EXHIBIT 99.1
 | Contact: | Fred Adams, Jr. Chairman and CEO (601) 948-6813 |
CAL-MAINE FOODS, INC. REPORTS SECOND QUARTER FISCAL 2007 RESULTS
JACKSON, Miss. (January 3, 2007) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the second quarter and six months ended December 2, 2006.
Net sales for the second quarter of fiscal 2007 were $137.7 million compared with net sales of $138.3 million for the same quarter of fiscal 2006. The Company reported net income of $6.4 million, or $0.27 per basic share, for the second quarter of fiscal 2007 compared with a net loss of $685,000, or $0.03 per basic share, for the second quarter of fiscal 2006.
For the first six months of fiscal 2007, net sales were $253.0 million compared with net sales of $218.0 million for the prior-year period. The Company reported net income of $970,000, or $0.04 per basic share, for the first half of fiscal 2007 compared with a net loss of $8.8 million, or $0.37 per basic share, for the year-earlier period.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “All of our operations are running smoothly and egg demand was good during the second quarter, especially during the weeks leading up to Thanksgiving. Supplies of eggs were adequate but tight enough to allow strong price increases during the last few weeks of the quarter. We started the third quarter with profitable prices that continued through the Christmas holiday season. Feed costs continue to be high due to demand for ethanol, but we believe higher egg prices will more than offset the increase in feed costs in the year ahead.”
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 30 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.
-MORE-
CAL-MAINE FOODS, INC. | POST OFFICE BOX 2960 PHONE 601-948-6813 | ▪ | JACKSON, MISSISSIPPI 39207 FAX 601-969-0905 |
CALM Reports Second Quarter Fiscal 2007 Results
Page 2
January 2, 2007
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
| 13 Weeks Ended | 26 Weeks Ended | ||||||||||||
| Dec. 2, | Nov. 26, | Dec. 2, | Nov. 26, | ||||||||||
| 2006 | 2005 | 2006 | 2005 | ||||||||||
| Net sales | $ | 137,737 | $ | 138,288 | $ | 253,045 | $ | 218,043 | |||||
| Gross profit | 24,955 | 17,809 | 33,362 | 18,769 | |||||||||
| Operating income (loss) | 10,497 | 1,080 | 4,434 | (8,878 | ) | ||||||||
| Other income (expense) | (940 | ) | (2,102 | ) | (2,878 | ) | (4,245 | ) | |||||
| Income (loss) before income taxes | 9,557 | (1,022 | ) | 1,556 | (13,123 | ) | |||||||
| Net income (loss) | $ | 6,401 | $ | (685 | ) | $ | 970 | $ | (8,793 | ) | |||
| Net income (loss) per common share: | |||||||||||||
| Basic | $ | 0.27 | $ | (0.03 | ) | $ | 0.04 | $ | (0.37 | ) | |||
| Diluted | $ | 0.27 | $ | (0.03 | ) | $ | 0.04 | $ | (0.37 | ) | |||
| Weighted average shares outstanding: | |||||||||||||
| Basic | 23,503 | 23,495 | 23,503 | 23,495 | |||||||||
| Diluted | 23,597 | 23,495 | 23,596 | 23,495 | |||||||||
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
| December 2, | June 3, | ||||||
| ASSETS | 2006 | 2006 | |||||
| Cash and short-term investments | $ | 21,364 | $ | 38,295 | |||
| Receivables | 43,745 | 24,955 | |||||
| Inventories | 60,369 | 57,843 | |||||
| Other | 2,630 | 4,585 | |||||
| Current assets | 128,108 | 125,678 | |||||
| Fixed assets (net) | 174,534 | 176,275 | |||||
| Other assets | 15,164 | 15,165 | |||||
| Total assets | $ | 317,806 | $ | 317,118 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current portion of long-term debt | $ | 12,930 | $ | 11,902 | |||
| Accounts payable and accrued expenses | 44,325 | 34,642 | |||||
| Other current liabilities | 5,435 | 6,884 | |||||
| Current deferred income taxes | 11,690 | 11,450 | |||||
| Current liabilities | 74,380 | 64,878 | |||||
| Deferred taxes and other liabilities | 32,506 | 40,455 | |||||
| Long-term debt | 90,650 | 92,010 | |||||
| Shareholders' equity | 120,270 | 119,775 | |||||
| Total liabilities and shareholders' equity | $ | 317,806 | $ | 317,118 | |||
-END-