Attached files
| file | filename |
|---|---|
| 10-Q - CAL-MAINE FOODS INC | v179371_10q.htm |
| EX-32 - CAL-MAINE FOODS INC | v179371_ex32.htm |
| EX-31.1 - CAL-MAINE FOODS INC | v179371_ex31-1.htm |
| EX-31.2 - CAL-MAINE FOODS INC | v179371_ex31-2.htm |
Exhibit
99.1
 |
Contacts: Fred Adams, Jr., Chairman and CEO |
|
Timothy
A. Dawson, Vice President and CFO
|
|
|
(601)
948-6813
|
CAL-MAINE
FOODS REPORTS THIRD QUARTER FISCAL 2010 RESULTS
JACKSON,
Miss. (March 29, 2010) ¾ Cal-Maine Foods, Inc.
(NASDAQ: CALM) today reported results for the third quarter and nine months
ended February 27, 2010.
Net sales
for the third quarter of fiscal 2010 were $271.2 million compared with net sales
of $270.0 million for the same quarter of fiscal 2009. The
Company reported net income of $34.5 million, or $1.45 per basic share, for
the third quarter of fiscal 2010 compared with net income of
$30.8 million, or $1.30 per basic share, for the third quarter of
fiscal 2009.
For the
first nine months of fiscal 2010, net sales were $688.1 million compared with
net sales of $715.2 million for the prior-year period. The Company
reported net income of $46.8 million, or $1.97 per basic share, for
the first nine months of fiscal 2010 compared with net income of
$69.2 million, or $2.91 per basic share, for the year-earlier
period.
“We are
pleased with Cal-Maine’s results for the third quarter of fiscal 2010,” said
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods,
Inc. “We benefitted from a favorable balance of supply and demand for eggs
during the quarter, and our sales at the retail level were very
good. Restaurant and other food service sales continued to
reflect weak demand as consumers are not dining out as frequently in this
economic environment. However, egg product sales were fairly
good. Our feed costs were also lower for the quarter compared
with the prior-year period, improving our profitability. Overall, our
management team did a good job and all of our operations are running
smoothly.
“We
continue to see a favorable balance between egg supply and egg demand for the
coming year. However, feed costs could continue to be volatile,” added
Adams.
For the
third quarter of fiscal 2010, Cal-Maine will pay a cash dividend of
approximately $0.48 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
May 13, 2010, to shareholders of record on April 28,
2010.
Selected
operating statistics for the third quarter of fiscal 2010 compared with the
prior-year period are shown below:
|
13
Weeks Ended
|
39
Weeks Ended
|
|||||||||||||||
|
February
27,
2010 |
February
28,
2009 |
February
27,
2010 |
February
28,
2009 |
|||||||||||||
|
Dozen
Eggs Sold (000)
|
210,921 | 216,784 | 610,219 | 572,627 | ||||||||||||
|
Dozen
Eggs Produced (000)
|
162,177 | 160,451 | 482,967 | 436,961 | ||||||||||||
|
Dozens
Eggs Purchased (000)*
|
48,744 | 56,333 | 127,252 | 135,666 | ||||||||||||
|
%
Specialty Sales (dozen)
|
15.4 | % | 14.8 | % | 14.1 | % | 14.0 | % | ||||||||
|
Net
Average Selling Price (dozen)
|
$ | 1.238 | $ | 1.206 | $ | 1.077 | $ | 1.186 | ||||||||
|
Feed
Cost (dozen)
|
$ | 0.347 | $ | 0.370 | $ | 0.358 | $ | 0.396 | ||||||||
|
%
Specialty Sales
|
20.4 | % | 19.7 | % | 21.0 | % | 18.4 | % | ||||||||
-MORE-
| CAL-MAINE FOODS, INC. | POST OFFICE BOX 2960
▪ JACKSON,
MISSISSIPPI 39207
PHONE
601-948-6813 FAX 601-969-0905
|
CALM
Reports Third Quarter Fiscal 2010 Results
Page
2
March 29,
2010
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 (including those contained in the Company’s
SEC filings as well as other unknown or unpredictable factors) that could
cause actual results to differ materially from those projected. SEC
filings may be obtained from the SEC or the Company’s website, www.calmainefoods.com. You
are cautioned not to place undue reliance on the forward-looking
statements. Further, the forward-looking statements included herein
are only made as of the respective dates thereof, or if no date is stated, as of
the date hereof. Except as otherwise required by law, we undertake no
obligation to update publicly any forward-looking statement for any reason, even
if new information becomes available or other events occur in the future that
make it clear that any expected results expressed or implied by the
forward-looking statements will not be realized.
-MORE-
CALM
Reports Third Quarter Fiscal 2010 Results
Page
3
March 29,
2010
CAL-MAINE
FOODS, INC. AND SUBSIDIARIES
FINANCIAL
HIGHLIGHTS
(Unaudited)
(In
thousands, except per share amounts)
|
13
Weeks Ended
|
39
Weeks Ended
|
|||||||||||||||
|
February
27,
|
February
28,
|
February
27,
|
February
28,
|
|||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Net
sales
|
$ | 271,156 | $ | 270,009 | $ | 688,055 | $ | 715,211 | ||||||||
|
Gross
profit
|
74,924 | 68,157 | 139,968 | 166,820 | ||||||||||||
|
Operating
income
|
49,937 | 45,200 | 70,071 | 106,305 | ||||||||||||
|
Other
income (expense)
|
3,427 | 645 | 1,069 | (251 | ) | |||||||||||
|
Income
before income taxes
|
53,364 | 45,845 | 71,140 | 106,054 | ||||||||||||
|
Net
income
|
$ | 34,534 | $ | 30,843 | $ | 46,796 | $ | 69,234 | ||||||||
|
Net
income per common share:
|
||||||||||||||||
|
Basic
|
$ | 1.45 | $ | 1.30 | $ | 1.97 | $ | 2.91 | ||||||||
|
Diluted
|
$ | 1.45 | $ | 1.29 | $ | 1.96 | $ | 2.91 | ||||||||
|
Weighted
average shares outstanding:
|
||||||||||||||||
| 23,818 | 23,789 | 23,805 | 23,763 | |||||||||||||
|
Diluted
|
23,880 | 23,825 | 23,875 | 23,807 | ||||||||||||
SUMMARY
BALANCE SHEET
(Unaudited)
(In
thousands)
|
February
27,
2010
|
May
30,
2009
|
|||||||
|
ASSETS
|
||||||||
|
Cash
and short-term investments
|
$ | 207,225 | $ | 82,048 | ||||
|
Receivables
|
61,488 | 44,628 | ||||||
|
Inventories
|
94,947 | 97,535 | ||||||
|
Other
|
1,427 | 17,474 | ||||||
|
Current
assets
|
365,087 | 241,685 | ||||||
|
Property,
plant and equipment (net)
|
236,236 | 249,958 | ||||||
|
Other
assets
|
57,464 | 91,202 | ||||||
|
Total
assets
|
$ | 658,787 | $ | 582,845 | ||||
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
|
Accounts
payable and accrued expenses
|
$ | 95,226 | $ | 61,845 | ||||
|
Other
current liabilities
|
— | 8,400 | ||||||
|
Current
maturities of long-term debt
|
39,581 | 13,806 | ||||||
|
Deferred
income taxes
|
19,640
|
19,635 | ||||||
|
Current
liabilities
|
154,447 | 103,686 | ||||||
|
Deferred
income taxes and other liabilities
|
34,083 | 30,167 | ||||||
|
Long-term
debt, less current maturities
|
108,348 | 115,983 | ||||||
|
Shareholders'
equity
|
361,909 | 333,009 | ||||||
|
Total
liabilities and shareholders' equity
|
$ | 658,787 | $ | 582,845 | ||||
-END-