Cal-Maine Foods said it posted a "satisfactory" set of first-quarter results today (28 September), despite a drop in sales and profit.

For the quarter ended 28 August, the US group posted a net loss of US$3.8m compared to a net profit of $11.1m in the year-earlier period.

Net sales were also down, dropping to $187.7m compared to $206.9m for the first quarter of fiscal 2009.

Operating income dropped to $3.8m from $11.2m in the year ago period.

Fred Adams, chairman and CEO of Cal-Maine Foods, said: "All factors considered, our results for the first quarter of fiscal 2010 were satisfactory. Both the number of eggs sold and eggs produced by Cal-Maine were up over the prior year, however, selling prices were lower.

He added: "USDA reports indicate that the egg supply for the year ahead should be balanced with demand. Corn and soybean production are also projected to be adequate for usage. We are projecting lower feed costs for the year ahead. All of our operations are running smoothly and efficiently."