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Cal-Maine Foods Reports First Quarter Fiscal 2013 Results

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 the Company’s SEC filings (including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), (ii) the risks and hazards inherent in the shell egg business (including disease, pests, weather conditions and potential for recall), (iii) changes in the demand for and market prices of shell eggs and feed costs, (iv) risks, changes or obligations that could result from our future acquisition of new flocks or businesses, and (v) adverse results in pending litigation matters. SEC filings may be obtained from the SEC or the Company’s website, . Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, the forward-looking statements included herein are only made as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.






(In thousands, except per share amounts)

13 Weeks Ended

September 1, 2012

August 27, 2011
Net sales $ 272,928 $ 243,842
Gross profit 44,715 33,786
Operating income 15,597 5,957
Income before income taxes 14,701 4,733
Net income $ 9,415 $ 3,117
Net income per share:
Basic $ 0.39 $ 0.13
Diluted $ 0.39 $ 0.13
Weighted average shares outstanding
Basic   23,921   23,867
Diluted   23,958   23,945

      September 1,

      June 2,

Cash and short-term investments $ 209,274 $ 260,751
Receivables 76,751 62,768
Inventories 129,005 117,158
Prepaid expenses and other current assets   3,049   1,525
Current assets 418,079 442,202
Property, plant and equipment (net) 237,973 222,615
Other noncurrent assets  

Total assets $ 712,953 $ 726,316
Accounts payable and accrued expenses $ 83,675 $ 103,724
Current maturities of long-term debt 11,458 11,458
Deferred income taxes   27,376   25,474
Current liabilities 122,509 140,656
Long-term debt, less current maturities 62,036 64,762
Deferred income taxes and other liabilities 42,457 41,570
Stockholders' equity   485,951   479,328
Total liabilities and stockholders' equity $ 712,953 $ 726,316

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