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Calmaine Foods Inc (CALM) SEC Filing 8-K Material Event for the period ending Tuesday, July 19, 2022

Calmaine Foods Inc

CIK: 16160 Ticker: CALM
exhibit991p1i0
Exhibit 99.1
-MORE-
Contacts:
Dolph
 
Baker,
 
Chairman
 
and
 
CEO
Max
 
P.
 
Bowman,
 
Vice
 
President
 
and
 
CFO
(601)
 
948-6813
Cal-Maine Foods reports record fiscal fourth
 
quarter
and fiscal year 2022 results; announces quarterly cash
 
dividend
Record
 
fourth
 
quarter
 
net
 
income
 
of
 
$110.0
 
million,
 
or
 
$2.25
 
per
 
diluted
 
common
 
share
Fourth
 
quarter
 
net
 
sales
 
of
 
$593.0
 
million,
 
up
 
69.5%
 
year-over-year
Fiscal
 
year
 
2022
 
net
 
income
 
of
 
$132.7
 
million,
 
or
 
$2.72
 
per
 
diluted
 
share,
 
versus
 
net
 
income
 
of
$2.1
 
million
 
in
 
fiscal
 
2021
Fiscal
 
2022
 
net
 
year
 
sales
 
increased
 
to
 
nearly
 
$1.8
 
billion,
 
up
 
31.7%
 
versus
 
fiscal
 
2021
Announces
 
fourth
 
quarter
 
fiscal
 
2022
 
cash
 
dividend
 
of
 
$0.75
 
per
 
share
Approved
 
$55.3
 
million
 
capital
 
project
 
subsequent
 
to
 
the
 
quarter
 
end
 
to
 
convert
 
existing
 
layer
capacity
 
to
 
cage-free
 
capacity
 
for
 
approximately
 
1.5
 
million
 
cage-free
 
hens
RIDGELAND,
 
Miss.
 
(July
 
19,
 
2022)
 
-
 
Cal-Maine
 
Foods,
 
Inc.
 
(NASDAQ:
 
CALM,
 
or
 
the
 
“Company”),
 
the
largest
 
producer
 
and
 
distributor
 
of
 
fresh
 
shell
 
eggs
 
in
 
the
 
United
 
States,
 
today
 
reported
 
results
 
for
 
fourth
quarter
 
fiscal
 
2022
 
(thirteen
 
weeks)
 
and
 
fiscal
 
year
 
2022
 
ended
 
May
 
28,
 
2022.
Dolph
 
Baker,
 
chairman
 
and
 
chief
 
executive
 
officer
 
of
 
Cal-Maine
 
Foods,
 
commented,
 
“Our
 
fourth
quarter
 
marked
 
a
 
strong
 
finish
 
to
 
fiscal
 
2022
 
for
 
Cal-Maine
 
Foods.
 
Record
 
quarterly
 
revenue
 
performance
was
 
driven
 
by
 
significantly
 
higher
 
average
 
selling
 
prices
 
and
 
record
 
quarterly
 
specialty
 
shell
 
egg
 
sales,
supported
 
by
 
solid
 
demand
 
compared
 
with
 
the
 
prior-year
 
quarter.
“We
 
continue
 
to
 
perform
 
at
 
the
 
top
 
of
 
our
 
industry
 
as
 
an
 
efficient
 
operator,
 
despite
 
inflationary
market
 
conditions
 
in
 
North
 
America
 
and
 
economic
 
uncertainties
 
globally.
 
We
 
have
 
built
 
an
 
exceptional
management
 
team
 
that
 
drives
 
our
 
commitment
 
to
 
be
 
the
 
most
 
reliable
 
producer
 
and
 
distributor
 
of
 
fresh
shell
 
eggs
 
and
 
egg
 
products
 
in
 
the
 
United
 
States.
 
Our
 
operating
 
model
 
is
 
proven
 
and
 
offers
 
a
 
favorable
product
 
mix
 
that
 
meets
 
the
 
needs
 
of
 
our
 
valued
 
customers.
 
Notably,
 
we
 
have
 
maintained
 
a
 
strong
financial
 
position
 
to
 
support
 
our
 
continued
 
growth,
 
and
 
we
 
will
 
look
 
for
 
additional
 
opportunities
 
to
extend
 
our
 
market
 
reach
 
in
 
fiscal
 
2023,”
 
concluded
 
Baker.
Max
 
Bowman,
 
chief
 
financial
 
officer
 
of
 
Cal-Maine
 
Foods,
 
commented,
 
“We
 
achieved
 
record
quarterly
 
specialty
 
egg
 
sales
 
in
 
the
 
fourth
 
quarter,
 
totaling
 
$186.5
 
million,
 
or
 
32.9%
 
of
 
total
 
shell
 
egg
revenue.
 
Specialty
 
egg
 
dozens
 
represented
 
34.0%
 
of
 
total
 
dozens
 
sold
 
in
 
the
 
quarter
 
compared
 
with
 
27.4%
in
 
the
 
prior-year
 
period.
 
The
 
specialty
 
egg
 
net
 
average
 
selling
 
price
 
per
 
dozen
 
increased
 
to
 
$2.015
compared
 
with
 
$1.874
 
per
 
dozen
 
in
 
fourth
 
quarter
 
2021.
 
The
 
conventional
 
egg
 
net
 
average
 
selling
 
price
per
 
dozen
 
increased
 
to
 
$2.098
 
compared
 
with
 
$1.109
 
per
 
dozen
 
in
 
fourth
 
quarter
 
2021.
 
Our
 
fourth
quarter
 
net
 
average
 
selling
 
price
 
for
 
shell
 
eggs
 
improved
 
to
 
$2.069
 
per
 
dozen,
 
up
 
57.0%,
 
compared
 
with
$1.318
 
per
 
dozen
 
in
 
the
 
prior
 
year.
 
Egg
 
prices
 
in
 
fourth
 
quarter
 
2022
 
increased,
 
primarily
 
driven
 
by
decreased
 
supply
 
caused
 
by
 
the
 
recent
 
highly
 
pathogenic
 
avian
 
influenza
 
(“HPAI”)
 
outbreak,
 
and
supportive
 
consumer
 
demand.
 
Overall,
 
we
 
are
 
pleased
 
with
 
the
 
improved
 
supply
 
and
 
demand
 
balance
compared
 
to
 
prior
 
periods
 
and
 
with
 
the
 
solid
 
demand
 
tailwind
 
that
 
drove
 
strong
 
top-
 
and
 
bottom-line
fourth
 
quarter
 
results.”
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Reports Fourth Quarter and Fiscal 2022 Results
Page 2
July 19,
 
2022
-MORE-
Sales Performance & Operational Highlights
Net
 
sales
 
in
 
fourth
 
quarter
 
2022
 
increased
 
69.5%
 
to
 
$593.0
 
million,
 
compared
 
with
 
$349.8
 
million
 
in
 
fourth
 
quarter
 
2021.
 
The
 
Company
 
reported
 
net
 
income
 
of
 
$110.0
 
million,
 
or
 
$2.26
 
per
 
basic
 
and
 
$2.25
 
per
 
diluted
 
common
 
share,
 
in
 
fourth
 
quarter
 
2022
 
compared
 
with
 
a
 
net
 
loss
 
of
$4.2
 
million,
 
or
 
$0.09
 
per
 
basic
 
and
 
diluted
 
common
 
share,
 
in
 
fourth
 
quarter
 
2021.
 
In
 
fourth
 
quarter
 
2022,
 
total
 
dozens
 
sold
 
increased
 
6.3%
 
to
 
272.0
 
million
 
versus
 
255.9
 
million
 
in
the
 
prior-year
 
quarter,
 
supported
 
by
 
higher
 
demand
 
for
 
specialty
 
eggs.
 
Conventional
 
egg
 
volumes
decreased
 
3.5%
 
compared
 
with
 
fourth
 
quarter
 
2021,
 
while
 
specialty
 
egg
 
volumes
 
increased
 
by
 
32.2%.
Fourth
 
quarter
 
2022
 
volume
 
increases
 
were
 
driven
 
by
 
a
 
4.7%
 
increase
 
to
 
the
 
retail
 
channel
 
and
 
a
 
19.4%
increase
 
to
 
the
 
food
 
service
 
channel
 
versus
 
the
 
prior-year
 
period.
In
 
fiscal
 
2022,
 
the
 
Company
 
reported
 
net
 
sales
 
of
 
$1,777.2
 
million
 
compared
 
with
 
$1,349.0
 
million
in
 
fiscal
 
2021.
 
The
 
Company
 
generated
 
net
 
income
 
of
 
$132.7
 
million,
 
or
 
$2.73
 
per
 
basic
 
and
 
$2.72
 
per
diluted
 
common
 
share
 
in
 
fiscal
 
2022
 
compared
 
with
 
net
 
income
 
of
 
$2.1
 
million,
 
or
 
$0.04
 
per
 
basic
 
and
diluted
 
common
 
share,
 
in
 
fiscal
 
2021.
 
Driven
 
by
 
recent
 
strength
 
in
 
pricing,
 
the
 
Company
 
achieved
 
a
 
gross
margin
 
of
 
19.0%
 
compared
 
with
 
11.9%
 
in
 
fiscal
 
2021.
Fiscal
 
year
 
2022
 
results
 
reflect
 
stable
 
demand
 
and
 
an
 
improved
 
shell
 
egg
 
net
 
average
 
selling
 
price,
up
 
29.7%,
 
to
 
$1.579
 
per
 
dozen.
 
Total
 
dozens
 
sold
 
in
 
fiscal
 
2022
 
were
 
1,083.8
 
million
 
compared
 
with
1,073.2
 
million
 
dozens
 
sold
 
in
 
fiscal
 
2021.
 
During
 
fiscal
 
2022,
 
conventional
 
egg
 
volumes
 
decreased
 
4.8%
versus
 
fiscal
 
2021,
 
while
 
specialty
 
egg
 
volumes
 
were
 
up
 
16.7%
 
compared
 
with
 
the
 
prior
 
year.
 
Cal-Maine
 
Foods
 
outpaced
 
wider
 
industry
 
results
 
as
 
the
 
Company’s
 
sales
 
to
 
the
 
retail
 
channel
 
decreased
approximately
 
0.8%
 
compared
 
with
 
industry
 
retail
 
shell
 
egg
 
volume
 
declines
 
of
 
approximately
 
6.5%
1
.
 
13 Weeks Ended
52 Weeks Ended
May 28, 2022
May 29, 2021
May 28, 2022
May 29, 2021
Dozen Eggs Sold (000)
271,968
255,851
1,083,789
1,073,211
Dozen Eggs Produced (000)
264,650
239,632
1,022,327
970,837
% Specialty Sales (dozen)
34.0
%
27.4
%
31.0
%
26.8
%
% Specialty Sales (dollars)
32.9
%
38.7
%
37.8
%
41.1
%
Net Average Selling Price (per dozen)
$
2.069
$
1.318
$
1.579
$
1.217
Net Average Selling Price Conventional Eggs (per
dozen)
$
2.098
$
1.109
$
1.420
$
0.976
Net Average Selling Price Specialty Eggs (per dozen)
$
2.015
$
1.874
$
1.932
$
1.876
Feed Cost (per dozen)
$
0.641
$
0.517
$
0.571
$
0.446
In
 
fourth
 
quarter
 
2022,
 
the
 
Company
 
reported
 
operating
 
income
 
of
 
$145.7
 
million
 
compared
 
with
an
 
operating
 
loss
 
of
 
$13.0
 
million
 
in
 
the
 
prior-year
 
quarter.
 
The
 
results
 
reflect
 
higher
 
sales
 
and
 
efficient
input
 
management,
 
despite
 
the
 
current
 
inflationary
 
environment.
 
Feed
 
costs
 
per
 
dozen
 
were
 
$0.641
 
in
fourth
 
quarter
 
2022,
 
a
 
24.0%
 
increase
 
versus
 
the
 
prior-year
 
period.
 
Overall,
 
farm
 
production
 
costs
 
per
dozen
 
in
 
fourth
 
quarter
 
fiscal
 
2022
 
increased
 
17.7%
 
compared
 
with
 
fourth
 
quarter
 
fiscal
 
2021,
 
primarily
tied
 
to
 
higher
 
feed
 
costs.
 
Supplies
 
of
 
corn
 
and
 
soybean
 
remained
 
tight
 
relative
 
to
 
demand
 
in
 
fourth
 
quarter
2022
 
as
 
evidenced
 
by
 
the
 
near-record-low
 
stock-to-use
 
ratio
 
for
 
corn,
 
as
 
well
 
as
 
weather-related
 
shortfalls
in
 
production
 
and
 
yields,
 
ongoing
 
disruptions
 
related
 
to
 
the
 
COVID-19
 
global
 
pandemic
 
and
 
the
 
Russia-Ukraine
 
war
 
and
 
its
 
impact
 
on
 
the
 
export
 
markets.
 
For
 
fiscal
 
2023,
 
we
 
expect
 
continued
 
corn
 
and
soybean
 
pricing
 
pressures
 
and
 
further
 
market
 
volatility
 
to
 
affect
 
feed
 
costs.
 
The
 
Company
 
also
1
Information
 
Resources,
 
Inc.
 
U.S.
 
Multi-Outlet
 
Retail
 
reporting
 
for
 
conventional
 
(commodity
 
white)
 
and
 
specialty
 
shell
 
egg
 
sales
 
for
 
the
 
52-
week
 
period
 
ended
 
June
 
5,
 
2022.
Cal-Maine Foods Reports Fourth Quarter and Fiscal 2022 Results
Page 3
July 19,
 
2022
-MORE-
experienced
 
higher
 
labor
 
expense
 
tied
 
to
 
wage
 
increases
 
in
 
response
 
to
 
the
 
tight
 
labor
 
market,
 
in
 
addition
to
 
increased
 
delivery
 
costs
 
that
 
are
 
tied
 
to
 
escalating
 
fuel
 
prices.
Product Mix & Cage-Free Eggs
Cal-Maine
 
Foods
 
continues
 
to
 
offer
 
a
 
differentiated
 
product
 
mix
 
to
 
meet
 
the
 
needs
 
of
 
our
customers.
 
The
 
Company
 
maintains
 
its
 
specialty
 
egg
 
business
 
focus
 
as
 
a
 
key
 
driver
 
of
 
growth.
 
In
 
line
 
with
expanding
 
consumer
 
demand
 
and
 
state
 
requirements
 
for
 
cage-free
 
eggs,
 
the
 
Company
 
has
 
continued
 
to
make
 
significant
 
investments
 
in
 
production
 
capacity
 
to
 
position
 
Cal-Maine
 
Foods
 
as
 
an
 
industry
 
leader
to
 
supply
 
the
 
growing
 
demand
 
for
 
specialty
 
egg
 
offerings,
 
including
 
cage-free
 
eggs.
 
Cage-free
 
egg
 
sales
comprised
 
20.3%
 
of
 
total
 
net
 
shell
 
egg
 
sales
 
in
 
fourth
 
quarter
 
2022
 
and
 
represented
 
22.1%
 
of
 
total
 
net
shell
 
egg
 
sales
 
in
 
fiscal
 
2022.
Subsequent
 
to
 
the
 
end
 
of
 
fourth
 
quarter
 
2022,
 
the
 
Company’s
 
Board
 
of
 
Directors
 
approved
 
a
capital
 
project
 
to
 
expand
 
the
 
Company’s
 
cage-free
 
production
 
capabilities.
 
The
 
proposed
 
project
 
at
 
Chase,
Kansas,
 
will
 
convert
 
existing
 
conventional
 
layer
 
capacity
 
to
 
cage-free
 
capacity
 
for
 
approximately
 
1.5
million
 
cage-free
 
hens
 
and
 
include
 
remodels
 
of
 
all
 
remaining
 
pullet
 
facilities.
 
Work
 
is
 
expected
 
to
commence
 
immediately
 
with
 
project
 
completion
 
expected
 
by
 
year-end
 
2025.
 
The
 
Company
 
plans
 
to
 
fund
the
 
proposed
 
project
 
for
 
an
 
estimated
 
$55.3
 
million
 
through
 
a
 
combination
 
of
 
available
 
cash
 
on
 
hand
 
as
well
 
as
 
operating
 
cash
 
flow.
 
The
 
investment
 
will
 
augment
 
the
 
Company’s
 
strategy
 
to
 
expand
 
cage-free
capabilities
 
to
 
better
 
serve
 
the
 
growing
 
demand
 
for
 
this
 
specialty
 
product.
 
Including
 
this
 
project,
 
since
2008,
 
Cal-Maine
 
Foods
 
has
 
allocated
 
approximately
 
$681.1
 
million
 
for
 
facilities,
 
equipment
 
and
 
related
operations
 
to
 
expand
 
cage-free
 
production
 
and
 
distribution
 
capabilities.
 
This
 
includes
 
approximately
$165.1
 
million
 
allocated
 
to
 
projects
 
scheduled
 
for
 
completion
 
through
 
fiscal
 
2025.
 
Table
 
Egg Supply Outlook
Layer
 
hen
 
numbers
 
reported
 
by
 
the
 
USDA
 
as
 
of
 
June
 
1,
 
2022,
 
were
 
297.5
 
million,
 
which
 
represents
a
 
decrease
 
of
 
5.8%
 
compared
 
with
 
the
 
layer
 
hen
 
inventory
 
a
 
year
 
ago.
 
The
 
USDA
 
also
 
reported
 
that
 
the
hatch
 
from
 
January
 
2022
 
through
 
May
 
2022
 
decreased
 
5.5%
 
as
 
compared
 
with
 
the
 
prior-year
 
period,
 
and
as
 
of
 
June
 
1,
 
2022,
 
eggs
 
in
 
incubators
 
were
 
down
 
4.3%
 
year-over-year.
 
The
 
Company
 
continues
 
to
 
monitor
 
the
 
latest
 
outbreak
 
of
 
HPAI
 
that
 
was
 
first
 
reported
 
in
commercial
 
flocks
 
in
 
the
 
U.S.
 
in
 
February
 
2022.
 
As
 
of
 
July
 
18,
 
2022,
 
the
 
U.S.
 
Department
 
of
 
Agriculture’s
Animal
 
and
 
Plant
 
Health
 
Inspection
 
Service,
 
(“APHIS”),
 
reported
 
that
 
approximately
 
30.7
 
million
commercial
 
table
 
egg
 
layer
 
hens,
 
or
 
about
 
9.5%
 
of
 
the
 
table
 
egg
 
layer
 
flock
 
based
 
on
 
February
 
2022
reported
 
layer
 
numbers,
 
have
 
been
 
depopulated
 
given
 
the
 
impacts
 
of
 
HPAI.
 
Affected
 
pullets
 
comprise
approximately
 
1.0
 
million,
 
or
 
about
 
0.8%
 
of
 
the
 
pullet
 
inventory.
 
While
 
there
 
have
 
been
 
no
 
reported
occurrences
 
of
 
HPAI
 
in
 
domestic
 
commercial
 
flocks
 
since
 
early
 
June
 
2022,
 
outbreaks
 
may
 
recur,
 
and
supply
 
is
 
expected
 
to
 
be
 
lower
 
until
 
the
 
flocks
 
are
 
repopulated.
 
According
 
to
 
the
 
U.S.
 
Centers
 
for
 
Disease
Control
 
and
 
Prevention,
 
the
 
HPAI
 
detections
 
do
 
not
 
present
 
an
 
immediate
 
public
 
health
 
concern.
 
There
have
 
been
 
no
 
positive
 
tests
 
for
 
HPAI
 
at
 
any
 
of
 
Cal-Maine
 
Foods’
 
owned
 
or
 
contracted
 
production
 
facilities
to
 
date.
 
Cal-Maine
 
Foods
 
has
 
robust
 
biosecurity
 
programs
 
in
 
place
 
across
 
its
 
locations
 
in
 
accordance
 
with
APHIS
 
guidelines,
 
and
 
leadership
 
remain
 
diligent
 
in
 
its
 
efforts
 
to
 
mitigate
 
the
 
risk
 
of
 
future
 
outbreaks
and
 
effectively
 
manage
 
our
 
response,
 
if
 
needed.
Dividend Payment
For
 
fourth
 
quarter
 
2022,
 
Cal-Maine
 
Foods
 
will
 
pay
 
a
 
cash
 
dividend
 
of
 
approximately
 
$o.75
 
cents
per
 
share
 
to
 
holders
 
of
 
its
 
common
 
and
 
Class
 
A
 
common
 
stock.
 
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
Cal-Maine Foods Reports Fourth Quarter and Fiscal 2022 Results
Page 4
July 19,
 
2022
-MORE-
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.
 
The
 
amount
 
paid
 
per
share
 
will
 
vary
 
based
 
on
 
the
 
number
 
of
 
outstanding
 
shares
 
on
 
the
 
record
 
date.
 
The
 
dividend
 
is
 
payable
 
on
August
 
16,
 
2022,
 
to
 
holders
 
of
 
record
 
on
 
August
 
1,
 
2022.
About us and forward-looking statements
Cal-Maine Foods, Inc.
 
is primarily
 
engaged in the
 
production, grading,
 
packing, marketing
 
and
distribution of fresh
 
shell eggs, including conventional,
 
cage-free, organic, brown,
 
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),
 
including
but not limited
 
to the most
 
recent outbreak of
 
highly pathogenic avian
 
influenza affecting poultry
 
in the
U.S., Canada and
 
other countries that
 
was first detected
 
in commercial flocks
 
in the U.S.
 
in February
2022, (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,
 
rising
 
inflation and
 
interest
 
rates,
 
which
generally have been exacerbated
 
by Russia’s invasion of
 
Ukraine starting in
 
February 2022, (vii)
 
our
ability
 
to
 
retain
 
existing
 
customers,
 
acquire
 
new
 
customers
 
and
 
grow
 
our
 
product
 
mix
 
and
 
(viii)
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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Reports Fourth Quarter and Fiscal 2022 Results
Page 5
July 19,
 
2022
-MORE-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In
 
thousands,
 
except
 
per
 
share
 
amounts)
SUMMARY STATEMENTS OF OPERATIONS
13 Weeks Ended
52 Weeks Ended
May 28, 2022
May 29, 2021
May 28, 2022
May 29, 2021
Net sales
$
592,964
$
349,798
$
1,777,159
$
1,348,987
Cost of sales
397,879
311,869
1,440,100
1,188,326
Gross profit
195,085
37,929
337,059
160,661
Selling, general and administrative
51,640
48,449
198,631
183,943
(Gain) loss on disposal of fixed assets
(2,254)
2,506
(5,109)
2,982
Operating income (loss)
145,699
(13,026)
143,537
(26,264)
Other income, net
664
853
22,478
16,315
Income (loss) before income taxes
146,363
(12,173)
166,015
(9,949)
Income tax expense (benefit)
36,495
(7,929)
33,574
(12,009)
Net income (loss)
109,868
(4,244)
132,441
2,060
Less: Loss attributable to noncontrolling interest
(118)
(209)
Net income (loss) attributable to Cal-Maine Foods, Inc.
$
109,986
$
(4,244)
$
132,650
$
2,060
Net income (loss) per common share:
Basic
$
2.26
$
(0.09)
$
2.73
$
0.04
Diluted
$
2.25
$
(0.09)
$
2.72
$
0.04
Weighted average shares outstanding:
Basic
48,622
48,501
48,581
48,522
Diluted
48,791
48,608
48,734
48,656
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Reports Fourth Quarter and Fiscal 2022 Results
Page 6
July 19,
 
2022
-END-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
 
SUMMARY BALANCE SHEETS
May 28, 2022
May 29, 2021
ASSETS
Cash and short-term investments
$
174,513
$
169,510
Receivables, net
219,404
126,639
Inventories, net
263,316
218,375
Prepaid expenses and other current assets
4,286
5,407
Current assets
661,519
519,931
Property, plant and equipment, net
677,796
589,417
Other noncurrent assets
88,174
119,826
Total assets
$
1,427,489
$
1,229,174
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
148,018
$
90,097
Dividends payable
36,656
-
Current liabilities
184,674
90,097
Deferred income taxes and other liabilities
138,470
126,296
Stockholders' equity
1,104,345
1,012,781
Total liabilities and stockholders' equity
$
1,427,489
$
1,229,174

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

Ticker: CALM
CIK: 16160
Form Type: 8-K Corporate News
Accession Number: 0001562762-22-000295
Submitted to the SEC: Tue Jul 19 2022 4:00:22 PM EST
Accepted by the SEC: Tue Jul 19 2022
Period: Tuesday, July 19, 2022
Industry: Agricultural Prod Livestock And Animal Specialties
Events:
  1. Earnings Release
  2. Financial Exhibit

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