Cal-Maine Foods Reports First Quarter Fiscal 2010 Results

For the first quarter of fiscal 2010, net sales were $187.7 million, compared with net sales of $206.9 million for the first quarter of fiscal 2009. The Company reported net loss of $3.8 million, or $0.16 per basic and diluted share, for the first quarter of fiscal 2010 compared with net income of $11.1 million, or $0.47 per basic and diluted share, for the year-earlier period.

Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, "All factors considered, our results for the first quarter of fiscal 2010 were satisfactory. Both the number of eggs sold and eggs produced by Cal-Maine were up over the prior year, however, selling prices were lower. Our feed costs were down considerably from the same period last year, but not enough to offset the price decline. Demand for eggs at the retail level remained strong; however, institutional sales to restaurants and food service customers have been weaker, reflecting the current economy.

"USDA reports indicate that the egg supply for the year ahead should be balanced with demand. Corn and soybean production are also projected to be adequate for usage. We are projecting lower feed costs for the year ahead. All of our operations are running smoothly and efficiently," added Adams.

Under Cal-Maine's dividend policy, no dividends are paid if there is a loss for the quarter.

Selected operating statistics for the first quarter of fiscal 2010 compared with the prior year period are shown below:

                                   13 Weeks Ended
                                   August 28,       August 30,
                                   2009             2008
Dozen Eggs Sold (000)                  193,047          170,651
Dozen Eggs Produced (000)              156,143          133,642
% Specialty Sales (dozen)              13.2    %        12.7    %
Net Average Selling Price (dozen)  $   0.922        $   1.135
Feed Cost (dozen)                  $   0.357        $   0.458
% Specialty Sales ($)                  22.5    %        17.2    %

Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs. The Company, which is headquartered in Jackson, Mississippi, currently is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 29 states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.

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. Such forward-looking statements are subject to risks and uncertainties (contained in the Company's SEC filings) that could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company.

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL
HIGHLIGHTS
(Unaudited)
(In thousands, except per
share amounts)
                                      13 Weeks Ended
                                      August 28,         August 30,
                                      2009               2008
Net sales                             $    187,666       $     206,888
Gross profit                               18,217              40,647
Operating income (loss)                    (5,301  )           17,981
Income (loss) before income taxes          (5,858  )           17,389
Net income (loss)                     $    (3,832  )     $     11,147
Net income (loss) per common share:
Basic                                 $    (0.16   )     $     0.47
Diluted                               $    (0.16   )     $     0.47
Weighted average shares outstanding:
Basic                                      23,791              23,730
Diluted                                    23,791              23,769

SUMMARY BALANCE SHEET
(Unaudited)
(In thousands)
                                             August 28,     May 30,
                                             2009           2009
ASSETS
Cash and short-term investments              $     90,739   $   82,048
Receivables                                        61,979       44,628
Inventories                                        96,291       97,535
Other                                              23,340       17,474
Current assets                                     272,349      241,685
Property, plant and equipment (net)                240,426      249,958
Other assets                                       56,411       91,202
Total assets                                 $     569,186  $   582,845
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses        $     63,082   $   61,845
Other current liabilities                          --           8,400
Current maturities of long-term debt               38,952       13,806
Deferred income taxes                              20,835       19,635
Current liabilities                                122,869      103,686
Deferred income taxes and other liabilities        31,080       30,167
Long-term debt, less current maturities            87,930       115,983
Shareholders' equity                               327,307      333,009
Total liabilities and shareholders' equity   $     569,186  $   582,845

SOURCE: Cal-Maine Foods, Inc.

Cal-Maine Foods, Inc. 
Fred Adams, Jr., Chairman and CEO 
or 
Timothy A. Dawson, Vice President and CFO 
601-948-6813