ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Improving Picture for Cal-Maine

by 5m Editor
27 July 2010, at 10:13a.m.

US - Cal-Maine Foods, the country's largest egg producer, has reported its fourth quarter and fiscal 2010 results, which show an improving picture. Net sales for the quarter are up on last year.

For the fourth quarter of fiscal 2010, net sales were $222.1 million compared with net sales of $213.6 million for the fourth quarter a year ago. The Company reported net earnings of $21.0 million, or $0.88 per basic share, for the fourth quarter of fiscal 2010 compared with net earnings of $10.3 million, or $0.43 per basic share, for the same period last year.

For the fiscal year 2010, net sales were $910.1 million compared with net sales of $928.8 million for fiscal 2009. The Company reported net income of $67.8 million, or $2.85 per basic share, for fiscal 2010 compared with net income of $79.5 million, or $3.34 per basic share, in fiscal 2009.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., commented: "We are pleased with the results of the fourth quarter of fiscal 2010. Both our sales and earnings showed improvement over the fourth quarter a year ago. We benefitted from favourable market conditions as egg supply and demand were well balanced, and average selling prices were higher than the prior year period. Our retail sales were good, and we were pleased with the modest improvement in our food service and restaurant egg sales. Egg product sales were in line with our projections. Our feed costs were also lower during the fourth quarter and the year, compared with the same periods in fiscal 2009. Overall, our management team did a good job, and all of Cal-Maine's operations ran smoothly.

"Looking ahead, we project that fiscal 2011 will be a good year for Cal-Maine Foods; however, we expect feed costs will be relatively high and volatile," Mr Adams added.

For the fourth quarter of fiscal 2010, Cal-Maine will pay a cash dividend of approximately $0.29 per share to holders of its common and Class A common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable August 22, 2010, to shareholders of record on August 7, 2010.

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.