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Calmaine Foods Inc (CALM) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
Exhibit 99.1

calmlogoa29.jpg
 
Contacts:
Dolph Baker, Chairman and CEO
 
Max P. Bowman, Vice President and CFO
 
(601) 948-6813

CAL-MAINE FOODS REPORTS FIRST QUARTER FISCAL 2020 RESULTS

JACKSON, Miss. (September 30, 2019) - Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the first quarter (thirteen weeks) ended August 31, 2019.

Net sales for the first quarter of fiscal 2020 were $241.2 million, a 29.2 percent decrease, compared to $340.6 million for the first quarter of fiscal 2018. The Company reported net loss of $45.8 million, or ($0.94) per basic and diluted share, for the first quarter of fiscal 2020, compared to net income of $12.4 million, or $0.26 per basic and diluted share, for the first quarter of fiscal 2019. Results for the first quarter of fiscal 2020 include a non-cash impairment charge of $2.9 million related to decommissioning some older, less efficient production facilities as the Company continues to invest in new facilities to meet the increasing demand for specialty eggs and reduce its production costs.

Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our financial and operating results for the first quarter reflect the very challenging market conditions that prevailed throughout the summer. While our sales volumes were up 1.7 percent over the first quarter last year, the extreme drop in market prices adversely affected our results. The Southeast large market average price for conventional eggs dropped 40.7 percent for the first quarter of fiscal 2020 compared to the first quarter of fiscal 2019. At the same time, our average sales price was down 30.0 percent for the first quarter compared to the same period last year. The significant drop in market prices reflects the oversupply of eggs that began to affect the market starting in early calendar 2018. This trend has continued as the most recent USDA Chickens and Eggs Report showed 331.4 million laying hens as of September 1, 2019, which was approximately 800,000 more hens than a year ago.

“Our specialty egg business will continue to be a primary focus of our growth strategy in fiscal 2020. For the first quarter, specialty eggs, excluding co-pack sales, accounted for 22.2 percent of our sales volumes, compared with 23.8 percent a year ago. Specialty egg volumes were affected by the significant price differential between conventional and specialty eggs. However, specialty egg revenue was 44.9 percent of total shell egg revenue, compared with 34.2 percent for the first quarter of fiscal 2019, reflecting less volatility in the average selling price for specialty eggs. Specialty egg prices were only down 1.4 percent as compared to the first quarter of fiscal 2019.

"We remain committed to offering a favorable product mix that meets the changing demands of our customers. As a result of California Proposition 12 and other industry changes, we are preparing for the expected higher demand for cage-free eggs. Throughout the first quarter, we have made considerable progress with our expansion plans designed to increase our cage-free capacity. As previously announced, we have capital projects underway in Florida, Texas and Utah, which at completion, will provide significant additional processing, pullet and cage-free capacity."

Baker continued, “In spite of challenging conditions, we have remained focused on efficient and responsible management across our operations. For the first quarter, our farm production costs per dozen were up 2.3 percent over the first quarter last year. A majority of the increase was due to flock rotation adjustments, as we sold flocks early in response to market conditions, and higher labor costs. Our feed costs per dozen have remained relatively flat since the first quarter of fiscal 2019. Based on the USDA’s current yield and harvest estimates for the calendar 2019 corn and soybean crops, we expect to have an adequate supply of both grains in fiscal 2020. However, ongoing uncertainties and geopolitical issues surrounding trade agreements and international tariffs could create more price volatility in the coming year.

“As we move forward in fiscal 2020, we will focus on the aspects of our business we can control, regardless of market prices and challenging conditions. We are well positioned to execute our growth strategy and make the right investments to support our operations and continue to serve our valued customers,” added Baker.

Pursuant to Cal-Maine Foods’ variable dividend policy, for each quarter for which the Company reports net income, the Company pays a cash dividend to shareholders in an amount equal to one-third of such quarterly income.

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The following information was filed by Calmaine Foods Inc (CALM) on Monday, September 30, 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accrued Dividends Payable And Dividends Per Common Share
Accrued Dividends Payable And Dividends Per Common Share (Narrative) (Details)
Accrued Dividends Payable And Dividends Per Common Share (Schedule Of Dividends) (Details)
Accrued Dividends Payable And Dividends Per Common Share (Tables)
Contingencies
Contingencies (Details)
Equity
Equity (Details)
Equity (Tables)
Fair Value Measurements
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurements (Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt) (Details)
Fair Value Measurements (Tables)
Inventories
Inventories (Details)
Inventories (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 (Tables)
Leases - Schedule Of Future Minimum Lease Payments (Details)
Leases - Schedule Of Lease Cost (Details)
Leases - Schedule Of Weighted Average Information (Details)
Net Income (Loss) Per Common Share
Net Income (Loss) Per Common Share (Details)
Net Income (Loss) Per Common Share (Tables)
Presentation Of Interim Information
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Stock Based Compensation
Stock Based Compensation (Narrative) (Details)
Stock Based Compensation (Summary Of Restricted Share Activity) (Details)
Stock Based Compensation (Tables)

Material Contracts, Statements, Certifications & more

Calmaine Foods Inc provided additional information to their SEC Filing as exhibits

Ticker: CALM
CIK: 16160
Form Type: 10-Q Quarterly Report
Accession Number: 0000016160-19-000065
Submitted to the SEC: Mon Sep 30 2019 3:27:16 AM EST
Accepted by the SEC: Mon Sep 30 2019
Period: Monday, September 30, 2019
Industry: Agricultural Prod Livestock And Animal Specialties

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