Cal-Maine Foods Inc. released second quarter results for fiscal year 2011 on Dec. 27, showing a net income of $15.2 million on sales of $234.5 million. FY 2010 numbers from the same quarter reported a net income of $16.1 million on sales of $229.3 million. 

Net income per share declined from $0.68 in 2010 to $0.64 for the most recent quarter. Specialty egg sales under the Eggland’s Best, Farm House and 4-Grain brands represented 15.5% of sales and 23.0% of sales value. It is calculated that unit revenue from specialty eggs attained $1.68 per dozen compared to $1.03 per dozen for generics. Net average selling price was $1.09 per dozen compared to $1.06 per dozen during Q2 of FY 2010.

For the first half of FY 2011 the company posted a net income of $19,949 million ($12,262 million in FY 2010) on sales of $424,926 million ($416,899 million). “The financial results for the second quarter of fiscal 2011 reflect recent improved market conditions,” said Dolph Baker, president and CEO. “Our profitability was affected by higher feed costs.” The statement indicated an increase in feed cost of $0.04 per dozen, ($0.35 in Q2 of FY 2010) with prospects of higher prices in calendar year 2011.

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During the first half of FY 2011 Cal-Maine reduced long-term debt from $104.6 million to $98.3 million and increased shareholders’ equity from $377.0 million to $390 million (rounded). No significant increases in fixed assets occurred during the first half of FY 2011 reflecting a pause in acquisitions and organic expansion.