Cal-Maine earnings surge due to strong egg market
July 28, 2008
by Keith Nunes
JACKSON, MISS. – Not all food companies are struggling during this period of unprecedented cost increases. For fiscal year 2008, ended May 31, Cal-Maine Foods, Inc. had net income of $151,861,000, or $6.41 per basic share, compared with net income of $36,656,000, or $1.56 per share, for the previous year. Sales during fiscal 2008 were $915,939,000 compared to $598,128,000 for the previous year.
"For fiscal 2008, our results reflect very good egg prices, record high feed costs and a solid performance by the Cal-Maine management team," said Fred Adams Jr., chairman and chief executive officer. "As we look ahead, we see continued strong demand for eggs, a slightly higher, but manageable, egg supply, and further volatility with respect to corn and soybean meal prices. All of our operations are running smoothly and we are optimistic about Cal-Maine’s business for the year ahead."
For the fourth quarter of fiscal 2008, Cal-Maine recorded net income of $36,558,000, or $1.54 per basic share, compared with $18,283,000, or 78c per share. Sales for the quarter were $235,628,000 compared with $169,872,000.