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8-K - FORM 8-K - CAL-MAINE FOODS INCv324688_8k.htm

  

Exhibit 99.1

 

   
  Contacts: Dolph Baker, Chairman, President and CEO
    Timothy A. Dawson, Vice President and CFO
    (601) 948-6813

 

 

 

CAL-MAINE FOODS REPORTS FIRST QUARTER FISCAL 2013 RESULTS

 

JACKSON, Miss. (October 1, 2012) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the first quarter of fiscal 2013 ended September 1, 2012.

 

For the first quarter of fiscal 2013, net sales were $272.9 million, compared with net sales of $243.8 million for the first quarter of fiscal 2012. The Company reported net income of $9.4 million, or $0.39 per basic and diluted share, for the first quarter of fiscal 2013 compared with net income of $3.1 million, or $0.13 per basic and diluted share, for the year-earlier period.

 

Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased with our financial and operating performance for the first quarter of fiscal 2013. These results reflect a strong start to our fiscal year in what is typically our most challenging quarter. Revenues were up 12.0 percent over the same period last year, while volumes were at about the same level, reflecting higher average market prices for shell eggs. Our specialty egg sales have continued to trend higher and represented over 16.1 percent of dozens sold and 23.5 percent of total shell egg sales revenue for the quarter. We will continue to identify new market opportunities to expand our specialty egg business and meet growing customer demand.

 

“We have remained focused on running efficient operations in spite of higher feed costs than we experienced a year ago,” Baker noted. “The damage to the national corn and grain crops caused by the extreme summer drought conditions will likely keep our feed costs near record high levels in fiscal 2013.

 

“As previously announced on July 18, 2012, we acquired the egg production assets of Pilgrim’s Pride Corporation, adding two additional production complexes with capacity for approximately 1.4 million laying hens located near Pittsburg, Texas. We are pleased with the progress we have made in integrating these facilities into our operations and we are excited about the expansion of our business, particularly with our Texas customers.

 

“We look forward to the opportunities ahead for Cal-Maine Foods in fiscal 2013. Current market conditions are favorable with strong retail demand for eggs, especially as we head into the busy holiday season. We believe we are well positioned to succeed in this environment. We have a proven management team focused on executing our strategy to be an efficient low cost producer, expand our specialty egg business, provide exceptional customer service and identify suitable acquisitions to enhance our growth and build shareholder value,” added Baker.

 

For the first quarter of fiscal 2013, Cal-Maine Foods will pay a cash dividend of approximately $0.13 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 November 15, 2012, to shareholders of record on October 31, 2012.

 

 

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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 2013 Result

Page 2

October 1, 2012

  

 

Selected operating statistics for the first quarter of fiscal 2013 compared with the prior year period are shown below:

 

   13 Weeks Ended 
   September 1, 2012   August 27, 2011 
Dozen Eggs Sold (000)   210,061    208,096 
Dozen Eggs Produced (000)   157,902    159,443 
           
% Specialty Sales (dozen)   16.1%   15.7%
           
Net Average Selling Price (dozen)  $1.238   $1.117 
Feed Cost (dozen)  $0.510   $0.484 
           
% Specialty Sales (dollars)   23.5%   23.6%

 

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs, including conventional, cage-free, organic and nutritionally-enhanced eggs. The Company, which is headquartered in Jackson, Mississippi, 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. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth in the Company’s SEC filings (including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions and potential for recall), (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) risks, changes or obligations that could result from our future acquisition of new flocks or businesses, and (v) adverse results in pending litigation matters. SEC filings may be obtained from the SEC or the Company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. 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 disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

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CALM Reports First Quarter Fiscal 2013 Results

Page 3

October 1, 2012

 

 

CAL-MAINE FOODS, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

 

SUMMARY STATEMENTS OF INCOME

(Unaudited)

In thousands, except per share amounts)

 

   13 Weeks Ended  
         
   September 1,
2012
   August 27,
2011
 
Net sales  $272,928   $243,842 
Gross profit   44,715    33,786 
Operating income   15,597    5,957 
Income before income taxes   14,701    4,733 
           
Net income  $9,415   $3,117 
           
Net income per share:          
  Basic  $0.39   $0.13 
  Diluted  $0.39   $0.13 
Weighted average shares outstanding          
  Basic   23,921    23,867 
  Diluted   23,958    23,945 

 

 

SUMMARY BALANCE SHEETS

 

   September 1,
2012
   June 2,
2012
 
ASSETS          
Cash and short-term investments  $209,274   $260,751 
Receivables   76,751    62,768 
Inventories   129,005    117,158 
Prepaid expenses and other current assets   3,049    1,525 
  Current assets   418,079    442,202 
           
Property, plant and equipment (net)   237,973    222,615 
Other noncurrent assets   56,901    61,499 
  Total assets  $712,953   $726,316 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
Accounts payable and accrued expenses  $83,675   $103,724 
Current maturities of long-term debt   11,458    11,458 
Deferred income taxes   27,376    25,474 
  Current liabilities   122,509    140,656 
           
Long-term debt, less current maturities   62,036    64,762 
Deferred income taxes and other liabilities   42,457    41,570 
Stockholders' equity   485,951    479,328 
  Total liabilities and stockholders' equity  $712,953   $726,316 

 

 

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