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Perdigao Moves To Net Loss

Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.

On March 23, 2009, Perdigao S/A (PDA) reported that it swung to net loss in Q4 FY08, due to the recognition of a portion of the goodwill on acquisitions and the negative impact of foreign currency translation. Net loss during the latest fourth quarter was Brazilian Reais (R$) 20.00 million or R$0.10 per share, compared to a net profit of R$98.00 million or R$0.53 per share in Q4 FY07. Adjusted net income stood at R$8.00 million.

During Q4 FY08, net sales soared 59.1% to R$3.06 billion from R$1.92 billion a year ago, driven by 56.8% increase in total sales volume and higher revenue from the domestic and export market. Export sales rose 51.1% to R$1.30 billion from R$859.00 million, driven by higher demand from traditional markets. Revenue from the Domestic market increased 60.8% to R$2.28 billion from R$1.42 billion a year ago. The reported growth was primarily due to a 17.0% rise in sales volumes of meat products and 321.8% for dairy products.

Gross profit margin improved 89 basis points to 29.82% from 28.93% in Q4 FY07. EBITDA margin improved 272 basis points to 15.21% from 12.49% a year ago. Capital expenditure during the quarter decreased 60.1% to R$116.00 million from R$291.00 million in the prior year's quarter.

Recently, the company announced that it will reallocate the processing operations of Cotoches in Rio Casca and Elege in Ivoti, in order to optimize the operations of the nine others plants, in five Brazilian states.

For FY08, net income was R$54.00 million or R$0.26 per share, down 83.2% from R$321.00 million or $1.73 per share in FY07. Adjusted net income declined 53.7% to R$155.00 million from R$335.00 million. Annual net revenue surged 71.8% to R$11.39 billion from R$6.63 billion a year ago.

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