Delaware | 000-04892 | 64-0500378 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
CAL-MAINE FOODS, INC. | |||
Date: | July 22, 2019 | By: | /s/ Max P. Bowman |
Max P. Bowman Director, Vice President, and Chief Financial Officer |
Contacts: | Dolph Baker, Chairman and CEO | ||
Max P. Bowman, Vice President and CFO | |||
(601) 948-6813 |
13 Weeks Ended | 52 Weeks Ended | ||||||||||||
June 1, 2019 | June 2, 2018 | June 1, 2019 | June 2, 2018 | ||||||||||
Dozen Eggs Sold (000) | 254,772 | 251,955 | 1,038,900 | 1,037,713 | |||||||||
Dozen Eggs Produced (000) | 222,325 | 215,729 | 876,705 | 873,307 | |||||||||
% Specialty Sales (dozen)* | 23.3 | % | 25.5 | % | 23.8 | % | 23.5 | % | |||||
% Specialty Sales (dollars)* | 41.9 | % | 29.0 | % | 36.2 | % | 32.0 | % | |||||
Net Average Selling Price (per dozen) | $ | 1.062 | $ | 1.694 | $ | 1.265 | $ | 1.397 | |||||
Net Average Selling Price Specialty Eggs (per dozen)* | $ | 1.917 | $ | 1.941 | $ | 1.931 | $ | 1.916 | |||||
Feed Cost (per dozen) | $ | 0.411 | $ | 0.416 | $ | 0.415 | $ | 0.394 |
13 Weeks Ended | 52 Weeks Ended | ||||||||||||||
June 1, 2019 | June 2, 2018 | June 1, 2019 | June 2, 2018 | ||||||||||||
Net sales | $ | 280,573 | $ | 443,095 | $ | 1,361,188 | $ | 1,502,932 | |||||||
Cost of sales | 267,818 | 301,879 | 1,138,329 | 1,141,886 | |||||||||||
Gross profit | 12,755 | 141,216 | 222,859 | 361,046 | |||||||||||
Selling, general, and administrative expense | 42,296 | 49,650 | 174,795 | 179,316 | |||||||||||
Legal settlement expense | — | — | 2,250 | 80,750 | |||||||||||
Gain on disposal of fixed assets | 879 | 798 | 33 | 473 | |||||||||||
Operating income (loss) | (30,420 | ) | 90,768 | 45,781 | 100,507 | ||||||||||
Other income, net | 2,477 | 3,122 | 25,024 | 16,830 | |||||||||||
Income (loss) before income taxes and noncontrolling interest | (27,943 | ) | 93,890 | 70,805 | 117,337 | ||||||||||
Income tax (benefit) expense | (8,391 | ) | 21,794 | 15,743 | (8,859 | ) | |||||||||
Net income (loss) before noncontrolling interest | (19,552 | ) | 72,096 | 55,062 | 126,196 | ||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 209 | 329 | 833 | 264 | |||||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ | (19,761 | ) | $ | 71,767 | $ | 54,229 | $ | 125,932 | ||||||
Net income (loss) per share: | |||||||||||||||
Basic | $ | (0.41 | ) | $ | 1.49 | $ | 1.12 | $ | 2.60 | ||||||
Diluted | $ | (0.41 | ) | $ | 1.48 | $ | 1.12 | $ | 2.60 | ||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 48,442 | 48,289 | 48,467 | 48,353 | |||||||||||
Diluted | 48,442 | 48,495 | 48,589 | 48,468 |
June 1, 2019 | June 2, 2018 | |||||||
ASSETS | ||||||||
Cash and short-term investments | $ | 319,428 | $ | 331,017 | ||||
Receivables, net | 71,760 | 85,839 | ||||||
Inventories | 172,237 | 168,644 | ||||||
Prepaid expenses and other current assets | 4,328 | 2,020 | ||||||
Current assets | 567,753 | 587,520 | ||||||
Property, plant and equipment (net) | 456,294 | 425,384 | ||||||
Other noncurrent assets | 132,231 | 137,543 | ||||||
Total assets | $ | 1,156,278 | $ | 1,150,447 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable and accrued expenses | $ | 73,211 | $ | 87,209 | ||||
Accrued dividends payable | 0 | 17,093 | ||||||
Current maturities of long-term debt and capital lease obligations | 1,696 | 3,536 | ||||||
Current liabilities | 74,907 | 107,838 | ||||||
Long-term debt and capital lease obligations, less current maturities | 641 | 2,554 | ||||||
Deferred income taxes and other liabilities | 90,924 | 84,373 | ||||||
Stockholders' equity | 989,806 | 955,682 | ||||||
Total liabilities and stockholders' equity | $ | 1,156,278 | $ | 1,150,447 |
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