SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q/A
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(Mark One)
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 01, 2005
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 1-7138
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CAGLES, INC.
(Exact name of Registrant as specified in its charter)
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GEORGIA 58-0625713
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
2000 Hills Ave., Atlanta, Ga., 30318
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (404) 355-2820
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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 ( )
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b - 2). Yes ( ) No ( X )
The Registrant had 4,742,998 shares of Class A Common Stock, outstanding as of October 01, 2005.
Description of Amendment No. 1
February 20, 2006
The purpose of the amended filing is to clarify the following areas of Form 10-Q for the Quarterly Period Ended October 1, 2005.
General
1.
Summarized financial information of the unconsolidated entities pursuant to Rule 10-01(b) (1) of Regulation S-X has been included in the Equity in Earnings of Unconsolidated Affiliates comment section of Item 2.
3. Investments in Unconsolidated Affiliates
The Company accounts for its investments in its unconsolidated affiliates using the equity method. The Company's share of earnings from these affiliates totaled $926 for the 13 weeks ended October 1, 2005, and $1,116 for the 13 weeks ended October 2, 2004. The Company's share of earnings from these affiliates totaled $1,901 for the 26 weeks ended October 1, 2005, and $2,232 for the 26 weeks ended October 2, 2004. Summarized combined unaudited statements of operations information for unconsolidated affiliates follow:
13 Weeks | 13 Weeks | 26 Weeks | 26 Weeks | ||||
October 1, 2005 | October 2, 2004 | October 1, 2005 | October 2, 2004 | ||||
Net sales | $ 68,233 | $ 98,872 | $ 132,010 | $ 199,964 | |||
Gross profit | 8,416 | 8,747 | 16,402 | 18,349 | |||
Operating income | 4,516 | 4,447 | 8,642 | 8,490 | |||
Income before taxes | 3,483 | 3,721 | 6,676 | 7,274 |
Revenue Recognition, page 7
2.
We have restated our comment on revenue recognition to specifically address standard and cost plus customers.
Revenue Recognition.
The Company recognizes revenue from standard and cost plus customers when the following criteria are met: persuasive evidence of an agreement exists, delivery occurred and product accepted, the Company’s price to the buyer is fixed and determinable, and collection is reasonably assured.
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: 02/21/06
/s/ J. Douglas Cagle /s/ Mark M. Ham IV
Chairman and C.E.O. Chief Financial Officer