Cal-Maine Foods Reports Second Quarter 2004 Results
JACKSON, Miss., Dec. 19 /PRNewswire-FirstCall/ -- Cal-Maine Foods, Inc. today
reported results for the second quarter and six months ended November 29, 2003.
Net sales for the second quarter of fiscal 2004 were $149.9 million compared
with net sales of $95.0 million for the same quarter of fiscal 2003. The Company
reported net income of $17.6 million, or $1.49 per basic share, for the second
quarter of fiscal 2004 compared with net income of $2.0 million, or $0.17 per
basic share, for the same quarter a year ago. During the second quarter, the
Company recorded a charge of $0.57 per share against second quarter earnings for
stock compensation. This charge was in connection with the Company's outstanding
stock options and the related tandem stock appreciation rights. The portion of
the charge related to the stock options, $5.3 million, is non-cash and the
corresponding liability will be converted to equity at the time of exercise.
For the first six months of fiscal 2004, net sales were $264.3 million compared
with $177.2 million for the prior-year period. The Company reported net income
of $25.4 million, or $2.15 per basic share, for the first six months of fiscal
2004 compared with net income of $300,000, or $0.03 per basic share, for the
year-earlier period.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc.,
stated, "The Company's much improved financial performance is a reflection of
very strong demand for eggs during the past six months. The higher demand
resulted from favorable publicity about eggs from the medical community and
increased usage of eggs in the high-protein diets that are currently popular. All of our facilities and all of our employees are running efficiently and at
maximum capacity. The near term outlook is favorable with continued strong
demand for eggs." 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 26 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 26 Weeks Ended
--------------------- ---------------------
Nov. 29, Nov. 30, Nov. 29, Nov. 30,
2003 2002 2003 2002
-------- -------- -------- --------
Net sales $149,948 $ 94,984 $264,324 $177,202
Gross profit 50,778 15,355 77,453 25,426
Operating income 27,602 5,079 41,022 4,594
Income before
income taxes 27,508 3,116 39,707 464 Net income $ 17,605 $ 2,009 $ 25,376 $ 297 Net income per
common share:
Basic $ 1.49 $ 0.17 $ 2.15 $ 0.03
Diluted $ 1.45 $ 0.17 $ 2.10 $ 0.03 Weighted average
shares outstanding:
Basic 11,816 11,764 11,797 11,764
Diluted 12,178 11,813 12,106 11,836 Book value per
share outstanding $ 7.82 $ 4.63 $ 7.82 $ 4.63
DATASOURCE: Cal-Maine Foods, Inc.
CONTACT: Fred Adams, Jr., Chairman and CEO of Cal-Maine Foods, Inc., +1-601-948-6813
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