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 March 29, 1997
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 -
March 29, 1997 and June 29, 1996 . . . . 1
Consolidated Statements of Operations -
Three Months and Nine Months
Ended March 29, 1997 and
March 30, 1996 . . . . . . . . . . . . 2
Consolidated Statements of Cash Flows -
Nine Months Ended March 29, 1997
and March 30, 1996 . . . . . . . . . . . 3
Notes to Consolidated Financial
Statements . . . . . . . . . . . . . . . 4 - 5
Item 2. Management's Discussion and Analysis of
Results of Operations and Financial
Condition . . . . . . . . . . . . . . . . 6 - 9
Part II. Other Information
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>
March 29, June 29,
1997 1996
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 15,722 20,562
Receivables, principally trade, including
notes receivable of $35,316 at March 29,
1997 and $71,238 at June 29, 1996,
less allowance for doubtful accounts of
$11,300 at March 29, 1997 and $7,726
at June 29, 1996 198,105 242,411
Inventories (note 3) 342,653 270,367
Other current assets 28,419 39,204
Total current assets 584,899 572,544
Investments 112,619 104,728
Property, plant and equipment, net 287,227 255,728
Other assets 41,287 42,960
$1,026,032 975,960
LIABILITIES AND EQUITY
Current liabilities:
Notes payable and current maturities of
long-term debt:
Short-term borrowings $ 138,600 112,800
Subordinated loan certificates 34,639 30,574
Current maturities of long-term debt 15,364 27,089
188,603 170,463
Accounts payable 157,051 126,340
Accrued compensation and related expenses 23,324 32,590
Patronage refunds and equity payable - 24,043
Interest left on deposit 13,300 12,119
Other current liabilities 16,089 22,532
Total current liabilities 398,367 388,087
Long-term debt, excluding current maturities 224,631 188,948
Accrued postretirement benefit costs 43,781 40,271
Other liabilities 5,637 4,072
Total liabilities 672,416 621,378
Minority interest 28,443 28,172
Patrons' and other equity:
Common stock, $1.00 par value - Authorized
500 shares; issued and outstanding 36 at
March 29, 1997 and June 29, 1996 36 36
Patronage reserves 198,866 209,140
Unrealized gain on marketable equity
security (net of deferred income taxes
of $11,971 at March 29, 1997 and
$13,116 at June 29, 1996) 22,231 20,978
Retained earnings 104,040 96,256
Total patrons' and other equity 325,173 326,410
$1,026,032 975,960
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 Nine Months Ended
March 29, March 30, March 29, March 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net sales volume $577,456 494,586 1,634,579 1,363,601
Cost of sales 530,062 455,726 1,497,283 1,215,285
Gross margins 47,394 38,860 137,296 148,316
Distribution, administrative
and general expenses 41,827 36,885 125,587 111,857
Net operating margins 5,567 1,975 11,709 36,459
Other income (deductions):
Interest income 1,849 1,847 7,736 7,058
Interest expense (6,545) (5,382) (19,040) (15,141)
Equity in earnings (loss) of
partnership (note 4) 1,035 (127) 2,077 (1,140)
Miscellaneous, net 290 309 1,667 4,433
(3,371) (3,353) (7,560) (4,790)
Margins before income taxes
and minority interest 2,196 (1,378) 4,149 31,669
Income tax expense(benefit) 932 (1,114) 1,206 10,410
Margins before
minority interest 1,264 (264) 2,943 21,259
Minority interest (71) (259) (1,823) (2,716)
Net margins (loss) $ 1,193 (523) 1,120 18,543
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<TABLE>
Page 3
GOLD KIST INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
<CAPTION>
Nine Months Ended
March 29, March 30,
1997 1996
<S> <C> <C>
Cash flows from operating activities:
Net margins $ 1,120 18,543
Non-cash items included in net margins:
Depreciation and amortization 29,459 29,529
Equity in (earnings) loss of partnership (2,077) 1,140
Patronage refunds (5,642) (3,969)
Minority Interest 1,823 2,716
Deferred income tax expense (benefit) 177 (784)
Other 5,849 (1,673)
Changes in operating assets and liabilities:
Receivables 44,306 17,747
Inventories (72,286) (100,194)
Other current assets 13,199 (8,378)
Accounts payable and accrued expenses 12,299 20,682
Interest left on deposit 1,181 1,357
Net cash provided by operating activities 29,408 (23,284)
Cash flows from investing activities:
Acquisitions of property, plant and equipment (58,958) (57,333)
Proceeds from sale of poultry grower loans - 10,052
Other, net 92 (1,981)
Net cash used in investing activities (58,866) (49,262)
Cash flows from financing activities:
Short-term borrowings (repayments), net 29,865 66,095
Proceeds from long-term debt 70,661 41,797
Principal payments of long-term debt (46,703) (24,671)
Patronage refunds and other equity paid in cash (29,205) (10,999)
Net cash provided by financing
activities 24,618 72,222
Net change in cash and cash equivalents (4,840) (324)
Cash and cash equivalents at beginning of period 20,562 16,597
Cash and cash equivalents at end of period $ 15,722 16,273
Supplemental disclosure of cash flow data:
Cash paid during the periods for:
Interest (net of amounts capitalized) $ 17,939 12,165
Income taxes $ 9,967 18,936
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" or the "Association"). 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>
Mar. 29, 1997 June 29, 1996
<S> <C> <C>
Merchandise for sale $114,359 83,886
Live poultry and hogs 97,369 95,682
Marketable products - poultry 33,377 40,047
Marketable products - cotton 53,110 11,258
Raw materials and supplies 44,438 39,494
$342,653 270,367
</TABLE>
4. Gold Kist has a 33% interest in Golden Peanut Company, a
Georgia general partnership. Gold Kist's investment in the
partnership was $21.9 million at March 29, 1997 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 Nine Months Ended
Mar. 31, Mar. 31, Mar. 31, Mar. 31,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net sales and other
operating income $89,636 99,551 292,942 301,872
Costs and expenses 86,375 99,931 286,838 305,292
Net earnings (loss)$ 3,261 (380) 6,104 (3,420)
</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 $577.5 million for the
three month period ended March 29, 1997 increased 16.8% as
compared to the same period a year ago. Net sales volume for the
nine months ended March 29, 1997 increased 19.9% or $271.0
million as compared to the same period last year. The Poultry
segment's net sales volume increased 11.8% for the quarter ended
March 29, 1997 as compared to the same quarter last fiscal year.
The Poultry segment's quarterly increase in net sales volume was
primarily the result of a 6.0% increase in pounds of broiler
products marketed and a 6.0% increase in average broiler selling
prices. Poultry market prices for the quarter ended March 29,
1997 increased as compared to the same quarter last year due
primarily to the slowdown in poultry industry expansion. The
Poultry segment's net sales volume for the nine months ended
March 29, 1997 was $1.2 billion as compared to $1.0 billion for
the comparable period last year.
The Agri-Services segment's net sales volume of $170.2 million
for the three month period ended March 29, 1997 increased
approximately 20.3% or $28.8 million as compared to the same
period a year ago. Net sales volume of $405.5 million for the
nine months ended March 29, 1997 increased 26.0% 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 March 29, 1997
was $50.8 million as compared to $29.5 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. Farm
supply store sales increased approximately 11% for the quarter
ended March 29, 1997 as compared to the same period last year as
a result of new store locations and favorable planting conditions
during March 1997.
Net Operating Margins
The Association had net operating margins of $5.6 million for the
quarter ended March 29, 1997 as compared to $2.0 million for the
quarter ended March 30, 1996. The increase in net operating
margins was primarily the result of the lower broiler operating
losses and an increased patronage refund received from a
fertilizer cooperative. The Poultry segment had net operating
losses of $3.5 million for the three months ended March 29, 1997
as compared to net operating losses of $6.0 million in the same
period last fiscal year. Feed ingredient costs for the three
months ended March 29, 1997 increased 11.6% as compared to the
same three month period a year ago. The impact of the increase
in feed ingredient costs on margins was offset by higher average
selling prices. Also, the reduction in the net operating loss
was partially the result of increases in operating efficiency.
Cash market prices for feed grains strengthened during the
quarter ended March 29, 1997 as a result of weather related
disruptions in the U. S. distribution system, increased demand
for soybean products and lower world supplies of oilseeds.
Page 7
The AgriServices segment had net operating margins of
approximately $12.0 million for the three months ended March 29,
1997 as compared to $10.0 million in the comparable period last
fiscal year. The Fertilizer Division received a patronage refund
of $10.1 million from a major fertilizer cooperative during the
quarter ended March 29, 1997. The net operating margin for the
quarter ended March 30, 1996 reflected a patronage refund of $8.9
million. Also, slightly higher margins on farm supply sales
contributed to the current quarter's net operating margin
improvement.
Other Income (Deductions)
Interest income was $1.8 million for the quarter ended March 29,
1997 and March 30, 1996, respectively. 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 March 29, 1997
increased $1.2 million to $6.5 million as a result of increased
borrowings necessary to fund the Association's capital expansion
program and redemptions of patronage reserves.
Equity in earnings of partnership of approximately $1.0 million
represented the Association's prorata share of Golden Peanut
Company's net earnings for the quarter ended March 29, 1997.
This compared to a $127,000 share of the partnership's loss for
the same quarter a year ago.
Miscellaneous, net was $290,000 for the quarter ended March 29,
1997 as compared to $309,000 for the quarter ended March 30,
1996. Miscellaneous, net for the three months ended March 29,
1997 includes other patronage refunds in which the Association is
a member and other dividends of $341,000 as compared to $181,000
for the same period a year ago. For the quarter ended March 29,
1997, miscellaneous, net reflected a $70,000 loss related to its
ownership interest in a pecan processing and marketing company.
For the quarter ended March 30, 1996, the Association recorded a
$286,000 loss on this investment. During the current quarter,
the Association recorded a $1.0 million loss on the purchase of
subsidiary common stock. The loss reflects the excess of the
purchase price over the book value of the shares purchased.
Rental income of $519,000 was included in miscellaneous, net for
the quarter ended March 29, 1997.
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 March 29,
1997, the Association had unused loan commitments of $98.0
million and additional unused uncommitted facilities to provide
loans and letters of credit from banks aggregating approximately
$124.8 million . In February 1997, the Association established a
$125.0 million note purchase and private shelf agreement with an
insurance company. Under this agreement, the Association sold
$30 million of 7.60% Series A Senior Notes due February 11, 2012.
The primary sources of external long-term financing are a
note
Page 8
agreement with an insurance company, proceeds from the continuous
offering of Subordinated Capital Certificates of Interest and
revolving credit agreements.
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
either in compliance with all applicable conditions in loan
agreements as of March 29, 1997 or has obtained waivers of
compliance with such conditions from lenders.
Working capital and the current ratio were $186.5 million and
1.47 to 1, respectively, at March 29, 1997, as compared to $184.5
million and 1.48 to 1, respectively, at June 29, 1996. Patrons
equity at March 29, 1997 was $325.2 million as compared to $326.4
million at June 29, 1996. The decrease in patrons equity for the
nine months ended March 29, 1997 was primarily due to the
redemption of patronage reserves and the decline in net margins.
Cash and cash equivalents were approximately $15.7 million at
March 29, 1997. Net cash provided by operations reflected a
$44.3 million seasonal decrease in receivables during the nine
months ended March 29, 1997. Increased inventories reflected the
increased cotton procurement activities in the current fiscal
year. 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 and $100.5 million of borrowings, net of repayments.
For the nine months ended March 29, 1997, the Association's
investment activities included $59.0 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 $120.0 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 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. Gold
Kist owns approximately 10,902,000 shares or 75% of Golden
Poultry's 14,623,813 outstanding shares. Those negotiations have
been completed and an Agreement and Plan of Merger was executed
on April 22, 1997 (the "Merger Agreement"), among the
Association, Golden Poultry Company, Inc., Agri International,
Inc. and Golden Poultry Acquisition Corp.
Pursuant to the Merger Agreement, Gold Kist has agreed to pay
$14.25 per share in cash for each outstanding share of Common
Stock not already beneficially owned by Gold Kist. The Merger
Agreement has been approved by the Boards of Directors of the
Association and Golden Poultry Company, Inc.
Page 9
but is expressly subject to the approval of a majority of the
owners of the Golden Poultry Common Stock not owned by Gold Kist.
All funds needed to acquire such shares of Common Stock will be
obtained from Gold Kist's cash and cash equivalents and
borrowings under some or all of existing credit facilities.
The Association believes cash on hand and cash equivalents at
March 29, 1997 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 10
PART II: OTHER INFORMATION
Item 5. Other Information
Gold Kist has completed negotiations with Golden Poultry
concerning a possible merger of Golden Poultry with a subsidiary
of Gold Kist and has executed an Agreement and Plan of Merger on
April 22, 1997 (the Merger Agreement ) with Golden Poultry
Company, Agri International, Inc. and Golden Poultry Acquisition
Corp. Gold Kist owns approximately 10,900,000 shares or 75% of
Golden Poultry s 14,623,813 outstanding shares.
Pursuant to the Merger Agreement, Gold Kist has agreed to pay
$14.25 per share in cash for each outstanding share of Golden
Poultry Common Stock not already beneficially owned by Gold Kist.
All of such remaining shares of Golden Poultry Common Stock are
publicly traded, and upon consummation of the purchase by Gold
Kist, Golden Poultry will no longer have any shares of Common
Stock trading in the public securities markets. The transaction
will be effected by a merger (the Merger ), pursuant to which
Golden Poultry Acquisition Corp., a wholly-owned subsidiary of
Agri International, Inc. that has been formed specifically for
this purpose, will be merged into Golden Poultry, with Golden
Poultry as the surviving corporation. The Merger Agreement has
been approved by the Boards of Directors of Golden Poultry and
Gold Kist but is expressly subject to the approval of a majority
of the owners of the Golden Poultry Common Stock not owned by
Gold Kist.
Golden Poultry has filed with the SEC and will send to all
shareholders of Golden Poultry other than Gold Kist (the Public
Shareholders ) a proxy statement, requesting that each such
Public Shareholder vote in favor of the Merger Agreement and the
transactions contemplated thereby. Under applicable state law
and the Merger Agreement, approval of the Merger Agreement
requires two affirmative shareholder votes: (i) a majority of
the shares outstanding, which is assured because Gold Kist has
agreed to cause its 75% of the shares to vote affirmatively; and
(ii) a majority of the shares held by the Public Shareholders.
In addition to such vote requirements, Merger Agreement requires
that certain conditions be satisfied prior to consummation of the
Merger including, without limitation, that the investment
advisors engaged by Gold Kist and by Golden Poultry with regard
to the Merger shall have delivered, have reaffirmed, and not have
withdrawn the fairness opinions delivered by such advisors in
connection with the Merger. If the Merger has not been
consummated by September 30, 1997, either Gold Kist or Golden
Poultry may terminate the Merger Agreement. If the transactions
contemplated by the Merger Agreement are consummated, Gold Kist
will acquire the remaining Common Stock and Golden Poultry will
become an indirect wholly-owned subsidiary of Gold Kist.
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
March 29, 1997.
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 May 13, 1997
Gaylord O. Coan
Chief Executive Officer
(Principal Executive Officer)
Date May 13, 1997
Walter F. Pohl, Jr.
Controller
(Chief Accounting 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
March 29, 1997.
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 May 13, 1997 /s/ Gaylord O. Coan
Gaylord O. Coan
Chief Executive Officer
(Principal Executive Officer)
Date May 13, 1997 /s/ Walter F. Pohl, Jr.
Walter F. Pohl, Jr.
Controller
(Chief Accounting Officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> JUN-28-1997
<PERIOD-END> MAR-29-1997
<CASH> 15,722
<SECURITIES> 0
<RECEIVABLES> 209,405
<ALLOWANCES> 11,300
<INVENTORY> 342,653
<CURRENT-ASSETS> 584,899
<PP&E> 660,352
<DEPRECIATION> 373,125
<TOTAL-ASSETS> 1,026,032
<CURRENT-LIABILITIES> 398,367
<BONDS> 224,631
0
0
<COMMON> 36
<OTHER-SE> 325,137
<TOTAL-LIABILITY-AND-EQUITY> 1,026,032
<SALES> 1,634,579
<TOTAL-REVENUES> 1,646,059
<CGS> 1,497,283
<TOTAL-COSTS> 1,497,283
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 4,319
<INTEREST-EXPENSE> 19,040
<INCOME-PRETAX> 4,149
<INCOME-TAX> 1,206
<INCOME-CONTINUING> 1,120
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,120
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
