The annual report, released online, showed the company spent a total of $51.6 million in total restructuring, including plant closures, redundancies and writing down assets.
It gained back nearly $8 million on selling off some assets.
The restructuring was part of the company's Rightsize strategy, which was completed in the reporting period and reduced the number of fully operational sites by six and lamb capacity by five chains.
In the annual report, chairman Eoin Garden and chief executive Keith Cooper said the changes would make an important positive contribution to profitability and debt management.
The financial period marked a return to profitability for Silver Fern Farms (SFF), formerly known as PPCS.
However, the accounts show there is still work to be done.
SFF reported a consolidated operating profit of $75.6 million, a 3.8% return on total income of nearly $2 billion.
In the previous corresponding period (pcp), the company reported a loss of nearly $37 million on revenue of $1.8 billion.
However, the company also reduced debt by $91.9 million in the period.
"Directors and management of the company consider this a positive performance but recognise that our ultimate goal of delivering sustainable returns to suppliers is far from being achieved.
That said, continued increases in average values paid to suppliers for livestock during the season were achieved," Messrs Garden and Cooper said.
The 2008 year would be recorded as a "particularly intensive" one in which many projects came to the table from the industry and from within the SFF business.
Those projects included:Project Rightsize;The formation and subsequent disbandment of the Meat Industry Task Force;The Alliance Group concept for an industry mega-merger;PGG Wrightson partnership proposal.
In addition, the company operated in an increasingly volatile financial environment with swings of more than 20% in all major trading currencies, Messrs Garden and Cooper said.
The Rightsize strategy would underwrite the future performance of the business, albeit with an impact on industry employees and their communities.
However, it was expected the 2009 financial year results would return to a more "normalised" level after the poor 2007 and strong 2008 financial years' performance.
The 2009 year would deliver lower procurement volumes.
Coupled with the firm international market returns, prices paid for stock would increase but company margins would reduce, Messrs Garden and Cooper said.
The annual report showed that rebates totalling $11.5 million were paid to shareholders.
At balance date, SFF had current assets of $386.9 million and current liabilities of $302.1 million to give a current ratio of 1.28:1.
For every $1 owed, SFF has $1.28 with which to pay.
Total assets grew to $668 million in the period from $658 million in the pcp and total equity grew to $201 million in the period from $167 million.
Shareholders equity represents 30% of total assets. Operating cash flow at balance date was $88 million.
SFF had a total of 107 staff earning more than than $100,000 in 2008.
Sixteen staff staff earning more than $100,000 were made redundant or left in the period.
Mr Cooper earned between $610,000 and $620,000.
