Quarterly sales, income up at Cal-Maine
JACKSON — Cal-Maine Foods Inc., for the fourth quarter of fiscal 2010, recorded net sales of $222.1 million, compared with net sales of $213.6 million for the fourth quarter a year ago.
The company reported net earnings of $21 million, or $0.88 per basic share, for the fourth quarter of fiscal 2010, compared with net earnings of $10.3 million, or $0.43 per basic share, for the same period last year.
For the fiscal year 2010, net sales were $910.1 million, compared with net sales of $928.8 million for fiscal 2009. The egg company reported net income of $67.8 million, or $2.85 per basic share, for fiscal 2010 compared with net income of $79.5 million, or $3.34 per basic share, in fiscal 2009.
Fred Adams Jr., chairman and CEO of Cal-Maine, said, “Both our sales and earnings showed improvement over the fourth quarter a year ago. We benefited from favorable market conditions as egg supply and demand were well balanced, and average selling prices were higher than the prior year period. Our retail sales were good, and we were pleased with the modest improvement in our food service and restaurant egg sales. Egg product sales were in line with our projections. Our feed costs were also lower during the fourth quarter and the year, compared with the same periods in fiscal 2009.
“Looking ahead, we project that fiscal 2011 will be a good year for Cal-Maine Foods; however, we expect feed costs will be relatively high and volatile.”
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