Cal-Maine posts quarterly loss
by Wally Northway
Published: September 28,2009
JACKSON — Cal-Maine Foods Inc. for the first quarter of fiscal 2010, reports net sales were $187.7 million, compared with net sales of $206.9 million for the first quarter of fiscal 2009.
The company reported a net loss of $3.8 million, or $0.16 per basic and diluted share, for the first quarter of fiscal 2010, compared with net income of $11.1 million, or $0.47 per basic and diluted share for the year-earlier period.
Fred Adams Jr., chairman and CEO of Cal-Maine, said, “All factors considered, our results for the first quarter of fiscal 2010 were satisfactory. 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.
“USDA reports indicate that the egg supply for the year ahead should be balanced with demand. Corn and soybean production are also projected to be adequate for usage. We are projecting lower feed costs for the year ahead. All of our operations are running smoothly and efficiently.”
Under Cal-Maine’s dividend policy, no dividends are paid if there is a loss for the quarter.
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