Cal-Maine Foods, Inc. (Nasdaq:CALM) today reported results for the first quarter ended September 2, 2000. Net sales for the first quarter of fiscal 2001 were $75.5 million compared with net sales of $59.1 million for the same quarter of fiscal 2000. The Company reported a net loss of $2.6 million, or $0.22 per share, for the first quarter compared with a net loss of $5.4 million, or $0.43 per share, for the first quarter a year ago.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Egg prices for the first quarter of fiscal 2001 were improved when compared with the first quarter of fiscal 2000. The first quarter of our fiscal year is typically a low quarter in terms of both egg prices and sales volume. We anticipate improved egg prices as we move into the second and third quarters of this fiscal year.
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“Domestic demand for eggs was good during our first fiscal quarter. We have seen an improved demand from export customers, but it is still below levels of two and three years ago. Our expanded operations have resulted in improvements in our operating efficiencies. Feed prices have been favorable, and the outlook for the balance of fiscal 2001 is for this trend to continue.
“U.S.D.A. statistics indicate a reduced chick hatch for the last eight months of over five percent. We anticipate that this trend should result in less supply in the months ahead,” concluded Mr. Adams.
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.
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By GlobalDataCAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share data)
13 Weeks Ended
---------------------
Sept. 2, Aug. 28,
2000 1999
--------- ----------
Net sales $ 75,518 $ 59,055
Gross profit 7,868 1,733
Operating loss (2,244) (7,363)
Loss before income taxes (4,075) (8,505)
Net loss (2,622) (5,364)
Basic and diluted net loss
per common share $ (0.22) $ (0.43)
Weighted average shares outstanding
Basic 12,192 12,450
Diluted 12,192 12,450
Book value per share outstanding
at quarter end 4.80 6.01
