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 2009 RESULTS
JACKSON, Miss. (July 27, 2009) – Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended May 30, 2009.
For the fourth quarter of fiscal 2009, net sales were $213.6 million compared with net sales of $235.6 million for the fourth quarter a year ago. The Company reported net earnings of $10.3 million, or $0.43 per basic share, for the fourth quarter of fiscal 2009 compared with net earnings of $36.6 million, or $1.54 per basic share, for the same period last year.
For the fiscal year 2009, net sales were $928.8 million compared with net sales of $915.9 million for fiscal 2008. The Company reported net income of $79.5 million, or $3.34 per basic share, for fiscal 2009 compared with net income of $151.9 million, or $6.41 per basic share, in fiscal 2008.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our overall results for the fourth quarter of fiscal 2009 were good. These results reflect lower egg prices than a year ago. Our feed costs for the quarter were also lower compared with the same period last year, however they were still high by historical standards. Sales of eggs at the retail level have been very strong with food service and restaurant volume continuing to lag, reflecting the current economic environment.
“For the year ahead, we expect to see good demand. We also look for feed costs to remain relatively high and volatile. Our management team is performing well with good results,” Adams added.
For the fourth quarter of fiscal 2009, Cal-Maine will pay a cash dividend of approximately $0.144 per share to holders of its common and Class A common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable August 13, 2009, to shareholders of record on July 29, 2009.
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 |
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
| | | 13 Weeks Ended | | | 52 Weeks Ended | |
| | | May 30, 2009 | | | May 31, 2008 | | | May 30, 2009 | | | May 31, 2008 | |
| Net sales | | $ | 213,601 | | | $ | 235,628 | | | $ | 928,812 | | | $ | 915,939 | |
| Gross profit | | | 37,907 | | | | 72,042 | | | | 204,727 | | | | 298,556 | |
| Operating income | | | 15,169 | | | | 52,043 | | | | 121,474 | | | | 223,637 | |
| Income before income taxes | | | 15,526 | | | | 54,911 | | | | 121,010 | | | | 231,391 | |
| | | | | | | | | | | | | | | | | |
| Net income | | $ | 10,266 | | | $ | 36,558 | | | $ | 79,500 | | | $ | 151,861 | |
| | | | | | | | | | | | | | | | | |
| Net income per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.43 | | | $ | 1.54 | | | $ | 3.34 | | | $ | 6.41 | |
| Diluted | | $ | 0.43 | | | $ | 1.54 | | | $ | 3.34 | | | $ | 6.40 | |
| Weighted average shares outstanding | | | | | | | | | | | | | | | | |
| Basic | | | 23,789 | | | | 23,714 | | | | 23,769 | | | | 23,677 | |
| Diluted | | | 23,824 | | | | 23,751 | | | | 23,811 | | | | 23,733 | |
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
| | | May 30, 2009 | | | May 31, 2008 | |
| ASSETS | | | | | | |
| Cash and short-term investments | | $ | 82,048 | | | $ | 94,858 | |
| Receivables | | | 44,628 | | | | 47,930 | |
| Inventories | | | 97,535 | | | | 76,766 | |
| Other | | | 17,474 | | | | 4,711 | |
| Current assets | | | 241,685 | | | | 224,265 | |
| | | | | | | | | |
| Property, plant and equipment (net) | | | 249,958 | | | | 206,493 | |
| Other assets | | | 91,202 | | | | 70,478 | |
| Total assets | | $ | 582,845 | | | $ | 501,236 | |
| | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
| Accounts payable and accrued expenses | | $ | 61,845 | | | $ | 67,952 | |
| Other current liabilities | | | 8,400 | | | | 10,358 | |
| Current maturities of long-term debt | | | 13,806 | | | | 11,470 | |
| Deferred income taxes | | | 19,635 | | | | 12,935 | |
| Current liabilities | | | 103,686 | | | | 102,715 | |
| | | | | | | | | |
| Deferred income taxes and other liabilities | | | 31,125 | | | | 37,161 | |
| Long-term debt, less current maturities | | | 115,983 | | | | 85,680 | |
| Shareholders' equity | | | 332,051 | | | | 275,680 | |
| Total liabilities and shareholders' equity | | $ | 582,845 | | | $ | 501,236 | |
