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Sanderson Farms, Inc. Reports Results For Second Quarter Of Fiscal 2012

Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of Sanderson Farms. Each such statement speaks only as of the day it was made. The Company undertakes no obligation to update or to revise any forward-looking statements. The factors described above cannot be controlled by the Company. When used in this press release or in the related conference call, the words “believes”, “estimates”, “plans”, “expects”, “should”, “outlook”, and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Examples of forward-looking statements include statements of the Company’s belief about future earnings, production levels, grain prices, supply and demand factors, and other industry conditions.

 
 

SANDERSON FARMS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements ofIncome

(Unaudited)

(In thousands, except per share amounts)

       
 
 

Three Months Ended

Six Months Ended

April 30,

April 30,

2012

2011

2012

2011

Net sales $ 595,046 $ 479,342 $ 1,112,872 $ 907,074
Costs and expenses:
Cost of sales 535,901 479,366 1,044,905 938,305
Live inventory adjustment 0 6,000 0 6,000
Selling, general and administrative   18,165     16,813     36,068     37,224  
  554,066     502,179     1,080,973     981,529  
Operating income (loss) 40,980 (22,837 ) 31,899 (74,455 )
 
Other income (expense):
Interest income 4 9 6 30
Interest expense (2,426 ) (1,491 ) (5,388 ) (1,947 )
Other   (1 )   468     (565 )   497  
  (2,423 )   (1,014 )   (5,947 )   (1,420 )
 
Income (loss) before income taxes 38,557 (23,851 ) 25,952 (75,875 )
Income tax expense (benefit)   14,692   (7,575 )   10,076     (26,043 )
Net income (loss) $ 23,865   $ (16,276 ) $ 15,876   $ (49,832 )
 
Basic earnings (loss) per share $ 1.04   $ (0.74 ) $ 0.69   $ (2.25 )
Diluted earnings (loss) per share $ 1.04   $ (0.74 ) $ 0.69   $ (2.25 )
Dividends per share $ 0.17   $ 0.17   $ 0.34   $ 0.34  
 
 
 

SANDERSON FARMS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

     

April 30,

October 31,

2012

2011

(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 7,693 $ 11,075
Accounts receivable, net 101,852 94,021
Inventories 213,142 211,753
Refundable income taxes 2,387 88,512
Deferred income taxes 3,886 6,357
Prepaid expenses and other current assets   26,819     26,240  
Total current assets 355,779 437,958
 
 
Property, plant and equipment 965,849 939,535
Less accumulated depreciation   (462,121 )   (434,030 )
503,728 505,505
 
Other assets   4,409     5,058  
 
Total assets $ 863,916   $ 948,521  
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 98,268 $ 102,556
Current maturities of long-term debt   11,106     11,106  
Total current liabilities 109,374 113,662
 
Long-term debt, less current maturities 178,116 273,670
Claims payable 4,200 3,300
Deferred income taxes 54,786 50,989
Stockholders' equity:
Common stock 22,969 22,872
Paid-in capital 132,903 130,528
Retained earnings   361,568     353,500  
Total stockholders’ equity   517,440     506,900  
$ 863,916   $ 948,521  
 

SAFM-G

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