Lower egg prices means loss for Cal-Maine Foods
Lower egg selling prices led to a loss of US$3,832,000 for Cal-Maine Foods, Inc. during the first quarter of fiscal 2009/2010, ended Aug. 28.
These results compare with net income of US$11,147,000 during the first quarter of fiscal 2008/2009.
"All factors considered, our results for the first quarter of fiscal 2010 were satisfactory," said Fred Adams Jr., Chairman and CEO. "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."
Sales during the first quarter of 2009/2010 were $187,666,000 compared with sales of $206,888,000 for the first quarter of 2008/2009.
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