,044) 1,621
 Net earnings (loss) before
 cumulative effect of accounting
 change 1,504 1,541 (1,778) 2,798
 Cumulative effect of change in
 accounting for postretirement
 benefits other than pensions
 (net of income tax benefit
 of $747) --- --- (1,517) ---
 Net earnings (loss) $ 1,504 $ 1,541 $(3,295) $ 2,798
 Net earnings (loss) per share
 before cumulative effect of
 accounting change $ 0.12 $ 0.13 $ (0.15) $ 0.25
 Per share s (loss) per
 share $ 0.12 $ 0.13 $ (0.27) $ 0.25
 -0- 7/23/92
 /CONTACT: P.G. Brower of Golden Poultry, 404-393-5312/
 (CHIK) CO: Golden Poultry Company, Inc. ST: Georgia IN: FOD SU: ERN


EA-BN -- AT024 -- 2744 07/23/92 17:01 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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