Missouri eases rules on egg sales

The Missouri Department of Agriculture has changed laws making it easier for farmers' market merchants and roadside vendors to sell eggs directly to consumers. The agency has lessened licensing requirements where those who sell eggs directly to consumers now only need a $5 retail license, the Associated Press reported.
Missouri previously required dealer licenses for direct-to-consumer sales of eggs. The new classification applies to those who sell fewer than 25 cases of eggs weekly. Labeling requirements remain the same, where sellers must list their name, address, and the size and grade of the eggs.
State officials say the change is a response to the growing popularity of farmers' markets.

Cal-Maine Foods posts Q4 and FY 2010 results

For the 52 weeks ended May 29, Cal-Maine Foods Inc. posted a net income of $67.8 million compared with $79.5 million, a 14.6% decline compared with FY 2009. Earnings per share declined 14.9% from $3.34 to $2.85 for FY 2010.
Net sales attained $910.1 million, 22% less than the $928.8 million achieved in FY 2009. During FY 2010 Cal-Maine Foods sold 805,399 million dozen (777,885 million dozen FY 2009), of which 79% was derived from Company flocks compared to 77% in the previous year. Net average unit revenue was $108/dozen compared to a 5% decline from $1.14 in 2009. Specialty egg sales increased by 4.3% to represent 14.4% of sales compared to 13.8% in 2009 and generated 21.4% of revenue. From the data presented, generic eggs were sold at an average of $1.03/dozen compared to $1.68/dozen for specialty eggs including Eggland’s Best, Farmhouse and 4-Grain Brands.
The company generated a gross margin of 21.4% which was fractionally lower than the 22% margin in 2009. This was despite a 10% decline in feed cost from 2009 to 34.9 cents/dozen in the current year.
In reviewing the Cal-Maine balance sheet, it is noted that the current ratio improved from a ratio of 2.3 to 3.2 denoting a stronger asset base relative to current liabilities. Long-term debt was reduced by 9.7% to $104.7 million and shareholder’s equity increased by 13% to $377 million from the previous fiscal year.
“Looking ahead, we project that fiscal 2011 will be a good year for Cal-Maine Foods,” said Chairman Fred Adams Jr. “However, we expect feed costs will be relatively high and volatile.”
The market responded favorably to the Q4 figures and the annual report rising 11.6% from the opening price of $33.13 as of July 26.