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Cal-Maine Foods Reports First Quarter Fiscal 2014 Results



  Cal-Maine Foods Reports First Quarter Fiscal 2014 Results

Business Wire

JACKSON, Miss. -- September 30, 2013

Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the first
quarter of fiscal 2014 ended August 31, 2013.

For the first quarter of fiscal 2014, net sales were $319.5 million, an
increase of 17 percent compared with net sales of $272.9 million for the first
quarter of fiscal 2013. The Company reported net income of $8.8 million, or
$0.36 per basic and diluted share, for the first quarter of fiscal 2014
compared with net income of $9.4 million, or $0.39 per basic and diluted
share, for the year-earlier period.

Dolph Baker, chairman, president and chief executive officer of Cal-Maine
Foods, Inc., stated, “We are pleased with our sales performance for the first
quarter of fiscal 2014, marking a strong start to fiscal 2014. These results
reflect higher volumes and higher average selling prices compared with the
first quarter last year. Specialty eggs have continued to gain in popularity
with consumers and accounted for 16.2 percent of dozens sold and 24.6 percent
of total shell egg sales for the first quarter. The average selling price of
specialty eggs also increased 5.5 percent over the first quarter last year.
Cal-Maine Foods is well positioned to capitalize on the growing demand for
specialty eggs and we will continue to focus on enhancing our product mix with
a full complement of conventional, cage-free, organic and nutritionally
enhanced eggs.

“Our operations have run well this summer, however, our overall production
costs were higher during the first quarter than a year ago,” added Baker.
“Market prices for grain have remained high through the first quarter and our
feed costs were up 3.4 cents per dozen, or 6.7 percent, compared with the same
period last year. However, we are encouraged by the favorable growing
conditions this summer, which have improved the yield of this year’s corn and
soybean crops. As a result, prices have already come down from the previous
high levels and we expect to incur lower feed costs for the remainder of
fiscal 2014. Regardless of market conditions, we remain focused on managing
our operations efficiently and meeting the needs of our customers. We believe
we have the right growth strategy in place and look forward to the
opportunities ahead for Cal-Maine Foods in fiscal 2014.”

For the first quarter of fiscal 2014, Cal-Maine Foods will pay a cash dividend
of approximately $0.068 per share to holders of its common and Class A common
stock. Pursuant to Cal-Maine Foods’ variable dividend policy, in each quarter
for which the Company reports net income, the Company pays a cash dividend to
shareholders in an amount equal to one-third of such quarterly income. No
dividends are paid in a quarter for which the Company does not report net
income. The Company experienced a loss of $3.8 million, or $0.16 per share, in
the fourth quarter of fiscal 2013, due to the previously disclosed settlement
of a direct purchaser class claim against the Company, resulting in a one-time
charge of $17.0 million, or $0.71 per basic share, after tax. Therefore, the
Company did not pay a dividend for the fourth quarter of fiscal 2013. The
dividend for the first quarter of fiscal 2014 is calculated on a cumulative
basis from the date of the last quarter for which a dividend was paid. The
amount of net income available for the dividend calculation is therefore
reduced by the previous quarter’s loss. The amount paid could vary slightly
based on the amount of outstanding shares on the record date. The dividend is
payable November 14, 2013, to shareholders of record on October 30, 2013.

Selected operating statistics for the first quarter of fiscal 2014 compared
with the prior year period are shown below:

                                     
                                      13 Weeks Ended
                                      August 31,      September 1,
                                      2013            2012
Dozen Eggs Sold (000)                   242,549          210,061
Dozen Eggs Produced (000)               179,727          157,902
                                                       
% Specialty Sales (dozen)               16.2    %        16.1    %
                                                       
Net Average Selling Price (dozen)     $ 1.253         $  1.238
Feed Cost (dozen)                     $ 0.544         $  0.510
                                                       
% Specialty Sales Dollars               24.6    %        23.5    %
                                                       

On November 15, 2012, the Company purchased the commercial egg assets of Maxim
Production Co., Inc. Excluding the acquisition, for the thirteen-week period
ended August 31, 2013, net sales were $291.6 million and dozens sold were
218.3 million, an increase of $18.7 million and 8.2 million dozen compared to
the same period last year.

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing
and sale of fresh shell eggs, including conventional, cage-free, organic and
nutritionally-enhanced eggs. The Company, which is headquartered in Jackson,
Mississippi, is the largest producer and distributor of fresh shell eggs in
the United States and sells the majority of its shell eggs in approximately
29 states 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 statements as 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
factors that 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 1, 2013, as updated by our subsequent Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards
inherent in the shell egg business (including disease, pests, weather
conditions and 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 new flocks or businesses, and
(v) adverse results in pending litigation matters. SEC filings may be obtained
from the SEC or the Company’s website, www.calmainefoods.com. Readers are
cautioned not to place undue reliance on forward-looking statements because,
while we believe the assumptions on which the forward-looking statements are
based are reasonable, there can be no assurance that these forward-looking
statements will prove to be accurate. Further, the forward-looking
statements included herein are only made as of the respective dates thereof,
or if no date is stated, as of the date hereof. Except as otherwise required
by law, we disclaim any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information, future
events or otherwise.

 
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
 
SUMMARY STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
 
                                                   13 Weeks Ended
                                                   August 31,     September 1,
                                                   2013           2012
Net sales                                          $  319,528     $  272,928
Gross profit                                          44,911         44,715
Operating income                                      11,070         15,597
Other income (loss)                                   2,711          (896    )
Income before income taxes and noncontrolling         13,781         14,701
interest
Income before income taxes attributable to            13,639         14,596
Cal-Maine Foods, Inc.
                                                                   
Net income                                         $  8,756       $  9,415    
                                                                   
Net income per share:
Basic                                              $  0.36        $  0.39     
Diluted                                            $  0.36        $  0.39     
Weighted average shares outstanding
Basic                                                 24,039         23,921   
Diluted                                               24,131         23,958   
                                                                   

 
SUMMARY BALANCE SHEETS
 
                                                August 31,     June 1,
                                                2013           2013
ASSETS
Cash and short-term investments                 $  164,232     $ 182,888
Receivables                                        84,463        82,586
Inventories                                        145,083       147,993
Prepaid expenses and other current assets          5,047         1,414
Current assets                                     398,825       414,881
                                                                
Property, plant and equipment (net)                269,522       266,008
Other noncurrent assets                            57,973        64,738
Total assets                                    $  726,320     $ 745,627
                                                                
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses           $  74,266      $ 99,827
Current maturities of long-term debt               9,878         10,373
Deferred income taxes                              21,251        19,995
Current liabilities                                105,395       130,195
                                                                
Long-term debt, less current maturities            52,415        54,647
Deferred income taxes and other liabilities        42,844        42,741
Stockholders' equity                               525,666       518,044
Total liabilities and stockholders' equity      $  726,320     $ 745,627
                                                                

Contact:

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