Cal-Maine reports improved quarter
JACKSON — Cal-Maine Foods Inc., during the third quarter, saw net sales of $271.2 million, compared with net sales of $270 million for the same quarter of fiscal 2009. The company reported net income of $34.5 million, or $1.45 per basic share, compared with net income of $30.8 million, or $1.30 per basic share, for the third quarter of fiscal 2009.
For the first nine months of fiscal 2010, net sales were $688.1 million, compared with net sales of $715.2 million for the prior-year period. The company reported net income of $46.8 million, or $1.97 per basic share, compared with net income of $69.2 million, or $2.91 per basic share, for the year-earlier period.
Fred Adams Jr., chairman and CEO of Cal-Maine, said, “We benefitted from a favorable balance of supply and demand for eggs during the quarter, and our sales at the retail level were very good. Restaurant and other food service sales continued to reflect weak demand as consumers are not dining out as frequently in this economic environment. However, egg product sales were fairly good. Our feed costs were also lower for the quarter compared with the prior-year period, improving our profitability. Overall, our management team did a good job and all of our operations are running smoothly.
“We continue to see a favorable balance between egg supply and egg demand for the coming year. However, feed costs could continue to be volatile.”
For the third quarter of fiscal 2010, Cal-Maine will pay a cash dividend of approximately $0.48 per share to holders of its common and Class A common stock. The amount paid could vary slightly based on the amount of outstanding shares on the record date. The dividend is payable May13 to shareholders of record as of April 28.
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