EX-99.1 2 v155709_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 2009 RESULTS


JACKSON, Miss. (July 27, 2009) – Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended May 30, 2009.

For the fourth quarter of fiscal 2009, net sales were $213.6 million compared with net sales of $235.6 million for the fourth quarter a year ago.  The Company reported net earnings of $10.3 million, or $0.43 per basic share, for the fourth quarter of fiscal 2009 compared with net earnings of $36.6 million, or $1.54 per basic share, for the same period last year.

For the fiscal year 2009, net sales were $928.8 million compared with net sales of $915.9 million for fiscal 2008.  The Company reported net income of $79.5 million, or $3.34 per basic share, for fiscal 2009 compared with net income of $151.9 million, or $6.41 per basic share, in fiscal 2008.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our overall results for the fourth quarter of fiscal 2009 were good.   These results reflect lower egg prices than a year ago.  Our feed costs for the quarter were also lower compared with the same period last year, however they were still high by historical standards.   Sales of eggs at the retail level have been very strong with food service and restaurant volume continuing to lag, reflecting the current economic environment.

“For the year ahead, we expect to see good demand. We also look for feed costs to remain relatively high and volatile.   Our management team is performing well with good results,” Adams added.

For the fourth quarter of fiscal 2009, Cal-Maine will pay a cash dividend of approximately $0.144 per share to holders of its common and Class A common stock.  The amount paid could vary slightly based on the amount of outstanding shares on the record date.  The dividend is payable August 13, 2009, to shareholders of record on July 29, 2009.

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
 

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

   
13 Weeks Ended
   
52 Weeks Ended
 
   
May 30,
2009
   
May 31,
2008
   
May 30,
2009
   
May 31,
2008
 
Net sales
  $ 213,601     $ 235,628     $ 928,812     $ 915,939  
Gross profit
    37,907       72,042       204,727       298,556  
Operating income
    15,169       52,043       121,474       223,637  
Income before income taxes
    15,526       54,911       121,010       231,391  
                                 
Net income
  $ 10,266     $ 36,558     $ 79,500     $ 151,861  
                                 
Net income per share:
                               
   Basic
  $ 0.43     $ 1.54     $ 3.34     $ 6.41  
   Diluted
  $ 0.43     $ 1.54     $ 3.34     $ 6.40  
Weighted average shares outstanding
                               
   Basic
    23,789       23,714       23,769       23,677  
   Diluted
    23,824       23,751       23,811       23,733  


SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)

   
May 30,
2009
   
May 31,
2008
 
ASSETS
           
Cash and short-term investments
  $ 82,048     $ 94,858  
Receivables
    44,628       47,930  
Inventories
    97,535       76,766  
Other
    17,474       4,711  
   Current assets
    241,685       224,265  
                 
Property, plant and equipment (net)
    249,958       206,493  
Other assets
    91,202       70,478  
   Total assets
  $ 582,845     $ 501,236  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Accounts payable and accrued expenses
  $ 61,845     $ 67,952  
Other current liabilities
    8,400       10,358  
Current maturities of long-term debt
    13,806       11,470  
Deferred income taxes
    19,635       12,935  
   Current liabilities
    103,686       102,715  
                 
Deferred income taxes and other liabilities
    31,125       37,161  
Long-term debt, less current maturities
    115,983       85,680  
Shareholders' equity
    332,051       275,680  
   Total liabilities and shareholders' equity
  $ 582,845     $ 501,236  
 
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