Cal-Maine Foods Announces First Quarter Fiscal 2005 Results
JACKSON, Miss., Sept. 27 /PRNewswire-FirstCall/ --
Cal-Maine Foods, Inc.
(NASDAQ:CALM) today announced results for its first quarter of fiscal 2005
ended August 28, 2004.
For the first quarter of fiscal 2005, net sales were $102.0 million, compared
with net sales of $114.4 million for the first quarter of fiscal 2004. The
Company reported a net loss of $887,000, or $0.04 per basic share, for the
first quarter of fiscal 2005 compared with net income of $7.8 million, or $0.33
per basic share, for the same period last year.
Commenting on the results, Fred Adams, Jr., chairman and chief executive
officer of Cal-Maine Foods, Inc., stated, "Our operations delivered a solid
operating performance for the first fiscal quarter, however total revenue
declined due to lower egg prices. The demand for eggs continues to be strong,
but the overall supply was approximately two percent higher than a year ago.
Typically, even a modest increase in supply negatively affects egg prices.
Since Labor Day, egg prices have been moving higher, and we believe prices will
continue to improve as we head into the stronger demand period prior to
Thanksgiving. Recently, the U.S.D.A. reported a bumper crop of corn and
soybeans is expected this fall, which should result in considerably lower feed
prices than last year."
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 28 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.
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
13 Weeks Ended
August 28, August 30,
2004 2003
-------- --------
Net sales $102,017 $114,376
Gross profit 10,681 26,675
Operating income (loss) (981) 13,420
Income (loss) before income taxes (1,397) 12,199
Net income (loss) $(887) $7,771
Net income (loss) per common share:
Basic $(0.04) $0.33
Diluted $(0.04) $0.33
Weighted average shares outstanding:
Basic 24,166 23,558
Diluted 24,166 24,068
Book value per share outstanding at quarter end $5.65 $3.13
During the quarter ended August 28, 2004, the Company repurchased
487,503 shares of its Common Stock pursuant to a stock repurchase plan
authorizing the repurchase of up to 2,000,000 shares.
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
August 28, May 29,
2004 2004
-------- --------
ASSETS
Cash and cash equivalents $64,526 $72,981
Receivables 26,381 27,367
Inventories 48,888 49,896
Other 1,659 1,695
-------- --------
Current assets 141,454 151,939
Fixed assets (net) 131,363 132,058
Other assets 17,784 17,562
-------- --------
Total Assets $290,601 $301,559
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt $9,597 $9,597
Accounts payable 20,729 21,507
Other current liabilities 14,416 17,856
Current deferred income taxes 9,820 10,030
-------- --------
Current liabilities 54,562 58,990
Deferred taxes and liabilities 22,380 21,970
Long-term debt 79,035 80,434
Shareholders' equity 134,624 140,165
-------- --------
Total liabilities and shareholders' equity $290,601 $301,559
======== ========
DATASOURCE: Cal-Maine Foods, Inc.
CONTACT: Fred Adams, Jr., Chairman and CEO of Cal-Maine Foods, Inc.,
+1-601-948-6813