EX-99.1 2 v089183_ex99-1.htm Unassociated Document
 

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Contact:
Fred Adams, Jr.
Chairman and CEO
(601) 948-6813

CAL-MAINE FOODS, INC. REPORTS FIRST QUARTER FISCAL 2008 RESULTS

JACKSON, Miss. (October 1, 2007) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for its first quarter of fiscal 2008 ended September 1, 2007.

For the first quarter of fiscal 2008, net sales were $178.6 million, compared with net sales of $115.3 million for the first quarter of fiscal 2007. The Company reported net income of $18.0 million, or $0.76 per basic and diluted share, for the first quarter of fiscal 2008 compared with a net loss of $5.4 million, or $0.23 per basic and diluted share, for the year-earlier period.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our sales volumes and overall profitability were strong for the first quarter of fiscal 2008. We benefited from excellent egg prices during a quarter that is seasonally weak. We were pleased with our overall operating efficiency and ability to achieve favorable margins in spite of higher feed costs. Demand for eggs was good from both retail and food service customers in the U.S. and we also experienced strong export sales to Europe and Japan. USDA statistics indicate that the overall egg supply will be moderate in the months 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 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 (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 First Quarter Fiscal 2008 Results
Page 2
October 1, 2007
 
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
 
   
13 Weeks Ended
 
   
September 1,
2007
 
September 2,
2006
 
Net sales
 
$
178,598
 
$
115,308
 
Gross profit
   
45,580
   
8,407
 
Operating income (loss)
   
26,932
   
(6,063
)
Income (loss) before income taxes
   
27,223
   
(8,001
)
               
Net income (loss)
 
$
17,966
 
$
(5,431
)
               
Net income (loss) per common share:
             
Basic
 
$
0.76
 
$
(0.23
)
Diluted
 
$
0.76
 
$
(0.23
)
               
Weighted average shares outstanding:
             
Basic
   
23,599
   
23,503
 
Diluted
   
23,724
   
23,503
 


SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)

   
September 1, 2007
 
June 2,
2007
 
ASSETS
             
Cash and short-term investments
 
$
70,068
 
$
54,532
 
Receivables
   
45,051
   
38,180
 
Inventories
   
66,310
   
62,208
 
Other
   
1,596
   
1,390
 
Current assets
   
183,025
   
156,310
 
               
Property, plant and equipment (net)
   
196,161
   
193,590
 
Other assets
   
15,512
   
14,668
 
Total assets
 
$
394,698
 
$
364,568
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY
             
Accounts payable and accrued expenses
 
$
62,127
 
$
45,051
 
Other current liabilities
   
6,769
   
5,435
 
Current maturities of long-term debt
   
13,126
   
13,442
 
Deferred income taxes
   
12,633
   
11,830
 
Current liabilities
   
94,655
   
75,758
 
               
Deferred income taxes and other liabilities
   
29,101
   
33,661
 
Long-term debt, less current maturities
   
97,437
   
99,410
 
Shareholders' equity
   
173,505
   
155,739
 
Total liabilities and shareholders' equity
 
$
394,698
 
$
364,568
 

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