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Calmaine Foods Inc (CALM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, June 2, 2018

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
Exhibit 99.1

calmlogoa11.jpg
 
Contacts:
Dolph Baker, Chairman and CEO
 
Timothy A. Dawson, Vice President and CFO
 
(601) 948-6813

CAL-MAINE FOODS REPORTS FOURTH QUARTER AND FISCAL 2018 RESULTS

JACKSON, Miss. (July 23, 2018) - Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the fourth quarter and fifty-two weeks ended June 2, 2018.

Net sales for the fourth quarter of fiscal 2018 were $443.1 million, a 61.4 percent increase, compared with $274.6 million for the fourth quarter of fiscal 2017. The Company reported net income of $71.8 million, or $1.48 per basic and diluted share, for the fourth quarter of fiscal 2018, compared with a net loss of $24.5 million, or $0.51 per basic and diluted share, for the fourth quarter of fiscal 2017. The fourth quarter of fiscal 2018 was a 13-week period compared with 14 weeks for the same period in fiscal 2017.

For the fiscal year ended June 2, 2018, net sales were $1,502.9 million compared with $1,074.5 million for the prior-year period. The Company reported net income of $125.9 million, or $2.60 per basic and diluted share, for fiscal 2018, compared with net loss of $74.3 million, or $1.54 per basic and diluted share, for the year-earlier period. Fiscal 2018 included 52 weeks compared with 53 weeks for fiscal 2017. Results for fiscal 2018 were favorably affected by a $43.0 million, or $0.89 per basic and diluted share, tax benefit related to the Tax Cuts and Jobs Act (TCJA) tax reform legislation and the subsequent revaluation of the Company’s deferred tax liabilities at the new, lower corporate tax rate. The Company recorded provisional adjustments related to the TCJA in the third quarter and recorded adjustments related to the completed analysis in the Company’s fourth quarter. These results also include an after-tax charge of $54.8 million, or $1.13 per basic and diluted share, recorded in the second quarter of fiscal 2018, related to the settlement of certain previously disclosed antitrust litigation.

Dolph Baker, chairman, president and chief executive officer of Cal-Maine Foods, Inc., stated, “We are pleased with our financial and operating performance for the fourth quarter, marking a strong finish to fiscal 2018. Notably, these results represent the best fourth quarter performance in the Company’s history. The impressive sales gains reflect strong consumer demand and significantly higher average selling prices compared with the same period a year ago. The Easter holiday and retail grocery promotions featuring shell eggs were key drivers of sales for the fourth quarter along with good foodservice demand. These favorable market conditions supported our business with a significant improvement in profitability compared with a year ago. Importantly, our financial performance allows us to resume our quarterly cash dividend payment to our shareholders.

“Market prices were exceptionally strong during the first part of the quarter, but fell significantly following the Easter holiday. Overall, average customer selling prices were up 74.1 percent compared with the fourth quarter last year. According to reports from IRI, a consumer market research firm, retail demand has been favorable throughout this period, especially around the Easter holiday season. Export demand remained at near historical levels during the fourth quarter. Together, these demand trends have supported market prices at recent production levels. However, according to recent USDA reports, the chick hatch rate has been up for the last eight months, and has increased by approximately 10 percent since the beginning of calendar 2018. Given these trends, the projected increase in the U.S. laying hen flock and potential excess shell egg supply could create additional pricing pressure.”

Baker continued, “Specialty eggs, excluding co-pack sales, accounted for 25.5 percent of our sales volumes for the fourth quarter, compared with 22.7 percent a year ago. Specialty egg revenue was 29.0 percent of total shell egg revenue, compared with 42.0 percent for the fourth quarter of fiscal 2017, reflecting significantly higher market prices for non-specialty eggs in the current period. Specialty eggs remain a primary focus of our growth strategy, and we strive to offer a favorable product mix that reflects consumer demand trends. As the egg industry moves forward in anticipation of the expected increase in demand for cage-free eggs, we are working closely with our customers to ensure their needs are met through this transition. As such, we intend to make the required investments in our operations and adjust our cage-free production capacity in line with expected demand.

-MORE-

The following information was filed by Calmaine Foods Inc (CALM) on Monday, July 23, 2018 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
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 (Schedule Of Dividends) (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 (Tables)
Subsequent Events
Subsequent Events - Amendments To The Company's Certificate Of Incorporation (Details)
Subsequent Events - Revolving Credit Facility (Details)
Ticker: CALM
CIK: 16160
Form Type: 10-K Annual Report
Accession Number: 0000016160-18-000071
Submitted to the SEC: Mon Jul 23 2018 7:27:47 AM EST
Accepted by the SEC: Mon Jul 23 2018
Period: Saturday, June 2, 2018
Industry: Agricultural Prod Livestock And Animal Specialties

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