Sanderson Farms reports loss in Q3

Aug 27, 2008 (Datamonitor via COMTEX) -- SAFM | Quote | Chart | News | PowerRating -- Sanderson Farms, a fully-integrated poultry processing company, has reported a net loss of $3.6 million, or $0.18 per diluted share, for the third quarter ended July 31, 2008, compared with net income of $30.7 million, or $1.51 per diluted share, for the same quarter of fiscal 2007.

Net sales were $466.9 million, compared with $394.8 million for the same period in fiscal 2007.

For the first nine months of fiscal 2008, net sales were $1.26 billion, compared to $1.05 billion for the first nine months of fiscal 2007. Net income was $8.8 million, or $0.43 per diluted share, compared with $54.8 million, or $2.70 per diluted share, for the corresponding period of fiscal 2007.

Joe Sanderson Jr, chairman and CEO of Sanderson Farms, said: "Our results for the third quarter of fiscal 2008 reflect difficult market conditions for our industry. While retail and export demand for chicken remained relatively strong during the quarter, casual dining and food service customers have been affected by a significant decline in restaurant traffic due to weak economic conditions and higher fuel prices."

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