Cal-Maine Foods, Inc. Reports Third Quarter 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 27, 2000 Cal-Maine Foods, Inc. (Nasdaq:CALM) today reported results for the third quarter and nine months ended February February: see month. 26, 2000. 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 2000 were $79.2 million compared with net sales of $77.9 million for the same quarter of fiscal 1999. The Company reported a net loss of $4.0 million, or $0.32 per share, compared with a net income of $4.0 million, or $0.31 per share, a year ago. For the first nine months of fiscal 2000, net sales were $209.3 million compared with net sales of $224.6 million for the first nine months of 1999. The Company reported a net loss of $12.1 million, or $0.98 per share, for the first nine months of 2000 compared with net income of $6.1 million, or $0.47 per share, for the same period last year. 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, stated, "Dozens of eggs sold for the third quarter increased 29%, and for the nine months they increased 18% from a year ago. Egg prices for the periods ended February 26, 2000, were down sharply from a year ago. Domestic demand for eggs has been relatively good; however, the lower egg prices reflect increased supply 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 continuing weak export demand." 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 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 and sells the majority of its shell eggs in approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 26 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 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
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Thirteen Weeks Ended
Feb. 26, Feb. 27,
2000 1999
--------- ---------
Net sales $ 79,191 $ 77,861
Gross profit 6,547 15,691
Operating income (loss) (4,233) 6,991
Income (loss) before income taxes (6,258) 6,332
Net income (loss) $ (3,997) $ 3,979
Net income (loss) per common share:
Basic $ (0.32) $ 0.31
Diluted $ (0.32) $ 0.30
Weighted average shares outstanding:
Basic 12,349 13,019
Diluted 12,349 13,134
Book value per share outstanding $ 5.46 $ 6.51
Thirty-nine Weeks Ended
Feb. 26, Feb. 27,
2000 1999
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Net sales $ 209,300 $ 224,594
Gross profit 14,948 39,075
Operating income (loss) (14,541) 12,154
Income (loss) before income taxes (19,040) 9,848
Net income (loss) $ (12,093) $ 6,146
Net income (loss) per common share:
Basic $ (0.98) $ 0.47
Diluted $ (0.98) $ 0.46
Weighted average shares outstanding:
Basic 12,401 13,094
Diluted 12,401 13,234
Book value per share outstanding $ 5.46 $ 6.51
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