Cal-Maine Foods, Inc. Reports Third Quarter Fiscal 2003 Results.Business Editors 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.--(BUSINESS WIRE)--March 28, 2003 Cal-Maine Foods, Inc. (Nasdaq:CALM), today reported results for the third quarter and nine months ended March 1, 2003. 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 for the third quarter of fiscal 2003 were $106.8 million compared with net sales of $86.9 million for the same quarter of fiscal 2002. The Company reported net income of $7.6 million, or $0.65 per basic share, for the third quarter of fiscal 2003, compared with a net loss of $551,000, or $0.05 per basic share, for the year-earlier period. For the first nine months of fiscal 2003, net sales were $284.0 million compared with net sales of $243.1 million for the same period last year. The Company reported net income of $7.9 million, or $0.67 per basic share, for the first nine months of 2003, compared with a net loss of $8.7 million, or $0.74 per basic share, for the prior-year 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, "Egg prices for the third quarter of fiscal 2003 were considerably higher than the same period last year. The improved prices were a result of strong domestic demand and a sizeable export order to Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). by the U. S. egg industry. Feed costs were higher
for the quarter as a result of higher corn and soybean soybean, soya bean, or soy pea, leguminous plant (Glycine max, G. soja, or Soja max) of the family Leguminosae (pulse family), native to tropical and warm temperate regions of Asia, where it has been meal prices.
However, our operations in general are running smoothly and the higher
egg prices more than offset the increased feed costs. In addition, with
the Easter Easter [A.S. Eastre, name of a spring goddess], chief Christian feast, commemorating the resurrection of Jesus after his crucifixion. In the West, Easter is celebrated on the Sunday following the full moon next after the vernal equinox (see calendar); thus, it holiday coming later this year, we expect to see greater
demand for eggs during the fourth fiscal quarter than we have typically
experienced for this period."
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 26 states across the southwestern, 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, which 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) 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
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
13 Weeks Ended 39 Weeks Ended
--------------------- ---------------------
March 1, March 2, March 1, March 2,
2003 2002 2003 2002
--------- --------- --------- ---------
Net sales $ 106,822 $ 86,927 $ 284,024 $ 243,114
Gross profit 24,808 12,019 50,234 24,110
Operating income
(loss) 13,179 1,476 17,773 (6,902)
Income (loss) before
income taxes 11,939 (861) 12,403 (13,553)
Net income (loss) $ 7,605 $ (551) $ 7,902 $ (8,710)
Net income (loss)
per common share:
Basic $ 0.65 $ (0.05) $ 0.67 $ (0.74)
Diluted $ 0.64 $ (0.05) $ 0.67 $ (0.74)
Weighted average
shares outstanding:
Basic 11,764 11,764 11,764 11,802
Diluted 11,840 11,764 11,837 11,802
Book value per share
outstanding $ 5.26 $ 4.80 $ 5.26 $ 4.80
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