The company earned $89,735,000, equal to $3.56 per share on the common stock, up 47% from $60,839,000, or $2.55 per share, during the previous fiscal year.
Sales for fiscal 2012 were $1,113,116,000, up 18% from $941,981,000 during fiscal 2011.
“For the year, we were pleased to exceed $1 billion in sales for the first time in our history,” said Dolph Baker, president and chief executive officer. “Retail demand was strong and helped the market absorb a slightly higher egg supply than we experienced in fiscal 2011. Sales of specialty eggs have continued to rise, accounting for 16.3% of our total number of eggs sold and over 24% of sales revenue for the year. Specialty eggs generally have a higher and more stable average retail selling price and the 9.1% increase in specialty egg volume helped push our average selling prices up 9.7% for the year. We expect specialty eggs will continue to gain market share over regular eggs as consumer demand trends shift toward the perceived health benefits of organic and natural food alternatives.”
During the fourth quarter, net income for Cal-Maine Foods was $37,256,000, or $1.56 per share, up sharply from $7,271,000, or 30c per share, in the same period a year ago.
Sales during the fourth quarter of 2012 were $275,245,000, up 14% from $242,381,000 during 2011.
“Our operations have continued to run well in fiscal 2012,” Mr. Baker said. “While our feed costs were high and volatile during the year, our management team has remained focused on executing our strategy of being an efficient, low cost producer. We expect feed costs will continue to rise for the near term, especially in light of the severe drought this summer and the damage to the national corn crop."
