Sanderson Farms, Inc., Laurel, Miss., today reported results for the first quarter of fiscal 2005 ended Jan. 31, 2005.



Net sales for the first quarter of fiscal 2005 were $233.3 million compared with $226.4 million for the same period a year ago. For the quarter, the company reported net income of $10.0 million, or $0.50 per diluted share, compared with net income of $19.0 million, or $0.96 per diluted share, for the first quarter of fiscal 2004. During the first quarter of fiscal 2004, the company recognized $177,000, net of income taxes, or $0.01 per diluted share, for Sanderson Farms' share in the partial settlement of litigation against a vitamin supplier for overcharges.



On Jan. 29, 2004, the company's Board of Directors approved a three-for-two stock split effected as a 50% stock dividend. All share and per share data for the periods presented have been adjusted to reflect this split.



"Sanderson Farms' financial and operating performance during the first quarter marked a solid start for fiscal 2005," said Joe F. Sanderson, Jr., chairman and chief executive officer of Sanderson Farms, Inc. "While our cost structure during the first half of the quarter reflected relatively high-priced grain bought before the start of the fiscal year, that cost structure improved steadily during the quarter, as did the market for chicken."



Source: Company Release