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Calmaine Foods Inc (CALM) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 2, 2019

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
Exhibit 99.1

calmlogoa22.jpg
 
Contacts:
Dolph Baker, Chairman and CEO
 
Max P. Bowman, Vice President and CFO
 
(601) 948-6813

CAL-MAINE FOODS REPORTS THIRD QUARTER FISCAL 2019 RESULTS AND ANNOUNCES $148 MILLION OF EXPANSION PROJECTS TO INCREASE CAGE-FREE CAPACITY

JACKSON, Miss. (April 1, 2019) - Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the third quarter (thirteen weeks) ended March 2, 2019.

Net sales for the third quarter of fiscal 2019 were $384.0 million, an 11.9 percent decrease, compared to $435.8 million for the third quarter of fiscal 2018. The Company reported net income of $39.8 million, or $0.82 per basic and diluted share, for the third quarter of fiscal 2019, compared to net income of $96.3 million, or $1.99 per basic and diluted share, for the third quarter of fiscal 2018. Results for the third quarter of fiscal 2018 were favorably affected by a $35.0 million, or $0.72 per basic and diluted share, discrete tax benefit related to the Tax Cuts and Jobs Act (TCJA) tax reform legislation enacted during the period, and the subsequent revaluation of the Company’s deferred tax liabilities at the new, lower corporate tax rate.

For the thirty-nine weeks ended March 2, 2019, net sales were $1,080.6 million compared to $1,059.8 million for the prior-year period. The Company reported net income of $74.0 million, or $1.53 per basic and $1.52 diluted share, for the thirty-nine weeks ended March 2, 2019, compared to net income of $54.2 million, or $1.12 per basic and diluted share for the year-earlier period. Results for the thirty-nine week period of fiscal 2018 were favorably affected by the TCJA tax reform legislation noted above. The results for both year-to-date periods also include after-tax charges of $1.7 million and $52.8 million, respectively, related to previously disclosed antitrust claims that several large direct- action purchasers had asserted against the Company.

Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Cal-Maine Foods had a solid financial and operating performance for the third quarter of fiscal 2019, supported by favorable demand trends and continued growth of our specialty egg business. The decline in net sales compared to the prior-year quarter reflects lower average market prices and the timing of the Easter holiday. In fiscal 2018, the Easter holiday occurred three weeks earlier and was preceded by a strong pre-holiday sales bump in our third quarter.
    
“Market prices for shell eggs have been volatile, with the Southeast large market average price down 19.5 percent in the third quarter compared with the prior-year quarter. At the same time, our average customer selling price for the quarter, due to the strength of our specialty egg business, was down 11.1 percent. While demand trends have been strong throughout fiscal 2019, with near record per capita U.S. egg consumption, we believe future supply concerns are affecting market prices. Actual hen numbers from the March 2019 USDA report are 336.1 million, up 1.7 percent over last year. These numbers continue to trend upwards and could negatively affect market prices for our fourth fiscal quarter and on through calendar 2019.

“Specialty eggs, excluding co-pack sales, accounted for 24.7 percent of our sales volumes for the third quarter, compared with 24.3 percent a year ago. Specialty egg revenue was 35.0 percent of total shell egg revenue, compared with 30.2 percent for the third quarter of fiscal 2018, reflecting slightly higher volumes and a 2.1 cent per dozen increase in average selling price for specialty eggs compared with the prior-year period. Specialty eggs remain a primary focus of our growth strategy, and we strive to offer a favorable product mix that reflects current demand trends. As the egg industry prepares for the expected continued increase in demand for cage-free eggs, we are working closely with our customers to ensure their needs are met through this transition," said Baker.

In November 2018, California passed Proposition 12, which provides for minimum space requirements per hen beginning in 2020 and mandates that all eggs and egg products sold in California must be cage-free by 2022. On March 29, 2019, Cal-Maine Foods’ Board of Directors approved a major expansion of the cage-free capacity at the Company’s Delta, Utah, facility.  This expansion includes new facilities for 2.0 million cage-free hens, a processing plant, additional pullet capacity, and renovation of existing capacity to cage-free for another 1.4 million hens, with initial capacity expected to come on line beginning in late 2019 and completion by early 2022.  With these additions, the

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The following information was filed by Calmaine Foods Inc (CALM) on Monday, April 1, 2019 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-Q Quarterly 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-Q Quarterly Report:

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Inside this 10-Q Quarterly Report

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Condensed Consolidated Balance Sheets (Unaudited)
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Calmaine Foods Inc provided additional information to their SEC Filing as exhibits

Ticker: CALM
CIK: 16160
Form Type: 10-Q Quarterly Report
Accession Number: 0000016160-19-000032
Submitted to the SEC: Mon Apr 01 2019 3:43:22 AM EST
Accepted by the SEC: Mon Apr 01 2019
Period: Saturday, March 2, 2019
Industry: Agricultural Prod Livestock And Animal Specialties

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