Cal-Maine Foods reported a net income of $9.4 million in the first quarter of fiscal year 2013, up from the $3.1 million reported in the first quarter of 2012, according to the company's latest financial report.
Revenues for Cal-Maine were up 12 percent over the same period in 2012, while volumes were at about the same level, reflecting higher average market prices for shell eggs. The company's specialty egg sales have continued to trend higher and represented over 16.1 percent of dozens sold and 23.5 percent of total shell egg sales revenue for the quarter. “We are pleased with our financial and operating performance for the first quarter of fiscal 2013," said Dolph Baker, chairman, president and CEO. "These results reflect a strong start to our fiscal year in what is typically our most challenging quarter."
The company said it has remained focused on running efficient operations in spite of higher feed costs. “The damage to the national corn and grain crops caused by the extreme summer drought conditions will likely keep our feed costs near-record high levels in fiscal 2013," said Baker.
“We look forward to the opportunities ahead for Cal-Maine Foods in fiscal 2013," he said. "Current market conditions are favorable with strong retail demand for eggs, especially as we head into the busy holiday season. We believe we are well positioned to succeed in this environment. We have a proven management team focused on executing our strategy to be an efficient low cost producer, expand our specialty egg business, provide exceptional customer service and identify suitable acquisitions to enhance our growth and build shareholder value."