EX-99.1 2 v061835_ex99-1.htm
EXHIBIT 99.1
 
Contact: 
Fred Adams, Jr.
Chairman and CEO
(601) 948-6813
 
CAL-MAINE FOODS, INC. REPORTS SECOND QUARTER FISCAL 2007 RESULTS
 
JACKSON, Miss. (January 3, 2007) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the second quarter and six months ended December 2, 2006.

Net sales for the second quarter of fiscal 2007 were $137.7 million compared with net sales of $138.3 million for the same quarter of fiscal 2006. The Company reported net income of $6.4 million, or $0.27 per basic share, for the second quarter of fiscal 2007 compared with a net loss of $685,000, or $0.03 per basic share, for the second quarter of fiscal 2006.

For the first six months of fiscal 2007, net sales were $253.0 million compared with net sales of $218.0 million for the prior-year period. The Company reported net income of $970,000, or $0.04 per basic share, for the first half of fiscal 2007 compared with a net loss of $8.8 million, or $0.37 per basic share, for the year-earlier period.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “All of our operations are running smoothly and egg demand was good during the second quarter, especially during the weeks leading up to Thanksgiving.  Supplies of eggs were adequate but tight enough to allow strong price increases during the last few weeks of the quarter.  We started the third quarter with profitable prices that continued through the Christmas holiday season.  Feed costs continue to be high due to demand for ethanol, but we believe higher egg prices will more than offset the increase in feed costs in 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 30 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
PHONE 601-948-6813 
▪
JACKSON, MISSISSIPPI 39207
FAX 601-969-0905

 
CALM Reports Second Quarter Fiscal 2007 Results
Page 2
January 2, 2007

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

                                                     
  
   13 Weeks Ended
  
26 Weeks Ended
  
                                                    
  
Dec. 2,
  
Nov. 26,
  
Dec. 2,
  
Nov. 26,
  
 
  
2006
  
2005
  
2006
  
2005
  
Net sales
  
$
137,737
  
$
138,288
  
$
253,045
  
$
218,043
  
Gross profit
    
24,955
    
17,809
    
33,362
    
18,769
  
Operating income (loss)
    
10,497
    
1,080
    
4,434
    
(8,878
)
Other income (expense)
    
(940
)
  
(2,102
)
  
(2,878
)
  
(4,245
)
Income (loss) before income taxes
    
9,557
    
(1,022
)
  
1,556
    
(13,123
)
                           
Net income (loss)
  
$
6,401
  
$
(685
)
$
970
  
$
(8,793
)
                           
Net income (loss) per common share:
                          
      Basic
  
$
0.27
  
$
(0.03
)
$
0.04
  
$
(0.37
)
      Diluted
  
$
0.27
  
$
(0.03
)
$
0.04
  
$
(0.37
)
                           
Weighted average shares outstanding:
                          
      Basic
    
23,503
    
23,495
    
23,503
    
23,495
  
      Diluted
    
23,597
    
23,495
    
23,596
    
23,495
  

 
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
                                                                                     
  
December 2,
  
June 3,
  
ASSETS
  
2006
  
2006
  
Cash and short-term investments
  
$
21,364
  
$
38,295
  
Receivables
    
43,745
    
24,955
  
Inventories
    
60,369
    
57,843
  
Other
    
2,630
    
4,585
  
      Current assets
    
128,108
    
125,678
  
               
Fixed assets (net)
    
174,534
    
176,275
  
Other assets
    
15,164
    
15,165
  
      Total assets
  
$
317,806
  
$
317,118
  
               
LIABILITIES AND SHAREHOLDERS' EQUITY
              
Current portion of long-term debt
  
$
12,930
  
$
11,902
  
Accounts payable and accrued expenses
    
44,325
    
34,642
  
Other current liabilities
    
5,435
    
6,884
  
Current deferred income taxes
    
11,690
    
11,450
  
      Current liabilities
    
74,380
    
64,878
  
               
Deferred taxes and other liabilities
    
32,506
    
40,455
  
Long-term debt
    
90,650
    
92,010
  
Shareholders' equity
    
120,270
    
119,775
  
      Total liabilities and shareholders' equity
  
$
317,806
  
$
317,118
  
 
 

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