View printer-friendly version |
<< Back |
Net sales for the second quarter of fiscal 2015 were
For the first six months of fiscal 2015, net sales were
The net income per share numbers for the second quarter and six month
periods for fiscal 2015 and fiscal 2014 reflect the two-for-one stock
split for shares of the Company’s common stock and Class A common stock,
effective
“Our specialty egg sales continued to trend higher and accounted for
19.0 percent of dozens sold and 26.8 percent of total shell egg sales
revenue for the second quarter. Specialty eggs continue to be an
important area of focus for Cal-Maine Food’s growth strategy. We have
recently expanded our market reach through our latest joint venture,
Baker added, “We experienced strong demand and favorable market conditions during the second quarter of fiscal 2015. Our feed costs were 11.0 percent lower than the same period a year ago, and 10.6 percent lower through the first half of this fiscal year. While corn and soybean meal basis prices are still at relatively high levels, we expect to benefit from more stable feed costs in fiscal 2015 compared to our last fiscal year.
“Overall, our operations have continued to perform very well this
quarter and through the first half of this fiscal year. Operating income
for the second quarter of fiscal 2015 was
In closing, Baker added, “We are very pleased with our performance
through the first half of fiscal 2015 and look forward to the new
opportunities ahead for
For the second quarter of fiscal 2015,
13 Weeks Ended | 26 Weeks Ended | |||||||||||||||||||
November 29, |
November 30, |
November 29, |
November 30, |
|||||||||||||||||
Dozen Eggs Sold (000) | 263,448 | 252,766 | 515,171 | 495,315 | ||||||||||||||||
Dozen Eggs Produced (000) | 201,283 | 185,538 | 393,498 | 365,265 | ||||||||||||||||
% Specialty Sales (dozen) | 19.0 | % | 16.4 | % | 18.9 | % | 16.3 | % | ||||||||||||
Net Average Selling Price (dozen) | $ | 1.379 | $ | 1.340 | $ | 1.367 | $ | 1.297 | ||||||||||||
Feed Cost (dozen) | $ | 0.432 | $ | 0.486 | $ | 0.457 | $ | 0.512 | ||||||||||||
% Specialty Sales Dollars | 26.8 | % | 23.7 | % | 26.8 | % | 24.1 | % | ||||||||||||
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
CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) |
||||||||||||||||
13 Weeks Ended | 26 Weeks Ended | |||||||||||||||
November 29,
2014 |
November 30,
2013 |
November 29,
2014 |
November 30,
2013 |
|||||||||||||
Net sales | $ | 378,617 | $ | 354,275 | $ | 735,561 | $ | 673,803 | ||||||||
Gross profit | 92,709 | 74,667 | 173,810 | 119,578 | ||||||||||||
Operating income | 55,597 | 40,858 | 96,760 | 51,928 | ||||||||||||
Other income | 912 | 58 | 2,535 | 2,769 | ||||||||||||
Income before income taxes and noncontrolling interest | 56,509 | 40,916 | 99,295 | 54,697 | ||||||||||||
Income before income taxes attributable to Cal-Maine Foods, Inc. | 56,251 | 40,775 | 98,507 | 54,414 | ||||||||||||
Net income | $ | 36,603 | $ | 26,106 | $ | 64,258 | $ | 34,862 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.76 | $ | 0.54 | $ | 1.34 | $ | 0.73 | ||||||||
Diluted | $ | 0.76 | $ | 0.54 | $ | 1.33 | $ | 0.72 | ||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 48,136 | 48,091 | 48,133 | 48,084 | ||||||||||||
Diluted | 48,404 | 48,275 | 48,400 | 48,268 | ||||||||||||
SUMMARY BALANCE SHEETS |
||||||||||||
November 29,
2014 |
May 31,
2014 |
|||||||||||
ASSETS | ||||||||||||
Cash and short-term investments | $ | 201,418 | $ | 209,259 | ||||||||
Receivables | 118,850 | 87,516 | ||||||||||
Inventories | 146,529 | 146,117 | ||||||||||
Prepaid expenses and other current assets | 4,029 | 2,501 | ||||||||||
Current assets | 470,826 | 445,393 | ||||||||||
Property, plant and equipment (net) | 339,249 | 314,935 | ||||||||||
Other noncurrent assets | 58,513 | 51,333 | ||||||||||
Total assets | $ | 868,588 | $ | 811,661 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Accounts payable and accrued expenses | $ | 100,085 | $ | 80,434 | ||||||||
Current maturities of long-term debt | 10,047 | 10,216 | ||||||||||
Deferred income taxes | 30,617 | 30,451 | ||||||||||
Current liabilities | 140,749 | 121,101 | ||||||||||
Long-term debt, less current maturities | 45,845 | 50,877 | ||||||||||
Deferred income taxes and other liabilities | 43,338 | 44,938 | ||||||||||
Stockholders' equity | 638,656 | 594,745 | ||||||||||
Total liabilities and stockholders' equity | $ | 868,588 | $ | 811,661 |
Source:
Cal-Maine Foods, Inc.
Dolph Baker, Chairman, President and CEO
Timothy
A. Dawson, Vice President and CFO
601-948-6813