Cal-Maine Foods, Inc. Reports First Quarter Fiscal 2007 Results.JACKSON Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , Miss. -- Cal-Maine Foods, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CALM) today announced results for its first quarter of fiscal 2007 ended September September: see month. 2, 2006. For the first quarter of fiscal 2007, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $115.3 million, compared with net sales of $79.8 million for the first quarter of fiscal 2006. The Company reported a net loss of $5.4 million, or $0.23 per basic share, for the first quarter of fiscal 2007 compared with a net loss of $8.1 million, or $0.35 per basic share, for the year-earlier period. Fred Adams Fred Adams is an American astrophysicist who has made contributions to the study of physical cosmology. Biography Fred Adams is professor of physics at the University of Michigan, where his main field of research is astrophysics theory focusing on star formation, , Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, "Demand for eggs has been seasonally good but the supply has been fully adequate, resulting in some downward pressure on egg prices. As we enter a stronger demand period during Thanksgiving Thanksgiving annual U.S. holiday celebrating harvest and yearly blessings; originated with Pilgrims (1621). [Am. Culture: EB, IX: 922] See : America Thanksgiving national holiday with luxurious dinner as chief ritual. [Am. Pop. and Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). , USDA USDA, n.pr See United States Department of Agriculture. statistics indicate that egg supply should be more balanced with demand which should result in improved egg prices. All of our operations are running smoothly. However, the higher demand for corn for ethanol ethanol (ĕth`ənōl') or ethyl alcohol, CH3CH2OH, a colorless liquid with characteristic odor and taste; commonly called grain alcohol or simply alcohol. use has caused feed prices to increase." 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 Jackson is the capital and the most populous city of the U.S. State of Mississippi. It is one of the county seats of Hinds County; Raymond is the other county seat. As of the 2000 census Jackson's population was 184,256. , currently is the largest producer and distributor of fresh shell eggs in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and sells the majority of its shell eggs in approximately 30 states across the southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. , southeastern, mid-western and mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic regions of the United States. Statements contained in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties (contained in the Company's SEC filings) that 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 > >
FINANCIAL HIGHLIGHTS > >
(Unaudited) > >
(In thousands, except per share amounts) > >
> >
> > 13 Weeks
> > September
August 27,
> > 2006
2005
Net sales > > $115,308
$79,756
Gross profit > > 8,407
960
Operating income (loss) > > (6,063)
(9,957)
Income (loss) before income taxes > > (8,001)
(12,101)
> >
Net income (loss) > > $(5,431)
$(8,108)
> >
Net income (loss) per common share: > >
Basic > > $(0.23)
$(0.35)
Diluted > > $(0.23)
$(0.35)
> >
Weighted average shares outstanding: > >
Basic > > 23,503
23,490
Diluted > > 23,503
23,490
> >
> >
> >
SUMMARY BALANCE SHEET > >
(Unaudited) > >
(In thousands, except per share amounts) > >
> >
> >
> > September
June 3,
ASSETS > > 2006
2006
Cash and short-term investments > > $26,717
$38,295
Receivables > > 30,753
24,955
Inventories > > 57,310
57,843
Other > > 5,999
4,585
Current assets > > 120,779
125,678
Fixed assets (net) > > 172,983
176,275
Other assets > > 14,691
15,165
Total assets > > $308,453
$317,118
> >
LIABILITIES AND SHAREHOLDERS' EQUITY > >
Current portion of long-term debt > > $12,248
$11,902
Accounts payable and accrued expenses > > 42,539
34,642
Other current liabilities > > 5,435
6,884
Current deferred income taxes > > 11,895
11,450
Current liabilities > > 72,117
64,878
Deferred taxes and other liabilities > > 32,236
40,455
Long-term debt > > 90,004
92,010
Shareholders' equity > > 114,096
119,775
Total liabilities and shareholders' equity > > $308,453
$317,118
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