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Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced financial results for the fourth quarter and fiscal year ended June 2, 2012.
For the fourth quarter of fiscal 2012, net sales were $275.2 million compared with net sales of $242.4 million for the fourth quarter a year ago. The Company reported net earnings of $37.3 million, or $1.56 per basic share, for the fourth quarter of fiscal 2012 compared with net earnings of $7.3 million, or $0.30 per basic share, for the same period last year. Results for the fourth quarter of fiscal 2012 include a one-time gain of approximately $27.0 million, or $1.12 per share, after tax, as a result of a distribution from Eggland’s Best, Inc. related to the new joint venture between Eggland’s Best, Inc. and Land O’Lakes, Inc., announced on May 1, 2012. The fourth quarter of fiscal 2012 had 14 weeks compared with 13 weeks in the prior year period.
For the fiscal year 2012, net sales were $1.1 billion compared with net sales of $942.0 million for fiscal 2011. The Company reported net income of $89.7 million, or $3.76 per basic share, for fiscal 2012 compared with net income of $60.8 million, or $2.55 per basic share, in fiscal 2011. Fiscal 2012 had 53 weeks compared with 52 weeks in fiscal 2011.
Commenting on the results, Dolph Baker, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Our financial and operating results for the fourth quarter marked a strong finish to fiscal 2012. These results reflect higher volumes with an 8.6 percent increase in eggs produced and 11.0 percent increase in eggs sold compared with the same period a year ago. While we had an extra week of sales compared with the fourth quarter of fiscal 2011, we also had less Easter-related business fall in the fourth quarter due to the earlier holiday schedule in 2012.