Cal-Maine Foods Announces First Quarter Fiscal 2006 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/NM:CALM) today announced results for its first quarter of fiscal 2006 ended August 27, 2005. For the first quarter of fiscal 2006, 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 $79.8 million, compared with net sales of $102.0 million for the first quarter of fiscal 2005. The Company reported a net loss of $8.1 million, or $0.35 per basic share, for the first quarter of fiscal 2006 compared with a net loss of $887,000, or $0.04 per basic share, for the year-earlier period. Commenting on the results, 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, "Results for the first quarter of fiscal 2006 reflected lower market prices for eggs as supply outweighed demand industry-wide during this period. However, as we began our second fiscal quarter, egg prices have improved considerably with the reduction in the nation's laying flock flock 1. a group of one species of animal or bird which eats or travels or is kept together, e.g. flock of sheep, of wild geese. 2. wool or cotton particles or debris used as stuffing or packing. , which has created a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. balance of supply and demand. The next few months are typically a seasonably sea·son·a·ble adj. 1. In keeping with the time or the season. See Usage Note at seasonal. 2. Occurring or performed at the proper time; timely. strong period of demand and we expect further improvement in egg prices. Additionally, the most recent U.S.D.A. forecast indicates a large 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 crop, so we also expect to see favorable feed prices in the months ahead. Finally, our recently announced acquisition of the Hillandale egg operations in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and is going smoothly, and we are confident that it will be a good addition to Cal-Maine's overall operations." 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 28 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 Ended
-----------------------
August 27, August 28,
2005 2004
--------- ---------
Net sales $ 79,756 $ 102,017
Gross profit 960 10,681
Operating income (loss) (9,957) (981)
Income (loss) before income taxes (12,101) (1,397)
Net income (loss) $ (8,108) $ (887)
Net income (loss) per common share:
Basic $ (0.35) $ (0.04)
Diluted $ (0.35) $ (0.04)
Weighted average shares outstanding:
Basic 23,490 24,166
Diluted 23,490 24,166
During the quarter ended August 27, 2005, the Company did not
repurchase any shares of its Common Stock pursuant to a stock
repurchase plan that expired on July 31, 2005.
SUMMARY BALANCE SHEET
(Unaudited)
(In thousands, except per share amounts)
August 27, May 28,
2005 2005
--------- ---------
ASSETS
Cash and cash equivalents $ 46,181 $ 55,605
Receivables 28,798 23,415
Inventories 43,766 45,628
Other 1,117 1,308
--------- ---------
Current assets 119,862 125,956
Fixed assets (net) 123,955 127,388
Other assets 14,084 16,190
--------- ---------
Total Assets $ 257,901 $ 269,534
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt $ 10,195 $ 10,149
Accounts payable 21,467 20,034
Other current liabilities 10,126 13,086
Current deferred income taxes 9,240 9,100
--------- ---------
Current liabilities 51,028 52,369
Deferred taxes and liabilities 22,281 22,465
Long-term debt 71,091 72,845
Shareholders' equity 113,501 121,855
--------- ---------
Total liabilities and shareholders' equity $ 257,901 $ 269,534
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