Exhibit 99.1
| Contacts: | Fred Adams, Jr., Chairman and CEO |
| | | Timothy A. Dawson, Vice President and CFO |
| | | (601) 948-6813 |
CAL-MAINE FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 2008 RESULTS
JACKSON, Miss. (July 28, 2008) - Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended May 31, 2008. For the fourth quarter of fiscal 2008, net sales were $235.6 million compared with net sales of $169.9 million for the fourth quarter a year ago. The Company reported net earnings of $36.6 million, or $1.54 per basic share, for the fourth quarter of fiscal 2008 compared with net earnings of $18.3 million, or $0.78 per basic share, for the same period last year.
For the fiscal year 2008, net sales were $915.9 million compared with net sales of $598.1 million for fiscal 2007. The Company reported net income of $151.9 million, or $6.41 per basic share, for fiscal 2008 compared with net income of $36.7 million, or $1.56 per basic share, in fiscal 2007.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “The results for the fourth quarter reflect good demand for eggs and strong egg prices. The overall supply of eggs was slightly lower than the same period last year, which contributed to a more favorable market balance. Feed costs continued to be very high, reflecting the rising costs of corn and soybean meal.
“For fiscal 2008, our results reflect very good egg prices, record high feed costs, and a solid performance by the Cal-Maine management team. As we look ahead, we see continued strong demand for eggs, a slightly higher, but manageable, egg supply, and further volatility with respect to corn and soybean meal prices. All of our operations are running smoothly, and we are optimistic about Cal-Maine’s business for the year ahead.”
For the fourth quarter of fiscal 2008, Cal-Maine will pay a cash dividend of approximately $.516 per share to holders of its common stock. A cash dividend of approximately $.49 per share will be paid to holders of its Class A common stock, which represents 95 percent of the amount paid to holders of common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable August 14, 2008, to shareholders of record on July 30, 2008.
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 Fourth Quarter and Fiscal 2008 Results
Page 2
July 28, 2008
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
| | | 13 Weeks | | 13 Weeks | | 52 Weeks | | 52 Weeks | |
| | | Ended | | Ended | | Ended | | Ended | |
| | | May 31, | | June 2, | | May 31, | | June 2, | |
| | | 2008 | | 2007 | | 2008 | | 2007 | |
| Net sales | | $ | 235,628 | | $ | 169,872 | | $ | 915,939 | | $ | 598,128 | |
| Gross profit | | | 72,042 | | | 41,080 | | | 298,556 | | | 118,624 | |
| Operating income | | | 52,043 | | | 26,517 | | | 223,637 | | | 58,230 | |
| Income before income taxes | | | 54,911 | | | 27,107 | | | 231,391 | | | 56,261 | |
| | | | | | | | | | | | | | |
| Net income | | $ | 36,558 | | $ | 18,283 | | $ | 151,861 | | $ | 36,656 | |
| | | | | | | | | | | | | | |
| Net income per common share: | | | | | | | | | | | | | |
| Basic | | $ | 1.54 | | $ | 0.78 | | $ | 6.41 | | $ | 1.56 | |
| Diluted | | $ | 1.54 | | $ | 0.77 | | $ | 6.40 | | $ | 1.55 | |
| | | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | | |
| Basic | | | 23,714 | | | 23,581 | | | 23,677 | | | 23,526 | |
| Diluted | | | 23,751 | | | 23,647 | | | 23,733 | | | 23,599 | |
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
| | | May 31, | | June 2, | |
| ASSETS | | 2008 | | 2007 | |
| Cash and short-term investments | | $ | 94,858 | | $ | 54,532 | |
| Receivables | | | 50,223 | | | 38,180 | |
| Inventories | | | 76,766 | | | 62,208 | |
| Other | | | 2,418 | | | 1,390 | |
| Current assets | | | 224,265 | | | 156,310 | |
| | | | | | | | |
| Property, plant and equipment (net) | | | 206,493 | | | 193,590 | |
| Other assets | | | 70,478 | | | 14,668 | |
| Total assets | | $ | 501,236 | | $ | 364,568 | |
| | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | |
| Accounts payable and accrued expenses | | $ | 67,952 | | $ | 45,051 | |
| Other current liabilities | | | 10,358 | | | 5,435 | |
| Current maturities of long-term debt | | | 11,470 | | | 13,442 | |
| Deferred income taxes | | | 12,935 | | | 11,830 | |
| Current liabilities | | | 102,715 | | | 75,758 | |
| | | | | | | | |
| Deferred income taxes and other liabilities | | | 37,161 | | | 33,661 | |
| Long-term debt, less current maturities | | | 85,680 | | | 99,410 | |
| Shareholders' equity | | | 275,680 | | | 155,739 | |
| Total liabilities and shareholders' equity | | $ | 501,236 | | $ | 364,568 | |
