broiler production systems in georgia costs and returns

Broiler Production Systems in GeorgiaCosts and Returns Analysis

2011-2012

Dan L. Cunningham and Brian D. FairchildExtension Poultry Scientists

Department of Poultry SciencePoultry Science Building

Athens, Georgia 30602-4356Office: 706/542-1325

E-mail: [email protected]; [email protected]

Georgia is the number one broiler producing state in the United States, growing approximately 15 percent of all the broilers produced. Poultry meat production has grown steadily over the years as consumption has increased. As a result, Georgia’s poultry industry has experienced significant growth and expansion programs to meet con-sumer demands for more product.

Virtually all of the broilers produced in the United States and Georgia are grown by contract producers. The raising of broilers via contractual arrangements with integrated companies has been a primary component of the poultry meat industry for more than 60 years. Contract production has played a significant role in continuing the tradition of the family owned and operated farm for poultry growers. While poultry contracts offer benefits to growers such as reduced market risk, reduction of production responsibilities, lower operating capital and relatively predictable incomes, they do not guarantee success nor do they eliminate all risks. In addition, poultry operations require substantial investments. Because poultry houses represent long-term investments (30 years or more), individuals need to understand the long-term business potential of these commitments before building.

2011 Economic Conditions The general economic downturn experienced for most of the 2008 2011 time period resulted in very difficult business conditions for poultry producers. Poultry growers have experienced significant increases in operating costs primarily due to increased heating fuel and litter costs. Poultry growers reported propane gas prices rang-ing from a low of $1.40 per gallon to a high of $2.10 per gallon for the 2010-2011 period. Increased energy and feed costs combined with weak consumer spending produced negative returns for most broiler integrators. To combat this difficult business situation, many integrators reduced bird placements and/or bird weights to con-tract farmers. Reduced bird placements and/or bird weights in turn impacted returns for contract growers. In a few cases, growers lost their contracts due to company cutbacks in production or closing of processing facili-ties. As a result of cutbacks in production, some companies may return to profitability during the second half of 2012.

Broiler Production Systems in Georgia UGA Cooperative Extension Bulletin 12402

The economic conditions experienced during 2008 2011 are not typical of the history of this business. For the vast majority of the past 60 years contract broiler production in Georgia has been a relatively successful agri-cultural enterprise providing positive fiscal returns for both integrators and contract growers. The recent unprec-edented economic conditions, however, emphasize the fact that poultry contracts are not guarantees of success and that risks are associated with this business. Thus, prospective growers should investigate and consider care-fully the risks and rewards of contract poultry production before committing the sizable investment required to participate in this business.

The cash flow estimates provided in this analysis are designed to demonstrate potential cash flow scenarios for facilities constructed and financed with 2011-2012 costs and contracts. The values used are considered reason-able representations of a grower’s costs and returns for the situations presented, but they are not intended to be representative of all growers’ situations. Growers may do better or worse than the examples presented here.

Considerations Before InvestingBefore investing in a poultry production unit, consider the cash flow potential of that unit. Cash flow refers to the amount of income generated compared to expenses paid from cash accounts over time. Generating a positive cash flow is essential to the long-term success of any business, including poultry farming. Broiler production may represent either a primary or supplemental income for farmers depending on the number of houses owned. As the attached cash flow projections indicate, returns to contract poultry producers may be modest while the units are being paid for. In addition, it is typical for contract growers to experience marginal cash flow situations during the later stages of debt retirement as a result of increases in taxable income. However, once the debt on a poultry house is retired, a substantial amount of what was returned to the bank as principal and interest pay-ments are returned to the grower as additional income. As a result, many poultry producers in Georgia have started with smaller production units that have grown over time as equity and success in the business have ac-crued. It is also important to realize that during the productive life of a poultry facility, additional investments to upgrade the houses will be necessary to maintain production efficiencies and competitiveness. These upgrades usually result in improved bird performances, improved energy conservation, reduced labor, increases in con-tracts, or a combination of these factors that offset the capital costs required. Cash Flow Projections Cash flow budgets can be set up in many ways. The rates for loan repayments and depreciation methods (amor-tization schedules) used will influence the amount of interest and taxes paid. These factors, as well as individual grower performances, will influence the cash flow of an enterprise. Projecting cash flow into the future is com-plicated by unforeseen circumstances such as changes in income and cash costs that normally occur year to year. Thus, any cash flow projection is only an estimate of what may be reasonably expected to occur given the input factors available at that time. For the cash flow analysis used in these example budgets, a 30-year projec-tion with a 15-year pay-back period has been used. Thirty years is used to demonstrate a significant upgrade at the end of year 15. Poultry houses typically have productive lives of 30 years or more, so most of the returns are generated during the second half of their existence.

The investments in these houses are financed at 100% of cost, assuming enough equity in land to secure the loan. It is common practice for poultry producers to invest in a substantial upgrade of their facilities at least once, and sometimes more often during the life the operation. The cash flow projections in these examples in-clude a $45,000 upgrade per house in year 15 to demonstrate the effect of this recapitalization on the cash flow projections. Equipment replacement and repairs for poultry houses occur periodically as needed, but are difficult to project due to variability from grower to grower and differences in facility age. Nevertheless, an annualized charge for these expenses was included in the growers’ cash costs in these examples.


Value of ManureBroiler operations produce two products of value: meat and manure. The manure removed from poultry opera-tions has significant value in Georgia as an organic fertilizer. Broiler litter contains the nutrients N, P and K at levels of approximately 3.5, 3.0 and 2.5 percent, respectively. Traditionally this material has been applied to pastures and croplands as a replacement for commercial fertilizer. The value of poultry manure to a grower depends on how it is used. For some growers in Georgia, the manure has been traded to a removal business in exchange for cleanout and disposal service. This practice eliminates the necessity for additional farm equip-ment and labor associated with manure handling and application that can increase farm investments by $15,000 to $30,000. Many of the growers that do invest in manure handling equipment for their farms also haul and sell this product as an additional income aspect of their operation, while others share the equipment to reduce these costs.

When poultry manure is used as a fertilizer, the value of this product depends on the utilization of the nutrients N, P and K. Depending on the soil condition and crop grown, P and K may have little or no value as nutrients. Under these situations, only the nitrogen value and enhanced soil productivity due to micronutrients is captured by manure application. If, however, the manure is used on cropland deficient in P and K, the value of the appli-cation is increased.

A study in 2002 (Litchtenberg et al.) placed the value of poultry litter at zero to $3.90 per ton net of costs when only nitrogen value is derived. When used on cropland utilizing N, P and K components, the net value ranged from just under $4.00 to almost $23.00 per ton. More recently, Kissel, et al. (2008) estimated that in addition to the N, P and K value, poultry manure has a liming value of $3.00 per ton. Thus, a reasonable average estimated net value for poultry litter statewide for most years would be $10.00 to $12.00 per ton. The increased costs of commercial fertilizer in recent years have increased poultry litter values beyond these historic levels. During 2008-2009, poultry litter for crop production in Georgia sold for $40.00 to $60.00 per ton delivered. As a result, the value of poultry litter at the farm has substantially increased for most poultry producers.

The typical broiler house will produce approximately 170 to 200 tons of litter per year depending on cleanout schedules. Thus, the net litter value added to poultry operations for most years may be in the range of $1,700 to $2,400 per house. Due to the variability in cleanout schedules and the utilization and value of poultry litter, the cash flow budgets here take a very conservative position on the value of the poultry litter. For these examples it is assumed that the value of the litter removed from the houses only offsets the costs of removal. As presented above, this will underestimate the value of this product for many growers.

Example Budgets The budgets in these examples were designed to demonstrate potential grower returns with three different performance scenarios: (1) expected, (2) above expectation and (3) below expectation. The estimates provided in these budgets were derived from information provided by samplings of growers, integrators, bankers and contractors in Georgia. Above- and below-expectation budgets were derived by increasing and decreasing gross income projections each year by 5 percent from the expected values. An analysis of grower returns in Geor-gia from 1992-2002 (UGA Cooperative Extension Bulletin 1228) indicates an average annual increase of 2.0 percent in net incomes during this period. Thus, cash flow projections for years beyond year one were derived by increasing net incomes by 2.0 percent annually to account for changes over time. In addition, the following criteria and assumptions were employed:


Annual Net Income. Derived by subtracting annual cash production expenses from gross income. Increased at an annual rate of 2 percent to account for changes over time.

Depreciation. Uses the Modified Accelerated Cost Recovery System (MACRS). Depreciation used only to determine taxable income.

Interest. Calculated at a 7.5 percent fixed rate for 15 years.

Taxable Income. Net income minus depreciation and mortgage interest.

Taxes. Federal and state income and social security taxes combined at 35 percent.

Net Cash Flow. Net to grower’s land, labor and management (i.e., costs for land, labor and management not included). Obtained by subtracting interest, taxes and debt retirement from net income.

Labor. Assumes use of family labor without the need for hired labor for the average size poultry farm. The typical broiler farm in Georgia contains four houses. This size farm can be maintained and managed by one operator. The trend in recent years, however, is for operations of more than four houses. Large operations (6-12 houses) are more likely to use hired labor, which can add an additional $1,500 to $2,000 per house to expenses.

Land. Assumes land owned by grower with no associated cash cost. Land requirements for poultry houses are relatively small (e.g., four houses may be physically sited on as few as 5-6 acres. Local zoning ordinances, how-ever, will generally require at least 30-40 acres to meet set back requirements from property lines or dwellings).

Value of Litter. The value of litter at cleanout is assumed to at least equal the cost of cleanout and is not counted as an income factor for this analysis. However, for many growers, used litter can result in additional net income ranging from $1,700 to $2,400 or more per house per year.

Companion Publications

Cunningham, D. L., 2008. Guidelines for prospective contract broiler producers. University of Georgia Coop-erative Extension Bulletin 1167.

Cunningham, D. L., 2005. Guidelines for prospective contract hatching egg producers. University of Georgia Cooperative Extension Bulletin 1214.

Cunningham, D. L., 2003. Cash flow estimates for contract broiler production in Georgia: A 20-year analysis. University of Georgia Cooperative Extension Bulletin 1228.

Cunningham, D. L., B. D. Fairchild, and M. Czarick, 2010. An analysis of utility costs for Georgia broiler grow-ers. University of Georgia Cooperative Extension Bulletin 1375.

Kissel, D. E., M. Risse, L. Sonon, and G. Harris, 2008. Calculating the fertilizer value of broiler litter. Univer-sity of Georgia Cooperative Extension Circular 933.

Lichtenberg, E., D. Parker, and L. Lynch, 2002. Economic value of poultry litter supplies in alternative uses. www.arec,umd.edu/policycenter.


GEORGIA BROILER PRODUCTION UNIT (50' X 500' Houses)

Four house contract broiler production unit with tunnel ventilation, solid walls and cool pads (34,500 capacity/house); 15 year amortization. Initial Grower Investment:

Housing and Equipment (includes grading, roads, well and generator)

$924,000 (9.24/sq ft)

Fixed Costs (principal + interest @ 7.5%)

$102,788/year

First Year Grower Income: First Year Grower Cash Expenses:

4 House capacity 138,000 Shavings1 $6,240

Batches/year 6.0 Electricity $14,340

Bird weight (lb) 4.35 Fuel $27,130

Capacity marketed (%) 97.0 Insurance & property taxes $11,100

Contract pay ($/lb) 0.0562 Repair & miscellaneous $8,340

Fuel or electrical bonus $6,660 Equipment replacement $5,676

Total Gross Income $203,009 Total $72,826 1The value of litter at cleanout offsets the cost of removal. First Year Net Return to Capital, Land, Labor and Management: (gross income - cash expenses)

$130,183


FOUR HOUSE (50' X 500') BROILER CASH FLOW PROJECTIONS (Expected Performance)

Year Net Inc.

(Gross-Cash Costs)

Costs)

Depr.1 Int. Debt Ret. (Principal)

Tax Inc.2 Taxes3 Net Cash Flow4

1 130,183 69,300 68,125 34,663 0 0 27,395 2 132,787 128,251 65,434 37,354 0 0 29,999 3 135,442 108,937 62,534 40,253 0 0 32,655 4 138,151 92,585 59,409 43,378 0 0 35,364 5 140,914 80,758 56,041 46,746 4,115 1,440 36,687 6 143,733 80,758 52,412

49,349 50,375 10,563 3,697 37,249

7 146,607 80,758 48,501 54,286 17,348 6,072 37,748 8 149,539 80,758 44,287 58,500 24,494 8,573 38,179 9 152,530 80,758 39,746 63,042 32,026 11,209 38,533

10 155,581 80,758 34,852 67,936 39,971 13,990 38,803 11 158,692 40,379 29,578 73,210 88,735 31,057 24,847 12 161,866 0 23,894 78,893 137,972 48,290 10,789 13 165,103 0 17,769 85,018 147,334 51,567 10,749 14 168,406 0 11,169 91,618 157,237 55,032 10,586 15 171,773 0 4,057 98,730 167,716 58,700 10,285 16 175,209 13,500 13,074 12,566 148,635 52,022 97,547 17 178,713 24,985 12,097 13,542 141,632 49,571 103,503 18 182,288 21,222 11,047 14,592 150,019 52,506 104,142 19 185,953 18,036 9,914 15,725 158,003 55,301 105,013 20 189,652 15,732 8,693 16,946 165,227 57,829 106,184 21 193,445 15,732 7,378 18,262 170,335 59,617 108,188 22 197,313 15,732 5,960 19,679 175,621 61,467 110,207 23 201,260 15,731 4,432 21,207 181,096 63,384 112,237 24 205,285 15,732 2,786 22,853 186,767 65,368 114,278 25 209,391 15,732 1,012 24,628 192,647 67,426 116,342 26 213,579 7,866 0 0 205,713 72,000 141,579 27 217,850 0 0 0 217,850 76,248 141,602 28 222,207 0 0 0 222,207 77,772 144,435 29 226,652 0 0 0 226,652 79,328 147,324 30 231,185 0 0 0 231,185 80,915 150,270

Total 5,281,289 1,104,000 694,201 1,104,000 3,483,088 1,219,080 2,264,008 1Depreciation; uses the modified accelerated cost recovery system (MACRS). (Depreciation is a non-cash cost used only for tax purposes.) 2Net income minus depreciation and interest. 3State, federal and social security taxes calculated at 35%.4Net to growers land, labor and management.


FOUR HOUSE (50' X 500') BROILER CASH FLOW PROJECTIONS (Above Expectations)

Year Net Inc. (Gross-Cash

Costs)


Tax Inc.2 Taxes3 Net Cash

Flow4 1 136,692 69,300 68,125 34,663 0 0 33,904 2 139,426 128,251 65,434 37,354 0 0 36,638 3 142,215 108,937 62,534 40,253 0 0 39,428 4 145,059 92,585 59,409 43,378 0 0 42,272 5 147,960 80,758 56,041 46,746 11,161 3,906 41,267 6 150,919 80,758 52,412 50,375 17,749 6,212 41,920 7 153,938 80,758 48,501 54,286 24,679 8,638 42,513 8 157,016 80,758 44,287 58,500 31,971 11,190 43,039 9 160,156 80,758 39,746 63,042 39,652 13,878 43,490

10 163,360 80,758 34,852 67,936 47,750 16,713 43,860 11 166,626 40,379 29,578 73,210 96,669 33,834 30,004 12 169,959 0 23,894 78,893 146,065 51,123 16,049 13 173,359 0 17,769 85,018 155,590 54,457 16,116 14 176,826 0 11,169 91,618 165,657 57,980 16,059 15 180,362 0 4,057 98,730 176,305 61,707 15,868 16 183,970 13,500 13,074 12,566 157,396 55,089 103,241 17 187,649 24,985 12,097 13,542 150,568 52,698 109,311 18 191,402 21,222 11,047 14,592 159,133 55,697 110,066 19 195,230 18,036 9,914 15,725 167,280 58,548 111,043 20 199,134 15,732 8,693 16,946 174,709 61,148 112,347 21 203,117 15,732 7,378 18,262 180,007 63,002 114,475 22 207,180 15,732 5,960 19,679 185,488 64,921 116,620 23 211,323 15,731 4,432 21,207 191,159 66,906 118,778 24 215,550 15,732 2,786 22,853 197,032 68,961 120,950 25 219,861 15,732 1,012 24,628 203,117 71,091 123,130 26 224,258 7,866 0 0 216,392 75,732 148,521 27 228,743 0 0 0 228,743 80,060 148,683 28 233,318 0 0 0 233,318 81,661 151,557 29 237,984 0 0 0 237,984 83,294 154,690 30 242,743 0 0 0 242,743 84,960 157,783



FOUR HOUSE (50' X 500') BROILER CASH FLOW PROJECTIONS (Below Expectations)

Year Net Inc. (Gross-

Cash Costs)



1 123,674 69,300 68,125 34,663 0 0 20,886 2 126,147 128,251 65,434

61,610 37,354 0 0 23,359

3 128,670 108,937 62,534 40,253 0 0 25,883 4 131,244 92,585 59,409 43,378 0 0 28,457 5 133,869 80,758 56,041 46,746 0 0 31,082 6 136,546 80,758 52,412 50,375 3,376 1,182 32,577 7 139,277 80,758 48,501 54,286 10,018 3,506 32,984 8 142,062 80,758 44,287 58,500 17,017 5,956 33,319 9 144,904 80,758 39,746 63,042 24,400 8,540 33,576

10 147,802 80,758 34,852 67,936 32,192 11,267 33,747 11 150,758 40,379 29,578 73,210 80,801 28,280 19,690 12 153,773 0 23,894 78,893 129,879 45,458 5,528 13 156,848 0 17,769 85,018 139,079 48,678 5,385 14 159,985 0 11,169 91,618 148,816 52,086 5,111 15 163,185 0 4,057 98,730 159,128 55,695 4,701 16 166,448 13,500 13,074 12,566 139,875 48,956 91,852 17 169,778 24,985 12,097 13,542 132,697 46,444 97,695 18 173,173 21,222 11,047 14,592 140,904 49,316 98,218 19 176,637 18,036 9.914 15,725 148,687 52,040 98,958 20 180,169 15,732 8,693 16,946 155,744 54,510 100,019 21 183,773 15,732 7,378 18,262 160,663 56,232 101,901 22 187,448 15,732 5,960 19,679 165,756 58,015 103,794 23 191,197 15,731 4,432 21,207 171,033 59,862 105,696 24 195,021 15,732 2,786 22,853 176,503 61,776 107,606 25 198,921 15,732 1,012 24,628 182,177 63,762 109,519 26 202,890 7,866 0 0 195,024 68,258 134,632 27 206,958 0 0 0 206,958 72,435 134,523 28 211,097 0 0 0 211,097 73,884 137,213 29 215,319 0 0 0 215,319 75,361 139,957 30 219,625 0 0 0 219,625 76,869 142,756

Total 5,017,198 1,104,000 50,000

694,201 1,104,000 3,218,997 1,126,649 2,092,348 1Depreciation; uses the modified accelerated cost recovery system (MACRS). (Depreciation is a non-cash cost used only for tax purposes.) 2Net income minus depreciation and interest. 3State, federal and social security taxes calculated at 35%.4Net to growers land, labor and management.


GEORGIA BROILER PRODUCTION UNIT (50' x 500' Houses)

Six house contract broiler production unit with tunnel ventilation, solid walls and cool pads (50' x 500') (34,500 capacity/house); 15 year amortization. Initial Grower Investment:


$1,386,000 (9.24/sq ft)


$154,181/year




Bird weight (lb) 4.35 Fuel $40,770


Contract payment ($/lb) 0.0562 Repair & miscellaneous $12,510


Hired Labor $9,000

Total Grower Income $303,973 Total $117,900 1The value of litter at cleanout offsets the cost of removal. First Year Net Return to Capital, Land, Labor and Management: (gross income – cash expenses)

$186,073


SIX HOUSE (50' X 500') BROILER CASH FLOW PROJECTIONS (Expected Performance)

Year Net Inc. (Gross-Cash Costs)



1 186,073 103,950 102,187 51,994 0 0 31,892 2 189,794 192,377 98,150 56,030 0 0 35,614 3 193,540 163,409 93,801 60,380 0 0 39,359 4 197,462 138,877 89,113 65,068 0 0 43,281 5 201,411 121,136 84,062 70,119 0 0 47,230 6 205,440 121,136 78,618 75,562 5,686 1,990 49,270 7 209,548 121,136 72,752 81,428 15,660 5,481 49,887 8 213,739 121,136 66,431 87,750 26,172 9,160 50,398 9 218,014 121,136 59,618 94,562 37,260 13,041 50,793

10 222,374 121,136 52,277 101,903 48,961 17,136 51,058 11 226,822 60,568 44,366 109,814 121,888 42,661 29,981 12 231,358 0 35,841 118,340 195,517 68,431 8,747 13 235,985 0 26,654 127,527 209,331 73,266 8,538 14 240,705 0 16,754 137,427 223,951 78,382 8,141 15 245,519 0 6,085 148,096 239,434 83,802 7,536 16 250,430 20,250 19,611 18,449 210,569 73,699 138,671 17 255,438 37,476 18,148 20,312 199,814 69,935 147,043 18 260,547 31,833 16,571 21,889 212,139 74,250 147,838 19 265,758 27,054 14,871 23,588 223,833 78,341 148,957 20 271,073 23,598 13,040 25,419 234,435 82,504 150,562 21 276,494 23,598 11,067 27,392 241,829 84,640 153,395 22 282,024 23,598 8,940 29,519 248,486 87,320 156,245 23 287,665 23,598 6,649 31,811 257,418 90,096 159,109 24 293,418 23,598 4,179 34,280 265,641 92,939 161,984 25 299,286 23,598 1,518 36,941 274,170 95,960 164,868 26 305,272 11,798 0 0 293,474 102,716 202,556 27 311,377 0 0 0 311,377 108,982 202,395 28 317,605 0 0 0 317,605 111,162 206,443 29 323,957 0 0 0 323,957 113,385 210,572 30 330,436 0 0 0 330,436 115,653 214,783

Totala 7,548,564 1,656,000 1,041,303 1,656,000 4,851,261 1,697,941 3,153,320 1Depreciation; uses the modified accelerated cost recovery system (MACRS). (Depreciation is a non-cash cost used only for taxpurposes.) 2Net income minus depreciation and interest. 3State, federal and social security taxes calculated at 35%.4Net to growers land, labor and management.


SIX HOUSE (50' X 500') BROILER CASH FLOW PROJECTIONS (Above Expectations)


Costs) Depr.1 Int. Debt Ret.

(Principal) Tax Inc.2 Taxes3 Net Cash

Flow4 1 195,377 103,950 102,187 51,994 0 0 41,196 2 199,284 192,377 98,150 56,030 0 0 45,104 3 203,270 163,409 93,801 60,380 0 0 49,089 4 207,335 138,877 89,113 65,068 0 0 53,154 5 211,148 121,136 84,062 70,119 5,950 2,083 54,884 6 215,712 121,136 78,618 75,562 15,958 5,585 55,947 7 220,026 121,136 72,752 81,428 26,138 9,148 56,698 8 224,426 121,136 66,431 87,750 36,859 12,901 57,344 9 228,915 121,136 59,618 94,562 48,161 16,856 57,879

10 233,493 121,136 52,277 101,903 60,080 21,028 58,285 11 238,163 60,568 44,366 109,814 133,229 46,630 37,353 12 242,926 0 35,841 118,340 207,085 72,480 16,265 13 247,785 0 26,654 127,527 221,131 77,396 16,208 14 252,740 0 16,754 137,427 235,986 82,595 15,964 15 257,795 0 6,085 148,096 251,710 88,099 15,516 16 262,951 20,250 19,611 18,449 223,090 78,082 146,810 17 268,210 37,476 18,148 20,312 212,586 74,405 155,345 18 273,574 31,833 16,571 21,889 225,170 78,810 156,306 19 279,046 27,054 14,871 23,588 237,121 82,992 157,595 20 284,627 23,598 13,040 25,419 247,989 86,796 159,372 21 290,319 23,598 11,067 250,916 255,654 89,479 162,381 22 296,126 23,598 8,940 29,519 263,588 92,256 165,411 23 302,048 23,598 6,649 31,811 271,801 95,130 168,456 24 308,089 23,598 4,179 34,280 280,212 98,074 171,456 25 314,251 23,598 1,518 36,941 289,135 101,197 174,595 26 320,536 11,798 0 0 308,738 108,058 212,478 27 326,947 0 0 0 326,947 114,431 212,516 28 333,486 0 0 0 333,486 116,720 216,766 29 340,155 0 0 0 340,155 119,054 221,101 30 346,958 0 0 0 346,958 121,435 225,523

Totall 7,925,718 1,656,000 1,041,303 1,656,000 5,228,415 1,829,945 3,398,470 02,455 1Depreciation; uses the modified accelerated cost recovery system (MACRS). (Depreciation is a non-cash cost used only for tax purposes.) 2Net income minus depreciation and interest. 3State, federal and social security taxes calculated at 35%.4Net to growers land, labor and management.


SIX HOUSE (50' X 500') BROILER CASH FLOW PROJECTIONS (Below Expectations)


Costs)



Flow4 1 176,769 103,950 102,187 51,994 0 0 22,588 2 180,305 192,377 98,150 56,030 0 0 26,125 3 183,911 163,409 93,801 60,380 0 0 29,730 4 187,589 138,877 89,113 65,068 0 0 33,408 5 191,341 121,136 84,062 70,119 0 0 37,160 6 195,168 121,136 78,618 75,562 0 0 40,988 7 199,071 121,136 72,752 81,428 5,183 1,814 43,077 8 203,052 121,136 66,431 87,750 15,485 5,420 43,451 9 207,113 121,136 59,618 94,562 26,359 9,226 43,707

10 211,256 121,256 52,277 101,903 37,843 13,245 43,831 11 215,480 60,568 44,366 109,814 110,546 38,691 22,609 12 219,790 0 35,841 118,340 183,949 64,382 1,227 13 224,186 0 26,654 127,527 197,532 69,136 869 14 228,670 0 16,754 137,427 211,916 74,171 318 15 233,243 0 6,085 148,096 227,158 79,505 (443) 16 237,908 20,250 19,611 18,449 198,047 69,316 130,531 17 242,666 37,476 18,148 20,312 187,042 65,465 138,741 18 247,520 31,833 16,571 21,889 199,112 69,689 139,371 19 253,470 27,054 14,871 23,588 211,545 74,040 140,970 20 257,519 23,598 13,040 25,419 220,881 77,308 141,751 21 262,670 23,598 11,067 27,392 228,005 79,802 144,409 22 267,923 23,598 8,940 29,519 235,385 82,385 147,079 23 273,281 23,598 6,649 31,811 243,034 85,062 149,759 24 278,747 23,598 4,179 34,280 250,870 87,805 152,384 25 284,322 23,598 1,518 36,941 259,206 90,722 155,141 26 290,009 11,798 0 0 278,211 97,374 192,635 27 295,809 0 0 0 295,809 103,353 192,276 28 301,725 0 0 0 301,725 105,604 196,121 29 307,760 0 0 0 307,760 107,716 200,044 30 313,915 0 0 0 313,915 109,870 204,045

Total 7,172,188 1,656,000 1,041,303 1,656,000 4,474,885 1,566,210 2,908,675 1Depreciation; uses the modified accelerated cost recovery system (MACRS). (Depreciation is a non-cash cost used only for tax purposes.) 2Net income minus depreciation and interest. 3State, federal and social security taxes calculated at 35%.4Net to growers land, labor and management.



Four house contract broiler production unit with tunnel ventilation, side walls and cool pads (31,750 capacity/house); 15 year amortization. Initial Grower Investment:

Housing and Equipment (includes grading, roads, well, generator and incinerator)

$972,000 (9.00/sq.ft.)


$108,126/year




Bird weight (lb) 6.50 Fuel & incinerator operation $24,462




Hired Labor $5,724

Total Gross Income $219,986 Total $71,326 1The value of litter at cleanout is assumed to offset the cost of removal. First Year Net Return to Capital, Land, Labor and Management: (gross income - cash expenses)

$148,660


FOUR HOUSE (54' X 500') BROILER CASH FLOW PROJECTION (Expected Performance)


Costs)



1 148,660 72,900 71,663 34,663 4,097 1,434 40,900 2 151,633 134,914 68,833 37,354 0 0 45,446 3 154,666 114,599 65,782 40,253 0 0 48,631 4 157,759 97,394 62,495 43,378 0 0 51,886 5 160,914 84,953 58,952 46,746 17,009 5,953 49,263 6 164,133 84,953 55,135 50,375 24,045 8,416 50,207 7 167,415 84,953 51,021 54,286 31,441 11,004 51,104 8 170,764 84,953 46,588 58,500 39,223 13,728 51,948 9 174,179 84,953 41,810 63,042 47,416 16,596 52,731

10 177,662 84,953 36,662 67,936 56,047 19,616 53,448 11 181,216 42,476 31,114 73,210 107,626 37,669 39,223 12 184,840 0 25,135 78,893 159,705 55,897 24,915 13 188,538 0 18,692 85,081 169,845 59,446 25,381 14 192,307 0 11,749 91,618 180,558 63,195 25,745 15 196,154 0 4,267 98,730 191,887 67,160 25,997 16 200,077 13,500 13,074 12,566 173,503 60,726 113,711 17 204,078 24,985 12,097 13,542 166,997 58,449 119,990 18 208,160 21,222 11,047 14,592 175,891 61,562 120,959 19 212,323 18,036 9,914 15,725 184,373 64,531 122,153 20 216,569 15,732 8,693 16,946 192,144 67,250 123,680 21 220,901 15,732 7,378 18,262 197,791 69,227 126,034 22 225,319 15,732 5,960 19,679 203,627 71,269 128,411 23 229,825 15,732 4,432 21,207 209,661 73,381 130,804 24 234,422 15,732 2,786 22,853 215,904 75,566 133,217 25 239,911 15,732 1,012 24,628 223,167 78,108 136,162 26 243,892 7,866 0 0 236,026 82,609 161,283 27 248,770 0 0 0 248,770 87,070 161,701 28 253,746 0 0 0 253,746 88,811 164,935 29 258,821 0 0 0 258,821 90,587 168,234 30 263,997 0 0 0 263,997 92,399 171,598



FOUR HOUSE (54' X 500') BROILER CASH FLOW PROJECTION (Above Expectations)


Costs)



1 156,093 72,900 71,663 34,663 11,530 4,036 45,731 2 159,215 134,914 68,833 37,354 0 0 53,028 3 162,399 114,599 65,782 40,253 0 0 56,364 4 165,647 97,394 62,495 43,378 5,758 2,015 57,759 5 168,960 84,953 58,952 46,746 25,055 8,769 54,493 6 172,339 84,953 55,135 50,375 32,251 11,288 55,541 7 175,786 84,953 51,021 54,286 39,812 13,934 56,545 8 179,302 84,953 46,588 58,500 47,761 16,716 57,498 9 182,888 84,953 41,810 63,042 56,125 19,644 58,392

10 186,545 84,953 36,662 67,936 64,930 22,726 59,222 11 190,276 42,476 31,114 73,210 116,686 40,840 45,112 12 194,082 0 25,135 78,893 168,947 59,131 30,923 13 197,964 0 18,692 85,018 179,272 62,745 31,509 14 201,923 0 11,749 91,618 190,174 66,561 31,995 15 205,961 0 4,267 98,730 201,694 70,593 32,371 16 210,081 13,500 13,074 12,566 183,507 64,227 120,214 17 214,282 24,985 12,097 13,542 177,201 62,020 126,623 18 218,567 21,222 11,047 14,592 186,298 65,204 127,723 19 222,939 18,036 9,914 15,725 194,989 68,246 129,054 20 227,398 15,732 8,693 16,946 202,973 71,040 130,718 21 231,946 15,732 7,378 18,262 208,836 73,093 133,213 22 236,585 15,732 5,960 19,679 214,893 75,213 135,733 23 241,316 15,732 4,432 21,207 221,152 77,403 138,274 24 246,143 15,732 2,786 22,853 227,625 79,669 140,835 25 251,066 15,732 1,012 24,628 235,322 82,363 144,063 26 256,087 7,866 0 0 248,221 86,877 169,210 27 261,209 0 0 0 261,209 91,423 169,786 28 266,433 0 0 0 266,433 93,252 173,181 29 271,762 0 0 0 271,762 95,117 176,645 30 277,197 0 0 0 277,197 97,019 180,178



FOUR HOUSE (54' X 500') BROILER CASH FLOW PROJECTION (Below Expectations)


Costs)

Depr.1 Int. Debt Ret. (Principle)


1 141,227 72,900 71,663 34,663 0 0 34,901 2 144,052 134,914 68,833 37,354 0 0 37,865 3 146,933 114,599 65,782 40,253 0 0 40,898 4 149,871 97,394 62,495 43,378 0 0 43,998 5 152,869 84,953 58,952 46,746 8,964 3,137 44,034 6 155,926 84,953 55,135 50,375 15,838 5,543 44,872 7 159,045 84,953 51,021 54,286 23,071 8,075 45,663 8 162,225 84,953 46,588 58,500 30,684 10,739 46,398 9 165,470 84,953 41,810 63,042 38,707 13,547 47,071

10 168,779 84,953 36,662 67,936 47,164 16,507 47,674 11 172,155 42,476 31,114 73,210 98,565 34,498 33,333 12 175,598 0 25.135 78,893 150,463 52,662 18,908 13 179,110 0 18,692 85,018 160,418 56,146 19,254 14 182,692 0 11,749 91,618 170,943 59,830 19,495 15 186,345 0 4,267 98,730 182,078 63,727 19,621 16 190,072 13,500 13,074 12,566 163,498 57,224 107,208 17 193,875 24,985 12,097 13,542 156,793 54,878 113,357 18 197,752 21,222 11,047 14,592 165,483 57,919 114,194 19 201,707 18,036 9,914 15,725 173,757 60,814 115,253 20 205,741 15,732 8,693 16,946 181,316 63,461 116,641 21 209,856 15,732 7,378 18,262 186,746 65,361 118,855 22 214,053 15,732 5,960 19,679 192,361 67,326 121,087 23 218,334 15,732 4,432 21,207 198,170 69,360 123,336 24 222,701 15,732 2,786 22,853 204,183 71,464 125,596 25 227,155 15,732 1,012 24,628 210,411 73,644 127,871 26 231,698 7,866 0 0 223,832 78,341 153,357 27 236,332 0 0 0 236,332 82,716 153,616 28 241,058 0 0 0 241,058 84,370 156,688 29 245,879 0 0 0 245,879 86,057 159,821 30 250,797 0 0 0 250,797 87,779 163,018




Four house contract broiler production unit with tunnel ventilation, solid walls and cool pads (38,350 capacity/house); 15 year amortization. Initial Grower Investment:


$1,064,000 (9.50/sq.ft.)

Fixed Costs (principal + interest @7.5%)

$118,361/year




Bird weight (lb) 5.65 Fuel & Incinerator operation $27,905



Fuel or electrical bonus 0 Equipment replacement $5,830

Labor $6,530

Total Gross Income $249,166 Total $81,382 1The value of litter at cleanout offsets the cost of removal. First Year Net Return to Capital, Land, Labor and Management: (gross income - cash expenses)

$167,784


FOUR HOUSE (50' X 560') BROILER CASH FLOW PROJECTIONS (Expected Performance)


Costs)



1 167,784 79,800 78,446 39,914 9,538 3,338 46,086 2 171,140 147,683 75,348 43,013 0 0 52,779 3 174,562 125,446 72,009 46,352 0 0 56,201 4 178,054 106,613 68,410 49,951 3,031 1,060 58,632 5 181,615 92,994 64,532 53,829 24,089 8,431 54,823 6 185,247 92,994 60,353 58,007 31,900 11,165 55,722 7 188,952 92,994 55,850 62,511 40,108 14,038 56,553 8 192,731 92,994 50,997 67,364 48,740 17,059 57,311 9 196,586 92,994 45,768 72,593 57,824 20,238 57,987

10 200,517 92,994 40,132 78,229 67,391 23,587 58,569 11 204,528 46,497 34,059 84,302 123,972 43,390 42,777 12 208,618 0 27,514 90,847 181,104 63,386 26,871 13 212,791 0 20,462 97,899 192,329 67,315 27,115 14 217,046 0 12,862 105,499 204,184 71,464 27,221 15 221387 0 4,671 113,690 216,716 75,851 27,175 16 225,815 13,500 13,074 12,566 199,241 69,734 130,441 17 230,331 24,984 12,097 13,542 193,250 67,638 137,055 18 234,938 21,222 11,047 14,592 202,669 70,934 138,365 19 239,636 18,036 9,914 15,725 211,686 74,090 139,907 20 244,430 15,732 8,693 16,946 220,005 77,002 141,789 21 249,318 15,732 7,378 18,262 226,208 79,173 144,505 22 254,304 15,732 5,960 19,679 232,612 81,414 147,251 23 259,391 15,732 4,432 21,207 239,227 83,729 150,023 24 264,578 15,732 2,786 22,853 246,060 86,121 152,818 25 269,870 15,732 1,012 24,628 253,126 88,594 155,636 26 275,267 7,866 0 0 267,401 93,590 181,677 27 280,773 0 0 0 280,773 98,271 182,502 28 286,388 0 0 0 286,388 100,236 186,152 29 292,116 0 0 0 292,116 102,241 189,875 30 297,958 0 0 0 297,958 104,285 193,673



FOUR HOUSE (50' X 560') BROILER CASH FLOW PROJECTIONS (Above Expectations)


Costs)



1 176,173 79,800 78,446 39,914 17,927 6,274 51,539 2 179,697 147,683 75,348 43,013 0 0 61,336 3 183,291 125,446 72,009 46,352 0 0 64,930 4 186,956 106,613 68,410 49,951 11,933 4,177 64,418 5 190,696 92,994 64,532 53,829 33,170 11,610 60,726 6 194,509 92,994 60,353 58,007 41,162 14,407 61,742 7 198,400 92,994 55,850 62,511 49,556 17,345 62,694 8 202,368 92,994 50,997 67,364 58,377 20,432 63,575 9 206,415 92,994 45,768 72,593 67,653 23,679 64,375

10 210,543 92,994 40,132 78,229 77,417 27,096 65,086 11 214,754 46,497 34,059 84,302 134,198 46,969 49,424 12 219,049 0 27,514 90,847 191,535 67,037 33,651 13 223,430 0 20,462 97,899 202,968 71,039 34,030 14 227,899 0 12,862 105,499 215,037 75,263 34,275 15 232,457 0 4,671 113,690 227,786 79,725 34,371 16 237,106 13,500 13,074 12,566 210,532 73,686 137,780 17 241,848 24,984 12,097 13,542 204,767 71,668 144,541 18 246,685 21,222 11,047 14,592 214416 75,046 146,000 19 251,619 18,036 9,914 15,725 223,669 78,284 147,696 20 256,652 15,732 8,693 16,946 232,226 81,279 149,733 21 261,784 15,732 7,378 18,262 238,674 83,536 152,608 22 267,020 15,732 5,960 19,679 245,328 85,865 155,516 23 272,360 15,732 4,432 21,207 252,196 88,267 158,452 24 277,807 15,732 2,786 22,853 259,289 90,751 161,417 25 283,363 15,732 1,012 24,628 266,619 93,316 164,406 26 289,031 7,866 0 0 281,165 98,408 190,623 27 294,811 0 0 0 294,811 103,184 191,627 28 300,707 0 0 0 300,707 105,247 195,460 29 306,721 0 0 0 306,721 107,352 199,369 30 312,856 0 0 0 312,856 109,500 203,356



FOUR HOUSE (50' X 560') BROILER CASH FLOW PROJECTIONS (Below Expectations)


Costs)



Flow4 1 159,395 79,800 78,446 39,914 1,149 402 40,633 2 162,583 147,683 75,348 43,013 0 0 44,222 3 165,834 125,446 72,009 46,352 0 0 47,473 4 169,151 106,613 68,410 49,951 0 0 50,790 5 172,534 92,994 64,532 53,829 15,008 5,253 48,920 6 175,985 92,994 60,353 58,007 22,638 7,923 49,702 7 179,504 92,994 55,850 62,511 30,660 10,731 50,412 8 183,094 92,994 50,997 67,364 39,103 13,686 51,047 9 186,756 92,994 45,768 72,593 47,994 16,798 51,597

10 190,491 92,994 40,132 78,229 57,365 20,077 52,052 11 194,301 46,497 34,059 84,302 113,745 39,811 36,129 12 198,187 0 27,514 90,847 170,673 59,736 20,090 13 202,151 0 20,462 97,899 181,689 63,591 20,199 14 206,194 0 12,862 105,499 193,332 67,666 20,167 15 210,318 0 4,671 113,690 205,647 71,976 19,981 16 214,524 13,500 13,074 12,566 187,950 65,783 123,102 17 218,815 24,984 12,097 13,542 181,734 63,607 129,569 18 223,191 21,222 11,047 14,592 190,922 66,823 130,729 19 227,654 18,036 9,914 15,725 199,704 69,896 132,119 20 232,208 15,732 8,693 16,946 207,783 72,724 133,845 21 236,852 15,732 7,378 18,262 213,742 74,810 136,402 22 241,589 15,732 5,960 19,679 219,897 76,964 138,986 23 246,421 15,732 4,432 21,207 226,257 79,190 141,592 24 251,349 15,732 2,786 22,853 232,831 81,490 144,219 25 256,376 15,732 1,012 24,628 239,632 83,871 146,865 26 261,504 7,866 0 0 253,638 88,773 172,731 27 266,734 0 0 0 266,734 93,357 173,377 28 272,069 0 0 0 272,069 95,224 176,845 29 277,510 0 0 0 277,510 97,129 180,382 30 283,060 0 0 0 283,060 99,071 183,989



GEORGIA HATCHING EGG UNIT (40' x 530' Houses)

Two house hatching egg unit with automated egg gathering, tunnel ventilation, separate male feeders and cool pads (40' x 500' hen space; 10,500 layers/house); 15 year amortization. Initial Grower Investment:

Housing and Equipment (includes grading, roads, well, etc.)

$586,000


$65,187/year

First Year Producer Income: First Year Grower Cash Expenses:

2 House capacity 21,000 Litter2 $4,000

Hatching eggs/hen 162 Electricity $18,000

Contract payment ($/doz)1 $0.455 Repairs, replacement, misc. $12,000

Pullet growout payment $3,200 Hired labor $8,000 Insurance & property taxes $5,500

Total Gross Income $132,193 Total $47,500 1Includes bonus payments.2The value of litter at cleanout is assumed to offset the cost of removal. First Year Net Return to Capital, Land, Labor and Management: (gross income - cash expenses)

$84,693

1Determined from cash flow projections on following pages.


GEORGIA HATCHING EGG UNIT CASH FLOW PROJECTIONS (Expected Performance)

Year Net Inc.

(Gross-Cash Costs)



1 84,693 43,950 43,205 21,983 0 0 19,505 2 86,386 81,337 41,498 23,690 0 0 21,198 3 88,115 69,089 39,659 25,529 0 0 22,927 4 89,877 58,717 37,677 27,511 0 0 24,689 5 91,674 51,216 35,541 29,646 4,917 1,721 24,766 6 93,508 51,216 33,240 31,948 9,052 3,168 25,152 7 95,378 51,216 30,760 34,428 13,402 4,691 25,499 8 97,286 51,216 28,087 37,101 17,983 6,294 25,804 9 99,231 51,216 25,207 39,981 22,808 7,983 26,060

10 101,216 51,216 22,103 43,085 27,897 9,764 26,264 11 103,240 25,608 18,758 46,429 58,874 20,606 17,447 12 105,305 0 15,154 50,034 90,151 31,553 8,566 13 107,411 0 11,269 53,918 96,142 33,650 8,574 14 109,559 0 7,084 58,104 102,475 35,866 8,505 15 111,751 0 2,573 62,615 109,178 38,212 8,351 16 113,986 6,750 6,537 6,283 100,699 35,245 65,921 17 116,265 12,492 6,049 6,771 97,724 34,203 69,242 18 118,591 10,611 5,524 7,296 102,456 35,860 69,911 19 120,962 9,018 4,957 7,863 106,987 37,445 70,697 20 123,382 7,866 4,347 8,473 111,169 38,909 71,653 21 125,849 7,866 3,689 9,131 114,294 40,003 73,026 22 128,366 7,866 2,980 9,840 117,520 41,132 74,414 23 130,934 7,866 2,216 10,604 120,852 42,298 75,816 24 133,552 7,866 1,393 11,427 124,293 43,503 77,229 25 136,223 7,866 506 12,314 127,851 44,748 78,655 26 138,948 3,933 0 0 135,015 47,255 91,693 27 141,727 0 0 0 141,727 49,604 92,123 28 144,561 0 0 0 144,561 50,596 93,965 29 147,452 0 0 0 147,452 51,608 95,844 30 150,401 0 0 0 150,401 52,640 97,761

Total 3,435,829 676,000 430,013 676,000 2,329,816 815,436 1,514,380 1Depreciation; uses the modified accelerated cost recovery system (MACRS). (Depreciation is a non-cash cost used only for tax purposes.) 2Net income minus depreciation and interest. 3State, federal and social security taxes calculated at 35%.4Net to growers land, labor and management.


GEORGIA HATCHING EGG UNIT CASH FLOW PROJECTIONS (Above Expectations)


Costs)



1 89,211 43,950 43,205 21,983 2,056 720 23,303 2 90,995 81,337 41,498 23,690 0 0 25,807 3 92,815 69,089 39,659 25,529 0 0 27,627 4 94,671 58,717 37,677 27,511 0 0 29,483 5 96,565 51,216 35,541 29,646 9,808 3,433 27,945 6 98,496 51,216 33,240 31,948 14,040 4,914 28,394 7 100,466 51,216 30,760 34,428 18,490 6,472 28,807 8 102,476 51,216 28,087 37,101 23,173 8,110 29,177 9 104,525 51,216 25,207 39,981 28,102 9,836 29,501

10 106,616 51,216 22,103 43,085 33,297 11,654 29,774 11 108,748 25,608 18,758 46,429 64,382 22,534 21,027 12 110,923 0 15,154 50,034 95,769 33,519 12,216 13 113,141 0 11,269 53,918 101,872 35,655 12,299 14 115,404 0 7,084 58,104 108,320 37,912 12,304 15 117,712 0 2,573 62,615 115,139 40,299 12,225 16 120,066 6,750 6,537 6,283 106,779 37,373 69,873 17 122,468 12,492 6,049 6,771 103,927 36,374 73,274 18 124,917 10,611 5,524 7,296 108,782 38,074 74,023 19 127,415 9,018 4,957 7,863 113,440 39,704 74,891 20 129,964 7,866 4,347 8,473 117,751 41,212 75,931 21 132,563 7,866 3,689 9,131 121,008 42,353 77,390 22 135,214 7,866 2,980 9,840 124,368 43,529 78,865 23 137,919 7,866 2,216 10,604 127,837 44,742 80,356 24 140,677 7,866 1,393 11,427 131,418 45,996 81,861 25 143,490 7,866 506 12,314 135,118 47,291 83,379 26 146,360 3,933 0 0 142,427 49,849 96,510 27 149,287 0 0 0 149,287 52,250 97,037 28 152,273 0 0 0 152,273 53,296 98,977 29 155,319 0 0 0 155,319 54,362 100,957 30 158,425 0 0 0 158,425 55,449 102,976


GEORGIA HATCHING EGG UNIT CASH FLOW PROJECTIONS (Below Expectations)

Year Net Inc.

(Gross - Cash Costs)



1 80,458 43,950 43,205 21,983 0 0 15,270 2 82,068 81,337 41,498 23,690 0 0 16,880 3 83,709 69,089 39,659 25,529 0 0 18,521 4 85,383 58,717 37,677 27,511 0 0 20,195 5 87,092 51,216 35,541 29,646 334 117 21,787 6 88,833 51,216 33,240 31,948 4,377 1,532 22,113 7 90,609 51,216 30,760 34,428 8,633 3,022 22,399 8 92,421 51,216 28,087 37,101 13,118 4,591 22,642 9 94,270 51,216 25,207 39,981 17,847 6,246 22,836

10 96,155 51,216 22,103 43,085 22,836 7,993 22,974 11 98,078 25,608 18,758 46,429 53,712 18,799 14,092 12 100,040 0 15,154 50,034 84,886 29,710 5,142 13 102,041 0 11,269 53,918 90,772 31,770 5,084 14 104,081 0 7,084 58,104 96,997 33,949 4,944 15 106,167 0 2,573 62,615 103,594 36,258 4,721 16 108,286 6,750 6,537 6,283 94,999 33,250 62,216 17 110,452 12,492 6,049 6,771 91,911 32,169 65,463 18 112,661 10,611 5,524 7,296 96,526 33,784 66,057 19 114,914 9,018 4,957 7,863 100,939 35,329 66,765 20 117,213 7,866 4,347 8,473 105,000 36,750 67,643 21 119,557 7,866 3,689 9,131 108,002 37,800 68,936 22 121,948 7,866 2,980 9,840 111,102 38,886 70,242 23 124,387 7,866 2,216 10,604 114,305 40,007 71,560 24 126,875 7,866 1,393 11,427 117,616 41,166 72,889 25 129,412 7,866 506 12,314 121,040 42,364 74,228 26 132,000 3,933 0 0 128,067 44,823 87,176 27 134,640 0 0 0 134,640 47,124 87,516 28 137,333 0 0 0 137,333 48067 89,266 29 140,080 0 0 0 140,080 49028 91,052 30 142,881 0 0 0 142,881 50,008 92,873


Bulletin 1240 Revised November 2011

The University of Georgia and Ft. Valley State University, the U.S. Department of Agriculture and counties of the state cooperating. Cooperative Extension, the Uni-versity of Georgia College of Agricultural and Environmental Sciences, offers educational programs, assistance and materials to all people without regard to race, color, national origin, age, gender or disability.

An Equal Opportunity Employer/Affirmative Action Organization Committed to a Diverse Work Force

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