JACKSON, MISS. — Despite a jump in income during the fourth quarter, Cal-Maine Foods, Inc. saw income drop 15% during the full fiscal 2010 year.
For the year ended May 29, the company had a net income of $67,823,000, equal to $2.85 per share on the common stock, which compared with income of $79,500,000, equal to $3.34 per share during the previous year. Sales for the year were $910,143,000, down 2% from $928,812,000 during the previous year.
“We are pleased with the results of the forth quarter of fiscal 2010,” said Fred Adams, Jr., chairman and chief executive officer. “Both our sales and earnings showed improvement over fourth quarter a year ago. We benefited from favorable market conditions as egg supply and demand were well balanced and average selling prices were higher than the prior year period. Our retail sales were good, and we were pleased with the modest improvement in our food service and restaurant egg sales. Egg product sales were in line with our projections.
“Our feed costs were also lower during the fourth quarter and the year, compared with the same periods in fiscal 2009. Overall, our management team did a good job, and all of Cal-Maine’s operations ran smoothly.”
During the fourth quarter ended May 29, the company had an income of $21,027,000, equal to 88c per share, up more than 105% from $10,266,000, equal to 43c per share, during the same quarter of the previous year. Sales for the quarter were $222,088,000, up 4% from $213,601,000 during the same quarter of the previous year.