Laurel, MS - Sanderson Farms, Inc reported results for the first quarter of fiscal 1998. For the three months ended January 31, 1998, net sales were $113.7 million compared with $115.6 million for the first quarter of fiscal 1997. The Company reported a net loss for the quarter of $3,950,000, or $.27 per basic and diluted share, compared with net income of $3,578,000, or $.25 per share, for the same period last year.
Joe F. Sanderson, Jr., Chairman and Chief Executive Officer of Sanderson Farms, stated, "The Company's results for the first quarter are due to a significant decline in market prices for poultry products. A simple average of the Georgia dock price shows that market prices were approximately 13.3% lower in the first quarter of fiscal 1998 than in the same quarter last year. The severity of the decline in market prices more than offset a 7.6% increase in pounds of poultry products sold by Sanderson Farms.
"Fiscal 1998 has started out to be the third consecutive year of difficult market conditions for the poultry industry. As we have done during such times in the past, we will focus on making our operations as efficient as possible, maintaining a sound balance sheet and keeping Sanderson Farms well positioned for improved market conditions," concluded Sanderson.
Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared food items.
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