EX-99.1 14 v109311_ex99-1.htm
Exhibit 99.1

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Contacts:
  
Fred Adams, Jr., Chairman and CEO
Timothy A. Dawson, Vice President and CFO
(601) 948-6813
       
CAL-MAINE FOODS REPORTS THIRD QUARTER FISCAL 2008 RESULTS

JACKSON, Miss. (March 31, 2008) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the third quarter and nine months ended March 1, 2008.

Net sales for the third quarter of fiscal 2008 were $278.0 million compared with net sales of $175.2 million for the same quarter of fiscal 2007. The Company reported net income of $57.2 million, or $2.41 per basic share, for the third quarter of fiscal 2008 compared with net income of $17.4 million, or $0.74 per basic share, for the third quarter of fiscal 2007.

For the first nine months of fiscal 2008, net sales were $680.3 million compared with net sales of $428.3 million for the prior-year period. The Company reported net income of $115.3 million, or $4.87 per basic share, for the first nine months of fiscal 2008 compared with net income of $18.4 million, or $0.78 per basic share, for the year-earlier period.

Fred Adams, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are very pleased with the strong results for the third quarter of fiscal 2008, reflecting record high egg prices.  All of our operations ran smoothly, and we were able to take full advantage of the favorable economics in our industry.  Demand was strong for eggs in both the retail and food service segments and demand was also good for shell eggs used to produce liquid, frozen, and dried egg products.  Even with the higher prices, eggs still represent a good value to the consumer compared with other foods. Egg demand for the Easter holiday was also strong.  The egg industry had a good inventory clean-up, and we are off to a solid start for our final quarter of the year.

“Feed costs continue to be very high and volatile with no relief in sight.  U.S.D.A. statistics and egg industry projections are for egg production to be similar to 2007 levels in the year ahead.”

Adams added, “The quarter ended March 1, 2008, will be the first quarter that the Company’s new dividend policy will be in effect.  The record date will be sixty days following the end of the third quarter.  The response to our new dividend policy has been positive.”

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 Third Quarter Fiscal 2008 Results
Page 2
March 31, 2008

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)

   
13 Weeks Ended
 
39 Weeks Ended
 
 
 
March 1,
 
March 3,
 
March 1,
 
March 3,
 
 
 
2008
 
2007
 
2008
 
2007
  
Net sales
  
$
278,017
  
$
175,211
  
$
680,311
  
$
428,256
  
Gross profit
    
104,902
    
44,182
    
226,514
    
77,544
  
Operating income
    
85,658
    
27,280
    
171,593
    
31,714
  
Other income (expense)
    
2,229
    
317
    
4,887
    
(2,561
)
Income before income taxes
    
87,887
    
27,597
    
176,480
    
29,153
  
                           
Net income
  
$
57,183
  
$
17,403
  
$
115,303
  
$
18,373
  
                           
Net income per common share:
                          
Basic
  
$
2.41
  
$
0.74
  
$
4.87
  
$
0.78
  
Diluted
  
$
2.41
  
$
0.74
  
$
4.86
  
$
0.78
  
                           
Weighted average shares outstanding:
                          
Basic
    
23,712
    
23,519
    
23,664
    
23,508
  
Diluted
    
23,744
    
23,578
    
23,727
    
23,583
  
                           
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
           
   
March 1,
 
June 2,
  
 
2008
 
2007
  
ASSETS
          
Cash and short-term investments
  
$
85,798
  
$
54,532
  
Receivables
    
63,977
    
38,180
  
Inventories
    
74,703
    
62,208
  
Other
    
1,068
    
1,390
  
Current assets
    
225,546
    
156,310
  
Property, plant and equipment (net)
    
204,604
    
193,590
  
Other assets
    
70,798
    
14,668
  
Total assets
  
$
500,948
  
$
364,568
  
               
LIABILITIES AND SHAREHOLDERS' EQUITY
              
Accounts payable and accrued expenses
  
$
93,547
  
$
45,051
  
Other current liabilities
    
10,758
    
5,435
  
Current maturities of long-term debt
    
11,717
    
13,442
  
Deferred income taxes
    
11,745
    
11,830
  
Current liabilities
    
127,767
    
75,758
  
Deferred income taxes and other liabilities
    
33,402
    
33,661
  
Long-term debt, less current maturities
    
90,220
    
99,410
  
Shareholders' equity
    
249,559
    
155,739
  
Total liabilities and shareholders' equity
  
$
500,948
  
$
364,568
  
               
 
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