Cal-Maine Foods Reports Third Quarter 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 reported results for the third quarter and nine months ended March 3, 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 for the third quarter of fiscal 2007 were $175.2 million compared with net sales of $130.1 million for the same quarter of fiscal 2006. The Company reported net income of $17.4 million, or $0.74 per basic share, for the third quarter of fiscal 2007 compared with net income of $8.0 million, or $0.34 per basic share, for the third quarter of fiscal 2006. For the first nine months of fiscal 2007, net sales were $428.3 million compared with net sales of $348.2 million for the prior-year period. The Company reported net income of $18.4 million, or $0.78 per basic share, for the first nine months of fiscal 2007 compared with a net loss of $803,000, or $0.03 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, "During the third quarter of fiscal 2007, our egg supply was well balanced with good demand from our retail and food service customers. In addition, the egg industry, through a marketing cooperative that included Cal-Maine, put together an export sale to Europe, the United Kingdom and Japan that required approximately 16 million dozen eggs. This significant drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: of inventory put upward pressure on egg prices and resulted in more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions for the quarter. Costs for 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, our primary feed ingredients, were higher for the quarter as a result of strong demand from ethanol ethanol (ĕth`ənōl') or ethyl alcohol, CH3CH2OH, a colorless liquid with characteristic odor and taste; commonly called grain alcohol or simply alcohol. plants. Based on current forecasts, we believe these higher feed costs will continue for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. However, we are off to a strong start for the fourth fiscal quarter with seasonally higher egg demand leading up to Easter." 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, southeastern, mid-western and mid-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.
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SUMMARY BALANCE SHEET > >
(Unaudited) > >
(In thousands) > >
> >
> > March 3,
June 3,
ASSETS > > 2007
2006
Cash and short-term investments > > $43,734
$38,295
Receivables > > 41,361
24,955
Inventories > > 62,855
57,843
Other > > 1,266
4,585
Current assets > > 149,216
125,678
Property, plant and equipment, net > > 184,931
176,275
Other assets > > 14,986
15,165
Total assets > > $349,133
$317,118
> >
LIABILITIES AND SHAREHOLDERS' EQUITY > >
Current maturities of long-term debt > > $13,610
$11,902
Accounts payable and accrued expenses > > 53,482
34,642
Other current liabilities > > 5,435
6,884
Current deferred income taxes > > 11,610
11,450
Current liabilities > > 84,137
64,878
Deferred income taxes and other liabilities > > 33,002
40,455
Long-term debt, less current maturities > > 94,383
92,010
Shareholders' equity > > 137,611
119,775
Total liabilities and shareholders' equity > > $349,133
$317,118
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