Cal-Maine income down 41% in quarter
December 28, 2009
JACKSON, MISS. — Income for Cal-Maine Foods, Inc. fell 41% during the second quarter.
For the quarter ended Nov. 28, Cal-Maine had an income of $16,094,000, equal to 68c per share on the common stock, which compared with income of $27,244,000, or $1.15 per share, during the same quarter of the previous year. Sales for the quarter were $229,233,000, down 4% from $238,314,000 during the same quarter of the previous year.
“We are pleased with Cal-Maine’s results for the second quarter of fiscal 2010,” said Fred Adams Jr., chairman and chief executive officer. “The supply and demand for eggs were well balanced, and sales at the retail level were very good. However, food service and restaurant sales continued to be slow, reflecting economic trends, and egg product sales were down about 2%. Our feed costs were down for the quarter, which improved our profitability. Our management team did a good job, and all of our operations have been running smoothly.”
For the six months ended Nov. 28, the company had net income of $12,262,000, or 52c per share, down 68% from $38,391,000, or $1.62 per share, during the same period of the previous year. Sales for the quarter were $416,899,000, down 6% from $445,202,000 during the same period of the previous year.
“Looking ahead, we continue to see a favorable balance between egg supply and egg demand,” Mr. Adams said. “However, while better than a year ago, feed costs will continue to be volatile and relatively high.”