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exhibit991p1i0
 
Exhibit 99.1
-MORE-
Contacts:
Sherman
 
Miller,
 
President
 
and
 
CEO
Max
 
P.
 
Bowman,
 
Vice
 
President
 
and
 
CFO
(601)
 
948-6813
CAL-MAINE FOODS REPORTS RECORD RESULTS
FOR SECOND QUARTER FISCAL 2023
ANNOUNCES QUARTERLY CASH DIVIDEND OF $1.35 PER SHARE
RIDGELAND,
 
Miss.
 
(December
 
28,
 
2022)
 
-
 
Cal-Maine
 
Foods,
 
Inc.
 
(NASDAQ:
 
CALM)
 
(“Cal-Maine
Foods”,
 
or
 
the
 
“Company”),
 
the
 
largest
 
producer
 
and
 
distributor
 
of
 
fresh
 
shell
 
eggs
 
in
 
the
 
United
States,
 
today
 
reported
 
results
 
for
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023
 
(thirteen
 
weeks)
 
ended
November
 
28,
 
2022.
 
Second Quarter Fiscal 2023 Highlights
●
Record
 
quarterly
 
net
 
sales
 
of
 
$801.7
 
million,
 
a
 
110%
 
increase
 
compared
 
with
 
the
 
same
quarter
 
last
 
year,
 
driven
 
by
 
record
 
average
 
conventional
 
egg
 
selling
 
price
 
●
Record
 
quarterly
 
net
 
income
 
of
 
$198.6
 
million,
 
or
 
$4.08
 
per
 
basic
 
and
 
$4.07
 
per
 
diluted
common
 
share
●
Quarterly
 
gross
 
profit
 
margin
 
of
 
39.6%
●
Cash
 
dividend
 
of
 
$1.35
 
per
 
share
Overview
Sherman
 
Miller,
 
chief
 
executive
 
officer
 
of
 
Cal-Maine
 
Foods,
 
commented,
 
“We
 
are
 
proud
 
to
report
 
another
 
strong
 
quarterly
 
financial
 
and
 
operating
 
performance
 
for
 
Cal-Maine
 
Foods,
 
with
record
 
sales
 
and
 
net
 
income
 
for
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023.
 
These
 
results
 
reflect
 
the
 
current
market
 
environment
 
characterized
 
by
 
record
 
average
 
selling
 
prices
 
for
 
conventional
 
eggs,
 
primarily
due
 
to
 
reduced
 
supply
 
related
 
to
 
the
 
outbreak
 
in
 
the
 
U.S.
 
of
 
highly
 
pathogenic
 
avian
 
influenza
(“HPAI”),
 
and
 
good
 
customer
 
demand.
 
There
 
have
 
been
 
no
 
positive
 
tests
 
for
 
HPAI
 
at
 
any
 
of
 
Cal-
Maine
 
Foods’
 
owned
 
or
 
contracted
 
production
 
facilities
 
as
 
of
 
December
 
28,
 
2022.
 
Consumer
demand
 
for
 
shell
 
eggs
 
continued
 
to
 
be
 
good
 
in
 
the
 
quarter,
 
especially
 
leading
 
up
 
to
 
the
 
Thanksgiving
holiday,
 
and
 
we
 
experienced
 
record
 
quarterly
 
volume
 
levels
 
for
 
specialty
 
eggs
 
sold.
 
As
 
always,
 
we
strive
 
to
 
offer
 
consumers
 
a
 
wide
 
range
 
of
 
quality
 
choices
 
in
 
shell
 
eggs
 
as
 
well
 
as
 
enhanced
 
egg
products
 
offerings.
 
Our
 
ability
 
to
 
meet
 
changing
 
demand
 
trends
 
with
 
a
 
favorable
 
product
 
mix
 
has
been
 
an
 
important
 
differentiator
 
for
 
Cal-Maine
 
Foods.
 
With
 
solid
 
execution,
 
we
 
continued
 
to
 
meet
the
 
needs
 
of
 
our
 
customers.
“We
 
commend
 
our
 
managers
 
and
 
employees
 
across
 
our
 
production
 
facilities
 
who
 
continued
to
 
efficiently
 
manage
 
our
 
operations
 
and
 
keep
 
pace
 
with
 
demand.
 
Our
 
results
 
demonstrate
 
the
strength
 
of
 
our
 
operating
 
model
 
and
 
ability
 
to
 
execute
 
our
 
growth
 
strategy
 
in
 
a
 
dynamic
environment.
 
We
 
believe
 
we
 
are
 
uniquely
 
positioned
 
to
 
leverage
 
our
 
scale
 
to
 
manage
 
various
 
market
cycles
 
and
 
continue
 
to
 
extend
 
our
 
customer
 
reach.
 
Above
 
all,
 
we
 
remain
 
focused
 
on
 
our
 
mission
 
–
to
 
be
 
the
 
most
 
sustainable
 
producer
 
and
 
reliable
 
supplier
 
of
 
fresh
 
shell
 
eggs
 
and
 
egg
 
products
 
in
 
the
United
 
States.”
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Reports Record Results for Second Quarter 2023
Page 2
December 28, 2022
-MORE-
Max
 
Bowman,
 
chief
 
financial
 
officer
 
of
 
Cal-Maine
 
Foods,
 
added,
 
“Our
 
financial
 
results
 
for
the
 
quarter
 
were
 
boosted
 
by
 
a
 
record
 
top
 
line
 
performance
 
of
 
$801.7
 
million
 
in
 
net
 
sales.
 
Net
 
income
of
 
$198.6
 
million
 
for
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023
 
was
 
another
 
Company
 
record.
 
The
significantly
 
higher
 
selling
 
prices,
 
our
 
enduring
 
focus
 
on
 
cost
 
control,
 
and
 
our
 
ability
 
to
 
adapt
 
to
inflationary
 
market
 
pressures
 
led
 
to
 
improved
 
profitability
 
overall
 
with
 
a
 
gross
 
profit
 
margin
 
of
39.6%
 
for
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023,
 
another
 
record
 
for
 
Cal-Maine
 
Foods.
“Egg
 
prices
 
have
 
continued
 
to
 
move
 
higher
 
in
 
fiscal
 
2023
 
due
 
to
 
the
 
effects
 
of
 
a
 
further
reduction
 
in
 
supply
 
related
 
to
 
the
 
impact
 
of
 
the
 
HPAI
 
outbreak,
 
combined
 
with
 
good
 
customer
demand
 
buoyed
 
in
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023
 
by
 
typical
 
seasonal
 
consumer
 
demand.
Conventional
 
egg
 
net
 
average
 
selling
 
price
 
per
 
dozen
 
increased
 
to
 
$2.883
 
compared
 
with
 
$1.151
 
a
year
 
ago,
 
and
 
both
 
conventional
 
and
 
specialty
 
egg
 
revenue
 
reached
 
record
 
levels
 
for
 
the
 
second
quarter
 
of
 
fiscal
 
2023.
 
Net
 
average
 
selling
 
price
 
for
 
specialty
 
eggs
 
rose
 
24.9%
 
to
 
$2.370
 
per
 
dozen,
compared
 
with
 
$1.898
 
per
 
dozen
 
for
 
the
 
second
 
quarter
 
of
 
2022.
 
We
 
saw
 
our
 
highest
 
ever
 
quarterly
sales
 
of
 
specialty
 
eggs
 
of
 
$227.8
 
million,
 
or
 
29.4%
 
of
 
total
 
shell
 
egg
 
revenue.
 
Specialty
 
dozens
 
sold
were
 
33.8%
 
of
 
total
 
dozens
 
sold
 
compared
 
with
 
28.7%
 
in
 
the
 
prior-year
 
period.”
13 Weeks Ended
26 Weeks Ended
November 26, 2022
November 27, 2021
November 26, 2022
November 27, 2021
Dozen Eggs Sold (000)
284,086
269,555
559,403
524,174
Conventional Dozen Eggs Sold (000)
187,976
192,135
367,688
376,003
Specialty Dozen Eggs Sold (000)
96,110
77,420
191,715
148,171
Dozen Eggs Produced (000)
261,358
256,786
519,012
493,244
% Specialty Sales (dozen)
33.8
%
28.7
%
34.3
%
28.3
%
% Specialty Sales (dollars)
29.4
%
39.7
%
30.5
%
40.7
%
Net Average Selling Price (per dozen)
$
2.709
$
1.365
$
2.496
$
1.302
Net Average Selling Price Conventional
Eggs (per dozen)
$
2.883
$
1.151
$
2.631
$
1.072
Net Average Selling Price Specialty
Eggs (per dozen)
$
2.370
$
1.898
$
2.236
$
1.885
Feed Cost (per dozen)
$
0.685
$
0.529
$
0.676
$
0.537
Sales Performance & Operating Highlights
Net
 
sales
 
in
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023
 
were
 
$801.7
 
million,
 
compared
 
with
$381.7
 
million
 
in
 
the
 
second
 
quarter
 
of
 
fiscal
 
2022.
 
The
 
Company
 
reported
 
net
 
income
 
of
 
$198.6
million,
 
or
 
$4.08
 
per
 
basic
 
and
 
$4.07
 
per
 
diluted
 
common
 
share,
 
compared
 
with
 
a
 
net
 
income
 
of
$1.2
 
million,
 
or
 
$0.02
 
per
 
basic
 
and
 
diluted
 
common
 
share,
 
in
 
the
 
prior-year
 
period.
 
For
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023,
 
total
 
dozens
 
sold
 
increased
 
5.4%
 
to
 
284.1
 
million
versus
 
269.6
 
million
 
in
 
the
 
prior-year
 
quarter,
 
driven
 
by
 
strong
 
sales
 
volumes
 
in
 
the
 
specialty
 
eggs
category.
 
Conventional
 
egg
 
volumes
 
sold
 
decreased
 
2.2%
 
compared
 
with
 
second
 
quarter
 
2022,
while
 
specialty
 
egg
 
volumes
 
sold
 
increased
 
by
 
24.1%.
 
This
 
increase
 
in
 
demand
 
for
 
specialty
 
eggs
was
 
positively
 
affected
 
by
 
the
 
higher
 
conventional
 
egg
 
prices
 
as
 
compared
 
to
 
the
 
same
 
period
 
in
 
the
prior
 
year.
 
Conventional
 
egg
 
prices
 
exceeding
 
specialty
 
egg
 
prices
 
has
 
occurred
 
for
 
the
 
past
 
three
quarters
 
but
 
is
 
atypical
 
historically.
 
Demand
 
was
 
further
 
supported
 
by
 
California’s
 
and
Massachusetts’
 
cage-free
 
mandates
 
going
 
into
 
effect
 
January
 
1,
 
2022,
 
as
 
well
 
as
 
more
 
retailers
shifting
 
to
 
selling
 
more
 
cage-free
 
products.
 
The
 
Company
 
reported
 
operating
 
income
 
of
 
$259.9
 
million
 
for
 
the
 
second
 
quarter
 
of
 
fiscal
2023
 
amidst
 
a
 
challenging
 
environment
 
with
 
higher
 
costs
 
across
 
various
 
inputs
 
including
 
feed,
Cal-Maine Foods Reports Record Results for Second Quarter 2023
Page 3
December 28, 2022
-MORE-
labor,
 
packaging,
 
and
 
distribution.
 
Overall,
 
farm
 
production
 
costs
 
per
 
dozen
 
increased
 
22.0%,
 
or
$0.193,
 
compared
 
with
 
the
 
prior-year
 
period,
 
primarily
 
tied
 
to
 
significantly
 
higher
 
feed
 
costs.
 
For
the
 
second
 
quarter
 
of
 
fiscal
 
2023,
 
feed
 
costs
 
per
 
dozen
 
were
 
$0.685,
 
a
 
29.5%
 
increase
 
compared
with
 
the
 
second
 
quarter
 
of
 
fiscal
 
2022.
 
Supplies
 
of
 
corn
 
and
 
soybean
 
remained
 
tight
 
relative
 
to
demand
 
in
 
the
 
second
 
quarter
 
of
 
fiscal
 
2023,
 
as
 
evidenced
 
by
 
a
 
low
 
stock-to-use
 
ratio
 
for
 
corn,
 
due
to
 
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.
 
Additionally,
basis
 
levels
 
for
 
corn
 
ran
 
significantly
 
higher
 
in
 
the
 
Company’s
 
area
 
of
 
operations
 
compared
 
to
 
prior-
year
 
second
 
fiscal
 
quarter,
 
adding
 
to
 
the
 
Company’s
 
expense.
 
For
 
fiscal
 
2023,
 
the
 
Company
 
expects
continued
 
corn
 
and
 
soybean
 
upward
 
pricing
 
pressures
 
and
 
further
 
market
 
volatility
 
to
 
affect
 
feed
costs.
 
Product Mix & Cage-Free Eggs
Cal-Maine
 
Foods
 
is
 
committed
 
to
 
sustainably
 
meeting
 
evolving
 
customer
 
needs
 
with
 
a
product
 
mix
 
that
 
aligns
 
with
 
current
 
and
 
expected
 
demand
 
trends.
 
Specialty
 
eggs
 
remain
 
a
 
primary
focus
 
of
 
the
 
Company’s
 
growth
 
strategy.
As
 
market
 
demand
 
for
 
specialty
 
eggs,
 
especially
 
cage-free
 
eggs,
 
has
 
increased,
 
Cal-Maine
Foods
 
has
 
made
 
substantial
 
investments
 
in
 
its
 
production
 
facilities
 
to
 
expand
 
the
 
Company’s
 
cage-
free
 
capacity
 
and
 
distribution
 
capabilities.
 
A
 
significant
 
number
 
of
 
Cal-Maine
 
Foods’
 
customers
previously
 
announced
 
goals
 
to
 
offer
 
cage-free
 
eggs
 
exclusively
 
on
 
or
 
before
 
2026,
 
though
 
some
 
of
these
 
customers
 
have
 
extended
 
those
 
timelines
 
to
 
the
 
end
 
of
 
2030.
 
The
 
Company
 
continues
 
to
monitor
 
the
 
increasing
 
demand
 
for
 
cage-free
 
eggs
 
and
 
to
 
engage
 
with
 
its
 
customers
 
in
 
efforts
 
to
achieve
 
a
 
smooth
 
transition
 
toward
 
their
 
announced
 
timelines
 
for
 
cage-free
 
egg
 
sales.
 
For
 
the
second
 
quarter
 
of
 
2023,
 
sales
 
of
 
cage-free
 
eggs
 
represented
 
approximately
 
18.2%
 
of
 
shell
 
egg
revenues
 
versus
 
22.4%
 
for
 
the
 
same
 
prior
 
year
 
period.
 
Cage-free
 
dozens
 
sold
 
increased
 
47.4%
 
in
the
 
second
 
quarter
 
of
 
fiscal
 
2023
 
as
 
compared
 
to
 
the
 
second
 
quarter
 
of
 
fiscal
 
2022.
The
 
Company
 
is
 
also
 
focused
 
on
 
additional
 
ways
 
to
 
enhance
 
its
 
product
 
mix
 
and
 
support
new
 
opportunities
 
in
 
the
 
restaurant,
 
institutional
 
and
 
industrial
 
food
 
products
 
arena.
 
On
 
October
4,
 
2021,
 
Cal-Maine
 
Foods
 
announced
 
a
 
strategic
 
investment
 
of
 
$18.5
 
million
 
in
 
debt
 
and
 
equity
 
in
Meadow
 
Creek
 
Foods,
 
LLC
 
(“MeadowCreek”)
 
an
 
egg
 
products
 
operation
 
located
 
in
 
Neosho,
Missouri,
 
focused
 
on
 
offering
 
hard-cooked
 
eggs.
 
Cal-Maine
 
Foods
 
serves
 
as
 
the
 
preferred
 
provider
of
 
specialty
 
and
 
conventional
 
eggs
 
for
 
MeadowCreek
 
to
 
manufacture
 
egg
 
products.
 
On
 
December
13,
 
2022,
 
the
 
Board
 
of
 
Directors
 
approved
 
an
 
additional
 
$13.8
 
million
 
investment
 
to
 
expand
 
the
Company’s
 
controlling
 
interest
 
and
 
fund
 
additional
 
equipment
 
and
 
working
 
capital
 
needs
 
to
support
 
growth
 
opportunities
 
for
 
MeadowCreek.
 
As
 
demand
 
for
 
hard-cooked
 
eggs
 
has
 
continued
to
 
grow,
 
the
 
funds
 
will
 
be
 
used
 
for
 
additional
 
refrigerated
 
storage
 
space
 
and
 
expanded
 
capacity
 
for
cooking
 
and
 
packaging
 
to
 
better
 
serve
 
MeadowCreek’s
 
customers.
 
Due
 
to
 
delays
 
caused
 
by
 
supply
chain
 
issues
 
and
 
plans
 
for
 
expansion,
 
MeadowCreek
 
is
 
expected
 
to
 
begin
 
operations
 
by
 
or
 
before
March
 
2023.
Table Egg Supply Outlook
Cal-Maine
 
Foods
 
is
 
closely
 
monitoring
 
the
 
current
 
outbreak
 
of
 
HPAI
 
that
 
was
 
first
 
detected
in
 
commercial
 
flocks
 
in
 
the
 
U.S.
 
in
 
February
 
2022.
 
Outbreaks
 
in
 
commercial
 
flocks
 
in
 
the
 
U.S.
 
have
Cal-Maine Foods Reports Record Results for Second Quarter 2023
Page 4
December 28, 2022
-MORE-
most
 
recently
 
occurred
 
during
 
each
 
month
 
from
 
September
 
to
 
December
 
2022.
 
The
 
current
 
HPAI
epidemic
 
has
 
surpassed
 
the
 
prior
 
2014-2015
 
outbreak
 
in
 
terms
 
of
 
the
 
number
 
of
 
affected
 
hens
 
in
the
 
U.S.,
 
and
 
HPAI
 
continues
 
to
 
circulate
 
throughout
 
the
 
wild
 
bird
 
population
 
in
 
the
 
U.S.
 
and
abroad.
 
According
 
to
 
the
 
U.S.
 
Centers
 
for
 
Disease
 
Control
 
and
 
Prevention,
 
these
 
detections
 
do
 
not
present
 
an
 
immediate
 
public
 
health
 
concern.
 
There
 
have
 
been
 
no
 
positive
 
tests
 
for
 
HPAI
 
at
 
any
 
Cal-
Maine
 
Foods’
 
owned
 
or
 
contracted
 
production
 
facility
 
as
 
of
 
December
 
28,
 
2022.
 
The
 
USDA
 
division
of
 
Animal
 
and
 
Plant
 
Health
 
Inspection
 
Service
 
(“APHIS”)
 
reported
 
on
 
December
 
27,
 
2022,
 
that
approximately
 
43.3
 
million
 
commercial
 
layer
 
hens
 
and
 
1.0
 
million
 
pullets
 
have
 
been
 
depopulated
due
 
to
 
HPAI
 
this
 
year.
 
The
 
Company
 
believes
 
the
 
HPAI
 
outbreak
 
will
 
continue
 
to
 
exert
 
downward
 
pressure
 
on
 
the
overall
 
supply
 
of
 
eggs,
 
and
 
the
 
duration
 
of
 
these
 
effects
 
will
 
depend
 
in
 
part
 
on
 
the
 
timing
 
of
replenishment
 
of
 
the
 
U.S.
 
layer
 
hen
 
flock.
 
Prior
 
to
 
the
 
outbreak
 
of
 
HPAI
 
in
 
February
 
2022,
 
the
 
layer
hen
 
flock
 
five-year
 
average
 
from
 
2017
 
through
 
2021
 
was
 
comprised
 
of
 
approximately
 
328
 
million
hens.
 
According
 
to
 
a
 
LEAP
 
Market
 
Analytics
 
report
 
dated
 
December
 
8,
 
2022,
 
the
 
layer
 
hen
inventory
 
is
 
not
 
projected
 
to
 
exceed
 
the
 
328
 
million
 
mark
 
again
 
until
 
December
 
of
 
2023.
 
Layer
 
hen
numbers
 
reported
 
by
 
the
 
USDA
 
as
 
of
 
December
 
1,
 
2022,
 
were
 
308
 
million,
 
which
 
represents
 
a
decrease
 
of
 
5.8%
 
compared
 
with
 
the
 
layer
 
hen
 
inventory
 
a
 
year
 
ago.
 
However,
 
the
 
USDA
 
also
reported
 
that
 
the
 
hatch
 
from
 
July
 
2022
 
through
 
November
 
2022
 
increased
 
5.8%
 
as
 
compared
 
with
the
 
prior-year
 
period.
 
Cal-Maine
 
Foods
 
believes
 
it
 
has
 
been
 
mindful
 
and
 
proactive
 
in
 
implementing
and
 
maintaining
 
robust
 
biosecurity
 
programs
 
across
 
all
 
its
 
locations
 
and
 
facilities.
 
The
 
Company
 
is
working
 
closely
 
with
 
federal,
 
state
 
and
 
local
 
government
 
officials,
 
and
 
focused
 
industry
 
groups
 
to
mitigate
 
the
 
risk
 
of
 
this
 
and
 
future
 
outbreaks,
 
and
 
effectively
 
manage
 
a
 
response,
 
if
 
needed.
ProEgg Cooperative
Cal-Maine
 
Foods
 
has
 
joined
 
in
 
the
 
formation
 
of
 
a
 
new
 
egg
 
farmer
 
cooperative
 
in
 
the
 
western
United
 
States.
 
ProEgg,
 
Inc.
 
(“ProEgg”)
 
is
 
comprised
 
of
 
leading
 
egg
 
production
 
companies,
including
 
Cal-Maine
 
Foods,
 
servicing
 
retail
 
and
 
foodservice
 
shell
 
egg
 
customers
 
in
 
13
 
western
 
states.
 
ProEgg
 
is
 
a
 
producer-owned
 
cooperative
 
organized
 
under
 
the
 
Capper-Volstead
 
Act.
 
Cal-Maine
 
Foods’
 
membership
 
in
 
ProEgg
 
is
 
expected
 
to
 
provide
 
benefits
 
for
 
its
 
customers,
including
 
supply
 
chain
 
stability
 
and
 
enhanced
 
reliability.
 
Initially,
 
Cal-Maine
 
Foods’
 
customer
relationships
 
and
 
customer
 
support
 
are
 
expected
 
to
 
remain
 
the
 
same.
 
At
 
some
 
point
 
in
 
the
 
future,
it
 
is
 
anticipated
 
that
 
each
 
producer
 
member
 
will
 
sell
 
through
 
ProEgg
 
the
 
shell
 
eggs
 
it
 
produces
 
for
sale
 
in
 
the
 
western
 
states
 
covered
 
by
 
the
 
cooperative.
 
Customers
 
would
 
have
 
a
 
single
 
point
 
of
 
contact
for
 
their
 
shell
 
egg
 
purchases,
 
as
 
ProEgg
 
would
 
have
 
a
 
dedicated
 
team
 
to
 
market
 
and
 
sell
 
the
members’
 
combined
 
egg
 
production
 
in
 
the
 
region.
Miller
 
commented,
 
“Cal-Maine
 
Foods’
 
top
 
priority
 
in
 
joining
 
as
 
a
 
member
 
of
 
ProEgg
 
is
serving
 
our
 
valued
 
customers
 
in
 
this
 
important
 
market
 
region.
 
During
 
this
 
initial
 
phase,
 
we
 
will
continue
 
our
 
work
 
to
 
confirm
 
that
 
our
 
participation
 
in
 
this
 
new
 
cooperative
 
is
 
in
 
the
 
best
 
interest
 
of
our
 
customers
 
and
 
aligns
 
with
 
our
 
long-term
 
interests.
 
This
 
consideration
 
will
 
take
 
place
 
before
moving
 
to
 
the
 
next
 
phase
 
of
 
membership,
 
and
 
we
 
expect
 
this
 
process
 
to
 
be
 
completed
 
on
 
or
 
before
the
 
end
 
of
 
our
 
fiscal
 
year
 
2023.”
 
Cal-Maine Foods Reports Record Results for Second Quarter 2023
Page 5
December 28, 2022
-MORE-
Dividend Payment
For
 
second
 
quarter
 
2023,
 
Cal-Maine
 
Foods
 
will
 
pay
 
a
 
cash
 
dividend
 
of
 
approximately
 
$1.35
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
 
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
 
February
 
9,
 
2023,
 
to
 
holders
 
of
 
record
 
on
 
January
25,
 
2023.
About Cal-Maine Foods
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.
Forward Looking Statements
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
Cal-Maine Foods Reports Record Results for Second Quarter 2023
Page 6
December 28, 2022
-MORE-
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 Record Results for Second Quarter 2023
Page 7
December 28, 2022
-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 26, 2022
November 27, 2021
November 26, 2022
November 27, 2021
Net sales
$
801,700
$
381,723
$
1,460,044
$
706,709
Cost of sales
483,851
337,976
924,705
656,317
Gross profit
317,849
43,747
535,339
50,392
Selling, general and administrative
57,952
47,780
111,559
94,305
(Gain) loss on disposal of fixed assets
29
(1,968)
62
(2,181)
Operating income (loss)
259,868
(2,065)
423,718
(41,732)
Other income, net
2,400
2,533
4,030
8,336
Income (loss) before income taxes
262,268
468
427,748
(33,396)
Income tax expense (benefit)
63,974
(677)
104,320
(16,515)
Net income (loss)
198,294
1,145
323,428
(16,881)
Less: Loss attributable to noncontrolling
interest
(293)
(28)
(446)
(28)
Net income (loss) attributable to Cal-
Maine Foods, Inc.
$
198,587
$
1,173
$
323,874
$
(16,853)
Net income (loss) per common share:
Basic
$
4.08
$
0.02
$
6.66
$
(0.34)
Diluted
$
4.07
$
0.02
$
6.63
$
(0.34)
Weighted average shares outstanding:
Basic
48,624
48,857
48,624
48,859
Diluted
48,840
49,016
48,827
48,859
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Reports Record Results for Second Quarter 2023
Page 8
December 28, 2022
-END-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
 
SUMMARY BALANCE SHEETS
November 26, 2022
May 28, 2022
ASSETS
Cash and short-term investments
$
379,349
$
174,513
Receivables, net
305,111
219,404
Inventories, net
280,582
263,316
Prepaid expenses and other current assets
8,968
4,286
Current assets
974,010
661,519
Property, plant and equipment, net
703,882
677,796
Other noncurrent assets
85,548
88,174
Total assets
$
1,763,440
$
1,427,489
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses
$
240,347
$
148,018
Dividends payable
66,202
36,656
Current liabilities
306,549
184,674
Deferred income taxes and other liabilities
136,586
138,470
Stockholders' equity
1,320,305
1,104,345
Total liabilities and stockholders' equity
$
1,763,440
$
1,427,489