Cal-Maine Foods, the Mississippi-based egg producer and distributor, has posted net income of US$6.4m, or $0.27 per basic share, for the second quarter of the 2007 fiscal year, against a net loss of $685,000, or $0.03 per basic share, for the corresponding quarter last year.
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Net sales for the second quarter fell marginally to $137.7m from $138.3m in the second quarter of 2006. However, for the first six months of fiscal 2007, net sales rose by 16% to $253.0m. Net income for the first six months reached $970,000, or $0.04 per basic share, against a net loss of $8.8m, or $0.37 per basic share, for the corresponding period a year earlier.
“All of our operations are running smoothly and egg demand was good during the second quarter, especially during the weeks leading up to Thanksgiving,” said chairman and CEO Fred Adams, Jr. “Supplies of eggs were adequate but tight enough to allow strong price increases during the last few weeks of the quarter. We started the third quarter with profitable prices that continued through the Christmas holiday season. Feed costs continue to be high due to demand for ethanol, but we believe higher egg prices will more than offset the increase in feed costs in the year ahead.”
