Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the third quarter and nine months ended February 25, 2012.
Net sales for the third quarter of fiscal 2012 were $303.7 million compared with net sales of $274.7 million for the same quarter of fiscal 2011. The Company reported net income of $26.1 million, or $1.09 per basic share, for the third quarter of fiscal 2012 compared with net income of $33.6 million, or $1.41 per basic share, for the third quarter of fiscal 2011. The results for the third quarter of fiscal 2011 include in other income a one-time cash distribution of approximately $4.8 million pre-tax ($3.2 million after tax) or $0.13 per basic share, received in exchange for the Company’s non-voting stock ownership in the Eggland’s Best, Inc. cooperative.
For the first nine months of fiscal 2012, net sales were $837.9 million compared with net sales of $699.6 million for the prior-year period. The Company reported net income of $52.5 million, or $2.20 per basic share, for the first nine months of fiscal 2012 compared with net income of $53.6 million, or $2.25 per basic share, for the prior-year period.
“We are pleased with Cal-Maine’s financial and operating performance for the third quarter of fiscal 2012,” said Dolph Baker, president and chief executive officer of Cal-Maine Foods, Inc. “Total sales for the quarter were up 10.6 percent compared with the same period a year ago, reflecting higher average selling prices and good retail demand for shell eggs. We benefited from record high market prices for shell eggs during the strong holiday selling season. However, prices adjusted down approximately 35 percent in the ten market days after their December peak level due to typically slower post-holiday demand trends and warmer weather across the country. Overall, average selling prices for shell eggs were up 3.3 percent over the third quarter of fiscal 2011, and specialty egg prices were up 9.0 percent compared with the same period last year.
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