Cal-Maine Foods, a US-based egg producer, has reported a net loss of $3.8m for the fourth quarter of 2013, compared with a profit of $37.2m for the same period in 2012, due to lawsuit settlement charge that offset the company's improved sales and margins.
For the quarter ended 1 June 2013, net sales increased 18.4% to $325.9m, compared with $275.2m for the same period a year ago.
For the full-year 2013, net sales increased to $1.3bn, compared with $1.1bn in 2012, while net profit decreased 43.8% to $50.4m, compared with $89.7m in the fiscal 2012.
On 23 July, Cal-Maine Foods reached a settlement in an egg antitrust class action claim where it agreed to make a single payment of $28m.
Cal-Maine Foods chairman, president and chief executive officer Dolph Baker said: While the one-time charge related to the settlement affected our fourth quarter and fiscal 2013 financial results, we had a solid operating performance and we do not expect any material future impact on our operations."
Cal-Maine Foods is involved in the production, grading, packing and sale of shell eggs, including conventional, cage-free, organic and nutritionally-enhanced eggs.
