EX-99.1 2 v170174_ex99-1.htm

EXHIBIT 99.1
 
Contact: 
Fred Adams, Jr.
Chairman and CEO
(601) 948-6813
 
CAL-MAINE FOODS, INC. REPORTS SECOND QUARTER FISCAL 2010 RESULTS

JACKSON, Miss. (December 28, 2009) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the second quarter and six months ended November 28, 2009.

Net sales for the second quarter of fiscal 2010 were $229.2 million compared with net sales of $238.3 million for the same quarter of fiscal 2009.  The Company reported net income of $16.1 million, or $0.68 per basic share, for the second quarter of fiscal 2010 compared with net income of $27.2 million, or $1.15 per basic share, for the second quarter of fiscal 2009.

For the first six months of fiscal 2010, net sales were $416.9 million compared with net sales of $445.2 million for the prior-year period.  The Company reported net income of $12.3 million, or $0.52 per basic share, for the first half of fiscal 2010 compared with net income of $38.4 million, or $1.62 per basic share, for the year-earlier period.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased with Cal-Maine’s results for  the second quarter of fiscal 2010.  The supply and demand for eggs were well balanced and sales at the retail level were very good.  However, food service and restaurant sales continued to be slow, reflecting economic trends, and egg product sales were down about two percent.  Our feed costs were down for the quarter, which improved our profitability.  Our management team did a good job and all of our operations have been running smoothly.

“Looking ahead, we continue to see a favorable balance between egg supply and egg demand.  However, while better than a year ago, feed costs will continue to be volatile and relatively high,” added Adams.

For the second quarter of fiscal 2010, Cal-Maine will pay a cash dividend of approximately $0.172 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 February 11, 2010, to shareholders of record on January 27, 2010.

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

   
13 Weeks Ended
   
26 Weeks Ended
 
   
November 28,
2009
   
November 29,
2008
   
November 28,
2009
   
November 29,
2008
 
Dozen Eggs Sold (000)
    206,251       185,193       399,298       355,844  
Dozen Eggs Produced (000)
    164,647       142,868       320,790       276,510  
                                 
% Specialty Sales (dozen)
    13.7 %     14.2 %     13.4 %     13.5 %
                                 
Net Average Selling Price (dozen)
  $ 1.057     $ 1.209     $ 0.992     $ 1.173  
Feed Cost (Dozen)
  $ 0.347     $ 0.385     $ 0.352     $ 0.417  
                                 
% Specialty Sales
    20.5 %     18.1 %     21.4 %     17.7 %

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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. 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 Second Quarter Fiscal 2010 Results
Page 3
December 28, 2009
 
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
 
FINANCIAL HIGHLIGHTS
 
(Unaudited)
 
(In thousands, except per share amounts)

   
13 Weeks Ended
   
26 Weeks Ended
 
   
November 28,
   
November 29,
   
November 28,
   
November 29,
 
   
2009
   
2008
   
2009
   
2008
 
Net sales
  $ 229,233     $ 238,314     $ 416,899     $ 445,202  
Gross profit
    46,827       58,016       65,044       98,663  
Operating income
    25,435       43,124       20,134       61,105  
Other expense
    (799 )     (332 )     (2,358 )     (896 )
Income before income taxes
    24,636       42,792       17,776       60,209  
                                 
Net income
  $ 16,094     $ 27,244     $ 12,262     $ 38,391  
                                 
Net income per common share:
                               
Basic
  $ 0.68     $ 1.15     $ 0.52     $ 1.62  
Diluted
  $ 0.67     $ 1.14     $ 0.51     $ 1.61  
                                 
Weighted average shares outstanding:
                               
Basic
    23,807       23,789       23,799       23,750  
    23,881       23,826       23,873       23,797  

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)

   
November 28,
2009
   
May 30,
2009
 
ASSETS
           
Cash and short-term investments
  $ 151,717     $ 82,048  
Receivables
    79,730       44,628  
Inventories
    98,565       97,535  
Other
    4,270       17,474  
Current assets
    334,282       241,685  
                 
Property, plant and equipment (net)
    238,726       249,958  
Other assets
    57,163       91,202  
Total assets
  $ 630,171     $ 582,845  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Accounts payable and accrued expenses
  $ 86,090     $ 61,845  
Other current liabilities
          8,400  
Current maturities of long-term debt
    39,485       13,806  
Deferred income taxes
    20,495       19,635  
Current liabilities
    146,070       103,686  
                 
Deferred income taxes and other liabilities
    32,520       30,167  
Long-term debt, less current maturities
    112,272       115,983  
Shareholders' equity
    339,309       333,009  
Total liabilities and shareholders' equity
  $ 630,171     $ 582,845  
 
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