EX-99.1 5 v127684_ex99-1.htm Unassociated Document
 
Exhibit 99.1

Contacts:  
Fred Adams, Jr., Chairman and CEO
 
Timothy A. Dawson, Vice President and CFO
 
(601) 948-6813


CAL-MAINE FOODS REPORTS FIRST QUARTER FISCAL 2009 RESULTS


JACKSON, Miss. (September 29, 2008) ¾ Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for its first quarter of fiscal 2009 ended August 30, 2008.

For the first quarter of fiscal 2009, net sales were $206.9 million, compared with net sales of $178.6 million for the first quarter of fiscal 2008. The Company reported net income of $11.1 million, or $0.47 per basic and diluted share, for the first quarter of fiscal 2009 compared with net income of $18.0 million, or $0.76 per basic and diluted share, for the year-earlier period.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, ““Egg prices and total dozens sold were both up for the first quarter of fiscal 2009 compared with the same period last year.  Demand for eggs was strong in both the retail and food service markets. However, our feed costs were dramatically higher and reduced the Company’s earnings for the quarter compared with a year ago.   Corn and soybean meal prices peaked in July, but have dropped substantially in the last few weeks.  While estimates for the final crop yields vary widely, it is expected that feed prices will remain volatile and high for the year ahead.  USDA statistics indicate that egg supply will remain flat for the next few months.  All of Cal-Maine’s operations continue to run smoothly.

For the first quarter of fiscal 2009, Cal-Maine will pay a cash dividend of approximately $.157 per share to holders of its common stock. A cash dividend of approximately $.149 per share will be paid to holders of its Class A common stock, which represents 95 percent of the amount paid to holders of common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable November 13, 2008, to shareholders of record on October 29, 2008.

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 First Quarter Fiscal 2009 Results
Page 2
September 29, 2008
 
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)

   
13 Weeks Ended
 
    August 30,   September 1,  
   
2008
 
2007
 
Net sales
 
$
206,888
 
$
178,598
 
Gross profit
   
40,647
   
45,580
 
Operating income
   
17,981
   
26,932
 
Income before income taxes
   
17,389
   
27,223
 
               
Net income
 
$
11,147
 
$
17,966
 
               
Net income per common share:
             
Basic
 
$
0.47
 
$
0.76
 
Diluted
 
$
0.47
 
$
0.76
 
               
Weighted average shares outstanding:
             
Basic
   
23,730
   
23,599
 
Diluted
   
23,769
   
23,724
 
 
 
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)

   
August 30,
 
May 31,
 
ASSETS
 
2008
 
2008
 
Cash and short-term investments
 
$
76,431
 
$
94,858
 
Receivables
   
54,081
   
47,930
 
Inventories
   
87,385
   
76,766
 
Other
   
4,334
   
4,711
 
Current assets
   
222,231
   
224,265
 
               
Property, plant and equipment (net)
   
218,141
   
206,493
 
Other assets
   
78,569
   
70,478
 
Total assets
 
$
518,941
 
$
501,236
 
               
LIABILITIES AND SHAREHOLDERS' EQUITY
             
Accounts payable and accrued expenses
 
$
62,745
 
$
67,952
 
Other current liabilities
   
10,988
   
10,358
 
Current maturities of long-term debt
   
12,928
   
11,470
 
Deferred income taxes
   
16,645
   
12,935
 
Current liabilities
   
103,306
   
102,715
 
               
Deferred income taxes and other liabilities
   
28,293
   
37,161
 
Long-term debt, less current maturities
   
101,972
   
85,680
 
Shareholders' equity
   
285,370
   
275,680
 
Total liabilities and shareholders' equity
 
$
518,941
 
$
501,236
 

 
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CAL-MAINE FOODS, INC.
POST OFFICE BOX 2960      
JACKSON, MISSISSIPPI 39207
 
PHONE 601-948-6813
FAX 601-969-0905