Attached files
| file | filename |
|---|---|
| 10-Q - CAL-MAINE FOODS INC | v206809_10q.htm |
| EX-31.2 - CAL-MAINE FOODS INC | v206809_ex31-2.htm |
| EX-32.0 - CAL-MAINE FOODS INC | v206809_ex32-0.htm |
| EX-31.1 - CAL-MAINE FOODS INC | v206809_ex31-1.htm |
Exhibit
99.1
 |
Contacts:
|
Dolph
Baker, President and CEO
Timothy
A. Dawson, Vice President and CFO
(601)
948-6813
|
CAL-MAINE
FOODS, INC. REPORTS SECOND QUARTER FISCAL 2011 RESULTS
JACKSON,
Miss. (December 27, 2010) ¾ Cal-Maine Foods, Inc.
(NASDAQ: CALM) today announced results for the second quarter and six
months ended November 27, 2010.
Net sales
for the second quarter of fiscal 2011 were $234.5 million compared with net
sales of $229.2 million for the same quarter of fiscal 2010. The
Company reported net income of $15.2 million, or $0.64 per basic
share, for the second quarter of fiscal 2011 compared with net income of
$16.1 million, or $0.68 per basic share, for the second quarter of fiscal
2010.
For the first six months of fiscal
2011, net sales were $424.9 million compared with net sales of
$416.9 million for the prior-year period. The Company reported
net income of $19.9 million, or $0.84 per basic share, for the first
half of fiscal 2011 compared with net income of $12.3 million, or $0.52 per
basic share, for the year-earlier period.
Dolph Baker, president and chief
executive officer of Cal-Maine Foods, Inc., stated, “The financial results
for the second quarter of fiscal 2011 reflect recent improved market
conditions. We reported improved sales from a year ago due to
higher average selling prices; however, our profitability was affected by higher
feed costs. While demand for eggs suffered in early September as a
result of the nationwide egg recall, American Egg Board research indicates egg
demand has now rebounded to pre-recall levels. Also, egg market
prices moved to near yearly highs during the second quarter. Overall,
the national egg supply is flat compared with the same time last
year. We are also pleased that our specialty egg sales have
continued to grow even in a difficult economic environment, accounting for 15.5
percent of our dozens sold for the quarter.
“We
continue to monitor the national chick hatch, which has been trending higher,
and will affect future supply. Feed costs also remain a concern for fiscal
2011. For the second quarter, feed cost per dozen produced increased by
four cents compared with the same quarter last year. The current and
expected balance of supply and demand for corn and soybean meal points to a
tight feed supply throughout the next marketing year.
“Overall,
our management team is solid and our operations are running smoothly,” added
Baker.
Cal-Maine’s
dividend policy is to pay one-third of net income for the quarter in the form of
a cash dividend. For the second quarter of fiscal 2011, Cal-Maine
will pay a cash dividend of approximately $0.212 per share to holders
of its common and Class A common stock. The amount paid could
vary slightly based on the amount of outstanding shares on the record
date. The dividend is payable February 10, 2011, to
shareholders of record on January 26, 2011.
Selected operating statistics for the
second quarter of fiscal 2011 compared with the prior year period are shown
below:
|
13 Weeks Ended
|
26 Weeks Ended
|
|||||||||||||||
|
November 27,
2010
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November 28,
2009
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November 27,
2010
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November 28,
2009
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|||||||||||||
|
Dozen
Eggs Sold (000)
|
206,038 | 206,251 | 400,024 | 399,298 | ||||||||||||
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Dozen
Eggs Produced (000)
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159,749 | 164,647 | 315,093 | 320,790 | ||||||||||||
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Dozen
Eggs Purchased (000)*
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46,289 | 41,604 | 84,931 | 78,508 | ||||||||||||
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%
Specialty Sales (dozen)
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15.5 | % | 13.7 | % | 15.2 | % | 13.4 | % | ||||||||
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Net
Average Selling Price (dozen)
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$ | 1.090 | $ | 1.057 | $ | 1.012 | $ | 0.992 | ||||||||
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Feed
Cost (Dozen)
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$ | 0.387 | $ | 0.347 | $ | 0.361 | $ | 0.352 | ||||||||
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%
Specialty Sales (dollars)
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23.0 | % | 20.5 | % | 24.1 | % | 21.4 | % | ||||||||
* Net
of processing loss and inventory adjustments
-MORE-
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CAL-MAINE
FOODS, INC.
|
POST
OFFICE BOX 2960 ▪
JACKSON,
MISSISSIPPI 39207
|
|
|
PHONE 601-948-6813
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FAX 601-969-0905
|
|
CALM
Reports Second Quarter Fiscal 2011 Results
Page
2
December
27, 2010
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 (including those contained in the Company’s SEC
filings as well as other unknown or unpredictable factors) that could cause
actual results to differ materially from those
projected. SEC filings may be obtained from the SEC or the
Company’s website, www.calmainefoods.com. You
are cautioned not to place undue reliance on the forward-looking
statements. Further, the forward-looking statements included
herein are only made as of the respective dates thereof, or if no
date is stated, as of the date hereof. Except as otherwise
required by law, we undertake no obligation to update publicly any
forward-looking statement for any reason, even if new information becomes
available or other events occur in the future that make it clear that any
expected results expressed or implied by the forward-looking
statements will not be realized.
-MORE-
|
CAL-MAINE
FOODS, INC.
|
POST
OFFICE BOX 2960 ▪
JACKSON,
MISSISSIPPI 39207
|
|
|
PHONE 601-948-6813
|
FAX 601-969-0905
|
|
CALM
Reports Second Quarter Fiscal 2011 Results
Page
3
December
27, 2010
CAL-MAINE
FOODS, INC. AND SUBSIDIARIES
FINANCIAL
HIGHLIGHTS
(Unaudited)
(In
thousands, except per share amounts)
|
13 Weeks Ended
|
26 Weeks Ended
|
|||||||||||||||
|
November
27,
|
November
28,
|
November
27,
|
November
28,
|
|||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
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Net
sales
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$ | 234,523 | $ | 229,233 | $ | 424,926 | $ | 416,899 | ||||||||
|
Gross
profit
|
45,215 | 46,827 | 77,951 | 65,044 | ||||||||||||
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Operating
income
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22,783 | 25,435 | 30,824 | 20,134 | ||||||||||||
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Other
expense
|
(385 | ) | (799 | ) | (1,341 | ) | (2,358 | ) | ||||||||
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Income
before income taxes
|
22,398 | 24,636 | 29,483 | 17,776 | ||||||||||||
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Net
income
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$ | 15,186 | $ | 16,094 | $ | 19,949 | $ | 12,262 | ||||||||
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Net
income per common share:
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||||||||||||||||
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Basic
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$ | 0.64 | $ | 0.68 | $ | 0.84 | $ | 0.52 | ||||||||
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Diluted
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$ | 0.63 | $ | 0.67 | $ | 0.83 | $ | 0.51 | ||||||||
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Weighted
average shares outstanding:
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||||||||||||||||
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Basic
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23,853 | 23,807 | 23,848 | 23,799 | ||||||||||||
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Diluted
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23,944 | 23,881 | 23,940 | 23,873 | ||||||||||||
SUMMARY
BALANCE SHEET
(Unaudited)
(In
thousands)
|
November 27,
2010
|
May 29,
2010
|
|||||||
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ASSETS
|
||||||||
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Cash
and short-term investments
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$ | 167,842 | $ | 199,055 | ||||
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Receivables
|
84,438 | 43,587 | ||||||
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Inventories
|
97,172 | 93,968 | ||||||
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Other
|
1,878 | 1,550 | ||||||
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Current
assets
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351,330 | 383,160 | ||||||
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Property,
plant and equipment (net)
|
227,756 | 234,111 | ||||||
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Other
assets
|
57,590 | 59,013 | ||||||
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Total
assets
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$ | 636,676 | $ | 631,284 | ||||
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LIABILITIES
AND SHAREHOLDERS' EQUITY
|
||||||||
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Accounts
payable and accrued expenses
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$ | 81,798 | $ | 68,020 | ||||
|
Current
maturities of long-term debt
|
14,231 | 29,974 | ||||||
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Deferred
income taxes
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20,281 | 19,980 | ||||||
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Current
liabilities
|
116,310 | 117,974 | ||||||
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Deferred
income taxes and other liabilities
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32,359 | 31,655 | ||||||
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Long-term
debt, less current maturities
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98,343 | 104,699 | ||||||
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Shareholders'
equity
|
389,664 | 376,956 | ||||||
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Total
liabilities and shareholders' equity
|
$ | 636,676 | $ | 631,284 | ||||
-END-