SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
For the fiscal year ended April 1, 2000
Commission File Number 1-7138
Cagle's, Inc.
Exact Name of Registrant
Georgia 58-0625713
State of Incorporation IRS Employer Identified Number
Securities Registered pursuant to Section 12(B) of the act.
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Part IV
Item 14. Exhibits Financial statement schedules and reports on Form 8-K
The purpose of this Form 10K/A is to correct clerical errors discovered
in Note #6 to the financial statements.
Note 6(Amended)
6. INVESTMENTS IN AND RECEIVABLE FROM UNCONSOLIDATED AFFILIATES
On March 26, 1993, the Company acquired a 50% equity interest in Cagle
Foods JV LLC ("Cagle Foods"), a joint venture formed with an unrelated
party to own and operate the Company's processing facility at Camilla,
Georgia.
The Company occasionally sells eggs and broilers to and purchases
processed products from the joint venture. In addition, the Company
performs certain management and administrative services for the joint
venture. Sales to, purchases from, accounts payable to and receivable
from, and service fees charged to the joint venture are based on terms
consistent with those of unrelated parties and are summarized as follows
(in thousands):
. 2000 1999 1998
. -------- -------- ---------
Sales $ 3,024 $ 2,429 $ 930
Purchases 5,425 20,441 24,869
Accounts receivable 62 5 606
Accounts payable 0 1,047 813
Administrative service fees 1,683 1,756 1,627
On November 14, 1997, the Company acquired a 30% equity interest in a joint
venture with its joint venture partner in Cagle Foods. During 1998, the
Company contributed certain property, plant, and equipment and other assets
in exchange for its equity interest in the new joint venture. This joint
venture built a processing facility in Albany, Kentucky, which began
limited operations in November 1998.
The Company accounts for its investments in affiliates using the equity
method. The Company's share of affiliates' earnings and management fees
was $7,248,000, $6,110,000, and $7,484,000 for the years ended April 1,
2000, April 3, 1999, and March 28, 1998, respectively, and is included
in other income, net in the accompanying statements of income. At April
1, 2000, undistributed retained earnings from affiliates were approximately
$20,423. The Company's share of Cagle Foods' earnings are based on the
audited results for the year ended January 1, 2000, adjusted for the
unaudited results for interim periods.
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Summarized combined unaudited balance sheet information for unconsolidated
affiliates as of April 1, 2000 and April 3, 1999 is as follows (in thousands):
. 2000 1999
. --------- ---------
Current assets...................... $ 77,872 $ 59,012
Noncurrent assets................... 151,396 153,808
. --------- ---------
Total assets........................ 229,268 212,820
. ========= =========
Current liabilities................. 35,150 26,510
Noncurrent liabilities.............. 105,405 110,150
Owners' equity...................... 88,713 76,160
. --------- ---------
Total liabilities and owners' equity. $229,268 $212,820
. ========= =========
Summarized combined unaudited statements of income information for
unconsolidated affiliates for the years ended April 1, 2000, April 3, 1999,
and March 28, 1998 is as follows (in thousands):
. 2000 1999 1998
. --------- --------- ---------
Net sales.............................. $ 332,824 $ 240,867 $ 241,831
Gross profit........................... 24,079 23,953 25,289
Operating income....................... 20,843 16,063 24,321
Income before taxes.................... 14,894 10,502 20,302
.
Signature
/S/ Kenneth R. Barkley
Date 7/28/00
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