Cal-Maine posts profit in 2007
July 23, 2007
by FoodBusinessNews.net Staff
JACKSON, MISS. — Cal-Maine Foods, Inc. posted net income of $36,656,000, equal to $1.56 per share on the common stock, in the fiscal year ended June 2, which compared with a loss of $1,013,000 during the previous year.
The company had net sales of $598,128,000 during the year, which was up 25% compared with $477,555,000 during the previous year.
"Looking ahead, egg prices have continued to be strong into our fiscal 2008 first quarter," said Fred Adams Jr., chairman and chief executive officer. "In addition, U.S.D.A. statistics indicate that the egg supply in the months ahead will be lower than the same time a year ago. All of our operations are running smoothly, and we are optimistic about our business for the year ahead."
During the fourth quarter ended June 2, Cal-Maine posted net income of $18,282,000, or 78c per share, up sharply from a loss of $210,000 during the same quarter of the previous year.
"Our results for the fourth quarter reflect strong egg prices and a more favorable market," Mr. Adams said. "The demand for eggs was good during the quarter, aided by a strong export market. A reduced available egg supply also helped support a more balanced supply-demand equation."
Mr. Adams also said feed costs remain high mainly due to demand for corn from ethanol producers but higher egg prices offset the higher costs of feed during the quarter.