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Calmaine Foods Inc (CALM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, June 3, 2017

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
Exhibit 99.1

calmlogoa03.jpg
 
Contacts:
Dolph Baker, Chairman, President and CEO
 
Timothy A. Dawson, Vice President and CFO
 
(601) 948-6813

CAL-MAINE FOODS REPORTS FOURTH QUARTER AND FISCAL 2017 RESULTS

JACKSON, Miss. (July 24, 2017) - Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the
fourth quarter and fifty-three weeks ended June 3, 2017.

Net sales for the fourth quarter of fiscal 2017 were $274.6 million, a 9.4 percent decrease, compared with $303.0 million for the fourth quarter of fiscal 2016. The Company reported a net loss of $24.5 million, or $0.51 per basic and diluted share, for the fourth quarter of fiscal 2017, compared with net loss of $376,000, or $0.01 per basic and diluted share, for the fourth quarter of fiscal 2016. These results include a payment of $5.5 million included in other income for the final BP settlement from the Deepwater Horizon oil spill in 2010. The fourth quarter of fiscal 2017 was a 14-week period compared with 13 weeks for the same period in fiscal 2016.

For the fifty-three weeks ended June 3, 2017, net sales were $1,074.5 million compared with $1,908.7 million for the prior-year period. The Company reported a net loss of $74.3 million, or $1.54 per basic and diluted share, for the fifty-three weeks ended June 3, 2017, compared with net income of $316.0 million, or $6.56 per basic share and $6.53 per diluted share, for the year-earlier period. Fiscal 2017 included 53 weeks compared with 52 weeks for fiscal 2016.

Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the fourth quarter of fiscal 2017 reflect the volatile and challenging egg market fundamentals that have prevailed throughout this fiscal year. While our volumes were up due to the extra week of sales, our average customer selling prices for the fourth quarter of fiscal 2017 were down 15.5 percent from the same period a year ago. For fiscal 2017, average customer selling prices were down 42.0 percent compared with fiscal 2016.

“The egg markets have been affected by increased production levels, as producers repopulated their flocks after the 2015 avian influenza (AI)-related laying hen losses, and the younger, more productive hen population has produced a higher number of eggs. Overall, market demand trends have not kept pace with these production levels. According to Nielsen data, retail customer demand for shell eggs has remained seasonal. However, relatively weak institutional and export demand have placed additional pressure on the egg markets. During the AI-related price spike, institutional egg customers reformulated their products to use fewer eggs, and while egg prices have since come down, these customers have not returned to their previous usage levels. While the USDA reports that egg export demand has improved since the beginning of fiscal 2017, U.S. egg exports are still below the peak levels prior to the AI outbreak. Together, these factors have created an oversupply and market prices have fallen accordingly. We do not expect to see any meaningful improvement until there is a better balance of supply and demand. However, we are encouraged by recent USDA reports indicating the chick hatch has been trending down for the last 10 out of 11 months, suggesting there may be a moderation in the size of the laying hen flock as we move forward.

“Specialty eggs, excluding co-pack sales, accounted for 22.7 percent of our total sales volume for the fourth quarter of fiscal 2017, compared with 23.3 percent for the same period a year ago. Specialty egg revenue was 42.0 percent of total shell egg revenues, compared with 40.2 percent for the fourth quarter of fiscal 2016. The average selling price for specialty eggs, which is typically higher and less volatile than conventional eggs, was down 9.3 percent over the fourth quarter of last year. For the year, specialty eggs accounted for 43.6 percent of total shell egg revenues, compared with 29.1 percent last year, and specialty egg prices were down 12.4 percent compared with fiscal 2016 prices.

“Our specialty egg business has continued to be a primary focus of our growth strategy. We have made significant investments across our operations to meet anticipated demand for cage-free eggs, as food service providers, national restaurant chains and major retailers, including our largest customers, have stated objectives

-MORE-

The following information was filed by Calmaine Foods Inc (CALM) on Monday, July 24, 2017 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 Calmaine Foods Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisition
Acquisition (allocation Of Purchase Price) (details)
Acquisition (narrative) (details)
Acquisition (tables)
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 (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 (narrative) (details)
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 (schedule Of Unrealized Holding Gains (losses)) (details)
Investment Securities (tables)
Leases
Leases (narrative) (details)
Leases (schedule Of Future Minimum Operating Lease Payments) (details)
Leases (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)
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 (summary Of Equity Award Activity) (details)
Stock Compensation Plans (summary Of Liability Award Activity) (details)
Stock Compensation Plans (tables)
Ticker: CALM
CIK: 16160
Form Type: 10-K Annual Report
Accession Number: 0000016160-17-000017
Submitted to the SEC: Mon Jul 24 2017 7:26:46 AM EST
Accepted by the SEC: Mon Jul 24 2017
Period: Saturday, June 3, 2017
Industry: Agricultural Prod Livestock And Animal Specialties

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