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Calmaine Foods Inc (CALM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, May 30, 2015

Calmaine Foods Inc

CIK: 16160 Ticker: CALM

Exhibit 99.1

CALM_logo      

Contact:

Dolph Baker, Chairman, President and CEO

 

Timothy A. Dawson, Vice President and CFO

 

(601) 948-6813

 

CAL-MAINE FOODS REPORTS FOURTH QUARTER

AND FISCAL 2015 RESULTS

 

JACKSON, Miss. (July 20, 2015)   Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the fourth quarter and fiscal year ended May 30, 2015

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Net sales for the fourth quarter of fiscal 2015 were $403.0 million, compared with net sales of $371.6 million for the fourth quarter of fiscal 2014.  The Company reported net income of $46.1 million, or $0.96 per basic share and $0.95 per diluted share, for the fourth quarter of fiscal 2015, compared with $31.5 million, or $0.66 per basic share and $0.65 per diluted share, for the fourth quarter of fiscal 2014.  

 

For the fiscal year 2015, net sales were $1,576.1 million, compared with net sales of $1,440.9 million for the prior-year period.  The Company reported net income of $161.3 million, or $3.35 per basic share and $3.33 per diluted share, for fiscal 2015, compared with net income of $109.2 million, or $2.27 per basic share and $2.26 per diluted share, for the same period in fiscal 2014.

 

The net income per share numbers for the fourth quarter and year to date periods for fiscal 2015 and fiscal 2014 reflect the two-for-one stock split for shares of the Company’s common stock and Class A common stock, effective October 31, 2014.

 

Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, Our financial and operating performance for the fourth quarter of fiscal 2015 marked a strong finish to another record year for Cal-Maine Foods.  Sales for the fourth quarter were up 8.5 percent over the prior year, reflecting a 6.2 percent increase in total dozen shell eggs sold and 2.6 percent higher average selling prices compared with the fourth quarter of fiscal 2014. 

 

Throughout fiscal 2015, we have demonstrated consistent execution of our growth strategy with favorable results.  Our sales for the year surpassed the previous year’s record by 9.4 percent,  supported by strong customer demand from three major market sectors - retail, egg products and exports.  We sold 1,063 million dozen shell eggs in fiscal 2015, up 4.9 percent over the prior year and a new annual record for Cal-Maine Foods.    We also reported the highest annual net income in the Company’s history.

 

Specialty egg sales were a key driver of our performance for the year as we continued to expand our market reach.  For fiscal 2015, sales of specialty eggs accounted for 19.8 percent of our total number of shell eggs sold and 27.2 percent of our shell eggs revenue.  With the growing consumer demand for specialty eggs, we have also pursued additional opportunities to further enhance our product mix and offer a wide variety of healthy choices.  In April, we announced a new production joint venture in Texas with Rose Acre Farms to build a state of the art shell egg production complex with capacity for approximately 1.8 million cage-free laying hens.    Construction of the complex has commenced, and the initial flocks are now expected to be placed in November 2015.  This joint venture, Red River Valley Egg Farm, LLC, provides a unique opportunity to capitalize on the growing demand for specialty eggs and better serve customers who are looking for a trusted supplier of cage-free eggs.

 

Baker added, “Overall, our operations ran very well in fiscal 2015 as we were able to benefit from more favorable market conditions for most of the year.  We reported operating income of $235.3 million, compared with $146.1 million for the prior year.  Our management team did an exceptional job in managing the critical areas of our operations that make Cal-Maine Foods an efficient, low-cost producer.    Additionally, our average feed costs for the year declined 10.9 percent due to an abundant supply of grain from the record harvest of corn and soybean crops last fall.  Looking ahead, we should have an adequate supply of our primary feed ingredients, but expect that prices will be volatile in the year ahead.

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The following information was filed by Calmaine Foods Inc (CALM) on Monday, July 20, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisition
Acquisition (narrative) (details)
Acquisition (proforma Schedule Of Operations) (details)
Acquisition (tables)
Contingencies
Contingencies (details)
Credit Facilities And Long-term Debt
Credit Facilities And Long-term Debt (narrative) (details)
Credit Facilities And Long-term Debt (schedule Of Long-term Debt Instruments) (details)
Credit Facilities And Long-term Debt (schedule Of Maturities Of Long-term Debt) (details)
Credit Facilities And Long-term Debt (tables)
Derivative Financial Instruments
Derivative Financial Instruments (details)
Derivative Financial Instruments (tables)
Description Of Rights And Privileges Of Capital Stock-capital Structure Consists Of Common Stock
Description Of Rights And Privileges Of Capital Stock-capital Structure Consists Of Common Stock (details)
Employee Benefit Plans
Employee Benefit Plans (narrative) (details)
Fair Value Measurements
Fair Value Measurements (changes In Fair Value Of Contingent Consideration) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (schedule Of Assets Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-term Debt) (details)
Fair Value Measurements (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (schedule Of Estimated Amortization Of Intangible Assets) (details)
Goodwill And Other Intangible Assets (schedule Of Goodwill And Other Intangible Assets) (details)
Goodwill And Other Intangible Assets (schedule Of Other Intangibles) (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Effective Tax Expense) (details)
Income Taxes (tables)
Income Taxes (tax Expense By Jurisdiction) (details)
Inventories
Inventories (schedule Of Flock Costs) (details)
Inventories (schedule Of Inventories) (details)
Inventories (tables)
Investment In Affiliates
Investment In Affiliates (narrative) (details)
Investment In Affiliates (schedule Of Transactions With Unconsolidated Affiliates) (details)
Investment In Affiliates (tables)
Investment Securities
Investment Securities (narrative) (details)
Investment Securities (schedule Of Contractual Maturities Of Investment Securities) (details)
Investment Securities (schedule Of Investment Securities) (details)
Investment Securities (tables)
Leases
Leases (narrative) (details)
Leases (schedule Of Future Minimum Operating Lease Payments) (details)
Leases (tables)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (details)
Prepaid Expenses And Other Current Assets (tables)
Property, Plant And Equipment
Property, Plant And Equipment (narrative) (details)
Property, Plant And Equipment (schedule Of Property, Plant And Equipment) (details)
Property, Plant And Equipment (tables)
Quarterly Financial Data
Quarterly Financial Data (details)
Quarterly Financial Data (tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Significant Accounting Policies
Significant Accounting Policies (narrative) (details)
Significant Accounting Policies (policy)
Significant Accounting Policies (schedule Of Computations Of Earnings Per Share) (details)
Significant Accounting Policies (tables)
Stock Compensation Plans
Stock Compensation Plans (narrative) (details)
Stock Compensation Plans (option Pricing Assumptions) (details)
Stock Compensation Plans (summary Of Equity Award Activity) (details)
Stock Compensation Plans (summary Of Liability Award Activity) (details)
Stock Compensation Plans (summary Of Stock Option Activity) (details)
Stock Compensation Plans (tables)
Ticker: CALM
CIK: 16160
Form Type: 10-K Annual Report
Accession Number: 0000016160-15-000019
Submitted to the SEC: Mon Jul 20 2015 7:40:53 AM EST
Accepted by the SEC: Mon Jul 20 2015
Period: Saturday, May 30, 2015
Industry: Agricultural Prod Livestock And Animal Specialties

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