Cal-Maine income surges in first quarter
Oct. 1, 2012
by Meat&Poultry Staff
JACKSON, Miss. — Boosted by higher prices for shell eggs, income for Cal-Maine Foods, Inc. was up 202 percent during the first quarter.
For the quarter ended Sept. 1, the company had income of $9,415,000, equal to 39 cents per share on the common stock, which compared with $3,117,000, or 13 cents per share, during the same quarter of the previous year. Sales for the quarter were $272,928,000, up 12 percent from $243,842,000 during the same quarter of the previous year.
“We are pleased with our financial and operating performance for the first quarter of fiscal 2013,” said Dolph Baker, chairman, president and chief executive officer. “These results reflect a strong start to our fiscal year in what is typically our most challenging quarter. Revenues were up 12 percent over the same period last year while volumes were at about the same level, reflecting higher average market prices for shell eggs. Our specialty egg sales have continued to trend higher and represented over 16.1 percent of dozens sold and 23.5 percent of total shell egg sales revenue for the quarter. We will continue to identify new market opportunities to expand our specialty egg business and meet growing customer demand.
“We have remained focused on running efficient operations in spite of higher feed costs than we experienced a year ago. The damage to the national corn and grain crops caused by the extreme summer drought conditions will likely keep our feed costs near record high levels in fiscal 2013.”