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Calmaine Foods Inc (CALM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, May 28, 2016

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 2016 RESULTS



JACKSON, Miss. (July 18, 2016)   Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the fourth quarter and fiscal year ended May 28, 2016.



Net sales for the fourth quarter of fiscal 2016 were $303.0 million, a 24.8 percent decrease compared to $403.0 million for the fourth quarter of fiscal 2015. The Company reported a net loss of $376,000, or $0.01 per basic and diluted share, for the fourth quarter of fiscal 2016, compared to 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.



For the fiscal year 2016, net sales were $1,908.7 million compared to $1,576.1 million for the prior year. The Company reported record net income of $316.0 million, or $6.56 per basic share and $6.53 per diluted share for fiscal 2016, compared to net income of $161.3 million, or $3.35 per basic share and $3.33 per diluted share, for fiscal 2015.



Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Cal-Maine Foods had another record year in fiscal 2016 with sales of $1,908.7 million, surpassing the previous year’s record by 21.1 percent.  Our net income for the year of $316.0 million was the highest annual net income in the Company’s history, and was 96.0 percent higher than the record set in fiscal 2015.  Notably, we achieved these results during a period of unprecedented market conditions for the egg industry.



“Throughout this fiscal year, our industry continued to deal with the aftermath of the Avian Influenza (AI) outbreaks that occurred in the spring of 2015. While there have been no positive tests for AI at any of our locations, the outbreak significantly affected egg supplies and prices. Our results for the fourth quarter reflect these extremely volatile egg market conditions and supply disruptions. Market prices for shell eggs have dropped considerably from the historically high levels we experienced at the beginning of this fiscal year. The Urner Barry price index hit a decade-low level during our fourth quarter, before recovering a portion of these declines in recent weeks. In addition to the 21.7 percent drop in average selling prices over the same quarter last year, our sales for the fourth quarter reflect lower volumes, primarily related to the loss of a portion of a major customer’s co-pack business. While retail demand trends for shell eggs have been favorable, the market has continued to experience demand erosion for egg products and reduced egg exports. Based on USDA reports, the laying flock is expected to increase through the end of calendar 2016, creating more supply and the potential for further price declines.



“In fiscal 2016, we saw steady growth in demand for specialty eggs with our sales volumes up 14.7 percent for the year,” added Baker. “Sales of specialty eggs accounted for 22.9 percent of our total number of shell eggs sold and 29.1 percent of our shell eggs revenue for fiscal 2016. Specialty egg prices remained strong during the year; however, as non-specialty egg prices have come down, we are experiencing some margin and volume pressures on specialty egg sales. Going forward, we believe Cal-Maine Foods is well positioned to respond to demand trends for specialty eggs, as many food service customers, large restaurant chains and major retailers, including our largest customers, have committed to exclusive offerings of cage-free eggs by specified future dates. We are working with our customers to ensure a smooth transition to meet this demand as a trusted supplier of cage-free eggs. In addition, our product mix provides a wide variety of healthy choices for consumers including conventional, nutritionally enhanced and organic eggs.



“Overall, our operations performed very well in fiscal 2016, as our managers across all of Cal-Maine Foods’ locations did an outstanding job in executing our strategy to be an efficient, low-cost producer. For the year, we reported operating income of $470.3 million, compared with $235.3 million for the prior year. We benefited from lower feed and farm production costs during the year as our feed costs per dozen produced were 5.7 percent lower than fiscal 2015.  These lower costs reflect an abundant supply of grain from the record harvest of corn and soybean crops last fall. Looking ahead, current USDA projections for harvested acres and yields for both crops should ensure an adequate supply of grain for end users, as long as weather conditions remain favorable through the summer.”

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The following information was filed by Calmaine Foods Inc (CALM) on Monday, July 18, 2016 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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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)
Contingencies
Contingencies (narrative) (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)
Description Of Rights And Privileges Of Capital Stock-capital Structure Consists Of Common Stock And Class A Common Stock
Description Of Rights And Privileges Of Capital Stock-capital Structure Consists Of Common Stock And Class A Common Stock (details)
Employee Benefit Plans
Employee Benefit Plans (narrative) (details)
Fair Value Measures
Fair Value Measures (changes In Fair Value Of Contingent Consideration) (details)
Fair Value Measures (narrative) (details)
Fair Value Measures (schedule Of Assets Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measures (schedule Of Fair Value And Carrying Value Of Borrowings Under Credit Facilities And Long-term Debt) (details)
Fair Value Measures (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 Cost Of Sales Amortization And Mortality) (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 (schedule Of 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 (schedule Of 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: 0000016160-16-000061
Submitted to the SEC: Mon Jul 18 2016 7:13:52 AM EST
Accepted by the SEC: Mon Jul 18 2016
Period: Saturday, May 28, 2016
Industry: Agricultural Prod Livestock And Animal Specialties

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