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Calmaine Foods Inc (CALM) SEC Filing 10-Q Quarterly report for the period ending Saturday, February 29, 2020

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CALM Quarterly Reports

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
Exhibit 99.1

calmlogoa291.jpg
Contacts:Dolph Baker, Chairman and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813

CAL-MAINE FOODS REPORTS THIRD QUARTER FISCAL 2020 RESULTS

JACKSON, Miss. (March 30, 2020) -
Cal-Maine Foods, Inc. (NASDAQ: CALM) today reported results for the third quarter (thirteen weeks) ended February 29, 2020.

Net sales for the third quarter of fiscal 2020 were $345.6 million, a 10.0 percent decrease, compared to $384.0 million for the third quarter of fiscal 2019. The Company reported net income of $13.7 million, or $0.28 per basic and diluted share, for the third quarter of fiscal 2020, compared to net income of $39.8 million, or $0.82 per basic and diluted share, for the third quarter of fiscal 2019.

For the thirty-nine weeks ended February 29, 2020, net sales were $898.3 million compared to $1,080.6 million for the prior-year period. The Company reported net loss of $42.1 million, or $0.87 per basic and diluted share, for the thirty-nine weeks ended February 29, 2020, compared to net income of $74.0 million, or $1.53 per basic and $1.52 diluted share for the year-earlier period.

Dolph Baker, chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “Our results for the third quarter of fiscal 2020 reflect more challenging market conditions than we experienced for the same period last year. However, we were pleased with our ability to execute our strategy in this environment and return to profitability for the quarter. While our sales volumes were in line with last year, our overall sales revenue was down due to the lower average selling prices compared with the same period of fiscal 2019. The Southeast large market average price for conventional eggs dropped 13.8 percent for the third quarter of fiscal 2020 compared to the third quarter of fiscal 2019, while our average sales price was down 10.0 percent. Since the end of the third quarter, market prices have moved significantly higher to record levels, and we expect to see continued price volatility through the end of our fiscal year.

"For the third quarter, specialty eggs, excluding co-pack sales, were $117.7 million, accounting for 35.0 percent of our sales revenue, compared with $131.1 million, or 35.0 percent of sales revenue, in the third quarter of fiscal 2019. Average pricing for specialty eggs was down by 3.4 percent to $1.89 per dozen in the third quarter compared to the prior-year third quarter. Specialty dozens sold were also down 7.1 percent, as sales of specialty dozens were negatively affected by low conventional egg prices.

“An unfavorable balance of egg supply and demand continued to adversely affect market prices during the third quarter and year-to-date periods. However, hen numbers, as reported by the USDA Chickens and Eggs report on March 23, 2020, were 330.0 million, which is 11.8 million less hens than reported a year ago. The USDA also reported that hatch rates decreased 4.95 percent for the last three consecutive months through February 2020, including a 8.0 percent decrease in February, as compared to the same period in the prior year.

"We have worked hard to prepare Cal-Maine Foods to meet future customer requirements and the expected additional demand for cage-free eggs. This demand has been supported by legislation in California, Washington and Oregon requiring cage-free eggs, as well as three other states with similar laws defining minimum space requirements. We are committed to meeting the demands of our customers, and we have invested over $344 million to expand our cage-free production starting with our first facility in 2008. We are pleased with our progress to date, with expansion projects underway in Florida, Texas and Utah, which will provide significant additional processing, pullet and cage-free capacity upon completion.

“Our operations ran well during the third quarter, and we have remained focused on efficient and responsible management of our production facilities. Overall, our farm production costs per dozen were down 1.6 percent over the third quarter last year, reflecting a 3.6 percent drop in feed costs offset by slight increases in other farm production costs. According to USDA reports, current supplies of corn and soybeans are favorable heading into the
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The following information was filed by Calmaine Foods Inc (CALM) on Monday, March 30, 2020 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)
Acquisition
Acquisition (Tables)
Acquisition - Narrative (Details)
Acquisition - Schedule Of Assets Acquired (Details)
Commitment And Contingencies
Commitment And 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)
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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)

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: 0000016160-20-000056
Submitted to the SEC: Mon Mar 30 2020 7:23:43 AM EST
Accepted by the SEC: Mon Mar 30 2020
Period: Saturday, February 29, 2020
Industry: Agricultural Prod Livestock And Animal Specialties

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