The Pittsburg, Texas-based chicken processor reported a net loss of $58.8 million, or 79 cents a share, in the quarter ended March 28, compared with a loss of $111.5 million, or $1.67 a share, a year earlier, according to a filing with the U.S. Securities and Exchange Commission on Thursday.

Revenue fell to $1.7 billion from $2.1 billion a year ago.

Pilgrim's Pride also said on Thursday it has signed a definitive agreement to sell its Farmerville, La., chicken complex to Foster Farms for $80 million, subject to a price adjustment for associated inventory and other reimbursements.

Completion of the transaction is contingent upon customary closing conditions and the approval of the U.S. Bankruptcy Court. A hearing to approve the sale has been scheduled for May 19.

The transaction is also subject to Foster Farms' receipt of $40 million from the state of Louisiana to fund a portion of the purchase price. Louisiana lawmakers on Thursday approved a mechanism to release the funding.

The sale is expected to be completed within 30 days, Pilgrim's Pride said. The Farmerville plant officially closes today.

Foster Farms, in a separate news release, said it expects to restart plant operations by mid-July. The complex includes a processing facility, a cook plant, two hatcheries, a feed mill, a protein conversion plant and inventory.

Foster Farms said Pilgrim's Pride has committed to placing eggs in the Farmerville hatchery immediately. When hatched, these chicks will be placed in local farms owned by independent growers.