EX-99.1 2 v081664_ex99-1.htm Unassociated Document

 
CAL-MAINE FOODS, INC. REPORTS FOURTH QUARTER AND FISCAL 2007 RESULTS


JACKSON, Miss. (July 23, 2007) - Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended June 2, 2007. For the fourth quarter of fiscal 2007, net sales were $169.9 million compared with net sales of $129.4 million for the fourth quarter a year ago. The Company reported net earnings of $18.3 million, or $0.78 per basic share, for the fourth quarter of fiscal 2007 compared with a net loss of $210,000, or $0.01 per basic share, for the same period last year.

For the fiscal year 2007, net sales were $598.1 million compared with net sales of $477.6 million for fiscal 2006. The Company reported net income of $36.7 million, or $1.56 per basic share, for fiscal 2007 compared with a net loss of $1.0 million, or $0.04 per basic share, in fiscal 2006.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the fourth quarter reflect strong egg prices and a more favorable market. The demand for eggs was good during the quarter, aided by a strong export market. A reduced available egg supply also helped support a more balanced supply-demand equation. Feed costs remain high, primarily due to demand for corn from ethanol producers. However, higher egg prices more than offset the higher cost of feed during the quarter. .

“Looking ahead, egg prices have continued to be strong into our fiscal 2008 first quarter.  In addition, U.S.D.A. statistics indicate that the egg supply in the months ahead will be lower than the same time a year ago. All of our operations are running smoothly and we are optimistic about our business for the year ahead,” 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 Fourth Quarter and Fiscal 2007 Results
Page 2
July 23, 2007
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
 
   
13 Weeks
 
14 Weeks
 
52 Weeks
 
53 Weeks
 
 
 
Ended
 
Ended
 
Ended
 
Ended
 
 
 
June 2,
 
June 3,
 
June 2,
 
June 3,
 
 
 
2007
 
2006
 
2007
 
2006
  
Net sales
  
$
169,872
  
$
129,404
  
$
598,128
  
$
477,555
  
Gross profit
    
41,080
    
17,475
    
118,624
    
62,217
  
Operating income
    
26,517
    
2,912
    
58,230
    
4,515
  
Income (loss) before income taxes
    
27,107
    
1,724
    
56,261
    
(1,478
)
                           
Net income (loss)
  
$
18,282
  
$
(210
)
$
36,656
  
$
(1,013
)
Net income (loss) per common share:
                          
Basic
  
$
0.78
  
$
(0.01
)
$
1.56
  
$
(0.04
)
Diluted
  
$
0.77
  
$
(0.01
)
$
1.55
  
$
(0.04
)
Weighted average shares outstanding:
                          
Basic
    
23,581
    
23,502
    
23,526
    
23,496
  
Diluted
    
23,647
    
23,502
    
23,599
    
23,496
  

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
 
 
  
June 2,
 
June 3,
 
ASSETS
 
2007
 
2006
  
Cash and short-term investments
  
$
54,532
  
$
38,295
  
Receivables
    
38,180
    
24,955
  
Inventories
    
62,208
    
57,843
  
Other
    
1,390
    
4,585
  
Current assets
    
156,310
    
125,678
  
Property, plant and equipment (net)
    
193,590
    
176,275
  
Other assets
    
14,668
    
15,165
  
Total assets
  
$
364,568
  
$
317,118
  
               
LIABILITIES AND SHAREHOLDERS' EQUITY
              
Accounts payable and accrued expenses
  
$
30,995
  
$
24,190
  
Other current liabilities
    
19,491
    
17,336
  
Current maturities of long-term debt
    
13,442
    
11,902
  
Deferred income taxes
    
11,830
    
11,450
  
Current liabilities
    
75,758
    
64,878
  
Deferred income taxes and other liabilities
    
31,767
    
40,455
  
Long-term debt, less current maturities
    
99,410
    
92,010
  
Shareholders' equity
    
157,633
    
119,775
  
Total liabilities and shareholders' equity
  
$
364,568
  
$
317,118
  
 

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