Last10K.com

Calmaine Foods Inc (CALM) SEC Filing 8-K Material Event for the period ending Tuesday, December 28, 2021

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
exhibit991p1i0.jpg
Exhibit 99.1
-MORE-
Contacts:
Dolph Baker, Chairman and CEO
Max P. Bowman, Vice President and CFO
(601) 948-6813
CAL-MAINE FOODS REPORTS SECOND QUARTER FISCAL
 
2022 RESULTS
RIDGELAND,
 
Miss. (December
 
28, 2021)
 
- Cal-Maine
 
Foods,
 
Inc. (NASDAQ:
 
CALM) today
 
reported
results for the second
 
quarter of fiscal
 
2022 (thirteen weeks)
 
and 26-week period
 
ended November
27, 2021.
Net
 
sales
 
in
 
the
 
second
 
quarter
 
of
 
fiscal
 
2022
 
increased
 
12.5
 
percent
 
to
 
$390.9
 
million
compared to $347.3 million in the
 
second quarter of fiscal 2021.
 
The Company reported net income
of $1.2 million, or $0.02 per basic and
 
diluted common share, for the second
 
quarter of fiscal 2022,
compared
 
to
 
net
 
income
 
of
 
$12.2
 
million,
 
or
 
$0.25
 
per
 
basic
 
and
 
diluted
 
common
 
share,
 
for
 
the
second quarter of fiscal 2021.
For the twenty-six weeks ended
 
November 27, 2021, net
 
sales were $722.6 million
 
compared
to
 
$640.1
 
million
 
for
 
the
 
prior-year
 
period.
 
The
 
Company
 
reported
 
a
 
net
 
loss
 
of
 
$16.9
 
million,
 
or
$0.34
 
per
 
basic
 
and
 
diluted
 
common
 
share,
 
for
 
the
 
twenty-six
 
weeks
 
ended
 
November
 
27,
 
2021,
compared
 
with
 
a
 
net
 
loss
 
of
 
$7.2
 
million,
 
or
 
$0.15
 
per
 
basic
 
and
 
diluted
 
common
 
share,
 
for
 
the
 
prior-year period.
 
Dolph Baker,
 
chairman and chief executive officer of Cal-Maine Foods, Inc., stated, “We
 
were
pleased to
 
report higher
 
sales for
 
the second
 
quarter
 
of fiscal
 
2022 compared
 
with the
 
prior year,
driven by improved
 
shell egg pricing.
 
For the
 
second quarter of
 
fiscal 2022, the
 
net average
 
selling
price for
 
all
 
eggs increased
 
11.9 percent
 
to $1.373
 
per dozen
 
compared with
 
$1.227 per
 
dozen
 
in
the
 
prior-year
 
period.
 
Our
 
sales
 
volumes
 
also
 
improved
 
compared
 
to
 
the
 
previous
 
record
 
sales
volumes in the second quarter of fiscal 2021. We are pleased that our operating results helped drive
a return
 
to modest
 
profitability
 
in
 
the second
 
quarter
 
despite
 
the impacts
 
of higher
 
costs for
 
feed
ingredients, processing, packaging, transportation
 
and labor.
 
“In the second quarter of fiscal 2022, our total
 
dozens sold increased to 276.1 million versus
273.7
 
million
 
in
 
the
 
prior-year
 
period.
 
Food
 
service
 
demand
 
has
 
continued
 
to
 
improve
 
steadily,
resulting in
 
better overall egg
 
supply and
 
demand balance as
 
restaurant traffic increased.
 
In addition,
a stronger export market supported demand
 
for shell eggs and egg products.
 
“The table egg layer hen inventory reported by
 
the USDA as of December
 
1, 2021, was 327.8
million, an increase versus
 
the prior year and
 
trending below the five
 
-year-average. The
 
USDA also
reported
 
that
 
the
 
egg-type
 
chick
 
hatch
 
from
 
July
 
2021
 
through
 
November
 
2021
 
decreased
 
2.0
percent
 
compared
 
to
 
the
 
prior-year
 
period.
 
As
 
of
 
December
 
1,
 
2021,
 
eggs
 
in
 
incubators
 
totaled
 
48.4 million, down 9.1 percent year over
 
year.
 
"For the second quarter of fiscal
 
2022, specialty egg sales totaled
 
$155.9 million, accounting
for 41.1 percent
 
of total
 
shell egg
 
revenue, compared
 
with $134.1
 
million, or
 
39.7 percent,
 
for the
prior-year
 
quarter.
 
Specialty egg
 
dozens sold
 
were 30.3
 
percent of
 
total dozens
 
sold in
 
the second
quarter
 
of
 
fiscal
 
2022
 
compared
 
with
 
26.4
 
percent
 
in
 
the
 
second
 
quarter
 
of
 
fiscal
 
2021.
 
Higher
specialty egg revenue reflects a 15.7 percent increase in specialty dozens sold in the second quarter
of fiscal
 
2022 compared
 
to the
 
prior-year
 
period, while
 
specialty egg
 
prices were
 
relatively flat,
 
up
0.4 percent
 
versus the
 
second quarter
 
of fiscal
 
2021. We
 
continue to
 
focus on
 
offering a
 
favorable
product mix that
 
meets the needs
 
of our customers,
 
including conventional,
 
cage-free, organic
 
and
other specialty eggs and egg
 
products. Consumer preference
 
for specialty eggs, including
 
cage-free
eggs,
 
continues
 
to
 
expand.
 
Cage-free
 
egg
 
sales
 
comprised
 
24.0
 
percent
 
of
 
total
 
sales
 
in
 
second
quarter fiscal 2022 and 23.8 percent of total
 
sales fiscal year-to-date.
“We are focusing
 
on opportunities
 
to enhance
 
our product
 
portfolio. During the
 
second quarter
of fiscal 2022, we announced a strategic investment in a new
 
business, MeadowCreek Foods, an egg
products operation
 
located in
 
Neosho, Missouri,
 
with an
 
initial focus
 
on offering
 
hard-cooked
 
eggs.
Cal-Maine Foods
 
will serve as
 
the preferred provider
 
to supply specialty
 
and conventional
 
eggs that
MeadowCreek
 
needs
 
to
 
manufacture
 
egg
 
products.
 
This
 
is
 
an
 
exciting
 
opportunity
 
to
 
expand
 
our
presence
 
in
 
the
 
egg
 
products
 
sector.
 
We
 
believe
 
we
 
have
 
the
 
right
 
team
 
in
 
place
 
to
 
execute
 
this
strategy and
 
look forward
 
to extending
 
our market
 
reach to
 
provide
 
egg products
 
for institutional,
food service
 
and retail
 
needs. Our
 
focus on
 
hard-cooked offerings
 
allows us
 
to harness
 
more value
from medium grade
 
eggs typically produced
 
in the pre-peak
 
phase of lay
 
and augment our
 
expansion
into this nutritious and portable protein category.
CALM Reports Second Quarter Fiscal 2022
 
Results
Page 2
December 28, 2021
-MORE-
“We
 
have
 
also
 
worked
 
hard
 
to
 
identify
 
further
 
growth
 
opportunities
 
in
 
line
 
with
 
expanding
consumer demand and state requirements for cage-free eggs. In
 
October, we announced that our Board of
Directors approved a $23.0
 
million capital project to
 
expand the Company’s
 
cage-free egg production at
our Okeechobee, Florida, facility, which will add
 
capacity for approximately 400,000 cage-free hens and
210,000 pullets. This
 
most recent expansion
 
project in Florida
 
supports our strategy
 
to position Cal-Maine
Foods as an
 
industry leader in
 
meeting the growing
 
demand for specialty
 
egg offerings,
 
including cage-
free eggs.
“We
 
are
 
also
 
pleased
 
to
 
announce
 
that
 
effective
 
December
 
5,
 
2021,
 
we
 
made
 
an
 
additional
investment in Southwest Specialty
 
Eggs, LLC, to
 
acquire warehouse and distribution
 
capability to expand
Southwest Specialty Egg’s
 
total customer base
 
in the southern
 
California, Arizona and
 
Nevada markets.
Given
 
the
 
cage-free egg
 
requirement in
 
California
 
will
 
take
 
effect
 
on
 
January 1,
 
2022,
 
we
 
believe
 
this
investment will
 
be immediately
 
accretive given
 
our enhanced
 
ability
 
to better
 
utilize our
 
cage-free egg
offerings and support the sales and
 
distribution of other specialty eggs into
 
these important retail markets.
“For second quarter fiscal year
 
2022, we reported an operating
 
loss of $2.1 million compared
 
with
operating income
 
of
 
$14.5
 
million
 
for the
 
prior-year
 
period.
 
Our
 
results reflect
 
the
 
current
 
inflationary
environment with higher
 
costs for feed,
 
labor, packaging
 
and delivery.
 
Farm production costs
 
per dozen
for the second quarter of fiscal 2022 were up 21.6 percent compared to the second quarter of fiscal 2021,
an increase primarily tied to higher feed costs per
 
dozen produced, which were up 29.0 percent compared
with
 
the
 
prior-year
 
period.
 
For the
 
second
 
quarter
 
of
 
fiscal
 
2022,
 
the
 
average
 
Chicago
 
Board
 
of
 
Trade
(“CBOT”)
 
daily
 
market
 
price
 
was
 
$5.43
 
per
 
bushel
 
for
 
corn
 
and
 
$338
 
per
 
ton
 
for
 
soybean
 
meal,
representing an
 
increase of
 
38.4 percent
 
and decrease
 
of 5.9
 
percent, respectively, compared to
 
the average
daily CBOT
 
prices for
 
the second
 
quarter of
 
fiscal 2021.
 
Corn and
 
soybean supplies
 
remained tight
 
relative
to demand, primarily related to higher export demand, as
 
well as weather-related shortfalls in production
and yields.
 
We
 
expect market
 
prices for
 
our primary
 
feed ingredients
 
to remain
 
volatile this
 
fiscal year,
given
 
the
 
ongoing
 
disruptions
 
related
 
to
 
the
 
COVID-19
 
global
 
pandemic,
 
weather
 
fluctuations,
geopolitical issues and overall reduced carryout levels for primary feed ingredients.
 
“In
 
spite
 
of
 
current
 
and
 
expected
 
inflationary
 
headwinds,
 
we
 
remain
 
focused
 
on
 
what
 
we
 
can
control
 
by
 
managing
 
our
 
costs
 
and
 
running
 
efficient
 
operations.
 
We
 
are
 
extremely
 
proud
 
of
 
our
 
teams
across
 
our
 
operations
 
who
 
have
 
demonstrated
 
resilience
 
throughout
 
the
 
challenges
 
of
 
the
 
COVID-19
global
 
pandemic
 
and
 
have
 
continued
 
to
 
meet
 
the
 
needs
 
of
 
our
 
customers.
 
Due
 
to
 
their
 
efforts,
 
our
operations
 
have
 
run
 
very
 
well
 
with
 
strong
 
key
 
performance
 
metrics.
 
While
 
we
 
continue
 
to
 
face
 
a
challenging environment, our mission is still the same – to be the most efficient and sustainable producer
of fresh
 
shell eggs
 
and egg
 
products. We
 
are mindful
 
of our
 
essential role
 
to support
 
the
 
nation’s
 
food
supply with nutritious and
 
affordable protein. We are confident we have
 
the right strategy
 
in place to meet
this
 
objective,
 
with
 
a
 
proven
 
operating
 
model
 
that
 
will
 
drive
 
long-term
 
growth.
 
Importantly,
 
we
 
have
sufficient
 
capital
 
to
 
fund
 
internal
 
expansion
 
projects
 
and
 
consider
 
potential
 
acquisitions
 
to
 
support
 
our
strategy. Above all, we will strive to meet the demands of our valued customers and deliver greater value
to our shareholders,” added Baker.
Pursuant to
 
Cal-Maine Foods’
 
variable dividend
 
policy,
 
for each
 
quarter in
 
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.
 
Following
 
a
 
quarter
 
for
 
which
 
the
 
Company
 
does
 
not
 
report
 
net
income, the Company
 
will not
 
pay a dividend
 
with respect
 
to that quarter
 
or for a
 
subsequent profitable
quarter until the Company is
 
profitable on a cumulative basis
 
computed from the date of
 
the most recent
quarter for
 
which a
 
dividend was
 
paid. Therefore,
 
the Company
 
will not
 
pay a
 
dividend with
 
respect to
the second
 
quarter of
 
fiscal
 
2022. As
 
of November
 
27, 2021,
 
the total
 
cumulative
 
loss
 
to be
 
recovered
before payment of a dividend was $21.1
million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALM Reports Second Quarter Fiscal 2022
 
Results
Page 3
December 28, 2021
-MORE-
Select operating
 
statistics for
 
the second
 
quarter of
 
fiscal 2022
 
compared with
 
the prior-year
 
period are
shown below:
 
13 Weeks Ended
26 Weeks Ended
November 27,
2021
November 28,
2020
November 27,
2021
November 28,
2020
Dozen Eggs Sold (000)
276,108
273,651
535,493
537,645
Dozen Eggs Produced (000)
256,786
251,914
493,244
483,075
% Specialty Sales (dozen)
30.3
%
26.4
%
29.6
%
26.2
%
% Specialty Sales (dollars)
41.1
%
39.7
%
42.0
%
42.2
%
Net Average Selling Price (per
dozen)
$
1.373
$
1.227
$
1.308
$
1.154
Net Average Selling Price Specialty
Eggs (per dozen)
$
1.862
$
1.854
$
1.857
$
1.866
Feed Cost (per dozen)
$
0.529
$
0.410
$
0.537
$
0.399
Cal-Maine Foods,
 
Inc. is primarily
 
engaged in
 
the production,
 
grading, packing,
 
marketing and
 
distribution of
 
fresh shell
eggs, including conventional, cage-free, organic, free-range, pasture-raised and nutritionally
 
enhanced eggs. The Company, which is
headquartered in Ridgeland,
 
Mississippi, is the largest
 
producer and distributor
 
of fresh shell eggs
 
in the United
 
States and sells the
majority of its shell eggs in states across the southwestern, southeastern, mid-western and mid-Atlantic regions of the United States.
 
Statements contained in this
 
press release that are not historical facts are forward-looking statements as
 
that term is defined
in the Private Securities
 
Litigation Reform Act of
 
1995. The forward-looking
 
statements are based
 
on management’s
 
current intent,
belief, expectations, estimates
 
and projections regarding our company and
 
our industry. These statements
 
are not guarantees of
 
future
performance
 
and
 
involve
 
risks,
 
uncertainties,
 
assumptions
 
and
 
other
 
factors
 
that
 
are
 
difficult
 
to
 
predict
 
and
 
may
 
be
 
beyond
 
our
control. The factors that
 
could cause actual
 
results to differ materially
 
from those projected in the
 
forward-looking statements include,
among others,
 
(i) the
 
risk factors
 
set forth
 
in the
 
Company’s
 
SEC filings
 
(including its
 
Annual Reports
 
on Form
 
10-K,
 
Quarterly
Reports on
 
Form 10-Q
 
and Current
 
Reports on
 
Form 8-K),
 
(ii) the
 
risks and
 
hazards inherent
 
in the
 
shell egg
 
business (including
disease, pests, weather conditions and
 
potential for recall), (iii)
 
changes in the demand for
 
and market prices of shell
 
eggs and feed
costs, (iv) our ability to predict
 
and meet demand for cage-free and
 
other specialty eggs, (v) risks, changes or obligations
 
that could
result from our future acquisition of new flocks or businesses and
 
risks or changes that may
 
cause conditions to completing a
 
pending
acquisition not
 
to be
 
met, (vi) risks
 
relating
 
to the
 
evolving COVID-19
 
pandemic, including
 
without limitation
 
increased costs
 
and
growing inflationary
 
rates and (vii)
 
adverse results
 
in pending litigation
 
matters. SEC filings
 
may be obtained
 
from the
 
SEC or the
Company’s
 
website
,
www.calmainefoods.com
.
 
Readers
 
are
 
cautioned
 
not
 
to
 
place
 
undue
 
reliance
 
on
 
forward-looking
 
statements
because,
 
while
 
we
 
believe
 
the
 
assumptions
 
on
 
which
 
the
 
forward-looking
 
statements
 
are
 
based
 
are
 
reasonable,
 
there
 
can
 
be
 
no
assurance that these forward
 
-looking statements will prove
 
to be accurate. Further,
 
the forward-looking statements
 
included herein
are only made as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we
disclaim any intent or obligation to publicly update these forward-looking statements, whether as a result
 
of new information, future
events or otherwise.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALM Reports Second Quarter Fiscal 2022
 
Results
Page 4
December 28, 2021
-MORE-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)
SUMMARY STATEMENTS
 
OF OPERATIONS
13 Weeks Ended
26 Weeks Ended
November 27,
2021
November 28,
2020
November 27,
2021
November 28,
2020
Net sales
$
390,903
$
347,328
$
722,607
$
640,110
Cost of sales
347,156
288,877
672,215
564,894
Gross profit
43,747
58,451
50,392
75,216
Selling, general and administrative
47,780
43,873
94,305
87,838
(Gain) loss on disposal of fixed assets
(1,968)
99
(2,181)
122
Operating income (loss)
(2,065)
14,479
(41,732)
(12,744)
Other income, net
2,533
1,438
8,336
3,136
Income (loss) before income taxes
468
15,917
(33,396)
(9,608)
Income tax (expense) benefit
(677)
3,762
(16,515)
(2,364)
Net loss (loss)
 
1,145
12,155
(16,881)
(7,244)
Less: Loss attributable to noncontrolling interest
(28)
(28)
Net income (loss) attributable to Cal-Maine
Foods, Inc.
$
1,173
$
12,155
$
(16,853)
$
(7,244)
Net income (loss) per common share:
Basic
$
0.02
$
0.25
$
(0.34)
$
(0.15)
Diluted
$
0.02
$
0.25
$
(0.34)
$
(0.15)
Weighted average shares outstanding:
Basic
48,857
48,501
48,859
48,501
Diluted
49,016
48,645
48,859
48,501
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CALM Reports Second Quarter Fiscal 2022
 
Results
Page 5
December 28, 2021
-END-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
 
SUMMARY BALANCE SHEETS
November 28, 2021
May 29, 2021
ASSETS
Cash and short-term investments
$
85,156
$
169,510
Receivables, net
152,958
126,639
Inventories
236,201
218,375
Prepaid expenses and other current assets
6,814
5,407
Current assets
481,129
519,931
Property, plant and equipment, net
667,250
589,417
Other noncurrent assets
83,615
119,826
Total
 
assets
$
1,231,994
$
1,229,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
115,619
$
89,191
Current portion of lease obligations
769
906
Current liabilities
116,388
90,097
Lease obligations, less current maturities
1,124
1,472
Deferred income taxes and other liabilities
117,059
124,824
Stockholders' equity
997,423
1,012,781
Total
 
liabilities and stockholders' equity
$
1,231,994
$
1,229,174

View differences made from one to another to evaluate Calmaine Foods Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Calmaine Foods Inc.

Continue

Assess how Calmaine Foods Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Calmaine Foods Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 8-K Corporate News

Material Contracts, Statements, Certifications & more

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

Ticker: CALM
CIK: 16160
Form Type: 8-K Corporate News
Accession Number: 0001562762-21-000499
Submitted to the SEC: Tue Dec 28 2021 4:03:15 PM EST
Accepted by the SEC: Tue Dec 28 2021
Period: Tuesday, December 28, 2021
Industry: Agricultural Prod Livestock And Animal Specialties
Events:
  1. Earnings Release
  2. Financial Exhibit

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/calm/0001562762-21-000499.htm