Gold Kist Inc. Reports Fourth Quarter and Fiscal 2004 Results
ATLANTA, Ga. (August 26, 2004) – Gold Kist Inc. today reported financial
results for the fourth quarter and fiscal year ended June 26, 2004. For the
fourth fiscal quarter, net margins were $54.1 million, compared with net margins
of $14.6 million in the same quarter last year. Fourth quarter sales were $631.5
million, compared with $490.6 million for the year-earlier period.
For the fiscal year ended June 26, 2004, the company reported net margins of
$110.9 million, compared with a net loss of $51.5 million, for the prior year.
Sales for fiscal 2004 increased 21.9 percent to $2.3 billion from $1.9 billion
for fiscal 2003.
"The increase in net sales was due primarily to an approximate 22 percent
increase in average broiler sales prices for the fiscal year, slightly offset
by a decrease in broiler pounds produced," said John Bekkers, president
and chief executive officer. "Increased margins for the year also resulted
from higher broiler selling prices, partially offset by higher feed ingredient
costs, particularly soybean meal, which was 29.2 percent higher per ton for
fiscal 2004 compared with fiscal 2003."
Gold Kist Inc. will hold a conference call to discuss this press release today,
August 26, 2004, at 2:00 p.m. Eastern time. Investors will have the opportunity
to listen to a live Internet broadcast of the conference call through the Company`s
Web site at www.goldkist.com or through www.fulldisclosure.com. To listen to
the live call, please go to the Web site at least 15 minutes early to register
and download and install any necessary audio software. For those who cannot
listen to the live broadcast, an Internet replay will be available shortly after
the call and continue through September 5, 2004. If Internet access is unavailable,
you may participate on the live call by telephone by dialing (800) 289-0518.
The confirmation number for this call is 179537.
About Gold Kist
Gold Kist is the third largest integrated broiler company in the United States,
accounting for more than 9 percent of chicken, or broiler, meat produced in
the United States in 2003. Gold Kist operates a fully-integrated broiler production
business that provides processing, purchasing and marketing services to its
contract growers. Gold Kist’s broiler production operations include nine
broiler complexes located in Alabama, Florida, Georgia, North Carolina and South
Carolina. For more information, visit our website at www.goldkist.com. As previously
announced Gold Kist is in the process of seeking the approval of its members
for conversion of Gold Kist from a cooperative marketing association organized
under the Georgia Cooperative Marketing Act to a for profit corporation organized
under the laws of the State of Delaware. Gold Kist Holdings Inc. has filed with
the Securities and Exchange Commission a registration statement on Form S-4
relating to the conversion that was declared effective on August 13, 2004 and
first delivered to members on August 16, 2004.