Printer Friendly

GOLDEN POULTRY HAS STRONG FIRST QUARTER; HAROLD O. CHITWOOD ELECTED CHAIRMAN

 GOLDEN POULTRY HAS STRONG FIRST QUARTER;
 HAROLD O. CHITWOOD ELECTED CHAIRMAN
 ATLANTA, Oct. 21 /PRNewswire/ -- Golden Poultry Company, Inc. (NASDAQ: CHIK) today reported net earnings of $1,892,000, or $.15 per share, for the quarter ended Sept. 26.
 Those results compare with net earnings of $531,000, or $0.04 per share, in the same period last year before the cumulative effect of a change in accounting principle.
 Net sales were $92,960,000 for the current quarter, up 22 percent from the previous year's first quarter net sales of $76,314,000.
 The accounting change involved postretirement employee benefits other than pensions which resulted in a net charge of $1,517,000, or $.12 per share, contributing to a net loss in the quarter ended Sept. 28, 1991, of $986,000, or $.08 per share.
 Three factors were primarily responsible for the earnings improvement over the previous year. They were increased operating efficiency related to increased production levels at new and expanded processing plants, slightly higher average selling prices and lower feed ingredient costs.
 Harold O. Chitwood of Atlanta was elected chairman of the board, replacing Don W. Sands, who retired. Chitwood, 62, is chief executive officer of Gold Kist Inc., the parent firm of Golden Poultry Company. Succeeding him as vice chairman is Gaylord O. Coan of Atlanta, president and chief operating officer of Gold Kist.
 Chitwood, whose 35-year career with Gold Kist Inc. started as a poultry plant superintendent at Boaz, Ala., has been chief executive officer and chairman of the management committee of Gold Kist since 1991. He was executive vice president, chief operating officer and a member of the management executive committee for two years, and prior to that was executive vice president of the Gold Kist Poultry Group, heading the third-largest processor in the United States. He is chairman of Agri International, Inc., Luker Inc., and AgraTech Seeds Inc., which are owned by Gold Kist, and is a director of NationsBank of Georgia, Highland Exchange Service Cooperative at Waverly, Fla., Intrade-Toepfer Holding GmbH of Hamburg, Germany, and the National Council of Farmer Cooperatives in Washington.
 Chitwood is a past chairman of the National Broiler Council in Washington and a past president of the Georgia Poultry Federation and the Alabama and Georgia Poultry Processors Associations. He received a degree in business administration from the University of Alabama.
 Coan, 57, joined Gold Kist in 1959. He managed a retail store at Waycross, Ga., for two years and was promoted to director of field services for the cooperative's grain division in the Atlanta headquarters in 1961. Coan later headed the grain, soybean and peanut buying and processing group, and was named president of Golden Peanut Company, a joint venture partnership, when it was formed in 1986. He returned to Gold Kist as executive vice president and member of the management executive committee in 1990.
 He is a director of Gold Kist subsidiary companies, Georgians for Better Transportation and the Atlanta Athletic Club. Coan is a native of Fitzgerald, Ga., and received a degree in agricultural economics from the University of Georgia.
 Shareholders re-elected three members of the board of directors. They are Sands, John W. McIntyre, retired chairman of C&S National Bank, and W.W. Gaston, chairman of the Cotton States Insurance Companies.
 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 9/26/92 9/28/91
 Net sales $92,960 $76,314
 Cost of sales 86,770 73,564
 Gross profit 6,190 2,750
 Selling, administrative and
 general expenses 3,434 3,054
 Operating income (loss) 2,756 (304)
 Other (expense) income:
 Interest expense (662) (431)
 Miscellaneous 119 93
 Total (543) (338)
 Earnings before minority
 interest, income taxes and
 cumulative effect of change
 in accounting principle 2,213 (642)
 Minority interest in
 partnership loss 855 1,506
 Earnings before income taxes
 and cumulative effect of change
 in accounting principle 3,068 864
 Income taxes 1,176 333
 Earnings before cumulative
 effect of change in accounting
 principle 1,892 531
 Cumulative effect of change in
 accounting for postretirement
 benefits other than pensions
 (net of income tax benefit
 of $748) --- (1,517)
 Net earnings (loss) $ 1,892 $ (986)
 Net earnings (loss) per share:
 Earnings before cumulative
 effect of change in accounting
 principle $ 0.15 $ 0.04
 Cumulative effect of change
 in accounting principle --- (0.12)
 Net earnings (loss) $ 0.15 $ (0.08)
 -0- 10/21/92
 /CONTACT: Paul G. Brower of Golden Poultry, 404-393-5317/
 (CHIK) CO: Golden Poultry Company, Inc. ST: Georgia IN: FOD SU: ERN PER


BR-BN -- AT014 -- 3130 10/21/92 17:04 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1992
Words:791
Previous Article:PANHANDLE EASTERN CORPORATION REPORTS INCREASED THIRD QUARTER EARNINGS
Next Article:PRESTON REPORTS RESULTS
Topics:


Related Articles
GOLDEN POULTRY EARNS $2.257 MILLION IN SECOND QUARTER; BOARD AUTHORIZES STOCK AND QUARTERLY CASH DIVIDENDS
GOLDEN POULTRY REPORTS EARNINGS OF $961,000 AS THIRD QUARTER SALES SURPASS $100 MILLION
GOLDEN POULTRY EARNS $.20 PER SHARE IN FOURTH QUARTER, $.58 FOR FISCAL YEAR
GOLDEN POULTRY EARNS $.17 PER SHARE IN FIRST QUARTER AS SALES INCREASE 14 PERCENT
GOLDEN POULTRY EARNS $.08 PER SHARE
HIGH FEED INGREDIENT COSTS BLAMED FOR GOLDEN POULTRY THIRD QUARTER LOSS
HIGHER COSTS, LOWER SELLING PRICES REDUCE EARNINGS OF GOLDEN POULTRY
GOLDEN POULTRY REPORTS LOSS, BOARD APPROVES STOCK REPURCHASES
GOLDEN POULTRY EARNED $2.7 MILLION IN FISCAL 1995; BEKKERS ELECTED DIRECTOR
GOLDEN POULTRY EARNINGS REBOUND AS FIRST QUARTER SALES RISE 12.9%

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters