Poultry producer Sanderson Farms Inc. said Thursday that it recorded a fourth-quarter loss because of lower chicken prices triggered by reduced restaurant dining and reductions of inventory values.

For the three months ending Oct. 31, Sanderson Farms lost $51.9 million, or $2.56, on revenue of $460.2 million. In the year-ago fourth quarter, the company earned $24.1 million, or $1.18 per share, on revenue of $426.9 million.

Excluding the inventory adjustment and hurricane-related costs, Sanderson Farms said it lost $21.5 million, or $1.06 per share for the latest quarter.

Analysts surveyed by Thomson Financial had forecast a per-share loss of 69 cents on revenue of $449.9 million. Those forecasts typically do not include one-time items.

Although demand for chicken products on the retail level remained steady, the company said it was hit by declining demand from the restaurant sector and from export customers who have had trouble obtaining credit.

For the 2007-08 fiscal year, Sanderson Farms lost $43.1 million, or $2.13 per share, on revenue of $1.72 billion, compared with year-ago earnings of $78.8 million, or $3.88 per share, on revenue of $1.47 billion.