Cal-Maine Foods Reports Third Quarter Fiscal 2013 Results

  Cal-Maine Foods Reports Third Quarter Fiscal 2013 Results

Business Wire

JACKSON, Miss. -- April 1, 2013

Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported resultsfor thethird
quarter and nine months ended March 2, 2013.

Net sales for the third quarter of fiscal 2013 were $360.4 million compared
with net sales of $303.7million for the same quarter of fiscal 2012. The
Company reported net income of $30.6million, or $1.27 per basic share, for
the third quarter of fiscal 2013 compared with net incomeof $26.1million, or
$1.09per basic share, for the third quarter of fiscal 2012.

For the first nine months of fiscal 2013, net sales were $962.2 million
compared with net sales of $837.9 million for the prior-year period. The
Company reported net income of $54.3 million, or $2.26perbasic share, for
the first nine months of fiscal 2013 compared with net income of
$52.5million, or $2.20per basic share, for the prior-year period.

Dolph Baker, chairman, president and chief executive officer of Cal-Maine
Foods, Inc., stated, “Cal-Maine Foods delivered a solid performance for the
third quarter of fiscal 2013 with our net sales up 19 percent over the same
period last year. The higher sales reflect both improved volumes from our
recent acquisitions and higher average selling prices compared with the third
quarter of fiscal 2012. Specialty egg sales have been steadily increasing
throughout this fiscal year and accounted for 16.7 percent of dozen eggs sold
and 23.6 percent of total shell egg sales revenue for the third quarter of
fiscal 2013, compared to 16.4 percent of dozen eggs sold and 23.4 percent of
total shell egg sales revenue for the third quarter of fiscal 2012. We remain
focused on identifying additional opportunities to market and sell specialty
eggs and meet the increasing demand from our customers. We believe the
performance of specialty eggs will be a key driver of our future growth.

“Our feed costs have experienced significant price increasesduring fiscal
2013 and the higher input costs have continued to adversely affect our gross
profit margins,” added Baker. “For the third quarter, our feed costs were up
22 percent over the same period in fiscal 2012. However, our management team
has continued to focus on running efficient operations and we are pleased with
our profitable performance in a challenging environment. Looking ahead, we
expect the extremely tight national corn supply will continue to be a concern
through the summer months and keep pressure on our feed costs.”

“We believe Cal-Maine Foods is on track for another successful year in fiscal
2013. In spite of higher feed costs, our operations continue to run well. We
have worked hard to integrate the two acquisitions completed this fiscal year
and to leverage our capabilities in these additional locations. We expect to
realize further operating synergies with the expanded capacity and we look
forward to new market opportunities for Cal-Maine Foods,” Baker concluded.

For the third quarter of fiscal 2013, Cal-Maine Foods will pay a cash dividend
of approximately $0.423per share to holders of its common and Class A common
stock. The amount paid could varyslightly based ontheamount of outstanding
shares on the record date. The dividend is payable May16,2013, to
shareholders of record on May 1, 2013.

Selected operating statistics for the third quarter and first nine months of
fiscal 2013 compared with the prior-year periods are shown below:

               13 Weeks Ended                      39 Weeks Ended
               March 2, 2013   February 25,      March 2,      February
                                 2012              2013            25, 2012
Dozen Eggs        257,051           229,235          705,176         655,463
Sold (000)
Dozen Eggs
Produced          185,632           166,109          523,383         491,785
Specialty         16.7     %        16.8     %       16.4    %       16.3    %
Selling        $  1.351          $  1.275          $ 1.308         $ 1.224
Feed Cost      $  0.547          $  0.449          $ 0.545         $ 0.466
Specialty         23.6     %        23.8     %       23.4    %       23.4    %

As previously disclosed, on August 10, 2012, and November 15, 2012, the
Company purchased the commercial egg assets of Pilgrim’s Pride Corporation and
Maxim Production Co., Inc., respectively. On a comparable basis, excluding the
acquisitions, for the thirteen-week period ended March 2, 2013, net sales were
$318.1 million and dozens sold were 223.5 million, and for the thirty-nine
week period ended March 2, 2013, net sales were $897.9 million and dozens sold
were 653.8 million.

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing
and saleof fresh shelleggs, including conventional, cage-free, organic and
nutritionally-enhanced eggs. TheCompany, which is headquartered inJackson,
Mississippi, is the largest producer and distributor of fresh shell eggs in
the UnitedStates and sellsthemajority of its shell eggs in approximately
29states across the southwestern, southeastern, mid-western and mid-Atlantic
regions of the United States.

Statements contained in this press release that are not historical facts are
forward-looking statementsas that term is defined in the Private Securities
Litigation Reform Act of 1995. The forward-looking statements are based on
management’s current intent, belief, expectations, estimates and projections
regarding our company and our industry. These statements are not guarantees of
future performance and involve risks, uncertainties, assumptions and other
factorsthat are difficult to predict and may be beyond our control. The
factors that could cause actual results to differ materially from those
projected in the forward-looking statements include, among others, (i) the
risk factors set forth in Item 1A of our Annual Report on Form 10-K for the
fiscal year ended June 2, 2012, as updated by our subsequent Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K), (ii)therisks and hazards
inherent in the shell egg business (including disease, pests, weather
conditionsand potential for recall), (iii)changes in the demand for and
market prices of shell eggs and feed costs, (iv) risks, changes or obligations
that could result from our future acquisition of newflocks or businesses, and
(v) adverse resultsin pending litigation matters. SEC filings may beobtained
fromthe SEC or the Company’s website, Readers are
cautionednot to place undue reliance on forward-looking statementsbecause,
while we believetheassumptions on whichthe forward-looking statements are
based are reasonable, therecan be no assurance that these forward-looking
statements will prove to be accurate. Further,the forward-looking
statementsincluded herein are only made as of the respective dates thereof,
or if nodate is stated, as of thedate hereof. Except as otherwise required
by law, we disclaim any intentor obligation to updatepublicly these
forward-looking statements, whether as aresult of new information, future
events or otherwise.





(In thousands, except per share amounts)
                   13 Weeks Ended                    39 Weeks Ended
                   March 2,      February          March 2,      February
                                 25,                             25,
                   2013                            2013
                                 2012                            2012
Net sales          $ 360,373     $  303,660        $ 962,171     $  837,871
Gross profit         67,047         65,149           163,060        160,427
Operating            30,911         34,939           66,874         76,569
Other income         14,971         5,636            16,106         4,747
Income before        45,882         40,575           82,980         81,316
income taxes
Net income         $ 30,551      $  26,102         $ 54,256      $  52,479
Net income per
common share:
Basic              $ 1.27        $  1.09           $ 2.26        $  2.20
Diluted            $ 1.27        $  1.09           $ 2.26        $  2.19
average shares
Basic                24,035         23,874           23,966         23,871
Diluted              24,104         23,949           24,013         23,948

                                              March 2,    June 2,

                                              2013        2012
Cash and short-term investments               $ 187,165   $ 260,751
Receivables                                     85,100      62,768
Inventories                                     146,898     117,158
Prepaid expenses and other current assets      1,360      1,525
Current assets                                  420,523     442,202
Property, plant and equipment (net)             269,395     222,615
Other noncurrent assets                        64,772     61,499
Total assets                                  $ 754,690   $ 726,316
Accounts payable and accrued expenses         $ 91,452    $ 103,724
Current maturities of long-term debt            10,868      11,458
Deferred income taxes                          29,201     25,474
Current liabilities                             131,521     140,656
Long-term debt, less current maturities         56,878      64,762
Deferred income taxes and other liabilities     44,966      41,570
Stockholders' equity                           521,325    479,328
Total liabilities and stockholders' equity    $ 754,690   $ 726,316


Cal-Maine Foods, Inc.
Dolph Baker, Chairman, President and CEO, 601-948-6813
Timothy A. Dawson, Vice President and CFO, 601-948-6813
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