-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D8dKltSc2UJRhcWUGwesrGEx9YT3YcEt9zye6m7zl/Eg+5OxClm5Z/BgOY712LV1 gzDkzvM1kven+Eh070aR/A== 0000897069-04-000708.txt : 20040329 0000897069-04-000708.hdr.sgml : 20040329 20040329142837 ACCESSION NUMBER: 0000897069-04-000708 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040329 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAL MAINE FOODS INC CENTRAL INDEX KEY: 0000016160 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE PRODUCTION - LIVESTOCK & ANIMAL SPECIALTIES [0200] IRS NUMBER: 640500378 STATE OF INCORPORATION: DE FISCAL YEAR END: 0529 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-04892 FILM NUMBER: 04695661 BUSINESS ADDRESS: STREET 1: 3320 WOODROW WILSON DRIVE CITY: JACKSON STATE: MS ZIP: 39207 BUSINESS PHONE: 6019486813 MAIL ADDRESS: STREET 1: 3320 WOODROW WILSON DR CITY: JACKSON STATE: MS ZIP: 39209 FORMER COMPANY: FORMER CONFORMED NAME: CHICKEN CHEF SYSTEMS INC DATE OF NAME CHANGE: 19710315 8-K 1 dkm154.txt FORM 8-K DATED MARCH 29, 2004 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported): March 29, 2004 ---------------------- CAL-MAINE FOODS, INC. -------------------------------------------------------------------------- (Exact name of Registrant as specified in its charter) Delaware 000-04892 64-0500378 - ------------------------ ----------------------- ----------------- (State or other (Commission File Number) (IRS Employer jurisdiction of Identification incorporation) Number) 3320 Woodrow Wilson Avenue, Jackson, MS 39207 - ------------------------------------------------------ ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (601) 948-6813 -------------- Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits. The following exhibit is furnished herewith: 99.1 Press Release issued by the Registrant on March 29, 2004. Item 12. Results of Operations and Financial Condition On March 29, 2004, the Registrant issued a press release announcing its financial results for the quarter ended February 28, 2004. A copy of the Registrant's press release is attached as Exhibit 99.1 to this Current Report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CAL-MAINE FOODS, INC. (Registrant) Date: March 29, 2004 By: /s/ Charles F. Collins ------------------------------------ Charles F. Collins Vice President and Controller EX-99 3 dkm154a.txt EXHIBIT 99.1 -- PRESS RELEASE [GRAPHIC OMITTED] CM Contact: Fred Adams, Jr. Chairman and CEO (601) 948-6813 CAL-MAINE FOODS, INC. REPORTS THIRD QUARTER FISCAL 2004 RESULTS JACKSON, Miss. (March 29, 2004) - Cal-Maine Foods, Inc. (Nasdaq:CALM), today reported results for the third quarter and nine months ended February 28, 2004. Net sales for the third quarter of fiscal 2004 were $165.7 million compared with net sales of $106.8 million for the same quarter of fiscal 2003. The Company reported net income of $23.9 million, or $1.98 per basic share, for the third quarter of fiscal 2004, compared with net income of $7.6 million, or $0.65 per basic share, for the year-earlier period. During the third quarter, the Company recorded an after-tax charge of $6.1 million, or $0.50 per basic share, against third quarter earnings for stock compensation. This charge was in connection with the Company's stock options and the related tandem stock appreciation rights. The portion of the accrual for unexercised stock options, $4.6 million pre-tax, is non-cash and the corresponding liability will be converted to equity at the time of exercise. For the first nine months of fiscal 2004, net sales were $430.0 million compared with net sales of $284.0 million for the same period last year. The Company reported net income of $49.2 million, or $4.15 per basic share, for the first nine months of 2004, compared with net income of $7.9 million, or $0.67 per basic share, for the prior-year period. During the current nine-month period, the Company recorded an after-tax charge of $15.3 million, or $1.29 per basic share, for stock compensation relating to stock option and tandem stock appreciation rights. At February 28, 2004, options for 303,000 shares and related tandem stock appreciation rights remain unexercised, of which 258,000 are not available for exercise until December 13, 2004 or later. Future charges to earnings for these options and rights will correlate to changes in the Company's stock price as the options are marked to market value. Fred Adams, Jr., chairman and chief executive officer of Cal-Maine Foods, Inc., stated, "We are pleased to report another solid performance for Cal-Maine Foods for the third fiscal quarter of 2004. Our strong revenue growth and improved profitability over the prior-year period reflects a much more favorable egg market and continued good performance in our operational efficiencies. The demand for eggs continues to be very strong, and we believe that Cal-Maine is well positioned to benefit from this trend for the remainder of our fiscal year." Cal-Maine Foods, Inc. is primarily engaged in the production, grading, packing and sale of fresh shell eggs. The Company, which is headquartered in Jackson, Mississippi, currently is the largest producer and distributor of fresh shell eggs in the United States and sells the majority of its shell eggs in approximately 26 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. Such forward-looking statements are subject to risks and uncertainties (contained in the Company's SEC filings) that could cause actual results to differ materially from those projected. SEC filings may be obtained from the SEC or by contacting the Company. -MORE- CAL-MAINE FOODS, INC. POST OFFICE BOX 2960 * JACKSON, MISSISSIPPI 39207 PHONE 601-948-6813 FAX 601-969-0905 CALM Reports Third Quarter Results Page 2 March 29, 2004 CAL-MAINE FOODS, INC. AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (Unaudited) (In thousands, except per share amounts)
13 Weeks Ended 39 Weeks Ended ------------------------------- ------------------------------- Feb. 28, March 1, Feb. 28, March 1, 2004 2003 2004 2003 ------------- -------------- ------------- -------------- Net sales $ 165,655 $ 106,822 $ 429,979 $ 284,024 Gross profit 57,784 24,808 135,237 50,234 Operating income 36,443 13,179 77,465 17,773 Income before income taxes 37,299 11,939 77,006 12,403 ------------- -------------- ------------- -------------- Net income $ 23,872 $ 7,605 $ 49,248 $ 7,902 ============= ============== ============= ============== Net income per common share: Basic $ 1.98 $ 0.65 $ 4.15 $ 0.67 ============= ============== ============= ============== Diluted $ 1.96 $ 0.64 $ 4.06 $ 0.67 ============= ============== ============= ============== Weighted average shares outstanding: Basic 12,048 11,764 11,881 11,764 ============= ============== ============= ============== Diluted 12,209 11,840 12,140 11,837 ============= ============== ============= ============== Depreciation expense $ 4,060 $ 3,998 $ 12,190 $ 12,303
SUMMARY BALANCE SHEET (Unaudited) (In thousands, except per share amounts)
Feb. 28, May 31, ASSETS 2004 2003 ------------- -------------- Cash $ 55,140 $ 6,092 Receivables 33,126 26,353 Inventories 50,421 51,005 Other 937 1,729 ------------- -------------- Current assets 139,624 85,179 Fixed assets (net) 133,449 138,192 Other assets 16,363 12,021 ------------- -------------- Total assets $ 289,436 $ 235,392 ============= ============== LIABILITIES AND SHAREHOLDERS' EQUITY Current portion of long-term debt $ 10,319 $ 12,592 Accounts payable 27,910 21,386 Other current liabilities 18,668 11,646 Current deferred income taxes 11,806 11,806 ------------- -------------- Current liabilities 68,703 57,430 Deferred taxes and liabilities 16,565 16,225 Long-term debt 81,169 95,652 Shareholders' equity 122,999 66,085 ------------- -------------- Total liabilities and shareholders' equity $ 289,436 $ 235,392 ============= ==============
-END- -----END PRIVACY-ENHANCED MESSAGE-----