EX-99.1 5 v161551_ex99-1.htm

Exhibit 99.1

 
Contacts:
 
Fred Adams, Jr., Chairman and CEO
 
Timothy A. Dawson, Vice President and CFO
 
(601) 948-6813

CAL-MAINE FOODS REPORTS FIRST QUARTER FISCAL 2010 RESULTS

JACKSON, Miss. (September 28, 2009) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for its first quarter of fiscal 2010 ended August 28, 2009.

For the first quarter of fiscal 2010, net sales were $187.7 million, compared with net sales of $206.9 million for the first quarter of fiscal 2009.  The Company reported net loss of $3.8 million, or $0.16 per basic and diluted share, for the first quarter of fiscal 2010 compared with net income of $11.1 million, or $0.47 per basic and diluted share, for the year-earlier period.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “All factors considered, our results for the first quarter of fiscal 2010 were satisfactory.  Both the number of eggs sold and eggs produced by Cal-Maine were up over the prior year, however, selling prices were lower.  Our feed costs were down considerably from the same period last year, but not enough to offset the price decline.  Demand for eggs at the retail level remained strong; however, institutional sales to restaurants and food service customers have been weaker, reflecting the current economy.

“USDA reports indicate that the egg supply for the year ahead should be balanced with demand.  Corn and soybean production are also projected to be adequate for usage.  We are projecting lower feed costs for the year ahead.  All of our operations are running smoothly and efficiently,” added Adams.

Under Cal-Maine’s dividend policy, no dividends are paid if there is a loss for the quarter.

Selected operating statistics for the first quarter of fiscal 2010 compared with the prior year period are shown below:

   
13 Weeks Ended
 
   
August 28,
   
August 30,
 
   
2009
   
2008
 
Dozen Eggs Sold (000)
    193,047       170,651  
Dozen Eggs Produced (000)
    156,143       133,642  
                 
% Specialty Sales (dozen)
    13.2 %     12.7 %
                 
Net Average Selling Price (dozen)
  $ 0.922     $ 1.135  
Feed Cost (dozen)
  $ 0.357     $ 0.458  
                 
% Specialty Sales ($)
    22.5 %     17.2 %

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.
 
-MORE-

CAL-MAINE FOODS, INC.
POST OFFICE BOX 2960
JACKSON, MISSISSIPPI 39207
 
PHONE  601-948-6813
 
FAX  601-969-0905
 

 
CALM Reports First Quarter Fiscal 2010 Results
Page 2
September 28, 2009

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

   
13 Weeks Ended
 
   
August 28,
   
August 30,
 
   
2009
   
2008
 
Net sales
  $ 187,666     $ 206,888  
Gross profit
    18,217       40,647  
Operating income (loss)
    (5,301 )     17,981  
Income (loss) before income taxes
    (5,858 )     17,389  
                 
Net income (loss)
  $ (3,832 )   $ 11,147  
                 
Net income (loss) per common share:
               
Basic
  $ (0.16 )   $ 0.47  
Diluted
  $ (0.16 )   $ 0.47  
                 
Weighted average shares outstanding:
               
Basic
    23,791       23,730  
Diluted
    23,791       23,769  

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)

   
August 28,
2009
   
May 30,
2009
 
ASSETS
           
Cash and short-term investments
  $ 90,739     $ 82,048  
Receivables
    61,979       44,628  
Inventories
    96,291       97,535  
Other
    23,340       17,474  
Current assets
    272,349       241,685  
                 
Property, plant and equipment (net)
    240,426       249,958  
Other assets
    56,411       91,202  
Total assets
  $ 569,186     $ 582,845  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Accounts payable and accrued expenses
  $ 63,082     $ 61,845  
Other current liabilities
          8,400  
Current maturities of long-term debt
    38,952       13,806  
Deferred income taxes
    20,835       19,635  
Current liabilities
    122,869       103,686  
                 
Deferred income taxes and other liabilities
    31,080       30,167  
Long-term debt, less current maturities
    87,930       115,983  
Shareholders' equity
    327,307       333,009  
Total liabilities and shareholders' equity
  $ 569,186     $ 582,845  

-END-