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Calmaine Foods Inc (CALM) SEC Filing 10-K Annual report for the fiscal year ending Saturday, June 1, 2019

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
Exhibit 99.1

calmlogoa26.jpg
 
Contacts:
Dolph Baker, Chairman and CEO
 
Max P. Bowman, Vice President and CFO
 
(601) 948-6813

CAL-MAINE FOODS REPORTS FOURTH QUARTER AND FISCAL 2019 RESULTS

JACKSON, Miss. (July 22, 2019) - Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the fourth quarter (thirteen weeks) and fiscal year ended June 1, 2019.

Net sales for the fourth quarter of fiscal 2019 were $280.6 million, a 36.7 percent decrease, compared to $443.1 million for the fourth quarter of fiscal 2018. The Company reported net loss of $19.8 million, or $0.41 per basic and diluted share, for the fourth quarter of fiscal 2019, compared to net income of $71.8 million, or $1.48 per basic and diluted share, for the fourth quarter of fiscal 2018.

For the fiscal year ended June 1, 2019, net sales were $1,361.2 million compared to $1,502.9 million for fiscal year 2018. The Company reported net income of $54.2 million, or $1.12 per basic and diluted share, for the 2019 fiscal year, compared to net income of $125.9 million, or $2.60 per basic and diluted share for the prior fiscal year. 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 fiscal 2018 results also include an after-tax charge of $54.8 million, or $1.13 per basic and diluted share, related to the settlement of certain previously disclosed antitrust litigation.

Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our disappointing results for the fourth quarter reflect more challenging market conditions. The average market price in the Southeast for conventional eggs dropped 52.0 percent for the fourth quarter of 2019 compared to the fourth quarter of 2018 and was down 17.1 percent for the year.

“The unfavorable supply and demand balance and anticipated future egg supply growth trends have continued to affect market prices and our business. Over the past five quarters, we have noted our concern about the growing hatch rate pointing to a potential significant increase in laying hens and an oversupply of eggs. The USDA reported a near record high 341.5 million hens as of April 1, 2019. While the hen numbers as of the June 2019 USDA report were down seasonally to 331.5 million, that level still represents approximately 2.9 million more hens than a year ago. The supply issue has been further pressured by a more productive flock, with the recent rate of lay up 2.0 percent to 77.9 eggs per hundred layers, and a 12.0 percent drop in exports of shell egg equivalents for the first five months of 2019. Additionally, the hatch rate continued to increase for the same period and was up 2.0 percent year over year through June 1, 2019. If these trends continue, we expect further pressure on market prices through calendar 2019.

“Specialty eggs, excluding co-pack sales, accounted for 23.3 percent of our sales volumes for the fourth quarter, compared with 25.5 percent a year ago. Specialty egg volumes were affected by the greater price differential between conventional and specialty eggs. However, specialty egg revenue was 41.9 percent of total shell egg revenue, compared with 29.0 percent for the fourth quarter of fiscal 2018, reflecting less volatility in the average selling price for specialty eggs. Specialty egg prices were down 1.2 percent for the fourth quarter but were up 0.8 percent for the year. We remain focused on growing our specialty egg business, including addressing the expected higher demand for cage-free eggs. We are working closely with our valued customers to meet this demand, and we will continue to offer a favorable product mix including cage-free and other specialty eggs.

“As announced in November 2018, California passed Proposition 12, which increased 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. In line with this ruling and other industry changes, we are making the necessary investments in our operations to expand our cage-free capacity. Our previously announced projects in Utah, Texas and Florida are under way as scheduled, providing additional processing, pullet and cage-free capacity for approximately 6 million hens upon completion. The total expenditure for these new projects is projected to be approximately $187 million. As of June 1, 2019, including these new expansion projects, remaining projected costs expected to be incurred through February

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The following information was filed by Calmaine Foods Inc (CALM) on Monday, July 22, 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-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

Cover
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)
Related Party Transaction (Details)
Related Party Transaction (Notes)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (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)
Ticker: CALM
CIK: 16160
Form Type: 10-K Annual Report
Accession Number: 0000016160-19-000048
Submitted to the SEC: Mon Jul 22 2019 3:31:43 AM EST
Accepted by the SEC: Mon Jul 22 2019
Period: Saturday, June 1, 2019
Industry: Agricultural Prod Livestock And Animal Specialties

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