Cal-Maine Foods, Inc. Reports Year-End 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)--July 20, 2000 Cal-Maine Foods, Inc. (Nasdaq:CALM) today reported results for the fourth quarter and year ended June June: see month. 3, 2000. For the 2000 fiscal year, 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 $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. 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, "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 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 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 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 south·east n. 1. Abbr. SE The direction or point on the mariner's compass halfway between due south and due east, or 135° east of due north. 2. An area or region lying in the southeast. 3. , 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)
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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