Digital News Report – JACKSON, Miss. – Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the second quarter and six months ended November 28, 2009.
Net sales for the second quarter of fiscal 2010 were $229.2 million compared with net sales of $238.3 million for the same quarter of fiscal 2009. The Company reported net income of $16.1 million, or $0.68 per basic share, for the second quarter of fiscal 2010 compared with net income of $27.2 million, or $1.15 per basic share, for the second quarter of fiscal 2009.
For the first six months of fiscal 2010, net sales were $416.9 million compared with net sales of $445.2 million for the prior-year period. The Company reported net income of $12.3 million, or $0.52 per basic share, for the first half of fiscal 2010 compared with net income of $38.4 million, or $1.62 per basic share, for the year-earlier period.
Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased with Cal-Maine’s results for the second quarter of fiscal 2010. The supply and demand for eggs were well balanced and sales at the retail level were very good. However, food service and restaurant sales continued to be slow, reflecting economic trends, and egg product sales were down about two percent. Our feed costs were down for the quarter, which improved our profitability. Our management team did a good job and all of our operations have been running smoothly.
“Looking ahead, we continue to see a favorable balance between egg supply and egg demand. However, while better than a year ago, feed costs will continue to be volatile and relatively high,” added Adams.
For the second quarter of fiscal 2010, Cal-Maine will pay a cash dividend of approximately $0.172 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 February 11, 2010, to shareholders of record on January 27, 2010.
Selected operating statistics for the second quarter of fiscal 2010 compared
with the prior year period are shown below: