EX-99.1 2 v048683_ex99-1.htm
Contact:
Fred Adams, Jr.
   
Chairman and CEO
   
(601) 948-6813
 
CAL-MAINE FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 2006 RESULTS

JACKSON, Miss. (July 31, 2006) - Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended June 3, 2006. For the fourth quarter of fiscal 2006, net sales were $129.4 million compared with net sales of $81.5 million for the fourth quarter a year ago. The Company reported a net loss of $210,000, or $0.01 per basic share, for the fourth quarter of fiscal 2006 compared with a net loss of $6.6 million, or $0.28 per basic share, for the year-earlier period.

For the fiscal year 2006, net sales were $477.6 million compared with net sales of $375.3 million for fiscal 2005. The Company reported a net loss of $1.0 million, or $0.04 per basic share, for fiscal 2006 compared with a net loss of $10.4 million, or $0.43 per basic share, in fiscal 2005.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “During the last year, egg supply has been greater than demand for most of the time. This has resulted in low egg prices. We are pleased with our net results, considering the market conditions.

“Looking ahead, USDA statistics indicate that the egg industry has responded to the poor economics, and the supply of eggs should be more balanced with demand over the next year. Feed costs are currently moderate, but the future direction of corn prices is uncertain because of the strong demand for corn used for ethanol production,” added Adams.

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 28 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 Fiscal 2006 Results
Page 2
July 31, 2006

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)


   
14 Weeks
Ended
June 3,
2006
  
13 Weeks
Ended
May 28,
2005
  
53 Weeks
Ended
June 3,
2006
  
52 Weeks
Ended
May 28,
2005
  
Net sales
  
$
129,404
  
$
81,477
  
$
477,555
  
$
375,266
  
Gross profit
    
17,475
    
2,651
    
62,217
    
35,433
  
Operating income (loss)
    
2,912
    
(8,575
)
  
4,515
    
(12,325
)
Income (loss) before income taxes
    
1,724
    
(9,730
)
  
(1,478
)
  
(15,408
)
                           
Net income (loss)
  
$
(210
)
$
(6,550
)
$
(1,013
)
$
(10,358
)
                           
Net income (loss) per common share:
                          
Basic
  
$
(0.01
)
$
(0.28
)
$
(0.04
)
$
(0.43
)
Diluted
  
$
(0.01
)
$
(0.28
)
$
(0.04
)
$
(0.43
)
                           
Weighted average shares outstanding:
                          
Basic
    
23,502
    
23,636
    
23,496
    
23,834
  
Diluted
    
23,502
    
23,636
    
23,496
    
23,834
  
 

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
 
ASSETS
  
June 3,
2006
  
May 28,
2005
  
Cash and short-term investments
  
$
38,295
  
$
55,605
  
Receivables
    
24,955
    
16,739
  
Inventories
    
57,843
    
45,628
  
Other
    
4,585
    
7,984
  
Current assets
    
125,678
    
125,956
  
               
Fixed assets (net)
    
176,275
    
127,388
  
Other assets
    
15,165
    
16,190
  
Total assets
  
$
317,118
  
$
269,534
  
               
               
LIABILITIES AND SHAREHOLDERS' EQUITY
              
Current portion of long-term debt
  
$
11,902
  
$
10,149
  
Accounts payable
    
24,190
    
20,034
  
Other current liabilities
    
17,336
    
13,086
  
Current deferred income taxes
    
11,450
    
9,100
  
Current liabilities
    
64,878
    
52,369
  
               
Deferred taxes and other liabilities
    
40,455
    
22,465
  
Long-term debt
    
92,010
    
72,845
  
Shareholders' equity
    
119,775
    
121,855
  
Total liabilities and shareholders' equity
  
$
317,118
  
$
269,534
  
 
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