EX-99.1 2 v039157_ex99-1.htm
 
 
Contact:
  
Fred Adams, Jr.
Chairman and CEO
(601) 948-6813
 
 

CAL-MAINE FOODS REPORTS THIRD QUARTER 2006 RESULTS


JACKSON, Miss. (March 27, 2006) -- Cal-Maine Foods, Inc. (NASDAQ/NM:CALM) today reported results for the third quarter and nine months ended February 25, 2006.

Net sales for the third quarter of fiscal 2006 were $130.1 million compared with net sales of $101.0 million for the same quarter of fiscal 2005. The Company reported net income of $8.0 million, or $0.34 per basic share, for the third quarter of fiscal 2006 compared with net income of $2.4 million, or $0.10 per basic share, for the third quarter of fiscal 2005.

For the first nine months of fiscal 2006, net sales were $348.2 million compared with net sales of $293.8 million for the prior-year period. The Company reported a net loss of $803,000, or $0.03 per basic share, for the first nine months of fiscal 2006 compared with a net loss of $3.8 million, or $0.16 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 performance for the third quarter of fiscal 2006. These results indicate a better egg market and reflect the good job by our management team of controlling costs and servicing our customers. Our sales for the quarter reflect a 17 percent increase in dozens of eggs sold compared with the same period a year ago.

“The consolidation of the Hillandale operations continues to make progress. Feed costs are moderate with an ample supply of our two primary feed ingredients, corn and soybean meal, available. In addition, our fourth quarter is off to a good start with strong egg demand leading up to Easter,” added Adams.

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.
 
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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 Third Quarter 2006 Results
Page 2
March 27, 2006

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
 
   
13 Weeks Ended
  
39 Weeks Ended
  
   
Feb. 25, 2006
  
Feb. 26, 2005
  
Feb. 25, 2006
  
Feb. 26, 2005
  
                       
Net sales
  
$
130,107
  
$
101,042
  
$
348,150
  
$
293,789
  
Gross profit
    
25,973
    
17,115
    
44,742
    
32,782
  
Operating income (loss)
    
10,480
    
4,675
    
1,602
    
(3,749
)
Other income (expense)
    
(560
)
  
(544
)
  
(4,805
)
  
(1,929
)
Income (loss) before income taxes
    
9,920
    
4,131
    
(3,203
)
  
(5,678
)
                           
Net income (loss)
  
$
7,990
  
$
2,421
  
$
(803
)
$
(3,808
)
                           
Net income (loss) per common share:
                          
Basic
  
$
0.34
  
$
0.10
  
$
(0.03
)
$
(0.16
)
Diluted
  
$
0.34
  
$
0.10
  
$
(0.03
)
$
(0.16
)
                           
Weighted average shares outstanding:
                          
Basic
    
23,497
    
23,797
    
23,494
    
23,900
  
Diluted
    
23,680
    
23,905
    
23,494
    
23,900
  

 

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
 
   
Feb. 25, 2006
  
May 28, 2005
  
             
ASSETS
            
Cash and cash equivalents
  
$
38,739
  
$
55,605
  
Receivables
    
28,994
    
23,415
  
Inventories
    
57,794
    
45,628
  
Other
    
1,995
    
1,308
  
Current assets
    
127,522
    
125,956
  
               
Fixed assets (net)
    
176,566
    
127,388
  
Other assets
    
16,231
    
16,190
  
Total Assets
  
$
320,319
  
$
269,534
  
               
LIABILITIES AND SHAREHOLDERS’ EQUITY
              
Current portion of long-term debt
  
$
10,956
  
$
10,149
  
Accounts payable
    
27,410
    
20,034
  
Other current liabilities
    
18,800
    
13,086
  
Current deferred income taxes
    
8,800
    
9,100
  
Current liabilities
    
65,966
    
52,369
  
               
Deferred taxes and liabilities
    
39,058
    
22,465
  
Long-term debt
    
95,047
    
72,845
  
Shareholders’ equity
    
120,248
    
121,855
  
Total liabilities and shareholders’ equity
  
$
320,319
  
$
269,534
  
 
 
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