Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced results for the first quarter of fiscal 2013 ended September 1, 2012.
For the first quarter of fiscal 2013, net sales were $272.9 million, compared with net sales of $243.8 million for the first quarter of fiscal 2012. The Company reported net income of $9.4 million, or $0.39 per basic and diluted share, for the first quarter of fiscal 2013 compared with net income of $3.1 million, or $0.13 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 financial and operating performance for the first quarter of fiscal 2013. These results reflect a strong start to our fiscal year in what is typically our most challenging quarter. Revenues were up 12.0 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,” Baker noted. “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.“As previously announced on July 18, 2012, we acquired the egg production assets of Pilgrim’s Pride Corporation, adding two additional production complexes with capacity for approximately 1.4 million laying hens located near Pittsburg, Texas. We are pleased with the progress we have made in integrating these facilities into our operations and we are excited about the expansion of our business, particularly with our Texas customers.