 | Contact: | Fred Adams, Jr., Chairman and CEO Timothy A. Dawson, Vice President and CFO (601)948-6813 |
CAL-MAINE FOODS, INC. REPORTS SECOND QUARTER FISCAL 2008 RESULTS
JACKSON, Miss. (December 28, 2007) — Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the second quarter and six months ended December 1, 2007.
Net sales for the second quarter of fiscal 2008 were $223.7 million compared with net sales of $137.7 million for the same quarter of fiscal 2007. The Company reported net income of $40.2 million, or $1.70 per basic share, for the second quarter of fiscal 2008 compared with net income of $6.4 million, or $0.27 per basic share, for the second quarter of fiscal 2007.
For the first six months of fiscal 2008, net sales were $402.3 million compared with net sales of $253.0 million for the prior-year period. The Company reported net income of $58.1 million, or $2.46 per basic share, for the first half of fiscal 2008 compared with net income of $970,000, or $0.04 per basic share, for the year-earlier period.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are very pleased with our results for the second quarter of fiscal 2008. These results reflect the favorable market conditions, with egg prices reaching record levels during the quarter. All of our operations performed well during the period. The egg industry has received positive reports from both the medical and nutritional communities, and eggs continue to represent a good value compared with other food products. As a result, demand for fresh eggs was strong for both the retail and food service markets as well as demand for eggs used for liquid, frozen and dried egg products. The export markets have also been very strong this year, and we expect Europe, the United Kingdom, Japan and the Middle East to be good markets for eggs in 2008.
“Looking ahead, our feed costs remain high, and we expect this trend to continue with the high demand for corn for ethanol use creating additional price pressures. However, both the egg industry and the USDA predict that egg production will be similar to 2007 levels, and this should support profitable egg prices for the year ahead,” 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 29 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 Second Quarter Fiscal 2008 Results
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December 28, 2007
CAL-MAINE FOODS, INC. AND SUBSIDIARIES | |||||||||||||
FINANCIAL HIGHLIGHTS | |||||||||||||
| (Unaudited) | |||||||||||||
| (In thousands, except per share amounts) | |||||||||||||
13 Weeks Ended | 26 Weeks Ended | ||||||||||||
Dec. 1, | Dec. 2, | Dec. 1, | Dec. 2, | ||||||||||
2007 | 2006 | 2007 | 2006 | ||||||||||
| Net sales | $ | 223,696 | $ | 137,737 | $ | 402,294 | $ | 253,045 | |||||
| Gross profit | 76,032 | 24,955 | 121,612 | 33,362 | |||||||||
| Operating income | 59,003 | 10,497 | 85,935 | 4,434 | |||||||||
| Other income (expense) | 2,367 | (940 | ) | 2,658 | (2,878 | ) | |||||||
| Income before income taxes | 61,370 | 9,557 | 88,593 | 1,556 | |||||||||
| Net income | $ | 40,154 | $ | 6,401 | $ | 58,120 | $ | 970 | |||||
| Net income per common share: | |||||||||||||
Basic | $ | 1.70 | $ | 0.27 | $ | 2.46 | $ | 0.04 | |||||
Diluted | $ | 1.69 | $ | 0.27 | $ | 2.45 | $ | 0.04 | |||||
| Weighted average shares outstanding: | |||||||||||||
Basic | 23,681 | 23,503 | 23,640 | 23,503 | |||||||||
Diluted | 23,714 | 23,597 | 23,719 | 23,596 | |||||||||
SUMMARY BALANCE SHEET | |||||||||||||
| (Unaudited) | |||||||||||||
| (In thousands) | |||||||||||||
December 1, | June 2, | ||||||||||||
| ASSETS | 2007 | 2007 | |||||||||||
| Cash and short-term investments | $ | 87,785 | $ | 54,532 | |||||||||
| Receivables | 68,888 | 38,180 | |||||||||||
| Inventories | 69,403 | 62,208 | |||||||||||
| Other | 881 | 1,390 | |||||||||||
Current assets | 226,957 | 156,310 | |||||||||||
| Property, plant and equipment (net) | 200,499 | 193,590 | |||||||||||
| Other assets | 21,564 | 14,668 | |||||||||||
Total assets | $ | 449,020 | $ | 364,568 | |||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
| Accounts payable and accrued expenses | $ | 75,581 | $ | 45,051 | |||||||||
| Other current liabilities | 10,758 | 5,435 | |||||||||||
| Current maturities of long-term debt | 11,661 | 13,442 | |||||||||||
| Deferred income taxes | 12,136 | 11,830 | |||||||||||
Current liabilities | 110,136 | 75,758 | |||||||||||
| Deferred income taxes and other liabilities | 32,403 | 33,661 | |||||||||||
| Long-term debt, less current maturities | 92,572 | 99,410 | |||||||||||
| Shareholders' equity | 213,910 | 155,739 | |||||||||||
| Total liabilities and shareholders' equity | $ | 449,020 | $ | 364,568 | |||||||||
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