UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended December 28, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 2-62681
GOLD KIST INC.
(Exact name of registrant as specified in its charter)
GEORGIA 58-0255560
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
244 Perimeter Center Parkway, N.E., Atlanta, Georgia 30346
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) (770)
393-5000
N/A
(Former name, former address and former fiscal year, if
changed since last report.)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
GOLD KIST INC. AND SUBSIDIARIES
INDEX
Page No.
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets -
December 28, 1996 and June 29, 1996 . . . 1
Consolidated Statements of Operations -
Three Months and Six Months
Ended December 28, 1996 and
December 30, 1995 . . . . . . . . . . . 2
Consolidated Statements of Cash Flows -
Six Months Ended December 28, 1996
and December 30, 1995. . . . . . . . . . 3
Notes to Consolidated Financial
Statements . . . . . . . . . . . . . . . 4 - 5
Item 2. Management's Discussion and Analysis of
Consolidated Results of Operations and
Financial Condition . . . . . . . . . . . 6 - 8
Part II. Other Information
Item 1. Legal Proceedings . . . . . . . . . . . . . 9
Item 5. Other Information . . . . . . . . . . . . . 10
Item 6. Exhibits and Reports on Form 8-K . . . . . 11
<TABLE>
Page 1
Item 1. Financial GOLD KIST INC. AND SUBSIDIARIES
Statements CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)
(Unaudited)
<CAPTION>
Dec. 28, June 29,
1996 1996
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 19,268 20,562
Receivables, principally trade, including
notes receivable of $36,017 at December
28, 1996 and $71,238 at June 29, 1996,
less allowance for doubtful accounts of
$11,019 at December 28, 1996 and $7,726
at June 29, 1996 178,736 242,411
Inventories (note 3) 334,790 270,367
Other current assets 28,054 39,204
Total current assets 560,848 572,544
Investments 120,103 104,728
Property, plant and equipment, net 277,152 255,728
Other assets 39,710 42,960
$997,813 975,960
LIABILITIES AND EQUITY
Current liabilities:
Notes payable and current maturities of
long-term debt:
Short-term borrowings $125,000 112,800
Subordinated loan certificates 33,453 30,574
Current maturities of long-term debt 20,113 27,089
178,566 170,463
Accounts payable 133,212 126,340
Accrued compensation and related expenses 28,570 32,590
Patronage refunds and equity payable 3,588 24,043
Interest left on deposit 12,989 12,119
Other current liabilities 16,788 22,532
Total current liabilities 373,713 388,087
Long-term debt, excluding current maturities 211,643 188,948
Accrued postretirement benefit costs 42,611 40,271
Other liabilities 8,265 4,072
Total liabilities 636,232 621,378
Minority interest 29,760 28,172
Patrons' and other equity:
Common stock, $1.00 par value - Authorized
500 shares; issued and outstanding 36 at
December 28, 1996 and June 29, 1996 36 36
Patronage reserves 200,058 209,140
Unrealized gain on marketable equity
security (net of deferred income taxes
of $18,369 at December 28, 1996 and
$13,116 at June 29, 1996) 29,380 20,978
Retained earnings 102,347 96,256
Total patrons' and other equity 331,821 326,410
Contingent liabilities (note 5)
$997,813 975,960
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<TABLE>
Page 2
GOLD KIST INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in Thousands)
(Unaudited)
<CAPTION>
Three Months Ended Six Months Ended
Dec. 28, Dec. 30, Dec. 28, Dec. 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Net sales volume $537,832 430,201 1,057,123 869,015
Cost of sales 488,058 373,030 967,221 759,559
Gross margins 49,774 57,171 89,902 109,456
Distribution, administrative
and general expenses 45,408 39,727 83,760 74,972
Net operating margins 4,366 17,444 6,142 34,484
Other income (deductions):
Interest income 2,694 2,644 5,887 5,211
Interest expense (6,110) (4,781) (12,495) (9,759)
Equity in earnings (loss) of
partnership (note 4) 1,897 (44) 1,042 (1,013)
Miscellaneous, net 732 2,244 1,377 4,124
(787) 63 (4,189) (1,437)
Margins before income taxes
and minority interest 3,579 17,507 1,953 33,047
Income tax expense 967 6,103 274 11,524
Margins before
minority interest 2,612 11,404 1,679 21,523
Minority interest (862) (1,378) (1,752) (2,457)
Net margins (loss) $ 1,750 10,026 (73) 19,066
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<TABLE>
Page 3
GOLD KIST INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands)
<CAPTION>
Six Months Ended
Dec. 28, Dec. 30,
1996 1995
<S> <C> <C>
Cash flows from operating activities:
Net margins (loss) $ (73) 19,066
Non-cash items included in net margins:
Depreciation and amortization 19,712 19,837
Equity in (earnings) loss of partnership (1,042) 1,013
Deferred income tax expense (benefit) (1,578) 70
Other 5,821 738
Changes in operating assets and liabilities:
Receivables 63,675 30,204
Inventories (64,423) (63,598)
Other current assets 11,995 1,639
Accounts payable and accrued expenses (2,892) 16,171
Interest left on deposit 870 988
Net cash provided by operating activities 32,065 26,128
Cash flows from investing activities:
Acquisitions of property, plant and equipment (39,112) (40,593)
Other, net (1,508) 6,951
Net cash used in investing activities (40,620) (33,642)
Cash flows from financing activities:
Short-term borrowings (repayments), net 15,079 9,862
Proceeds from long-term debt 31,093 25,865
Principal payments of long-term debt (15,374) (12,432)
Patronage refunds and other equity paid in cash (23,537) (7,159)
Net cash provided by financing
activities 7,261 16,136
Net change in cash and cash equivalents (1,294) 8,622
Cash and cash equivalents at beginning of period 20,562 16,597
Cash and cash equivalents at end of period $ 19,268 25,219
Supplemental disclosure of cash flow data:
Cash paid during the periods for:
Interest (net of amounts capitalized) $ 11,282 7,177
Income taxes $ 7,049 10,208
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
Page 4
GOLD KIST INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in Thousands)
(Unaudited)
1. The accompanying unaudited consolidated financial
statements reflect the accounts of Gold Kist Inc. and its
subsidiaries ("Gold Kist"). These consolidated financial
statements should be read in conjunction with Management's
Discussion and Analysis of Consolidated Results of
Operations and Financial Condition and the Notes to
Consolidated Financial Statements on pages 13 through 17
and pages 25 through 36, respectively, of Gold Kist's
Annual Report in the previously filed Form 10-K for the
year ended June 29, 1996.
2. In the opinion of management, the accompanying unaudited
consolidated financial statements contain all adjustments
(consisting of normal recurring accruals) necessary to
present fairly the financial position, the results of
operations, and the cash flows. All significant
intercompany balances and transactions have been
eliminated in consolidation. Results of operations for
interim periods are not necessarily indicative of results
for the entire year.
3. Inventories consist of the following:
<TABLE>
<CAPTION>
Dec. 28, 1996 June 29, 1996
<S> <C> <C>
Merchandise for sale $ 93,561 83,886
Live poultry and hogs 96,906 95,682
Marketable products - poultry 39,702 40,047
Marketable products - cotton 65,502 11,258
Raw materials and supplies 39,119 39,494
$334,790 270,367
</TABLE>
4. Gold Kist has a 33% interest in Golden Peanut Company, a
Georgia general partnership. Gold Kist's investment in
the partnership was $19.3 million at December 28, 1996 and
$17.2 million at June 29, 1996. In July 1996, the
Association made an additional investment of $1.2 million
in the partnership.
Summarized operating statement information of Golden
Peanut Company is shown below:
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
Dec. 28, Dec. 30, Dec. 28, Dec. 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Net sales and other
operating income $117,117 99,248 203,306 202,321
Costs and expenses 111,708 99,380 200,463 205,361
Net earnings (loss)$ 5,409 (132) 2,843 (3,040)
</TABLE>
5. In January 1993, certain Alabama member patrons of the
Association filed a lawsuit in the Circuit Court of
Jefferson County, Alabama, Tenth Judicial Circuit against
the Association and Golden Poultry and certain directors
and officers of the companies. (Ronald Pete Windham and
Windham Enterprises, Inc. on their behalf and on behalf of
and for the use and benefit of Gold Kist, Inc. and its
shareholders/members v. Harold O. Chitwood, individually
in his capacity as an officer of Gold Kist and a Director
of Golden Poultry; et al). The lawsuit alleged that the
named defendants violated their fiduciary duties by
diverting
Page 5
GOLD KIST INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
(Amounts in Thousands)
(Unaudited)
corporate opportunities from the Association to Golden
Poultry and Carolina Golden Products Company in connection
with the creation of Golden Poultry and Carolina Golden
Products Company and by permitting their continued
operations. In March 1994, the Court certified the
Windham litigation as a class action. In September 1995,
Golden Poultry and Carolina Golden Products Company were
dismissed from the litigation. On October 25, 1995, the
jury in the Windham case returned verdicts in favor of the
plaintiffs in the litigation. On July 2, 1996, the
Jefferson County, Alabama Circuit Court Judge entered a
memorandum opinion and non-final judgment in the case
directing Gold Kist to acquire the approximately 27% of
Company shares currently owned by investors so that all of
the issued and outstanding stock of the Company would be
owned by Gold Kist or a wholly owned subsidiary, either
through a merger or a tender offer for the minority shares
of Golden Poultry stock outstanding. The Court denied the
plaintiffs' demands for additional allocations and cash
distributions to the class members. On September 13,
1996, subsequent to motions for reconsideration filed by
the plaintiffs and Gold Kist, the court entered a Final
Judgment and Decree modifying its July 2, 1996 Order. The
Final Judgment and Decree, clarified and reaffirmed by
Order of the Court dated November 4, 1996, relieves Gold
Kist of the requirement to acquire the 27% of Golden
Poultry common stock not already owned by Gold Kist. This
Final Judgment and Decree required Gold Kist to acquire or
redeem all Golden Poultry common stock and/or stock
options held or issued to Gold Kist officers and directors
and their spouses and minor children. The Court also
ordered Gold Kist to cause the surrender of all Golden
Poultry stock options held by Gold Kist officers and
directors or the exercise of such options and purchase by
Gold Kist of the resultant stock, to redeem from eligible
members approximately $21.2 million of notified equity of
Gold Kist, to pay $4.2 million in attorney's fees to the
plaintiffs' attorneys and to establish a policy
prohibiting officers and directors of Gold Kist from
future ownership of Golden Poultry stock. On December 16,
1996 the Final Judgment and Decree became final and non-
appealable. In December 1996 Gold Kist redeemed patrons'
notified equity and paid the plaintiffs' attorney's fees
pursuant to the order. Also, pursuant to the Final
Judgment, Gold Kist purchased an aggregate of 299,395
shares between December 17, 1996 and January 9, 1997 from
directors and officers of Gold Kist and their spouses and
minor children.
The Company is also party to other various legal and
administrative proceedings, all of which management
believes constitute ordinary routine litigation incident
to the business conducted by the Company, or are not
material in amount.
Page 6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
RESULTS OF OPERATIONS
Net Sales Volume
The Association's net sales volume of $537.8 million for the
three month period ended December 28, 1996 increased 25.0% as
compared to the same period a year ago. Net sales volume for
the six months ended December 28, 1996 increased 21.6% or
$188.1 million as compared to the same period last year. The
Poultry segment's net sales volume increased 22.1% for the
quarter ended December 28, 1996 as compared to the same
quarter last fiscal year. The Poultry segment's increase in
net sales volume was primarily the result of a 17.4% increase
in pounds of broiler products marketed and a 5.0% increase in
average broiler selling prices. Poultry market prices for the
quarter ended December 28, 1996 increased as compared to the
same quarter last year due primarily to the slowdown in
poultry industry expansion and the continuation of strong
export sales. However, market prices for broiler leg quarters
declined 25% in December 1996 as a result of disruptions in
the Russian export market. The Poultry segment's net sales
volume for the six months ended December 28, 1996 was $822.2
million as compared to $688.9 million for the comparable
period last year.
The Agri-Services segment's net sales volume of $123.5 million
for the three month period ended December 28, 1996 increased
approximately 36.0% or $32.7 million as compared to the same
period a year ago. Net sales volume of $235.0 million for the
six months ended December 28, 1996 increased 30.5% as compared
to the same period last fiscal year. Expansion of the
Association's Cotton procurement and marketing operation
represented the largest component of the increase in net sales
volume. The Cotton Division's net sales volume for the quarter
ended December 28, 1996 was $35.8 million for the quarter
ended December 28, 1996 as compared to $9.9 million in the
comparable quarter a year ago. The increase in cotton net
sales reflects the transition from a start-up operation in
fiscal 1996.
Net Operating Margins
The Association had net operating margins of $4.4 million for
the quarter ended December 28, 1996 as compared to $17.4
million for the quarter ended December 30, 1995. The decrease
in net operating margins was primarily the result of the
increased feed ingredient costs, which was partially offset by
the increase in broiler selling prices. The Poultry segment
had net operating margins of $13.5 million for the three
months ended December 28, 1996 as compared to net operating
margins of $24.1 million in the same period last fiscal year.
Feed ingredient costs for the three months ended December 28,
1996 increased 44% as compared to the same three month period
a year ago. Although the Company's feed ingredient costs for
the quarter ended December 28, 1996 remained at significantly
higher levels than the same quarter last year, cash market
prices for feed grains declined substantially during the
quarter ended December 28, 1996 as a result of the large 1996
U.S. grain harvest. The impact of lower grain prices should
positively impact cost of sales in the remainder of 1997. The
Agri-Services segment had a net operating loss of
approximately $5.4 million for the quarter ended December 28,
1996 as compared to $4.3 million in the same period a year
ago. The increase in
Page 7
the net operating loss was primarily the result of lower
margins on animal feeds related to the increase in feed
ingredient costs.
Other Income (Deductions)
Interest income was $2.7 million for the quarter ended
December 28, 1996 as compared to $2.6 million for the same
period a year ago. Interest income primarily represents
interest charged on crop loans and extended terms provided to
retail patrons and customers of the Association.
Interest expense for the three months ended December 28, 1996
increased $1.3 million to $6.1 million as a result of
increased borrowings necessary to fund the Association's
expansion programs. Interest expense for the three months
ended December 30, 1995 was $4.8 million.
Equity in earnings of partnership of approximately $1.9
million represented the Association's prorata share of Golden
Peanut Company's net earnings for the quarter ended December
28, 1996. This compared to a $44,000 share of the
partnership's loss for the same quarter a year ago.
Miscellaneous, net was $732,000 for the quarter ended December
28, 1996 as compared to $2.2 million for the quarter ended
December 30, 1995. Miscellaneous, net for the three months
ended December 28, 1996 includes patronage refunds in which
the Association is a member and other dividends of $142,000 as
compared to $365,000 for the same period a year ago. For the
quarter ended December 28, 1996, miscellaneous, net reflected
$111,000 of earnings related to its ownership interest in a
pecan processing and marketing company. For the quarter ended
December 30, 1995, the Association recorded income of $1.2
million related to this investment. Rental income of $493,000
was included in miscellaneous, net for the quarter ended
December 28, 1996.
LIQUIDITY AND CAPITAL RESOURCES
The Association's liquidity is dependent upon funds from
operations and external sources of financing. The principal
sources of external short-term financing are proceeds from the
continuous offering of Subordinated Loan Certificates, an
unsecured committed credit facility with a group of banks and
uncommitted letters and lines of credit. In August 1996, the
Association entered into a $250 million unsecured committed
credit facility with nine commercial banks. The facility
includes a five-year $125 million revolving credit commitment
and a $125 million 364-day line of credit commitment. At
December 28, 1996, the Association had unused loan commitments
of $110.0 million and additional unused uncommitted facilities
to provide loans and letters of credit from banks aggregating
approximately $107.9 million . The primary sources of
external long-term financing are a note agreement with an
insurance company, proceeds from the continuous offering of
Subordinated Capital Certificates of Interest and revolving
credit agreements. The Association is negotiating with an
insurance company to establish a new $125.0 million note
purchase and private shelf agreement. The Association
anticipates closing on the facility in February 1997 with an
initial draw of $30.0 million.
Covenants under the terms of loan agreements with lenders
include conditions that could limit the short-term and long-
term funds available from various external sources. The
Association was in compliance with all applicable conditions
in loan agreements with all lenders at December 28, 1996.
Page 8
Working capital and the current ratio were $187.1 million and
1.50 to 1, respectively, at December 28, 1996, as compared to
$184.5 million and 1.48 to 1, respectively, at June 29, 1996.
Patrons equity at December 28, 1996 was $331.8 million as
compared to $326.4 million at June 29, 1996. The increase in
patrons equity for the six months ended December 28, 1996 was
primarily due to the increase in the unrealized gain on
marketable equity security. Cash and cash equivalents were
approximately $19.3 million at December 28, 1996. Net cash
provided by operations reflected a $63.7 million seasonal
decrease in receivables during the current fiscal year.
Increased inventories reflected the increased cotton
procurement activities in the current quarter. Other uses of
cash included expenditures for the acquisition of property,
plant and equipment, repayments of long-term debt, cash
patronage refunds and other equity payments. These items were
substantially funded by net cash provided by operations of
$32.1 million and borrowings, net of repayments of $30.8
million.
For the six months ended December 28, 1996, the Association's
investment activities included $39.1 million in expenditures
for property, plant and equipment, which were primarily
related to expansion and improvements in the poultry
operations and to a lesser extent the purchase of cotton
ginning facilities. In December 1996, the Association paid
$21.0 million to its members pursuant to the Judgment and
Final Decree in the Windham case (See Note 5 of Notes to
Consolidated Financial Statements).
The Association, including its non-cooperative subsidiaries,
plans capital expenditures of approximately $140.0 million in
1997 primarily consisting of expenditures for expansion and
technological advances in poultry production and processing
and to a lesser extent, Agri-Services segment facility
improvements. In addition, planned capital expenditures
include other asset improvements and necessary replacements.
Management intends to finance the planned 1997 capital
expenditures with existing cash balances and net margins
adjusted for non-cash items and additional long-term
borrowings, as needed.
On January 13, 1997, the Board of Directors of Gold Kist
adopted a resolution authorizing the officers of Gold Kist to
negotiate with Golden Poultry Co., Inc. to pursue a
transaction in which Gold Kist would acquire all of the shares
of Golden Poultry Company's Common Stock not currently owned
by Gold Kist. Those negotiations are in the initial stages,
and no terms nor prices have been agreed upon. Gold Kist owns
10,901,802 or approximately 75% of Golden Poultry's
outstanding Common Stock. All funds needed to acquire such
shares of Common Stock will be obtained from Gold Kist's
working capital, advances under existing credit facilities
from a syndicate of banks, and proceeds from the sale of Gold
Kist's Capital Certificates of Interest.
The Association believes cash on hand and cash equivalents at
December 28, 1996 and cash expected to be provided from
operations, in addition to borrowings available under existing
credit arrangements and proceeds from the sale of Subordinated
Capital Certificates of Interest, will be sufficient to
maintain cash flows adequate for the Association's projected
growth and operational objectives during 1997.
Page 9
PART II: OTHER INFORMATION
Item 1. Legal Proceedings.
In January 1993, certain Alabama member patrons of
the Association filed a lawsuit in the Circuit Court of
Jefferson County, Alabama, Tenth Judicial Circuit against
the Association and Golden Poultry and certain directors
and officers of the companies. (Ronald Pete Windham and
Windham Enterprises, Inc. on their behalf and on behalf of
and for the use and benefit of Gold Kist, Inc. and its
shareholders/members v. Harold O. Chitwood, individually
in his capacity as an officer of Gold Kist and a Director
of Golden Poultry; et al). The lawsuit alleged that the
named defendants violated their fiduciary duties by
diverting corporate opportunities from the Association to
Golden Poultry and Carolina Golden Products Company in
connection with the creation of Golden Poultry and
Carolina Golden Products Company and by permitting
their continued operations. In March 1994, the Court
certified the Windham litigation as a class action. In
September 1995, Golden Poultry and Carolina Golden
Products Company were dismissed from the litigation. On
October 25, 1995, the jury in the Windham case returned
verdicts in favor of the plaintiffs in the litigation. On
July 2, 1996, the Jefferson County, Alabama Circuit Court
Judge entered a memorandum opinion and non-final judgment
in the case directing Gold Kist to acquire the
approximately 27% of Company shares currently owned by
investors so that all of the issued and outstanding stock
of the Company would be owned by Gold Kist or a wholly
owned subsidiary, either through a merger or a tender
offer for the minority shares of Golden Poultry stock
outstanding. The Court denied the plaintiffs' demands for
additional allocations and cash distributions to the class
members. On September 13, 1996 subsequent to motions for
reconsideration filed by the plaintiffs and Gold Kist, the
court entered a Final Judgment and Decree modifying its
July 2, 1996 Order. The Final Judgment and Decree,
clarified and reaffirmed by Order of the Court dated
November 4, 1996, relieves Gold Kist of the requirement to
acquire the 27% of Golden Poultry common stock not already
owned by Gold Kist. This Final Judgment and Decree
required Gold Kist to acquire or redeem all Golden Poultry
common stock and/or stock options held or issued to Gold
Kist officers and directors and their spouses and minor
children. The Court also ordered Gold Kist to cause the
surrender of all Golden Poultry stock options held by Gold
Kist officers and directors or the exercise of such
options and purchase by Gold Kist of the resultant stock,
to redeem from eligible members approximately $21.2
million of notified equity of Gold Kist, to pay $4.2
million in attorney's fees to the plaintiffs' attorneys
and to establish a policy prohibiting officers and
directors of Gold Kist from future ownership of Golden
Poultry stock. On December 16, 1996, the Final Judgment
and Decree became final and non-appealable. Pursuant to
the Final Judgment, Gold Kist purchased an aggregate of
299,395 shares between December 17, 1996 and January 9,
1997, from directors and officers of Gold Kist and their
spouses and minor children.
Page 10
Item 5. Other Information
On January 13, 1997, the Board of Directors of
Gold Kist adopted a resolution authorizing the
officers of Gold Kist to negotiate with Golden
Poultry Company, Inc. to pursue a transaction in
which Gold Kist would acquire all of the shares of
Golden Poultry Company's common stock not currently
owned by Gold Kist. The negotiations are in the
initial stages and no terms nor prices have been
agreed upon.
Page 11
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibit
Designation of Exhibit
in this Report Description of Exhibit
27 Financial Data Schedule
(b) Reports on Form 8-K. Gold Kist has not filed any
reports on Form 8-K during the three months ended
December 28, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
GOLD KIST INC.
(Registrant)
Date February 10, 1997
Gaylord O. Coan
Chief Executive Officer
(Principal Executive Officer)
Date February 10, 1997
Peter J. Gibbons
Vice President, Finance
(Chief Financial Officer)
Page 11
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibit
Designation of Exhibit
in this Report Description of Exhibit
27 Financial Data Schedule
(b)Reports on Form 8-K. Gold Kist has not filed any reports on
Form 8-K during the three months ended December 28, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GOLD KIST INC.
(Registrant)
Date February 10, 1997 /s/ Gaylord O. Coan
Gaylord O. Coan
Chief Executive Officer
(Principal Executive Officer)
Date February 10, 1997 /s/ Peter J. Gibbons
Peter J. Gibbons
Vice President, Finance
(Chief Financial Officer)
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-28-1996
<PERIOD-END> DEC-28-1996
<CASH> 19,268
<SECURITIES> 0
<RECEIVABLES> 189,755
<ALLOWANCES> 11,019
<INVENTORY> 334,790
<CURRENT-ASSETS> 560,848
<PP&E> 643,064
<DEPRECIATION> 365,912
<TOTAL-ASSETS> 997,813
<CURRENT-LIABILITIES> 373,713
<BONDS> 211,643
0
0
<COMMON> 36
<OTHER-SE> 331,785
<TOTAL-LIABILITY-AND-EQUITY> 997,813
<SALES> 1,057,123
<TOTAL-REVENUES> 1,065,429
<CGS> 967,221
<TOTAL-COSTS> 967,221
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 3,652
<INTEREST-EXPENSE> 12,495
<INCOME-PRETAX> 1,953
<INCOME-TAX> 274
<INCOME-CONTINUING> (73)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (73)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
