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Cal-Maine Foods, Inc. Reports Second 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, www.calmainefoods.com . 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.

 

SUMMARY STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

         

13 Weeks Ended

26 Weeks Ended

December 1,2012

   

November 26,2011

December 1,2012

   

November 26,2011

Net sales $ 328,870 $ 290,369 $ 601,798 $ 534,211
Gross profit 51,298 61,492 96,013 95,278
Operating income 20,366 35,673 35,963 41,630
Other income (expense) 2,031 335 1,135 (889 )
Income before income taxes 22,397 36,008 37,098 40,741
 
Net income $ 14,290 $ 23,260 $ 23,705 $ 26,377
 
Net income per common share:
Basic $ 0.60 $ 0.97 $ 0.99 $ 1.11
Diluted $ 0.60 $ 0.97 $ 0.99 $ 1.10
 
Weighted average shares outstanding:
Basic 23,941 23,871 23,931 23,869
Diluted 23,978 23,950 23,968 23,947
 
 

SUMMARY BALANCE SHEETS

 
   

December 1, 2012

     

June 2, 2012

ASSETS
Cash and short-term investments $ 163,083 $ 260,751
Receivables 99,964 62,768
Inventories 143,671 117,158
Prepaid expenses and other current assets   2,113   1,525
Current assets 408,831 442,202
 
Property, plant and equipment (net) 271,199 222,615
Other noncurrent assets   63,959   61,499
Total assets $ 743,989 $ 726,316
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses $ 101,158 $ 103,724
Current maturities of long-term debt 11,163 11,458
Deferred income taxes   28,883   25,474
Current liabilities 141,204 140,656
 
Long-term debt, less current maturities 59,309 64,762
Deferred income taxes and other liabilities 43,079 41,570
Stockholders' equity   500,397   479,328
Total liabilities and stockholders' equity $ 743,989 $ 726,316
 




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