Exhibit 99.1
![]() | Contacts: | Fred Adams, Jr., Chairman and CEO |
Timothy A. Dawson, Vice President and CFO | ||
(601) 948-6813 |
CAL-MAINE FOODS REPORTS FIRST QUARTER FISCAL 2009 RESULTS
JACKSON, Miss. (September 29, 2008) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for its first quarter of fiscal 2009 ended August 30, 2008.
For the first quarter of fiscal 2009, net sales were $206.9 million, compared with net sales of $178.6 million for the first quarter of fiscal 2008. The Company reported net income of $11.1 million, or $0.47 per basic and diluted share, for the first quarter of fiscal 2009 compared with net income of $18.0 million, or $0.76 per basic and diluted share, for the year-earlier period.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, ““Egg prices and total dozens sold were both up for the first quarter of fiscal 2009 compared with the same period last year. Demand for eggs was strong in both the retail and food service markets. However, our feed costs were dramatically higher and reduced the Company’s earnings for the quarter compared with a year ago. Corn and soybean meal prices peaked in July, but have dropped substantially in the last few weeks. While estimates for the final crop yields vary widely, it is expected that feed prices will remain volatile and high for the year ahead. USDA statistics indicate that egg supply will remain flat for the next few months. All of Cal-Maine’s operations continue to run smoothly.”
For the first quarter of fiscal 2009, Cal-Maine will pay a cash dividend of approximately $.157 per share to holders of its common stock. A cash dividend of approximately $.149 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 November 13, 2008, to shareholders of record on October 29, 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 First Quarter Fiscal 2009 Results
Page 2
September 29, 2008
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
13 Weeks Ended | |||||||
August 30, | September 1, | ||||||
2008 | 2007 | ||||||
Net sales | $ | 206,888 | $ | 178,598 | |||
Gross profit | 40,647 | 45,580 | |||||
Operating income | 17,981 | 26,932 | |||||
Income before income taxes | 17,389 | 27,223 | |||||
Net income | $ | 11,147 | $ | 17,966 | |||
Net income per common share: | |||||||
Basic | $ | 0.47 | $ | 0.76 | |||
Diluted | $ | 0.47 | $ | 0.76 | |||
Weighted average shares outstanding: | |||||||
Basic | 23,730 | 23,599 | |||||
Diluted | 23,769 | 23,724 |
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
August 30, | May 31, | ||||||
ASSETS | 2008 | 2008 | |||||
Cash and short-term investments | $ | 76,431 | $ | 94,858 | |||
Receivables | 54,081 | 47,930 | |||||
Inventories | 87,385 | 76,766 | |||||
Other | 4,334 | 4,711 | |||||
Current assets | 222,231 | 224,265 | |||||
Property, plant and equipment (net) | 218,141 | 206,493 | |||||
Other assets | 78,569 | 70,478 | |||||
Total assets | $ | 518,941 | $ | 501,236 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable and accrued expenses | $ | 62,745 | $ | 67,952 | |||
Other current liabilities | 10,988 | 10,358 | |||||
Current maturities of long-term debt | 12,928 | 11,470 | |||||
Deferred income taxes | 16,645 | 12,935 | |||||
Current liabilities | 103,306 | 102,715 | |||||
Deferred income taxes and other liabilities | 28,293 | 37,161 | |||||
Long-term debt, less current maturities | 101,972 | 85,680 | |||||
Shareholders' equity | 285,370 | 275,680 | |||||
Total liabilities and shareholders' equity | $ | 518,941 | $ | 501,236 |
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CAL-MAINE FOODS, INC. | POST OFFICE BOX 2960 ▪ | JACKSON, MISSISSIPPI 39207 |
PHONE 601-948-6813 | FAX 601-969-0905 |