Contact: | Fred Adams, Jr. | |
Chairman and CEO | ||
(601) 948-6813 |
CAL-MAINE FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 2004 RESULTS
JACKSON, Miss. (July 12, 2004) – Cal-Maine Foods, Inc. (Nasdaq/NM:CALM) today announced financial results for the fourth quarter and fiscal year ended May 29, 2004. For the fourth quarter of fiscal 2004, net sales were $142.4 million compared with net sales of $103.4 million for the fourth quarter a year ago. The Company reported net income of $17.2 million, or $0.70 per diluted share, compared with net income of $4.3 million, or $0.18 per diluted share, for the fourth quarter of fiscal 2003.
For the fiscal year 2004, net sales were $572.3 million compared with net sales of $387.5 million for fiscal 2003. The Company reported net income of $66.4 million, or $2.73 per diluted share, compared with net income of $12.2 million, or $0.51 per diluted share, in fiscal 2003.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased to report record sales, record profits, and record earnings per share for Cal-Maine Foods in fiscal 2004. These results reflect very strong demand for eggs and higher egg prices during the past twelve months. Our production and marketing people did an excellent job in capitalizing on the favorable market conditions. We are especially gratified to have posted our strong operating performance and improved results in spite of higher feed prices this year.
“As we begin a new fiscal year, the demand for eggs continues to be strong while the supply of eggs is slightly higher than a year ago. Based on current projections, we expect feed prices to decline as we get closer to the harvest season in September and October. Our management team is working hard and performing well, and we look forward to continued success in fiscal 2005.”
Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs. The Company, which is headquartered in Jackson, Mississippi, currently is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 26 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company’s SEC filings) that could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.
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CAL-MAINE FOODS, INC. | POST OFFICE BOX 2960 • | JACKSON, MISSISSIPPI 39207 |
PHONE 601-948-6813 | FAX 601-969-0905 |
CALM Reports Fiscal 2004 Results
Page 2
July 12, 2004
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
13 Weeks Ended | 52 Weeks Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 29, 2004 | May 31, 2003 | May 29, 2004 | May 31, 2003 | |||||||||||
Net sales | $ | 142,352 | $ | 103,438 | $ | 572,331 | $ | 387,462 | ||||||
Gross profit | 40,389 | 22,059 | 175,626 | 72,293 | ||||||||||
Operating income | 28,857 | 8,490 | 106,322 | 26,264 | ||||||||||
Income before income taxes | 29,236 | 6,734 | 106,242 | 19,137 | ||||||||||
Net income | $ | 17,194 | $ | 4,310 | $ | 66,442 | $ | 12,212 | ||||||
Net income per common share: | ||||||||||||||
Basic | $ | 0.71 | $ | 0.19 | $ | 2.78 | $ | 0.52 | ||||||
Diluted | $ | 0.70 | $ | 0.18 | $ | 2.73 | $ | 0.51 | ||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 24,212 | 23,528 | 23,874 | 23,528 | ||||||||||
Diluted | 24,525 | 23,793 | 24,342 | 23,724 | ||||||||||
Depreciation expense | $ | 4,330 | $ | 4,321 | $ | 16,520 | $ | 16,624 |
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
May 29, 2004 | May 31, 2003 | |||||||
---|---|---|---|---|---|---|---|---|
ASSETS | ||||||||
Cash and cash equivalents | $ | 72,981 | $ | 6,092 | ||||
Receivables | 22,361 | 26,353 | ||||||
Inventories | 49,896 | 51,005 | ||||||
Other | 1,695 | 1,729 | ||||||
Current assets | 146,933 | 85,179 | ||||||
Fixed assets (net) | 132,058 | 138,192 | ||||||
Other assets | 17,562 | 12,021 | ||||||
Total assets | $ | 296,553 | $ | 235,392 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current portion of long-term debt | $ | 9,597 | $ | 12,592 | ||||
Accounts payable | 21,507 | 21,386 | ||||||
Other current liabilities | 17,857 | 11,646 | ||||||
Current deferred income taxes | 5,023 | 11,806 | ||||||
Current liabilities | 53,984 | 57,430 | ||||||
Deferred taxes and liabilities | 21,970 | 16,225 | ||||||
Long-term debt | 80,434 | 95,652 | ||||||
Shareholders' equity | 140,165 | 66,085 | ||||||
Total liabilities and shareholders' equity | $ | 296,553 | $ | 235,392 | ||||
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