NATCHEZ — Fred Adams Jr., founder, former CEO and current chairman of the board of directors of Cal-Maine Foods Inc., suffered a mild stroke while attending the International Egg Commission meeting in National Harbor, Md.
“Fred Adams suffered a mild stroke, but he is alert and resting comfortably in a Falls Church, Va., hospital,” said Cal-Maine CEO and president Dolph Baker in a statement released this morning. “We expect him to stay in the hospital for observation for a few days. However, we regret that he will not be able to attend the annual meeting of shareholders on Sept. 30, 2011.
“On behalf of everyone at Cal-Maine Foods, we wish Fred the best and look forward to his full recovery.”
In an unrelated item, Cal-Maine, for the first quarter of fiscal 2012, reports net sales were $243.8 million, compared with net sales of $190.4 million for the first quarter of fiscal 2011. The company reported net income of $3.1 million, or $0.13 per basic and diluted share, for the first quarter of fiscal 2012, compared with net income of $4.8 million, or $0.20 per basic and diluted share, for the year-earlier period.
Baker said, “On a seasonal basis, the first quarter period is historically the slowest period in our fiscal year. Total revenues for the first quarter were up 28 percent over the prior year period, reflecting higher average selling prices for shell eggs and favorable retail demand.
“In spite of significantly higher feed costs, we were profitable for the quarter. Feed
costs were up 15 cents per dozen compared with the first quarter of fiscal 2011 and we expect feed costs will remain very high and volatile for the year ahead.