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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 SALES FOR FISCAL FIRST
QUARTER 2023, ANNOUNCES QUARTERLY CASH DIVIDEND
RIDGELAND,
 
Miss.
 
(September
 
27,
 
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
 
first
 
quarter
 
of
 
fiscal
 
2023
 
(thirteen
 
weeks)
 
ended
 
August
 
27,
2022.
 
First Quarter Fiscal 2023 Highlights
●
Record
 
quarterly
 
net
 
sales
 
of
 
$658.3
 
million,
 
a
 
103%
 
increase
 
compared
 
with
 
the
 
same
quarter
 
last
 
year,
 
driven
 
by
 
record
 
average
 
conventional
 
selling
 
price
 
and
 
record
 
specialty
sales
 
volume
 
●
First
 
quarter
 
net
 
income
 
of
 
$125.3
 
million,
 
or
 
$2.58
 
per
 
basic
 
and
 
$2.57
 
per
 
diluted
common
 
share
●
First
 
quarter
 
gross
 
profit
 
margin
 
of
 
33.0%
●
Announces
 
first
 
quarter
 
fiscal
 
2023
 
cash
 
dividend
 
of
 
$0.85
 
per
 
share
Overview
Dolph
 
Baker,
 
chairman
 
and
 
chief
 
executive
 
officer
 
of
 
Cal-Maine
 
Foods,
 
commented,
 
“We
 
are
pleased
 
to
 
begin
 
fiscal
 
2023
 
with
 
record
 
quarterly
 
sales
 
for
 
Cal-Maine
 
Foods.
 
We
 
benefitted
 
from
higher
 
average
 
selling
 
prices
 
and
 
record
 
specialty
 
egg
 
sales
 
volumes
 
leading
 
to
 
historic
 
Company
record
 
revenue
 
for
 
both
 
conventional
 
and
 
specialty
 
shell
 
eggs.
 
We
 
continue
 
to
 
focus
 
on
 
offering
consumers
 
a
 
choice
 
with
 
a
 
favorable
 
product
 
mix
 
in
 
line
 
with
 
changing
 
demand
 
trends.
 
We
 
believe
this
 
strategy
 
has
 
created
 
momentum
 
across
 
retail
 
channels
 
and
 
delivered
 
a
 
performance
 
that
 
has
outpaced
 
the
 
industry.
“Our
 
operations
 
ran
 
well
 
during
 
the
 
quarter,
 
and
 
we
 
are
 
pleased
 
with
 
our
 
ability
 
to
 
manage
the
 
business
 
despite
 
significant
 
inflationary
 
pressures
 
contributing
 
to
 
rising
 
costs
 
for
 
feed,
 
labor,
packaging,
 
and
 
distribution,
 
among
 
other
 
costs.
 
We
 
remain
 
focused
 
on
 
the
 
aspects
 
of
 
the
 
business
we
 
can
 
control
 
with
 
a
 
shared
 
commitment
 
across
 
Cal-Maine
 
Foods’
 
operations
 
to
 
be
 
the
 
most
efficient
 
and
 
sustainable
 
producer
 
of
 
fresh
 
shell
 
eggs
 
and
 
egg
 
products
 
in
 
the
 
United
 
States.”
 
Max
 
Bowman,
 
chief
 
financial
 
officer
 
of
 
Cal-Maine
 
Foods,
 
added,
 
“Our
 
financial
 
performance
over
 
the
 
quarter
 
reflects
 
our
 
ability
 
to
 
execute
 
our
 
operating
 
strategy
 
in
 
dynamic
 
conditions,
 
while
continuing
 
to
 
meet
 
the
 
expanding
 
needs
 
of
 
our
 
customers.
 
The
 
significant
 
increase
 
in
 
pricing
 
and
favorable
 
volume
 
trends
 
in
 
specialty
 
egg
 
sales,
 
along
 
with
 
efficient
 
expense
 
management,
 
led
 
to
improved
 
profitability
 
with
 
a
 
gross
 
profit
 
margin
 
of
 
33.0%
 
for
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023.
“Egg
 
prices
 
continued
 
to
 
move
 
higher
 
during
 
the
 
quarter
 
as
 
supply
 
tightened
 
due
 
to
 
the
impact
 
of
 
the
 
highly
 
pathogenic
 
avian
 
influenza
 
(“HPAI”)
 
outbreak
 
and
 
good
 
customer
 
demand
 
for
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Announces Record Sales for First Quarter 2023
Page 2
September 27, 2022
-MORE-
conventional
 
eggs.
 
Conventional
 
egg
 
net
 
average
 
selling
 
price
 
per
 
dozen
 
increased
 
to
 
$2.368
compared
 
with
 
$0.990
 
a
 
year
 
ago,
 
and
 
both
 
conventional
 
and
 
specialty
 
egg
 
revenue
 
reached
 
record
levels
 
for
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023.
 
Net
 
average
 
selling
 
price
 
for
 
specialty
 
eggs
 
rose
 
12.2%
 
to
$2.101
 
per
 
dozen,
 
compared
 
with
 
$1.872
 
per
 
dozen
 
for
 
the
 
first
 
quarter
 
of
 
2022.
 
We
 
saw
 
our
 
highest
ever
 
quarterly
 
sales
 
of
 
specialty
 
eggs
 
of
 
$200.8
 
million,
 
or
 
31.8
 
%
 
of
 
total
 
shell
 
egg
 
revenue.
 
Specialty
dozens
 
sold
 
were
 
34.7%
 
of
 
total
 
dozens
 
sold
 
compared
 
with
 
27.8%
 
in
 
the
 
prior-year
 
period.”
13 Weeks Ended
August 27, 2022
August 28, 2021
Dozen
 
Eggs
 
Sold
 
(000)
275,317
254,622
Conventional
 
Dozen
 
Eggs
 
Sold
 
(000)
179,712
183,872
Specialty
 
Dozen
 
Eggs
 
Sold
 
(000)
95,605
70,750
Dozen
 
Eggs
 
Produced
 
(000)
257,654
236,458
%
 
Specialty
 
Sales
 
(dozen)
34.7
%
27.8
%
%
 
Specialty
 
Sales
 
(dollars)
31.8
%
42.0
%
Net
 
Average
 
Selling
 
Price
 
(per
 
dozen)
$
2.275
$
1.235
Net
 
Average
 
Selling
 
Price
 
Conventional
 
Eggs
 
(per
 
dozen)
$
2.368
$
0.990
Net
 
Average
 
Selling
 
Price
 
Specialty
 
Eggs
 
(per
 
dozen)
$
2.101
$
1.872
Feed
 
Cost
 
(per
 
dozen)
$
0.667
$
0.545
Sales Performance & Operating Highlights
Net
 
sales
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023
 
were
 
$658.3
 
million,
 
compared
 
with
$325.0
 
million
 
in
 
the
 
first
 
quarter
 
of
 
fiscal
 
2022.
 
The
 
Company
 
reported
 
net
 
income
 
of
 
$125.3
million,
 
or
 
$2.58
 
per
 
basic
 
and
 
$2.57
 
per
 
diluted
 
common
 
share,
 
compared
 
with
 
a
 
net
 
loss
 
of
 
$18.0
million,
 
or
 
$0.37
 
per
 
basic
 
and
 
diluted
 
common
 
share,
 
in
 
the
 
prior-year
 
period.
 
For
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023,
 
total
 
dozens
 
sold
 
increased
 
8.1%
 
to
 
275.3
 
million
 
versus
254.6
 
million
 
in
 
the
 
prior-year
 
quarter,
 
in
 
part
 
driven
 
by
 
strong
 
sales
 
volumes
 
in
 
the
 
specialty
 
eggs
category.
 
Conventional
 
egg
 
volumes
 
sold
 
decreased
 
2.3%
 
compared
 
with
 
first
 
quarter
 
2022,
 
while
specialty
 
egg
 
volumes
 
sold
 
increased
 
by
 
35.1%.
 
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.
 
Demand
 
was
 
further
 
positively
 
affected
 
by
 
California’s
 
and
 
Massachusetts’
 
cage-free
 
mandate
going
 
into
 
effect
 
January
 
1,
 
2022,
 
as
 
well
 
as
 
more
 
retailers
 
shifting
 
to
 
selling
 
more
 
cage-free
products.
The
 
Company
 
reported
 
operating
 
income
 
of
 
$163.9
 
million
 
for
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023
compared
 
with
 
an
 
operating
 
loss
 
of
 
$39.7
 
million
 
in
 
the
 
prior-year
 
quarter.
 
The
 
Company
 
continued
to
 
navigate
 
through
 
a
 
tight
 
labor
 
market
 
with
 
higher
 
wages
 
and
 
incurred
 
higher
 
distribution
 
costs
due
 
to
 
the
 
increase
 
in
 
fuel
 
prices
 
compared
 
to
 
the
 
first
 
quarter
 
of
 
fiscal
 
2022.
 
Overall,
 
farm
production
 
costs
 
per
 
dozen
 
increased
 
16.5%,
 
or
 
$0.148,
 
compared
 
with
 
the
 
prior-year
 
period,
primarily
 
tied
 
to
 
significantly
 
higher
 
feed
 
costs.
 
For
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023,
 
feed
 
costs
 
per
dozen
 
were
 
$0.667,
 
a
 
22.4%
 
increase
 
compared
 
with
 
the
 
first
 
quarter
 
of
 
fiscal
 
2022.
 
Supplies
 
of
corn
 
and
 
soybean
 
remained
 
tight
 
relative
 
to
 
demand
 
in
 
first
 
quarter
 
of
 
fiscal
 
2023
 
as
 
evidenced
 
by
a
 
low
 
stock-to-use
 
ratio
 
for
 
corn,
 
as
 
result
 
of
 
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.
 
Basis
 
levels
 
for
 
corn
 
ran
 
significantly
 
higher
 
in
 
the
 
Company’s
 
area
of
 
operations
 
compared
 
to
 
prior
 
year
 
first
 
fiscal
 
quarter.
 
For
 
fiscal
 
2023,
 
the
 
Company
 
expects
Cal-Maine Foods Announces Record Sales for First Quarter 2023
Page 3
September 27, 2022
-MORE-
continued
 
corn
 
and
 
soybean
 
upward
 
pricing
 
pressures
 
and
 
further
 
market
 
volatility
 
to
 
affect
 
feed
costs.
 
Product Mix & Cage-Free Eggs
Providing
 
customers
 
with
 
a
 
favorable
 
product
 
mix
 
is
 
an
 
important
 
differentiator
 
for
 
Cal-
Maine
 
Foods.
 
Specialty
 
eggs
 
are
 
an
 
integral
 
part
 
of
 
the
 
Company’s
 
growth
 
strategy
 
and
 
remain
 
a
primary
 
focus
 
for
 
fiscal
 
2023.
 
Cal-Maine
 
Foods
 
continues
 
to
 
make
 
significant
 
investments
 
in
production
 
capacity
 
to
 
meet
 
the
 
demand
 
for
 
specialty
 
eggs,
 
including
 
cage-free
 
eggs,
 
as
 
customer
demand
 
has
 
evolved
 
in
 
line
 
with
 
state
 
requirements.
A
 
significant
 
number
 
of
 
Cal-Maine
 
Foods’
 
customers
 
have
 
previously
 
announced
 
goals
 
to
offer
 
cage-free
 
eggs
 
exclusively
 
on
 
or
 
before
 
2026,
 
subject
 
in
 
most
 
cases
 
to
 
availability
 
of
 
supply,
affordability
 
and
 
customer
 
demand,
 
among
 
other
 
contingencies.
 
Some
 
of
 
these
 
customers
 
have
recently
 
changed
 
those
 
goals
 
to
 
offer
 
70%
 
cage-free
 
eggs
 
by
 
the
 
end
 
of
 
2030.
 
The
 
Company’s
customers
 
typically
 
do
 
not
 
commit
 
to
 
long-term
 
purchases
 
of
 
specific
 
quantities
 
or
 
types
 
of
 
eggs,
and
 
as
 
a
 
result,
 
it
 
is
 
difficult
 
to
 
accurately
 
predict
 
customer
 
requirements
 
for
 
cage-free
 
eggs.
 
The
Company
 
continues
 
to
 
engage
 
with
 
its
 
customers
 
in
 
efforts
 
to
 
achieve
 
a
 
smooth
 
transition
 
toward
meeting
 
their
 
announced
 
goals
 
and
 
needs.
 
Sales
 
of
 
cage-free
 
eggs
 
represented
 
approximately
 
19.4%
of
 
shell
 
egg
 
revenues
 
for
 
the
 
first
 
quarter
 
of
 
fiscal
 
2023.
 
Cage-free
 
dozens
 
sold
 
increased
 
58%
 
in
 
the
first
 
quarter
 
of
 
fiscal
 
2023
 
as
 
compared
 
to
 
the
 
first
 
quarter
 
of
 
fiscal
 
2022.
Cal-Maine
 
Foods
 
has
 
invested
 
significant
 
capital
 
in
 
recent
 
years
 
to
 
acquire
 
and
 
construct
cage-free
 
facilities
 
and
 
remains
 
focused
 
on
 
future
 
expansion
 
projects
 
that
 
will
 
include
 
cage-free
facilities.
 
At
 
the
 
same
 
time,
 
the
 
Company
 
understands
 
the
 
importance
 
of
 
continuing
 
to
 
provide
 
more
affordable
 
conventional
 
eggs
 
in
 
order
 
to
 
provide
 
its
 
customers
 
with
 
a
 
variety
 
of
 
egg
 
choices
 
and
 
to
address
 
hunger
 
in
 
more
 
communities.
 
Table Egg Supply Outlook
Layer
 
hen
 
numbers
 
reported
 
by
 
the
 
USDA
 
as
 
of
 
September
 
21,
 
2022,
 
were
 
305.3
 
million,
which
 
represents
 
a
 
decrease
 
of
 
4.6%
 
compared
 
with
 
the
 
layer
 
hen
 
inventory
 
a
 
year
 
ago.
 
The
 
USDA
also
 
reported
 
that
 
the
 
hatch
 
from
 
April
 
2022
 
through
 
August
 
2022
 
decreased
 
0.5%
 
as
 
compared
with
 
the
 
prior-year
 
period.
 
As
 
of
 
September
 
1,
 
2022,
 
however,
 
eggs
 
in
 
incubators
 
were
 
up
 
9.0%
 
year-
over-year,
 
indicating
 
that
 
layer
 
flocks
 
may
 
increase
 
in
 
the
 
future.
Cal-Maine
 
Foods
 
continues
 
to
 
monitor
 
the
 
current
 
outbreak
 
of
 
highly
 
pathogenic
 
avian
influenza
 
(“HPAI”),
 
that
 
was
 
first
 
detected
 
in
 
commercial
 
flocks
 
in
 
the
 
U.S.
 
in
 
February
 
2022
 
and,
which
 
was
 
most
 
recently
 
detected
 
in
 
commercial
 
flocks
 
in
 
the
 
U.S.
 
in
 
September
 
2022.
 
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
 
September
 
27,
 
2022.
 
The
 
USDA
 
division
 
of
Animal
 
and
 
Plant
 
Health
 
Inspection
 
Service
 
(“APHIS”)
 
reported
 
that
 
approximately
 
35.6
 
million
commercial
 
layer
 
hens
 
and
 
1.0
 
million
 
pullets
 
have
 
been
 
depopulated
 
due
 
to
 
HPAI.
 
According
 
to
APHIS,
 
the
 
most
 
recently
 
reported
 
outbreaks
 
of
 
HPAI
 
affecting
 
commercial
 
layer
 
hens
 
and
 
pullets
occurred
 
September
 
21,
 
2022,
 
and
 
June
 
9,
 
2022,
 
respectively.
 
The
 
Company
 
believes
 
that
 
HPAI
outbreak
 
will
 
continue
 
to
 
have
 
an
 
impact
 
on
 
the
 
overall
 
supply
 
of
 
eggs
 
through
 
the
 
balance
 
of
 
this
Cal-Maine Foods Announces Record Sales for First Quarter 2023
Page 4
September 27, 2022
-MORE-
calendar
 
year
 
and
 
possibly
 
beyond.
 
According
 
to
 
LEAP
 
Market
 
Analytics,
 
layer
 
hen
 
inventory
 
is
 
not
projected
 
to
 
exceed
 
the
 
320
 
million
 
mark
 
until
 
October
 
of
 
2023.
While
 
no
 
farm
 
is
 
immune
 
from
 
HPAI,
 
Cal-Maine
 
Foods
 
believes
 
it
 
has
 
implemented
 
and
continues
 
to
 
maintain
 
robust
 
biosecurity
 
programs
 
across
 
all
 
its
 
locations.
 
The
 
Company
 
is
 
also
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.
Dividend Payment
For
 
first
 
quarter
 
2023,
 
Cal-Maine
 
Foods
 
will
 
pay
 
a
 
cash
 
dividend
 
of
 
approximately
 
$o.85
 
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
 
November
 
10,
 
2022,
 
to
 
holders
 
of
 
record
 
on
 
October
 
26,
 
2022.
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
Cal-Maine Foods Announces Record Sales for First Quarter 2023
Page 5
September 27, 2022
-MORE-
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 Announces Record Sales for First Quarter 2023
Page 6
September 27, 2022
-MORE-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In
 
thousands,
 
except
 
per
 
share
 
amounts)
SUMMARY STATEMENTS OF OPERATIONS
13 Weeks Ended
August 27, 2022
August 28, 2021
Net
 
sales
$
658,344
$
324,986
Cost
 
of
 
sales
440,854
318,341
Gross
 
profit
217,490
6,645
Selling,
 
general
 
and
 
administrative
53,607
46,525
(Gain)
 
loss
 
on
 
disposal
 
of
 
fixed
 
assets
33
(213)
Operating
 
income
 
(loss)
163,850
(39,667)
Other
 
income,
 
net
1,630
5,803
Income
 
(loss)
 
before
 
income
 
taxes
165,480
(33,864)
Income
 
tax
 
expense
 
(benefit)
40,346
(15,838)
Net
 
income
 
(loss)
125,134
(18,026)
Less:
 
Loss
 
attributable
 
to
 
noncontrolling
 
interest
(153)
—
Net
 
income
 
(loss)
 
attributable
 
to
 
Cal-Maine
 
Foods,
 
Inc.
$
125,287
$
(18,026)
Net
 
income
 
(loss)
 
per
 
common
 
share:
Basic
$
2.58
$
(0.37)
Diluted
$
2.57
$
(0.37)
Weighted
 
average
 
shares
 
outstanding:
Basic
48,623
48,858
Diluted
48,811
48,858
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cal-Maine Foods Announces Record Sales for First Quarter 2023
Page 7
September 27, 2022
-END-
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)
 
SUMMARY BALANCE SHEETS
August 27, 2022
May 28, 2022
ASSETS
Cash
 
and
 
short-term
 
investments
$
281,805
$
174,513
Receivables,
 
net
220,364
219,404
Inventories,
 
net
265,754
263,316
Prepaid
 
expenses
 
and
 
other
 
current
 
assets
10,965
4,286
Current
 
assets
778,888
661,519
Property,
 
plant
 
and
 
equipment,
 
net
688,656
677,796
Other
 
noncurrent
 
assets
87,185
88,174
Total
 
assets
$
1,554,729
$
1,427,489
LIABILITIES
 
AND
 
STOCKHOLDERS'
 
EQUITY
Accounts
 
payable
 
and
 
accrued
 
expenses
$
188,689
$
148,018
Dividends
 
payable
41,742
36,656
Current
 
liabilities
230,431
184,674
Deferred
 
income
 
taxes
 
and
 
other
 
liabilities
136,335
138,470
Stockholders'
 
equity
1,187,963
1,104,345
Total
 
liabilities
 
and
 
stockholders'
 
equity
$
1,554,729
$
1,427,489