 | Contact: | Fred Adams, Jr. |
| Chairman and CEO | ||
| (601) 948-6813 |
CAL-MAINE FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 2006 RESULTS
JACKSON, Miss. (July 31, 2006) - Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended June 3, 2006. For the fourth quarter of fiscal 2006, net sales were $129.4 million compared with net sales of $81.5 million for the fourth quarter a year ago. The Company reported a net loss of $210,000, or $0.01 per basic share, for the fourth quarter of fiscal 2006 compared with a net loss of $6.6 million, or $0.28 per basic share, for the year-earlier period.
For the fiscal year 2006, net sales were $477.6 million compared with net sales of $375.3 million for fiscal 2005. The Company reported a net loss of $1.0 million, or $0.04 per basic share, for fiscal 2006 compared with a net loss of $10.4 million, or $0.43 per basic share, in fiscal 2005.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “During the last year, egg supply has been greater than demand for most of the time. This has resulted in low egg prices. We are pleased with our net results, considering the market conditions.
“Looking ahead, USDA statistics indicate that the egg industry has responded to the poor economics, and the supply of eggs should be more balanced with demand over the next year. Feed costs are currently moderate, but the future direction of corn prices is uncertain because of the strong demand for corn used for ethanol production,” 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 Fiscal 2006 Results
Page 2
July 31, 2006
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
14 Weeks Ended June 3, 2006 | 13 Weeks Ended May 28, 2005 | 53 Weeks Ended June 3, 2006 | 52 Weeks Ended May 28, 2005 | ||||||||||
| Net sales | $ | 129,404 | $ | 81,477 | $ | 477,555 | $ | 375,266 | |||||
| Gross profit | 17,475 | 2,651 | 62,217 | 35,433 | |||||||||
| Operating income (loss) | 2,912 | (8,575 | ) | 4,515 | (12,325 | ) | |||||||
| Income (loss) before income taxes | 1,724 | (9,730 | ) | (1,478 | ) | (15,408 | ) | ||||||
| Net income (loss) | $ | (210 | ) | $ | (6,550 | ) | $ | (1,013 | ) | $ | (10,358 | ) | |
| Net income (loss) per common share: | |||||||||||||
| Basic | $ | (0.01 | ) | $ | (0.28 | ) | $ | (0.04 | ) | $ | (0.43 | ) | |
| Diluted | $ | (0.01 | ) | $ | (0.28 | ) | $ | (0.04 | ) | $ | (0.43 | ) | |
| Weighted average shares outstanding: | |||||||||||||
| Basic | 23,502 | 23,636 | 23,496 | 23,834 | |||||||||
| Diluted | 23,502 | 23,636 | 23,496 | 23,834 | |||||||||
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
| ASSETS | June 3, 2006 | May 28, 2005 | |||||
| Cash and short-term investments | $ | 38,295 | $ | 55,605 | |||
| Receivables | 24,955 | 16,739 | |||||
| Inventories | 57,843 | 45,628 | |||||
| Other | 4,585 | 7,984 | |||||
| Current assets | 125,678 | 125,956 | |||||
| Fixed assets (net) | 176,275 | 127,388 | |||||
| Other assets | 15,165 | 16,190 | |||||
| Total assets | $ | 317,118 | $ | 269,534 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current portion of long-term debt | $ | 11,902 | $ | 10,149 | |||
| Accounts payable | 24,190 | 20,034 | |||||
| Other current liabilities | 17,336 | 13,086 | |||||
| Current deferred income taxes | 11,450 | 9,100 | |||||
| Current liabilities | 64,878 | 52,369 | |||||
| Deferred taxes and other liabilities | 40,455 | 22,465 | |||||
| Long-term debt | 92,010 | 72,845 | |||||
| Shareholders' equity | 119,775 | 121,855 | |||||
| Total liabilities and shareholders' equity | $ | 317,118 | $ | 269,534 | |||
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