Here is a recap of how things are going... NET SALES Net sales for the first quarter of fiscal 2004 were $114.4 million, an increase of $32.2 million, or 39.1%, as compared to net sales of $82.2 million for the first quarter of fiscal 2003. Total eggs sold and egg selling prices increased in the current quarter as compared to a year ago. Dozens sold for the current quarter were 147.0 million dozen, an increase of 11.0 million dozen, or 8.1%, as compared to the first quarter of last year. The Company's net average selling price per dozen for the fiscal 2004 first quarter was $.746, compared to $.573 for the first quarter of last year, an increase of 30.2%. The Company's net average selling price is the blended price for all sizes and grades of shell eggs, including non-graded egg sales, breaking stock and undergrades. Usually, the first quarter of the Company's fiscal year is a weak quarter as to egg price and volume of sales. However, for the fiscal 2004 first quarter, domestic demand for eggs was good and a nearly balanced supply of eggs strengthened egg selling prices. Here we go private... The members of the Special Committee are W.B. Cox, Letitia C. Hughes and R. Faser Triplett, M.D. Following their appointment, the Committee members held an organizational meeting and elected Dr. Triplett as the Committee's Chairman. In addition, the Committee decided to interview certain investment banking firms for purposes of obtaining an opinion as to the fairness from a financial standpoint of the price to be paid by the Company for shares to be purchased in a going private transaction, as well as to assist the Committee in evaluating alternative methods of going private. In addition, the Committee selected and engaged its own independent counsel to advise and represent the Committee on related legal matters. On July 24, 2003, after considering several investment banking firms, the Special Committee engaged Houlihan Lokey Howard & Zukin Financial Advisors, Inc. ("Houlihan Lokey") to serve as investment adviser to the Committee in connection with the possible going private transaction. The selection of Houlihan Lokey was reported by the Committee to the full Board of Directors of the Company at a regular quarterly Directors meeting held the same day. Houlihan Lokey reports to the Special Committee and its final written opinion is addressed to the full Board of Directors of the Company. All expenses of a going private transaction, including Houlihan Lokey's fee, will be paid by the Company. It is contemplated that a going private transaction would be effected by means of a "reverse split" of the Company's Common Stock. This would require an amendment of the Company's Certificate of Incorporation that would result in fractional shares that would be purchased by the Company for cash. If a going private transaction is effected, as to which the Company can make no representation or prediction, the reporting and other applicable requirements of the Securities Exchange Act of 1934 will no longer apply to the Company or to any officer, director or controlling stockholder of the Company. WHERE IS THE SEC? These are pasted from UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (mark one) [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 30, 2003 OR WHERE IS THE SHAREHOLDER's RIGHTS? JIM BRODIE