Lower egg prices leads to loss for Cal-Maine Foods
September 28, 2009
by FoodBusinessNews.net Staff
JACKSON, MISS. — Lower egg selling prices led to a loss of $3,832,000 for Cal-Maine Foods, Inc. during the first quarter of fiscal 2010, ended Aug. 28. The results compared with net income of $11,147,000, equal to 47c per share on the common stock, during the first quarter of fiscal 2009.
"All factors considered, our results for the first quarter of fiscal 2010 were satisfactory," said Fred Adams Jr., chairman and chief executive officer. "Both the number of eggs sold and eggs produced by Cal-Maine were up over the prior year, however, selling prices were lower. Our feed costs were down considerably from the same period last year, but not enough to offset the price decline. Demand for eggs at the retail level remained strong; however, institutional sales to restaurants and food service customers have been weaker, reflecting the current economy."
Sales during the first quarter of 2010 were $187,666,000 compared with sales of $206,888,000 for the first quarter of 2009.