EX-99.1 2 v121072_ex99-1.htm Unassociated Document
 
Exhibit 99.1
 
  
Contacts:        
Fred Adams, Jr., Chairman and CEO
   
Timothy A. Dawson, Vice President and CFO
 
 
(601) 948-6813


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


JACKSON, Miss. (July 28, 2008) - Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended May 31, 2008. For the fourth quarter of fiscal 2008, net sales were $235.6 million compared with net sales of $169.9 million for the fourth quarter a year ago. The Company reported net earnings of $36.6 million, or $1.54 per basic share, for the fourth quarter of fiscal 2008 compared with net earnings of $18.3 million, or $0.78 per basic share, for the same period last year.

For the fiscal year 2008, net sales were $915.9 million compared with net sales of $598.1 million for fiscal 2007. The Company reported net income of $151.9 million, or $6.41 per basic share, for fiscal 2008 compared with net income of $36.7 million, or $1.56 per basic share, in fiscal 2007.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “The results for the fourth quarter reflect good demand for eggs and strong egg prices. The overall supply of eggs was slightly lower than the same period last year, which contributed to a more favorable market balance. Feed costs continued to be very high, reflecting the rising costs of corn and soybean meal.

“For fiscal 2008, our results reflect very good egg prices, record high feed costs, and a solid performance by the Cal-Maine management team. As we look ahead, we see continued strong demand for eggs, a slightly higher, but manageable, egg supply, and further volatility with respect to corn and soybean meal prices. All of our operations are running smoothly, and we are optimistic about Cal-Maine’s business for the year ahead.”

For the fourth quarter of fiscal 2008, Cal-Maine will pay a cash dividend of approximately $.516 per share to holders of its common stock. A cash dividend of approximately $.49 per share will be paid to holders of its Class A common stock, which represents 95 percent of the amount paid to holders of common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable August 14, 2008, to shareholders of record on July 30, 2008.

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 Fourth Quarter and Fiscal 2008 Results
Page 2
July 28, 2008


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


   
13 Weeks
 
13 Weeks
 
52 Weeks
 
52 Weeks
 
 
 
Ended
 
Ended
 
Ended
 
Ended
 
 
 
May 31,
 
June 2,
 
May 31,
 
June 2,
 
 
 
2008
 
2007
 
2008
 
2007
 
Net sales
 
$
235,628
 
$
169,872
 
$
915,939
 
$
598,128
 
Gross profit
   
72,042
   
41,080
   
298,556
   
118,624
 
Operating income
   
52,043
   
26,517
   
223,637
   
58,230
 
Income before income taxes
   
54,911
   
27,107
   
231,391
   
56,261
 
                           
Net income
 
$
36,558
 
$
18,283
 
$
151,861
 
$
36,656
 
                           
Net income per common share:
                         
Basic
 
$
1.54
 
$
0.78
 
$
6.41
 
$
1.56
 
Diluted
 
$
1.54
 
$
0.77
 
$
6.40
 
$
1.55
 
                           
Weighted average shares outstanding:
                         
Basic
   
23,714
   
23,581
   
23,677
   
23,526
 
Diluted
   
23,751
   
23,647
   
23,733
   
23,599
 
 

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
 
 
   
May 31,
 
June 2,
 
ASSETS
 
2008
 
2007
 
Cash and short-term investments
 
$
94,858
 
$
54,532
 
Receivables
   
50,223
   
38,180
 
Inventories
   
76,766
   
62,208
 
Other
   
2,418
   
1,390
 
Current assets
   
224,265
   
156,310
 
               
Property, plant and equipment (net)
   
206,493
   
193,590
 
Other assets
   
70,478
   
14,668
 
Total assets
 
$
501,236
 
$
364,568
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY
             
Accounts payable and accrued expenses
 
$
67,952
 
$
45,051
 
Other current liabilities
   
10,358
   
5,435
 
Current maturities of long-term debt
   
11,470
   
13,442
 
Deferred income taxes
   
12,935
   
11,830
 
Current liabilities
   
102,715
   
75,758
 
               
Deferred income taxes and other liabilities
   
37,161
   
33,661
 
Long-term debt, less current maturities
   
85,680
   
99,410
 
Shareholders' equity
   
275,680
   
155,739
 
Total liabilities and shareholders' equity
 
$
501,236
 
$
364,568
 
 
 

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