[GRAPHIC OMITTED] [CAL-MAINE FOODS LOGO] Exhibit 99.1
Contact: Fred Adams, Jr.
Chairman and CEO
(601) 948-6813
CAL-MAINE FOODS ANNOUNCES FOURTH QUARTER
AND FISCAL 2003 RESULTS
JACKSON, Miss. (July 25, 2003) -- Cal-Maine Foods, Inc. (Nasdaq:CALM), today
announced results for its fourth quarter and fiscal year ended May 31, 2003.
For the fourth quarter of fiscal 2003, net sales were $103.4 million,
compared with net sales of $83.1 million for the fourth quarter a year ago. The
Company reported net income of $4.3 million, or $0.36 per diluted share,
compared with net loss of $1.9 million, or $0.16 per diluted share, for the
fourth quarter of fiscal 2002.
For the fiscal year 2003, net sales were $387.5 million compared with net
sales of $326.2 million for fiscal 2002. The Company reported net income of
$12.2 million, or $1.03 per diluted share, compared with a net loss of $10.6
million, or $0.90 per diluted share, in fiscal 2002.
Net income for fiscal 2003 includes $6.1 million, net of taxes, or $0.51
per diluted share, for the Company's share in the settlement of claims against
suppliers related to overcharges for vitamins and feed additives purchased by
the Company. The net loss for 2002 included $1.2 million, net of taxes, or $0.10
per diluted share, for similar settlements received.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods,
Inc., stated, "The improved results for the fourth quarter and the full year
reflect a stronger egg market for the last few months of the fiscal year. Hen
numbers and egg supply have adjusted downward creating a better balance with
market demand. As we begin a new fiscal year, egg prices continue to be strong.
In addition, market indicators reflect a good crop of corn and soybeans this
fall, which should provide reasonable feed costs for 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 26 states across the southwestern, southeastern, mid-western and
mid-Atlantic regions of the United States.
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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 Year-end 2003 Results
Page 2
July 25, 2003
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
13 Weeks Ended 52 Weeks Ended
------------------------- -------------------------
May 31, June 1, May 31, June 1,
2003 2002 2003 2002
------- ------- ------- -------
Net sales $ 103,438 $ 83,057 $ 387,462 $ 326,171
Gross profit 22,059 10,294 72,293 34,404
Operating income (loss) 8,490 (1,026) 26,264 (7,928)
Income (loss) before income taxes 6,734 (2,811) 19,137 (16,364)
Net income (loss) $ 4,310 $ (1,864) $ 12,212 $ (10,574)
Net income (loss) per common share:
Basic $ 0.37 $ (0.16) $ 1.04 $ (0.90)
Diluted $ 0.36 $ (0.16) $ 1.03 $ (0.90)
Weighted average shares outstanding:
Basic 11,764 11,764 11,764 11,792
Diluted 11,897 11,764 11,862 11,792
Book value per share outstanding at
fiscal year-end $ 5.60 $ 4.63
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