Delaware | 000-04892 | 64-0500378 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
CAL-MAINE FOODS, INC. | |||
Date: | January 5, 2018 | By: | /s/ Timothy A. Dawson |
Timothy A. Dawson Director, Vice President, and Chief Financial Officer |
![]() | Contacts: | Dolph Baker, Chairman, President and CEO | |
Timothy A. Dawson, Vice President and CFO | |||
(601) 948-6813 |
13 Weeks Ended | 26 Weeks Ended | |||||||||||||
December 2, 2017 | November 26, 2016 | December 2, 2017 | November 26, 2016 | |||||||||||
Dozen Eggs Sold (000) | 263,086 | 252,177 | 512,549 | 494,501 | ||||||||||
Dozen Eggs Produced (000) | 222,889 | 211,971 | 436,459 | 410,753 | ||||||||||
% Specialty Sales (dozen)* | 22.6 | % | 22.4 | % | 22.2 | % | 22.6 | % | ||||||
% Specialty Sales (dollars)* | 32.3 | % | 45.8 | % | 35.4 | % | 46.2 | % | ||||||
Net Average Selling Price (dozen) | $ | 1.321 | $ | 0.971 | $ | 1.173 | $ | 0.962 | ||||||
Net Average Selling Price Specialty Eggs (dozen)* | $ | 1.903 | $ | 2.003 | $ | 1.891 | $ | 1.988 | ||||||
Feed Cost (dozen) | $ | 0.388 | $ | 0.394 | $ | 0.382 | $ | 0.412 |
13 Weeks Ended | 26 Weeks Ended | |||||||||||||||
December 2, 2017 | November 26, 2016 | December 2, 2017 | November 26, 2016 | |||||||||||||
Net sales | $ | 361,172 | $ | 253,544 | $ | 624,017 | $ | 493,389 | ||||||||
Cost of sales | 278,776 | 249,596 | 524,285 | 499,010 | ||||||||||||
Gross profit (loss) | 82,396 | 3,948 | 99,732 | (5,621 | ) | |||||||||||
Selling, general, and administrative expense | 42,160 | 41,991 | 83,870 | 82,247 | ||||||||||||
Legal settlement expense | 80,750 | — | 80,750 | — | ||||||||||||
Loss on disposal of fixed assets | (50 | ) | 215 | (46 | ) | 740 | ||||||||||
Operating loss | (40,464 | ) | (38,258 | ) | (64,842 | ) | (88,608 | ) | ||||||||
Other income (expense), net | 371 | 1,490 | 232 | 3,300 | ||||||||||||
Loss before income taxes and noncontrolling interest | (40,093 | ) | (36,768 | ) | (64,610 | ) | (85,308 | ) | ||||||||
Income tax benefit | (14,012 | ) | (13,801 | ) | (22,352 | ) | (31,361 | ) | ||||||||
Net loss before noncontrolling interest | (26,081 | ) | (22,967 | ) | (42,258 | ) | (53,947 | ) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 55 | 43 | (129 | ) | (1 | ) | ||||||||||
Net loss attributable to Cal-Maine Foods, Inc. | $ | (26,136 | ) | $ | (23,010 | ) | $ | (42,129 | ) | $ | (53,946 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.54 | ) | $ | (0.48 | ) | $ | (0.87 | ) | $ | (1.12 | ) | ||||
Diluted | $ | (0.54 | ) | $ | (0.48 | ) | $ | (0.87 | ) | $ | (1.12 | ) | ||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 48,330 | 48,250 | 48,330 | 48,249 | ||||||||||||
Diluted | 48,330 | 48,250 | 48,330 | 48,249 |
December 2, 2017 | June 3, 2017 | |||||||
ASSETS | ||||||||
Cash and short-term investments | $ | 209,300 | $ | 156,026 | ||||
Receivables | 111,290 | 64,509 | ||||||
Income tax receivable | — | 52,691 | ||||||
Inventories | 163,041 | 160,692 | ||||||
Prepaid expenses and other current assets | 2,556 | 2,288 | ||||||
Current assets | 486,187 | 436,206 | ||||||
Property, plant and equipment (net) | 443,093 | 458,184 | ||||||
Other noncurrent assets | 136,851 | 138,704 | ||||||
Total assets | $ | 1,066,131 | $ | 1,033,094 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable and accrued expenses | $ | 89,883 | $ | 59,853 | ||||
Accrued legal settlement expense | 80,750 | — | ||||||
Current maturities of long-term debt and capital lease obligations | 4,316 | 4,826 | ||||||
Current liabilities | 174,949 | 64,679 | ||||||
Long-term debt and capital lease obligations, less current maturities | 4,204 | 6,113 | ||||||
Deferred income taxes and other liabilities | 83,024 | 117,809 | ||||||
Stockholders' equity | 803,954 | 844,493 | ||||||
Total liabilities and stockholders' equity | $ | 1,066,131 | $ | 1,033,094 |
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