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GOLDEN POULTRY COMPANY REPORTS LOSS FOR SECOND FISCAL QUARTER

 GOLDEN POULTRY COMPANY REPORTS LOSS FOR SECOND FISCAL QUARTER
 ATLANTA, Jan. 30 /PRNewswire/ -- Golden Poultry Company, Inc. (NASDAQ: CHIK) today reported a net loss of $2,477,000, or $.20 per share, on net sales of $77,956,000 for the second quarter of the fiscal year ended Dec. 28, 1991.
 Those results compare to a net loss of $295,000, or $.03 per share, on net sales of $56,907,000 in the second quarter ended Dec. 29, 1990.
 For the first six months of fiscal 1992, Golden Poultry had a net loss of $1,946,000, or $.16 per share, on net sales of $154,270,000. In the first half of the prior fiscal year, the company reported net earnings of $940,000, or $.09 per share, on net sales of $112,566,000. There were 12,276,833 shares outstanding in December 1991, up from 10,681,283 shares outstanding in December 1990.
 Chairman Don W. Sands said continued start-up costs at processing plants in Alabama and South Carolina and slightly lower broiler prices accounted for the losses in the first and second quarters of fiscal 1992. Both plants are adding second shift processing operations, Sands noted, and a new feed mill for the Alabama complex will go into operation in the third quarter. These improvements in efficiency should reduce costs in the last half of the year. Lower broiler prices were the result of the traditional decline in broiler demand during the holiday period and an abundance of poultry and red meat coming to market, Sands said.
 Golden Poultry Company is a producer, processor, marketer and distributor of poultry and other food products.
 GOLDEN POULTRY COMPANY, INC. AND SUBSIDIARY
 Consolidated Balance Sheets
 12/28/91 6/29/91
 (unaudited)
 ASSETS
 Current assets:
 Cash $ 1,827,000 $ 1,590,000
 Trade accounts receivable less allowance
 for doubtful accounts of $151,000 at
 Dec. 28, 1991, and $153,000 at June
 29, 1991 14,677,000 13,844,000
 Inventories 30,103,000 23,281,000
 Other 3,406,000 428,000
 Total current assets 50,013,000 39,143,000
 Unexpended construction proceeds 1,813,000 4,205,000
 Property, plant and equipment, net 95,087,000 92,970,000
 Other assets 128,000 152,000
 Total $147,041,000 $136,470,000
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Short-term borrowings $ 9,850,000 $ 3,100,000
 Current portion of long-term debt 1,157,000 1,157,000
 Accounts payable 13,356,000 13,627,000
 Due to Gold Kist Inc. 2,529,000 2,720,000
 Income taxes payable --- 849,000
 Accrued compensation and related expenses 3,225,000 2,740,000
 Total current liabilities 30,117,000 24,193,000
 Long-term debt, excluding current portion 9,636,000 9,988,000
 Long-term debt, payable to Gold Kist Inc. 20,000,000 10,000,000
 Deferred income taxes 176,000 253,000
 Total liabilities 59,929,000 44,434,000
 Minority interest in consol. partnership 7,590,000 10,333,000
 Shareholders' equity:
 Preferred stock, $1.00 par value.
 Authorized 1,000,000 shares; no shares
 issued --- ---
 Common stock, no stated par value.
 Authorized 20,000,000 shares; issued
 12,276,833 shares at Dec. 28, 1991, and
 12,275,033 shares at June 29, 1991 42,309,000 42,297,000
 Retained earnings 37,213,000 39,406,000
 Total shareholders' equity 79,522,000 81,703,000
 Total $147,041,000 $136,470,000
 Consolidated Statements of Operations
 (Unaudited)
 3 mos. ended 6 mos. ended
 12/28/91 12/29/90 12/28/91 12/29/90
 Net sales $77,956,000 $56,907,000 $154,270,000 $112,566,000
 Cost of sales 79,857,000 55,219,000 153,421,000 107,051,000
 Gross profit (loss) (1,901,000) 1,688,000 849,000 5,515,000
 Selling, admin. and
 gen. expenses 3,010,000 2,394,000 6,064,000 4,584,000
 Oper. inc. (loss) (4,911,000) (706,000) (5,215,000) 931,000
 Other (expense) income:
 Interest expense (490,000) --- (921,000) ---
 Interest income --- 153,000 --- 457,000
 Miscellaneous 203,000 71,000 296,000 131,000
 Total (287,000) 224,000 (625,000) 588,000
 Earns. (loss) bef. min. interest
 and income taxes (5,198,000) (482,000) (5,840,000) 1,519,000
 Minority interest in
 loss 1,237,000 --- 2,743,000 ---
 Earnings (loss) before
 inc. taxes (3,961,000) (482,000) (3,097,000) 1,519,000
 Income taxes (1,484,000) (187,000) (1,151,000) 579,000
 Net earns. (loss) $(2,477,000)$ (295,000)$ (1,946,000)$ 940,000
 Net earns. (loss) per
 share based on wtd. avg.
 outstanding shares $(.20) $(.03) $(.16) $.09
 Wtd. avg. outstanding
 shares 12,276,000 10,681,000 12,276,000 10,680,000
 Dividends per share $.01 $.01 $.02 $.02
 -0- 1/30/92
 /CONTACT: P.G. Brower of Golden Poultry, 404-393-5312/
 (CHIK) CO: Golden Poultry Company, Inc. ST: Georgia IN: FOD SU: ERN


BN-BR -- AT017 -- 5463 01/30/92 16:46 EST
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Date:Jan 30, 1992
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