JACKSON, Miss. (AP) — Cal-Maine Foods Inc. said Monday that it lost $3.8 million in its fiscal fourth quarter, pulled down by hefty costs related to the settlement of a claim against the company.
For the quarter ended June 1, the Jackson, Miss.-based egg producer's loss amounted to 16 cents per share and compared with a year-ago profit of $37.3 million, or $1.56 per share.
The recent quarter's results included a one-time charge of 71 cents per basic share related to the settlement of a direct purchaser class claim against the company, while the year-ago results included a one-time gain of about $1.12 per share related to a joint venture.
Revenue rose 18 percent to $325.9 million from $275.2 million.
Dozens of eggs sold rose 6 percent to 243.3 million, while the net average selling price per dozen increased 11 percent to $1.28. Feed costs rose 10 percent to 52.7 cents per dozen eggs.
For the full fiscal year, net income fell to $50.4 million, or $2.10 per share, from $89.7 million, or $3.76 per share. Revenue increased to $1.29 billion from $1.11 billion.
Cal-Maine shares rose 43 cents to $51.48 in morning trading. That is less than 2 percent below their 52-week high of $52.43 on July 24. They traded as low as $36.98 almost a year ago.