Contact: | Fred Adams, Jr. Chairman and CEO (601) 948-6813 |
CAL-MAINE FOODS REPORTS THIRD QUARTER 2006 RESULTS
JACKSON, Miss. (March 27, 2006) -- Cal-Maine Foods, Inc. (NASDAQ/NM:CALM) today reported results for the third quarter and nine months ended February 25, 2006.
Net sales for the third quarter of fiscal 2006 were $130.1 million compared with net sales of $101.0 million for the same quarter of fiscal 2005. The Company reported net income of $8.0 million, or $0.34 per basic share, for the third quarter of fiscal 2006 compared with net income of $2.4 million, or $0.10 per basic share, for the third quarter of fiscal 2005.
For the first nine months of fiscal 2006, net sales were $348.2 million compared with net sales of $293.8 million for the prior-year period. The Company reported a net loss of $803,000, or $0.03 per basic share, for the first nine months of fiscal 2006 compared with a net loss of $3.8 million, or $0.16 per basic share, for the year-earlier period.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased with Cal-Maine’s performance for the third quarter of fiscal 2006. These results indicate a better egg market and reflect the good job by our management team of controlling costs and servicing our customers. Our sales for the quarter reflect a 17 percent increase in dozens of eggs sold compared with the same period a year ago.
“The consolidation of the Hillandale operations continues to make progress. Feed costs are moderate with an ample supply of our two primary feed ingredients, corn and soybean meal, available. In addition, our fourth quarter is off to a good start with strong egg demand leading up to Easter,” added Adams.
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 28 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 Third Quarter 2006 Results
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March 27, 2006
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
13 Weeks Ended | 39 Weeks Ended | ||||||||||||
Feb. 25, 2006 | Feb. 26, 2005 | Feb. 25, 2006 | Feb. 26, 2005 | ||||||||||
Net sales | $ | 130,107 | $ | 101,042 | $ | 348,150 | $ | 293,789 | |||||
Gross profit | 25,973 | 17,115 | 44,742 | 32,782 | |||||||||
Operating income (loss) | 10,480 | 4,675 | 1,602 | (3,749 | ) | ||||||||
Other income (expense) | (560 | ) | (544 | ) | (4,805 | ) | (1,929 | ) | |||||
Income (loss) before income taxes | 9,920 | 4,131 | (3,203 | ) | (5,678 | ) | |||||||
Net income (loss) | $ | 7,990 | $ | 2,421 | $ | (803 | ) | $ | (3,808 | ) | |||
Net income (loss) per common share: | |||||||||||||
Basic | $ | 0.34 | $ | 0.10 | $ | (0.03 | ) | $ | (0.16 | ) | |||
Diluted | $ | 0.34 | $ | 0.10 | $ | (0.03 | ) | $ | (0.16 | ) | |||
Weighted average shares outstanding: | |||||||||||||
Basic | 23,497 | 23,797 | 23,494 | 23,900 | |||||||||
Diluted | 23,680 | 23,905 | 23,494 | 23,900 |
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
Feb. 25, 2006 | May 28, 2005 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 38,739 | $ | 55,605 | |||
Receivables | 28,994 | 23,415 | |||||
Inventories | 57,794 | 45,628 | |||||
Other | 1,995 | 1,308 | |||||
Current assets | 127,522 | 125,956 | |||||
Fixed assets (net) | 176,566 | 127,388 | |||||
Other assets | 16,231 | 16,190 | |||||
Total Assets | $ | 320,319 | $ | 269,534 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current portion of long-term debt | $ | 10,956 | $ | 10,149 | |||
Accounts payable | 27,410 | 20,034 | |||||
Other current liabilities | 18,800 | 13,086 | |||||
Current deferred income taxes | 8,800 | 9,100 | |||||
Current liabilities | 65,966 | 52,369 | |||||
Deferred taxes and liabilities | 39,058 | 22,465 | |||||
Long-term debt | 95,047 | 72,845 | |||||
Shareholders’ equity | 120,248 | 121,855 | |||||
Total liabilities and shareholders’ equity | $ | 320,319 | $ | 269,534 |
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