Cal-Maine Foods, Inc. (Nasdaq:CALM – news) today reported results for the fourth quarter and year ended June 3, 2000. For the 2000 fiscal year, net sales were $287.1 million compared with net sales of $288.0 million for fiscal 1999. The Company reported a net loss for fiscal 2000 of $17.4 million, or $1.41 per share, compared with net income of $5.1 million, or $0.39 per share, in fiscal 1999.
For the fourth quarter of fiscal 2000, net sales were $77.8 million compared with net sales of $63.4 million for the fourth quarter a year ago. The net loss for the fourth quarter was $5.3 million, or $0.43 per share, compared with a net loss of $1.1 million, or $0.08 per share, for the fourth quarter of fiscal 1999.
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Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, stated, “Fiscal 2000 was a difficult year for Cal-Maine and the industry as a whole. Dozens of eggs sold by the Company increased 24% in fiscal 2000 from a year ago, but egg prices were down sharply compared with fiscal 1999. The lower prices of eggs primarily reflect a continuation of increased supply in the United States and weak foreign demand. We are confident that as supply and demand factors come into balance, we can return to profitability.”
Cal-Maine Foods, Inc. is primarily engaged in the production, cleaning, 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 26 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
Statements contained in this press release which 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) which could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
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By GlobalData Fourteen Thirteen
Wks. Ended Wks. Ended
June 3, May 29,
2000 1999
———- ———-
Net sales $77,755 $63,360
Gross profit 3,170 6,857
Operating income (loss) (7,400) (2,628)
Income (loss) before income taxes (7,972) (1,861)
Net income (loss) $(5,286) $(1,066)
Basic and diluted net income (loss)
per common share $(0.43) $(0.08)
Weighted average shares outstanding:
Basic 12,245 12,717
Diluted 12,245 12,717
Fifty-Three Fifty-Two
Wks. Ended Wks. Ended
June 3, May 29,
2000 1999
———– ———-
Net sales $287,055 $287,954
Gross profit 18,118 45,932
Operating income (loss) (21,941) 9,526
Income (loss) before income taxes (27,012) 7,987
Net income (loss) $(17,379) $5,080
Basic and diluted net income (loss)
per common share $(1.41) $0.39
Weighted average shares outstanding:
Basic 12,362 12,999
Diluted 12,362 13,114
Book value per share outstanding at
fiscal year end $ 5.02 $ 6.44
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