64-0500378 | ||
Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If anemerginggrowth company,indicate bycheck markif theregistrant haselected notto usethe extendedtransition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐ Indicate bycheck markwhether the registranthas fileda report onand attestationto its management'sassessment ofthe effectivenessof its internal control overfinancial reporting underSection 404(b) ofthe Sarbanes-Oxley Act(15 U.S.C.7262(b)) by theregistered public accounting firm that prepared or issued its audit report. ☑ | |
Item | Page Number | ||
1. | |||
1A. | |||
1B. | |||
2. | |||
3. | |||
4. | |||
5. | |||
6. | |||
7. | |||
7A. | |||
8. | |||
9. | |||
9A. | |||
9B. | |||
10. | |||
11. | |||
12. | |||
13. | |||
14. | |||
15. | |||
Sales Price | ||||||||||||||
Fiscal Year Ended | Fiscal Quarter | High | Low | Dividends (1) | ||||||||||
May 28, 2016 | First Quarter | $ | 57.94 | $ | 44.13 | $ | 0.983 | |||||||
Second Quarter | 63.25 | 50.27 | 0.751 | |||||||||||
Third Quarter | 56.50 | 44.94 | 0.441 | |||||||||||
Fourth Quarter | 55.43 | 44.65 | — | |||||||||||
June 3, 2017 | First Quarter | $ | 45.75 | $ | 40.11 | $ | — | |||||||
Second Quarter | 46.15 | 36.50 | — | |||||||||||
Third Quarter | 45.45 | 37.95 | — | |||||||||||
Fourth Quarter | 41.25 | 36.35 | — |
Fiscal Years Ended | ||||||||||||||||||||
Statement of Operations Data (in thousands, except per share data) | June 3, 2017 ^ | May 28, 2016 | May 30, 2015 | May 31, 2014 * | June 1, 2013 † | |||||||||||||||
53 wks | 52 wks | 52 wks | 52 wks | 52 wks | ||||||||||||||||
Net sales | $ | 1,074,513 | $ | 1,908,650 | $ | 1,576,128 | $ | 1,440,907 | $ | 1,288,104 | ||||||||||
Cost of sales | 1,028,963 | 1,260,576 | 1,180,407 | 1,138,143 | 1,073,555 | |||||||||||||||
Gross profit | 45,550 | 648,074 | 395,721 | 302,764 | 214,549 | |||||||||||||||
Selling, general and administrative | 173,980 | 177,760 | 160,386 | 156,712 | 126,956 | |||||||||||||||
Loss (gain) on disposal of fixed assets | 3,664 | (1,563 | ) | 568 | 651 | 1,496 | ||||||||||||||
Legal settlement expense | — | — | — | — | 28,000 | |||||||||||||||
Operating income (loss) | (132,094 | ) | 471,877 | 234,767 | 145,401 | 58,097 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest income (expense), net | 2,785 | 3,158 | (515 | ) | (2,656 | ) | (3,906 | ) | ||||||||||||
Equity in income of affiliates | 1,390 | 5,016 | 2,657 | 3,512 | 3,480 | |||||||||||||||
Patronage dividends | 7,665 | 6,930 | 6,893 | 6,139 | 14,300 | |||||||||||||||
Other, net | 5,960 | 268 | 2,747 | 9,446 | 3,597 | |||||||||||||||
Total other income | 17,800 | 15,372 | 11,782 | 16,441 | 17,471 | |||||||||||||||
Income (loss) before income tax and noncontrolling interest | (114,294 | ) | 487,249 | 246,549 | 161,842 | 75,568 | ||||||||||||||
Income tax expense (benefit) | (39,867 | ) | 169,202 | 84,268 | 52,035 | 24,807 | ||||||||||||||
Net income (loss) including noncontrolling interest | (74,427 | ) | 318,047 | 162,281 | 109,807 | 50,761 | ||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | (149 | ) | 2,006 | 1,027 | 600 | 338 | ||||||||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ | (74,278 | ) | $ | 316,041 | $ | 161,254 | $ | 109,207 | $ | 50,423 | |||||||||
Net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | (1.54 | ) | $ | 6.56 | $ | 3.35 | $ | 2.27 | $ | 1.05 | |||||||||
Diluted | $ | (1.54 | ) | $ | 6.53 | $ | 3.33 | $ | 2.26 | $ | 1.05 | |||||||||
Cash dividends per common share | $ | — | $ | 2.18 | $ | 1.11 | $ | 0.73 | $ | 0.38 | ||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 48,362 | 48,195 | 48,136 | 48,095 | 47,967 | |||||||||||||||
Diluted | 48,362 | 48,365 | 48,437 | 48,297 | 48,088 | |||||||||||||||
Balance Sheet Data (in thousands) | ||||||||||||||||||||
Working capital | $ | 371,527 | $ | 542,832 | $ | 407,418 | $ | 354,743 | $ | 304,681 | ||||||||||
Total assets | 1,033,094 | 1,111,765 | 928,653 | 811,661 | 745,627 | |||||||||||||||
Total debt (including current maturities) | 10,939 | 25,570 | 50,860 | 61,093 | 65,020 | |||||||||||||||
Total stockholders’ equity | 844,493 | 917,361 | 704,562 | 594,745 | 518,044 | |||||||||||||||
Operating Data: | ||||||||||||||||||||
Total number of layers at period-end (thousands) | 36,086 | 33,922 | 33,696 | 32,372 | 30,967 | |||||||||||||||
Total shell eggs sold (millions of dozens) | 1,031.1 | 1,053.6 | 1,063.1 | 1,013.7 | 948.5 |
June 3, 2017 | May 28, 2016 | May 30, 2015 | |||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 95.8 | % | 66.0 | % | 74.9 | % | |||
Gross profit | 4.2 | % | 34.0 | % | 25.1 | % | |||
Selling, general and administrative | 16.2 | % | 9.3 | % | 10.2 | % | |||
Loss (gain) on disposal of fixed assets | 0.3 | % | (0.1 | )% | — | % | |||
Operating income (loss) | (12.3 | )% | 24.8 | % | 14.9 | % | |||
Other income | 1.7 | % | 0.8 | % | 0.7 | % | |||
Income (loss) before income taxes and noncontrolling interest | (10.6 | )% | 25.6 | % | 15.6 | % | |||
Income tax expense (benefit) | (3.7 | )% | 8.9 | % | 5.3 | % | |||
Net income (loss) including noncontrolling interest | (6.9 | )% | 16.7 | % | 10.3 | % | |||
Less: Net income (loss) attributable to noncontrolling interest | — | % | 0.1 | % | 0.1 | % | |||
Net income (loss) attributable to Cal-Maine Foods, Inc. | (6.9 | )% | 16.6 | % | 10.2 | % |
Fiscal Year ended | June 3, 2017 | May 28, 2016 | May 30, 2015 | |||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. - (in thousands) | $ | (74,278 | ) | $ | 316,041 | $ | 161,254 | |||||
Gross profit (in thousands) | 45,550 | 648,074 | 395,721 | |||||||||
Net average shell egg selling price (rounded) | 1.01 | 1.74 | 1.43 | |||||||||
Average Urner Barry Spot Egg Market Quotations1 | 0.85 | 1.79 | 1.53 | |||||||||
Feed cost per dozen produced | 0.399 | 0.414 | 0.439 |
Fiscal Years Ended | Quarters Ended | ||||||||||||||||||||||||||
(53 weeks) | (52 weeks) | (14 weeks) | (13 Weeks) | ||||||||||||||||||||||||
June 3, 2017 | May 28, 2016 | June 3, 2017 | May 28, 2016 | ||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||||||
Total net sales | $ | 1,074,513 | $ | 1,908,650 | $ | 274,584 | $ | 303,020 | |||||||||||||||||||
Non-specialty shell egg sales | 548,858 | 52.3 | % | 1,243,377 | 67.7 | % | 145,454 | 54.3 | % | 163,882 | 55.6 | % | |||||||||||||||
Specialty shell egg sales | 457,617 | 43.6 | % | 534,754 | 29.1 | % | 112,744 | 42.0 | % | 118,356 | 40.2 | % | |||||||||||||||
Co-pack specialty shell egg sales | 32,689 | 3.1 | % | 49,282 | 2.7 | % | 7,198 | 2.7 | % | 9,021 | 3.1 | % | |||||||||||||||
Other sales | 10,423 | 1.0 | % | 10,533 | 0.5 | % | 2,594 | 1.0 | % | 3,245 | 1.1 | % | |||||||||||||||
Net shell egg sales | $ | 1,049,587 | 100.0 | % | $ | 1,837,946 | 100.0 | % | $ | 267,990 | 100.0 | % | $ | 294,504 | 100.0 | % | |||||||||||
Net shell egg sales as a percent of total net sales | 98 | % | 96 | % | 98 | % | 97 | % | |||||||||||||||||||
Dozens sold: | |||||||||||||||||||||||||||
Non-specialty shell egg | 778,538 | 75.5 | % | 791,058 | 75.1 | % | 207,428 | 76.0 | % | 189,850 | 75.0 | % | |||||||||||||||
Specialty shell egg | 236,067 | 22.9 | % | 241,603 | 22.9 | % | 61,862 | 22.7 | % | 58,856 | 23.3 | % | |||||||||||||||
Co-pack specialty shell egg | 16,525 | 1.6 | % | 20,936 | 2.0 | % | 3,725 | 1.3 | % | 4,371 | 1.7 | % | |||||||||||||||
Total dozens sold | 1,031,130 | 100.0 | % | 1,053,597 | 100.0 | % | 273,015 | 100.0 | % | 253,077 | 100.0 | % | |||||||||||||||
Net average selling price per dozen: | |||||||||||||||||||||||||||
All shell eggs | $ | 1.007 | $ | 1.735 | $ | 0.973 | $ | 1.152 | |||||||||||||||||||
Non-specialty shell eggs | $ | 0.705 | $ | 1.572 | $ | 0.701 | $ | 0.863 | |||||||||||||||||||
Specialty shell eggs | $ | 1.939 | $ | 2.213 | $ | 1.823 | $ | 2.011 |
Fiscal Year Ended | Quarter Ended | |||||||||||||||||||||
(53 weeks) | (52 weeks) | (14 weeks) | (13 weeks) | |||||||||||||||||||
(Amounts in thousands) | June 3, 2017 | May 28, 2016 | Percent Change | June 3, 2017 | May 28, 2016 | Percent Change | ||||||||||||||||
Cost of sales: | ||||||||||||||||||||||
Farm production | $ | 598,412 | $ | 562,521 | 6.4 | % | $ | 159,482 | $ | 135,187 | 18.0 | % | ||||||||||
Processing and packaging | 202,225 | 184,586 | 9.6 | % | 54,896 | 45,089 | 21.8 | % | ||||||||||||||
Outside egg purchases and other | 207,495 | 464,008 | (55.3 | )% | 41,663 | 75,311 | (44.7 | )% | ||||||||||||||
Total shell eggs | 1,008,132 | 1,211,115 | (16.8 | )% | 256,041 | 255,587 | 0.2 | % | ||||||||||||||
Egg products | 19,766 | 48,584 | (59.3 | )% | 6,075 | 6,473 | (6.1 | )% | ||||||||||||||
Other | 1,065 | 877 | 21.4 | % | 462 | 280 | 65.0 | % | ||||||||||||||
Total | $ | 1,028,963 | $ | 1,260,576 | (18.4 | )% | $ | 262,578 | $ | 262,340 | 0.1 | % | ||||||||||
Farm production cost (per dozen produced) | ||||||||||||||||||||||
Feed | $ | 0.399 | $ | 0.414 | (3.6 | )% | $ | 0.381 | $ | 0.396 | (3.8 | )% | ||||||||||
Other | 0.294 | 0.279 | 5.4 | % | 0.298 | 0.290 | 2.8 | % | ||||||||||||||
Total | $ | 0.693 | $ | 0.693 | — | % | $ | 0.679 | $ | 0.686 | (1.0 | )% | ||||||||||
Outside egg purchases (average cost per dozen) | $ | 1.01 | $ | 1.72 | (41.3 | )% | $ | 0.90 | $ | 1.11 | (18.9 | )% | ||||||||||
Dozen produced | 870,252 | 819,307 | 6.2 | % | 237,006 | 198,950 | 19.1 | % | ||||||||||||||
Dozen sold | 1,031,130 | 1,053,597 | (2.1 | )% | 273,015 | 253,077 | 7.9 | % |
Fiscal Years Ended | |||||||||||||||
53 Weeks | 52 Weeks | ||||||||||||||
(Amounts in thousands) | June 3, 2017 | May 28, 2016 | Change | Change | |||||||||||
Specialty egg | $ | 56,522 | $ | 61,294 | $ | (4,772 | ) | (7.8 | )% | ||||||
Delivery expense | 53,282 | 49,629 | 3,653 | 7.4 | % | ||||||||||
Payroll and overhead | 35,101 | 39,149 | (4,048 | ) | (10.3 | )% | |||||||||
Stock compensation | 3,427 | 3,018 | 409 | 13.6 | % | ||||||||||
Other expenses | 25,648 | 24,670 | 978 | 4.0 | % | ||||||||||
Total | $ | 173,980 | $ | 177,760 | $ | (3,780 | ) | (2.1 | )% |
Quarters Ended | |||||||||||||||
14 Weeks | 13 Weeks | ||||||||||||||
(Amounts in thousands) | June 3, 2017 | May 28, 2016 | Change | Change | |||||||||||
Specialty egg | $ | 14,364 | $ | 13,768 | $ | 596 | 4.3 | % | |||||||
Delivery expense | 13,712 | 11,945 | 1,767 | 14.8 | % | ||||||||||
Payroll and overhead | 11,156 | 9,450 | 1,706 | 18.1 | % | ||||||||||
Stock compensation | 947 | 843 | 104 | 12.3 | % | ||||||||||
Other expenses | 7,816 | 6,398 | 1,418 | 22.2 | % | ||||||||||
Total | $ | 47,995 | $ | 42,404 | $ | 5,591 | 13.2 | % |
Fiscal Years Ended | Quarters Ended | ||||||||||||||||||||||||||
(52 weeks) | (13 weeks) | ||||||||||||||||||||||||||
May 28, 2016 | May 30, 2015 | May 28, 2016 | May 30, 2015 | ||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||||||
Total net sales | $ | 1,908,650 | $ | 1,576,128 | $ | 303,020 | $ | 403,011 | |||||||||||||||||||
Non-specialty shell egg sales | 1,243,377 | 67.7 | % | 1,059,070 | 69.2 | % | 163,882 | 55.6 | % | 268,625 | 68.5 | % | |||||||||||||||
Specialty shell egg sales | 534,754 | 29.1 | % | 416,127 | 27.2 | % | 118,356 | 40.2 | % | 110,696 | 28.2 | % | |||||||||||||||
Co-pack specialty shell egg sales | 49,282 | 2.7 | % | 43,282 | 2.8 | % | 9,021 | 3.1 | % | 10,278 | 2.6 | % | |||||||||||||||
Other sales | 10,533 | 0.6 | % | 11,769 | 0.8 | % | 3,245 | 1.1 | % | 2,710 | 0.7 | % | |||||||||||||||
Net shell egg sales | $ | 1,837,946 | 100.0 | % | $ | 1,530,248 | 100.0 | % | $ | 294,504 | 100.0 | % | $ | 392,309 | 100.0 | % | |||||||||||
Net shell egg sales as a percent of total net sales | 96 | % | 97 | % | 97 | % | 97 | % | |||||||||||||||||||
Dozens sold: | |||||||||||||||||||||||||||
Non- specialty shell egg | 791,058 | 75.1 | % | 830,770 | 78.1 | % | 189,850 | 75 | % | 204,138 | 77.1 | % | |||||||||||||||
Specialty shell egg | 241,603 | 22.9 | % | 210,606 | 19.8 | % | 58,856 | 23.3 | % | 55,699 | 21 | % | |||||||||||||||
Co-pack specialty shell egg | 20,936 | 2 | % | 21,710 | 2.1 | % | 4,371 | 1.7 | % | 5,046 | 1.9 | % | |||||||||||||||
Total dozens sold | 1,053,597 | 100 | % | 1,063,086 | 100 | % | 253,077 | 100 | % | 264,883 | 100 | % | |||||||||||||||
Net average selling price per dozen | $ | 1.74 | $ | 1.43 | $ | 1.15 | $ | 1.47 |
Fiscal Year Ended | Quarter Ended | |||||||||||||||||||||
(Amounts in thousands) | May 28, 2016 | May 30, 2015 | Percent Change | May 28, 2016 | May 30, 2015 | Percent Change | ||||||||||||||||
Cost of sales: | ||||||||||||||||||||||
Farm production | $ | 562,521 | $ | 558,580 | 0.7 | % | $ | 135,187 | $ | 138,580 | (2.4 | )% | ||||||||||
Processing and packaging | 184,586 | 173,181 | 6.6 | % | 45,089 | 45,056 | 0.1 | % | ||||||||||||||
Outside egg purchases and other | 464,008 | 413,863 | 12.1 | % | 75,311 | 101,029 | (25.5 | )% | ||||||||||||||
Total shell eggs | 1,211,115 | 1,145,624 | 5.7 | % | 255,587 | 284,665 | (10.2 | )% | ||||||||||||||
Egg products | 48,584 | 33,886 | 43.4 | % | 6,473 | 8,640 | (25.1 | )% | ||||||||||||||
Other | 877 | 897 | (2.2 | )% | 280 | 311 | (10 | )% | ||||||||||||||
Total | $ | 1,260,576 | $ | 1,180,407 | 6.8 | % | $ | 262,340 | $ | 293,616 | (10.7 | )% | ||||||||||
Farm production cost (per dozen produced) | ||||||||||||||||||||||
Feed | $ | 0.414 | $ | 0.439 | (5.7 | )% | $ | 0.396 | $ | 0.406 | (2.5 | )% | ||||||||||
Other | 0.279 | 0.266 | 4.9 | % | 0.29 | 0.272 | 6.6 | % | ||||||||||||||
Total | $ | 0.693 | $ | 0.705 | (1.7 | )% | $ | 0.686 | $ | 0.678 | 1.2 | % | ||||||||||
Outside egg purchases (average cost per dozen) | $ | 1.72 | $ | 1.41 | 22 | % | $ | 1.11 | $ | 1.43 | (22.4 | )% | ||||||||||
Dozen produced | 819,307 | 798,842 | 2.6 | % | 198,950 | 201,763 | (1.4 | )% | ||||||||||||||
Dozen sold | 1,053,597 | 1,063,086 | (0.9 | )% | 253,077 | 264,883 | (4.5 | )% |
Fiscal Years Ended | |||||||||||||||
52 Weeks | |||||||||||||||
(Amounts in thousands) | May 28, 2016 | May 30, 2015 | Change | Change | |||||||||||
Stock compensation expense | $ | 3,018 | $ | 2,955 | $ | 63 | 2.1 | % | |||||||
Specialty egg expense | 61,294 | 53,966 | 7,328 | 13.6 | % | ||||||||||
Payroll and overhead | 39,149 | 31,965 | 7,184 | 22.5 | % | ||||||||||
Other expenses | 24,670 | 24,501 | 169 | 0.7 | % | ||||||||||
Delivery expense | 49,629 | 46,999 | 2,630 | 5.6 | % | ||||||||||
Total | $ | 177,760 | $ | 160,386 | $ | 17,374 | 10.8 | % |
Quarters Ended | |||||||||||||||
13 Weeks | |||||||||||||||
(Amounts in thousands) | May 28, 2016 | May 30, 2015 | Change | Change | |||||||||||
Stock compensation expense | $ | 843 | $ | 1,290 | $ | (447 | ) | (34.7 | )% | ||||||
Specialty egg expense | 13,768 | 14,217 | (449 | ) | (3.2 | )% | |||||||||
Payroll and overhead | 9,450 | 8,920 | 530 | 5.9 | % | ||||||||||
Other expenses | 6,398 | 6,679 | (281 | ) | (4.2 | )% | |||||||||
Delivery expense | 11,945 | 11,738 | 207 | 1.8 | % | ||||||||||
Total | $ | 42,404 | $ | 42,844 | $ | (440 | ) | (1 | )% |
Project | Location | Projected Completion | Projected Cost | Spent as of June 3, 2017 | Remaining Projected Cost | |||||||||||
Refurbish Cage-Free Layer Houses | Shady Dale, GA | July 2017 | $ | 5,264 | $ | 4,898 | $ | 366 | ||||||||
Cage-Free Layer Houses | Lake City, FL | July 2017 | 8,785 | 8,415 | 370 | |||||||||||
Convertible/Cage-Free Layer Houses | Green Forest, AR | September 2017 | 8,991 | 8,583 | 408 | |||||||||||
Cage-Free Layer Houses | South Texas | September 2017 | 4,104 | 3,404 | 700 | |||||||||||
Layer Complex Improvements | Bethune, SC | September 2017 | 1,758 | 1,605 | 153 | |||||||||||
Convertible/Cage-Free Layer House with Pullets | South Texas | September 2017 | 12,350 | 11,350 | 1,000 | |||||||||||
Convertible/Cage-Free Layer Houses with Pullets | Guthrie, KY | January 2018 | 13,252 | 9,841 | 3,411 | |||||||||||
$ | 54,504 | $ | 48,096 | $ | 6,408 |
Total | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | ||||||||||||||||||||||
Long-Term Debt & Capital Leases (Principal) | $ | 10,939 | $ | 4,826 | $ | 3,533 | $ | 1,696 | $ | 205 | $ | 215 | $ | 464 | ||||||||||||||
Long-Term Debt & Capital Leases (Interest) | 901 | 506 | 247 | 70 | 34 | 25 | 19 | |||||||||||||||||||||
Operating Leases | 1,182 | 502 | 208 | 162 | 160 | 150 | — | |||||||||||||||||||||
Total | $ | 13,022 | $ | 5,834 | $ | 3,988 | $ | 1,928 | $ | 399 | $ | 390 | $ | 483 |
Fiscal Year | Description | Amount | ||||
1999 | Acquisition of Hudson Brothers, Inc. | $ | 3,147 | |||
2006 | Acquisition of Hillandale Farms, LLC | 869 | ||||
2007 | Acquisition of Green Forest Foods, LLC | 179 | ||||
2008 | Revised Hillandale incremental purchase price | 9,257 | ||||
2009 | Revised Hillandale incremental purchase price | 2,527 | ||||
2009 | Acquisition of Zephyr Egg, LLC | 1,876 | ||||
2009 | Acquisition of Tampa Farms, LLC | 4,600 | ||||
2010 | Revised Hillandale incremental purchase price | (338 | ) | |||
2013 | Acquisition of Maxim Production Co., Inc. | 2,300 | ||||
2014 | Purchase of joint venture partner’s 50% in Delta Egg | 4,779 | ||||
2017 | Acquisition of Foodonics International, Inc. | 3,389 | ||||
2017 | Acquisition of Happy Hen Egg Farms, Inc. | 2,940 | ||||
Total Goodwill | $ | 35,525 |
Feed ingredient | Approximate change in feed ingredient cost | Approximate impact on feed costs per dozen | Approximate dollar impact on farm production cost for the 2017 fiscal year | |||||||
Corn | $ 0.25 change in the average market price per bushel | $ | 0.01 | $ | 8,702,520 | |||||
Soybean Meal | $ 25.00 change in the average market price per ton | $ | 0.01 | $ | 8,702,520 |
June 3, 2017 | May 28, 2016 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 17,564 | $ | 29,046 | ||||
Investment securities available-for-sale | 138,462 | 360,499 | ||||||
Receivables: | ||||||||
Trade receivables, less allowance for doubtful accounts of $386 in 2017 and $727 in 2016 | 61,261 | 62,012 | ||||||
Income tax receivable | 52,691 | 11,830 | ||||||
Other | 3,248 | 5,436 | ||||||
117,200 | 79,278 | |||||||
Inventories | 160,692 | 154,799 | ||||||
Prepaid expenses and other current assets | 2,288 | 2,661 | ||||||
Total current assets | 436,206 | 626,283 | ||||||
Other assets: | ||||||||
Other investments | 69,296 | 53,975 | ||||||
Goodwill | 35,525 | 29,196 | ||||||
Other intangible assets | 29,149 | 4,958 | ||||||
Other long-lived assets | 4,734 | 5,079 | ||||||
138,704 | 93,208 | |||||||
Property, plant and equipment, less accumulated depreciation | 458,184 | 392,274 | ||||||
Total assets | $ | 1,033,094 | $ | 1,111,765 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Trade accounts payable | $ | 30,629 | $ | 36,262 | ||||
Accrued wages and benefits | 15,809 | 23,198 | ||||||
Accrued expenses and other liabilities | 13,415 | 7,671 | ||||||
Current maturities of long-term debt | 4,826 | 16,320 | ||||||
Total current liabilities | 64,679 | 83,451 | ||||||
Long-term debt, less current maturities | 6,113 | 9,250 | ||||||
Other noncurrent liabilities | 7,527 | 6,321 | ||||||
Deferred income taxes | 110,282 | 95,382 | ||||||
Total liabilities | 188,601 | 194,404 | ||||||
Commitments and contingencies – See Notes 8, 9, and 13 | ||||||||
Stockholders' equity: | ||||||||
Common stock, $.01 par value | ||||||||
120,000 shares authorized and 70,261 shares issued in 2017 and 2016 | ||||||||
43,777 and 43,737 shares outstanding in 2017 and 2016, respectively | 703 | 703 | ||||||
Class A convertible common stock, $.01 par value | ||||||||
4,800 shares authorized, issued and outstanding in 2017 and 2016, respectively | 48 | 48 | ||||||
Paid-in capital | 49,932 | 46,404 | ||||||
Retained earnings | 816,046 | 890,440 | ||||||
Accumulated other comprehensive loss, net of tax | (128 | ) | (48 | ) | ||||
Common stock in treasury, at cost – 26,484 and 26,524 shares in 2017 and 2016, respectively | (23,914 | ) | (22,272 | ) | ||||
Total Cal-Maine Foods, Inc. stockholders' equity | 842,687 | 915,275 | ||||||
Noncontrolling interest in consolidated entities | 1,806 | 2,086 | ||||||
Total stockholders’ equity | 844,493 | 917,361 | ||||||
Total liabilities and stockholders' equity | $ | 1,033,094 | $ | 1,111,765 |
Fiscal years ended | ||||||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Net sales | $ | 1,074,513 | $ | 1,908,650 | $ | 1,576,128 | ||||||
Cost of sales | 1,028,963 | 1,260,576 | 1,180,407 | |||||||||
Gross profit | 45,550 | 648,074 | 395,721 | |||||||||
Selling, general and administrative | 173,980 | 177,760 | 160,386 | |||||||||
(Gain) loss on disposal of fixed assets | 3,664 | (1,563 | ) | 568 | ||||||||
Operating income (loss) | (132,094 | ) | 471,877 | 234,767 | ||||||||
Other income (expense): | ||||||||||||
Interest expense | (318 | ) | (1,156 | ) | (2,313 | ) | ||||||
Interest income | 3,103 | 4,314 | 1,798 | |||||||||
Patronage dividends | 7,665 | 6,930 | 6,893 | |||||||||
Equity in income of affiliates | 1,390 | 5,016 | 2,657 | |||||||||
Other, net | 5,960 | 268 | 2,747 | |||||||||
Total other income | 17,800 | 15,372 | 11,782 | |||||||||
Income (loss) before income taxes and noncontrolling interest | (114,294 | ) | 487,249 | 246,549 | ||||||||
Income tax expense (benefit) | (39,867 | ) | 169,202 | 84,268 | ||||||||
Net income (loss) including noncontrolling interest | (74,427 | ) | 318,047 | 162,281 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | (149 | ) | 2,006 | 1,027 | ||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ | (74,278 | ) | $ | 316,041 | $ | 161,254 | |||||
Net income (loss) per share: | ||||||||||||
Basic | $ | (1.54 | ) | $ | 6.56 | $ | 3.35 | |||||
Diluted | $ | (1.54 | ) | $ | 6.53 | $ | 3.33 | |||||
Weighted average shares outstanding: | ||||||||||||
Basic | 48,362 | 48,195 | 48,136 | |||||||||
Diluted | 48,362 | 48,365 | 48,437 |
Fiscal years ended | ||||||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Net income (loss), including noncontrolling interests | $ | (74,427 | ) | $ | 318,047 | $ | 162,281 | |||||
Other comprehensive income, before tax: | ||||||||||||
Unrealized holding gain (loss) on available-for-sale securities, net of reclassification adjustments | 177 | (25 | ) | (143 | ) | |||||||
Increase in accumulated postretirement benefits obligation, net of reclassification adjustments | (334 | ) | (118 | ) | (741 | ) | ||||||
Other comprehensive loss, before tax | (157 | ) | (143 | ) | (884 | ) | ||||||
Income tax benefit related to items of other comprehensive income (loss) | (77 | ) | (73 | ) | (345 | ) | ||||||
Other comprehensive loss, net of tax | (80 | ) | (70 | ) | (539 | ) | ||||||
Comprehensive income (loss) | (74,507 | ) | 317,977 | 161,742 | ||||||||
Less: comprehensive income (loss) attributable to the noncontrolling interest | (149 | ) | 2,006 | 1,027 | ||||||||
Comprehensive income (loss) attributable to Cal-Maine Foods, Inc. | $ | (74,358 | ) | $ | 315,971 | $ | 160,715 |
Common Stock | ||||||||||||||||||||||||||||||||||||||||
Class A | Class A | Treasury | Treasury | Paid In | Retained | Accum. Other | Noncontrolling | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Capital | Earnings | Comp. Income (Loss) | Interest | Total | ||||||||||||||||||||||||||||||
Balance at May 31, 2014 | 35,130 | $ | 351 | 2,400 | $ | 24 | 13,350 | $ | (20,453 | ) | $ | 40,476 | $ | 572,874 | $ | 561 | $ | 912 | $ | 594,745 | ||||||||||||||||||||
Dividends | (53,784 | ) | (53,784 | ) | ||||||||||||||||||||||||||||||||||||
2-for-1 stock split effected in the form of a dividend | 35,131 | 352 | 2,400 | 24 | 13,340 | (133 | ) | 132 | (375 | ) | — | |||||||||||||||||||||||||||||
Issuance of restricted stock from treasury, net of forfeitures | (91 | ) | 70 | (70 | ) | — | ||||||||||||||||||||||||||||||||||
Purchase of company stock - shares withheld to satisfy withholding obligation in connection with the vesting of restricted stock | (2 | ) | 2 | — | ||||||||||||||||||||||||||||||||||||
Proceeds from stock option exercise | (36 | ) | 36 | 101 | 137 | |||||||||||||||||||||||||||||||||||
Restricted stock compensation expense | 2,268 | 2,268 | ||||||||||||||||||||||||||||||||||||||
Tax benefit on nonqualifying disposition of incentive stock options | 395 | 395 | ||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest partners | (941 | ) | (941 | ) | ||||||||||||||||||||||||||||||||||||
Net income for fiscal 2015 | $ | 161,254 | $ | 1,027 | 162,281 | |||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (539 | ) | (539 | ) | ||||||||||||||||||||||||||||||||||||
Balance at May 30, 2015 | 70,261 | $ | 703 | 4,800 | $ | 48 | 26,563 | $ | (20,482 | ) | $ | 43,304 | $ | 679,969 | $ | 22 | $ | 998 | $ | 704,562 | ||||||||||||||||||||
Dividends | (105,570 | ) | (105,570 | ) | ||||||||||||||||||||||||||||||||||||
Issuance of restricted stock from treasury, net of forfeitures | (76 | ) | 58 | (58 | ) | — | ||||||||||||||||||||||||||||||||||
Purchase of company stock - shares withheld to satisfy withholding obligation in connection with the vesting of restricted stock | 37 | (1,848 | ) | (1,848 | ) | |||||||||||||||||||||||||||||||||||
Restricted stock compensation expense | 3,071 | 3,071 | ||||||||||||||||||||||||||||||||||||||
Tax benefit on nonqualifying disposition of incentive stock options | 87 | 87 | ||||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest partners | (918 | ) | (918 | ) | ||||||||||||||||||||||||||||||||||||
Net income for fiscal 2016 | 316,041 | 2,006 | 318,047 | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (70 | ) | (70 | ) | ||||||||||||||||||||||||||||||||||||
Balance at May 28, 2016 | 70,261 | $ | 703 | 4,800 | $ | 48 | 26,524 | $ | (22,272 | ) | $ | 46,404 | $ | 890,440 | $ | (48 | ) | $ | 2,086 | $ | 917,361 | |||||||||||||||||||
Issuance of restricted stock from treasury, net of forfeitures | (80 | ) | 73 | (73 | ) | — | ||||||||||||||||||||||||||||||||||
Purchase of company stock - shares withheld to satisfy withholding obligation in connection with the vesting of restricted stock | 40 | (1,715 | ) | (1,715 | ) | |||||||||||||||||||||||||||||||||||
Restricted stock compensation expense | 3,427 | 3,427 | ||||||||||||||||||||||||||||||||||||||
Cumulative adjustment to restricted stock compensation from the adoption of ASU 2016-09 | 174 | (174 | ) | — | ||||||||||||||||||||||||||||||||||||
Reclass of equity portion of American Egg Products in connection with Foodonics' acquisition | 58 | (58 | ) | — | ||||||||||||||||||||||||||||||||||||
Distribution to noncontrolling interest partners | (73 | ) | (73 | ) | ||||||||||||||||||||||||||||||||||||
Net loss for fiscal 2017 | (74,278 | ) | (149 | ) | (74,427 | ) | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | (80 | ) | (80 | ) | ||||||||||||||||||||||||||||||||||||
Balance at June 3, 2017 | 70,261 | $ | 703 | 4,800 | $ | 48 | 26,484 | $ | (23,914 | ) | $ | 49,932 | $ | 816,046 | $ | (128 | ) | $ | 1,806 | $ | 844,493 |
Fiscal year ended | ||||||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) including noncontrolling interests | $ | (74,427 | ) | $ | 318,047 | $ | 162,281 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 49,113 | 44,592 | 40,708 | |||||||||
Deferred income taxes | 14,833 | 19,392 | 5,108 | |||||||||
Equity in income of affiliates | (1,390 | ) | (5,016 | ) | (2,657 | ) | ||||||
(Gain) loss on disposal of property, plant and equipment | 3,664 | (1,563 | ) | 568 | ||||||||
Stock compensation expense, net of amounts paid | 3,427 | 3,071 | 2,268 | |||||||||
Recovery of note receivable | — | (798 | ) | (584 | ) | |||||||
Loss on fair value adjustment of contingent consideration | — | — | 256 | |||||||||
Other | (209 | ) | — | — | ||||||||
Change in operating assets and liabilities, net of effects from acquisitions: | ||||||||||||
(Increase) decrease in receivables and other assets | (37,222 | ) | 21,160 | (18,961 | ) | |||||||
(Increase) decrease in inventories | 2,386 | (8,539 | ) | (143 | ) | |||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (9,491 | ) | (8,508 | ) | 6,486 | |||||||
Net cash provided by (used in) operating activities | (49,316 | ) | 381,838 | 195,330 | ||||||||
Cash flows from investing activities | ||||||||||||
Purchases of investments | (29,849 | ) | (403,204 | ) | (202,506 | ) | ||||||
Sales of investments | 251,690 | 292,452 | 146,779 | |||||||||
Acquisition of businesses, net of cash acquired | (85,822 | ) | — | — | ||||||||
Investment in Southwest Specialty Egg LLC | — | — | (8,160 | ) | ||||||||
Investment in Red River Valley Egg Farm LLC | (19,900 | ) | (33,959 | ) | — | |||||||
Payments received on notes receivable and from investments in affiliates | 6,586 | 5,427 | 2,019 | |||||||||
Purchases of property, plant and equipment | (66,657 | ) | (76,125 | ) | (82,263 | ) | ||||||
Net proceeds from disposal of property, plant and equipment | 84 | 2,860 | 2,499 | |||||||||
Net cash provided by (used in) investing activities | 56,132 | (212,549 | ) | (141,632 | ) | |||||||
Cash flows from financing activities | ||||||||||||
Principal payments on long-term debt | (16,510 | ) | (25,290 | ) | (10,233 | ) | ||||||
Distributions to noncontrolling interest partners | (73 | ) | (918 | ) | (940 | ) | ||||||
(Purchase of) proceeds from common stock by treasury (including tax benefit on nonqualifying disposition of incentive stock options) | (1,715 | ) | (1,760 | ) | 531 | |||||||
Payments of dividends | — | (120,942 | ) | (48,910 | ) | |||||||
Net cash used in financing activities | (18,298 | ) | (148,910 | ) | (59,552 | ) | ||||||
Increase (decrease) in cash and cash equivalents | (11,482 | ) | 20,379 | (5,854 | ) | |||||||
Cash and cash equivalents at beginning of year | 29,046 | 8,667 | 14,521 | |||||||||
Cash and cash equivalents at end of year | $ | 17,564 | $ | 29,046 | $ | 8,667 | ||||||
Supplemental cash flow information: | ||||||||||||
Cash paid during the year for: | ||||||||||||
Income taxes paid (refunds received), net | $ | (15,233 | ) | $ | 166,840 | $ | 75,533 | |||||
Interest (net of amount capitalized) | 317 | 1,067 | 2,313 |
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | $ | (74,278 | ) | $ | 316,041 | $ | 161,254 | |||||
Basic weighted-average common shares (including Class A) | 48,362 | 48,195 | 48,136 | |||||||||
Effect of dilutive securities: | ||||||||||||
Common stock options and restricted stock | — | 170 | 301 | |||||||||
Dilutive potential common shares | 48,362 | 48,365 | 48,437 | |||||||||
Net income (loss) per common share: | ||||||||||||
Basic | $ | (1.54 | ) | $ | 6.56 | $ | 3.35 | |||||
Diluted | $ | (1.54 | ) | $ | 6.53 | $ | 3.33 |
Inventory | $ | 7,669 | ||
Property, plant and equipment | 38,590 | |||
Intangible assets | 24,000 | |||
Liabilities assumed | (2,034 | ) | ||
Total identifiable net assets | 68,225 | |||
Goodwill | 3,389 | |||
Purchase price | 71,614 | |||
Deferred purchase price | (3,000 | ) | ||
Cash consideration paid | $ | 68,614 |
Inventory | $ | 609 | ||
Property, plant and equipment | 11,259 | |||
Intangible assets | 2,400 | |||
Total identifiable net assets | 14,268 | |||
Goodwill | 2,940 | |||
Cash consideration paid | $ | 17,208 |
For the fiscal year ended | |||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | |||||||
Net sales | 86,072 | 91,320 | 61,632 | ||||||
Net income | 2,804 | 10,090 | 5,323 | ||||||
Total assets | 131,871 | 100,700 | 30,739 | ||||||
Total liabilities | 6,543 | 5,697 | 4,659 | ||||||
Total equity | 125,328 | 95,003 | 26,080 |
For the fiscal year ended | ||||||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Sales to affiliates | $ | 59,073 | $ | 61,094 | $ | 46,989 | ||||||
Purchases from affiliates | 73,713 | 79,419 | 62,659 | |||||||||
Dividends from affiliates | 6,581 | 4,550 | 1,250 |
June 3, 2017 | May 28, 2016 | |||||||
Accounts receivable from affiliates | $ | 4,643 | $ | 3,483 | ||||
Accounts payable to affiliates | 3,617 | 1,464 |
June 3, 2017 | May 28, 2016 | |||
Flocks, net of accumulated amortization | $98,059 | $94,312 | ||
Eggs | 14,911 | 11,519 | ||
Feed and supplies | 47,722 | 48,968 | ||
$160,692 | $154,799 |
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Amortization | $ | 118,859 | $ | 106,459 | $ | 108,570 | ||||||
Mortality | 5,213 | 3,665 | 3,803 | |||||||||
Total flock costs charge to cost of sales | $ | 124,072 | $ | 110,124 | $ | 112,373 |
Other Intangibles | ||||||||||||||||||||||||||||||||
Franchise | Customer | Non-compete | Right of use | Water | Total other | |||||||||||||||||||||||||||
Goodwill | rights | relationships | agreements | intangible | rights | Trademark | intangibles | |||||||||||||||||||||||||
Balance May 30, 2015 | $ | 29,196 | $ | 870 | $ | 5,773 | $ | 48 | $ | 149 | $ | 720 | $ | — | $ | 7,560 | ||||||||||||||||
Additions | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization | — | (473 | ) | (2,088 | ) | (20 | ) | (21 | ) | — | — | (2,602 | ) | |||||||||||||||||||
Balance May 28, 2016 | 29,196 | 397 | 3,685 | 28 | 128 | 720 | — | 4,958 | ||||||||||||||||||||||||
Additions | 6,329 | 24,000 | 1,900 | 100 | — | — | 400 | 26,400 | ||||||||||||||||||||||||
Amortization | — | (1,183 | ) | (925 | ) | (24 | ) | (62 | ) | — | (15 | ) | (2,209 | ) | ||||||||||||||||||
Balance June 3, 2017 | $ | 35,525 | $ | 23,214 | $ | 4,660 | $ | 104 | $ | 66 | $ | 720 | $ | 385 | $ | 29,149 |
June 3, 2017 | May 28, 2016 | |||||||||||||||
Gross carrying | Accumulated | Gross carrying | Accumulated | |||||||||||||
amount | amortization | amount | amortization | |||||||||||||
Other intangible assets: | ||||||||||||||||
Franchise rights | $ | 29,284 | $ | (6,070 | ) | $ | 5,284 | $ | (4,887 | ) | ||||||
Customer relationships | 19,544 | (14,884 | ) | 17,644 | (13,959 | ) | ||||||||||
Non-compete agreements | 200 | (96 | ) | 100 | (72 | ) | ||||||||||
Right of use intangible | 191 | (125 | ) | 191 | (63 | ) | ||||||||||
Water rights * | 720 | — | 720 | — | ||||||||||||
Trademark | 400 | (15 | ) | — | — | |||||||||||
Total | $ | 50,339 | $ | (21,190 | ) | $ | 23,939 | $ | (18,981 | ) |
For fiscal period | Estimated amortization expense | |||
2018 | $ | 2,818 | ||
2019 | 2,790 | |||
2020 | 2,765 | |||
2021 | 2,228 | |||
2022 | 1,864 | |||
Thereafter | 15,964 | |||
Total | $ | 28,429 |
June 3, 2017 | May 28, 2016 | |||||||
Land and improvements | $ | 87,276 | $ | 80,775 | ||||
Buildings and improvements | 342,933 | 291,888 | ||||||
Machinery and equipment | 460,218 | 399,804 | ||||||
Construction-in-progress | 36,752 | 50,178 | ||||||
927,179 | 822,645 | |||||||
Less: accumulated depreciation | 468,995 | 430,371 | ||||||
$ | 458,184 | $ | 392,274 |
2018 | $ | 502 | ||
2019 | 208 | |||
2020 | 162 | |||
2021 | 160 | |||
2022 | 150 | |||
Total minimum lease payments | $ | 1,182 |
June 3, 2017 | May 28, 2016 | |||||||
Note payable at 6.20%, due in monthly principal installments of $250,000, plus interest, maturing in fiscal 2020 | $ | 7,500 | $ | 10,500 | ||||
Note payable at 6.35%, due in monthly principal installments of $100,000, plus interest, paid off in fiscal 2017 | — | 9,100 | ||||||
Note payable at 5.40%, due in monthly principal installments of $125,000, plus interest, maturing in fiscal 2019 | 1,750 | 3,250 | ||||||
Note payable at 6.40%, due in monthly principal installments of $35,000, plus interest, paid off in fiscal 2017 | — | 2,720 | ||||||
Capital lease obligations | 1,689 | — | ||||||
Total debt | 10,939 | 25,570 | ||||||
Less: current maturities | 4,826 | 16,320 | ||||||
Long-term debt, less current maturities | $ | 6,113 | $ | 9,250 |
2018 | $ | 4,826 | ||
2019 | 3,533 | |||
2020 | 1,696 | |||
2021 | 205 | |||
2022 | 215 | |||
Thereafter | 464 | |||
$ | 10,939 |
Weighted | |||||||
Number | Average | ||||||
of | Grant Date | ||||||
Shares | Fair Value | ||||||
Outstanding, May 30, 2015 | 335,140 | $ | 27.24 | ||||
Granted | 78,560 | 49.39 | |||||
Vested | (122,140 | ) | 20.76 | ||||
Forfeited | (2,660 | ) | 31.29 | ||||
Outstanding, May 28, 2016 | 288,900 | $ | 35.97 | ||||
Granted | 86,215 | 43.00 | |||||
Vested | (121,148 | ) | 26.90 | ||||
Forfeited | (6,232 | ) | 39.66 | ||||
Outstanding, June 3, 2017 | 247,735 | $ | 42.76 |
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Number | Average | Remaining | Aggregate | |||||||||||
Of | Strike Price | Contractual | Intrinsic | |||||||||||
Rights | Per Right | Life (in Years) | Value | |||||||||||
Outstanding, May 30, 2015 | 26,900 | $ | 3.40 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (26,900 | ) | 3.40 | |||||||||||
Forfeited | — | — | ||||||||||||
Outstanding, May 28, 2016 | — | $ | — | — | $ | — |
Fiscal year ended | ||||||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Current: | ||||||||||||
Federal | $ | (48,030 | ) | $ | 132,250 | $ | 70,900 | |||||
State | (6,670 | ) | 17,560 | 8,260 | ||||||||
(54,700 | ) | 149,810 | 79,160 | |||||||||
Deferred: | ||||||||||||
Federal | 13,076 | 17,096 | 4,503 | |||||||||
State | 1,757 | 2,296 | 605 | |||||||||
14,833 | 19,392 | 5,108 | ||||||||||
$ | (39,867 | ) | $ | 169,202 | $ | 84,268 |
June 3, 2017 | May 28, 2016 | |||||||
Deferred tax liabilities: | ||||||||
Property, plant and equipment | $ | 68,830 | $ | 60,998 | ||||
Inventories | 38,270 | 39,068 | ||||||
Investment in affiliates | 8,563 | 1,438 | ||||||
Other comprehensive income | 290 | 223 | ||||||
Other | 4,656 | 4,343 | ||||||
Total deferred tax liabilities | 120,609 | 106,070 | ||||||
Deferred tax assets: | ||||||||
Accrued expenses | 4,308 | 3,374 | ||||||
Other | 6,019 | 7,314 | ||||||
Total deferred tax assets | 10,327 | 10,688 | ||||||
Net deferred tax liabilities | $ | 110,282 | $ | 95,382 |
Fiscal year end | ||||||||||||
June 3, 2017 | May 28, 2016 | May 30, 2015 | ||||||||||
Statutory federal income tax (benefit) | $ | (39,950 | ) | $ | 169,835 | $ | 85,933 | |||||
State income tax (benefit) | (3,193 | ) | 12,906 | 5,762 | ||||||||
Domestic manufacturers deduction | 4,095 | (13,332 | ) | (7,308 | ) | |||||||
Tax exempt interest income | (206 | ) | (233 | ) | (184 | ) | ||||||
Other, net | (613 | ) | 26 | 65 | ||||||||
$ | (39,867 | ) | $ | 169,202 | $ | 84,268 |
June 3, 2017 | May 28, 2016 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
5.40 – 6.40% Notes payable | $ | 9,250 | $ | 9,295 | $ | 25,570 | $ | 25,824 | ||||||||
Long-term leases | 1,689 | 1,520 | — | — | ||||||||||||
$ | 10,939 | $ | 10,815 | $ | 25,570 | $ | 25,824 |
June 3, 2017 | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Instruments | Inputs | Inputs | Total | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | |||||||||||||
Assets | ||||||||||||||||
US government and agency obligations | $ | — | $ | 20,216 | $ | — | $ | 20,216 | ||||||||
Municipal bonds | — | 36,873 | — | 36,873 | ||||||||||||
Corporate bonds | — | 75,790 | — | 75,790 | ||||||||||||
Asset backed securities | — | 5,583 | — | 5,583 | ||||||||||||
Mutual funds | 2,459 | — | — | 2,459 | ||||||||||||
Total assets measured at fair value | $ | 2,459 | $ | 138,462 | $ | — | $ | 140,921 |
May 28, 2016 | ||||||||||||||||
Quoted Prices | ||||||||||||||||
in Active | Significant | |||||||||||||||
Markets for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Instruments | Inputs | Inputs | Total | |||||||||||||
(Level 1) | (Level 2) | (Level 3) | Balance | |||||||||||||
Assets | ||||||||||||||||
US government and agency obligations | $ | — | $ | 18,814 | $ | — | $ | 18,814 | ||||||||
Municipal bonds | — | 79,643 | — | 79,643 | ||||||||||||
Corporate bonds | — | 240,537 | — | 240,537 | ||||||||||||
Foreign government obligations | — | 2,046 | — | 2,046 | ||||||||||||
Asset backed securities | — | 15,893 | — | 15,893 | ||||||||||||
Mutual funds | 5,503 | — | — | 5,503 | ||||||||||||
Total assets measured at fair value | $ | 5,503 | $ | 356,933 | $ | — | $ | 362,436 |
June 3, 2017 | ||||||||||||||||
Gains in | Losses in | |||||||||||||||
Accumulated | Accumulated | Estimated | ||||||||||||||
Amortized | Other | Other | Fair | |||||||||||||
Cost | Comprehensive | Comprehensive | Value | |||||||||||||
Income | Income | |||||||||||||||
US government and agency obligations | $ | 20,259 | $ | — | 43 | $ | 20,216 | |||||||||
Municipal bonds | 36,839 | 34 | — | 36,873 | ||||||||||||
Corporate bonds | 75,769 | 21 | — | 75,790 | ||||||||||||
Asset backed securities | 5,583 | — | — | 5,583 | ||||||||||||
Mutual funds | — | — | — | — | ||||||||||||
Total current investment securities | $ | 138,450 | $ | 55 | $ | 43 | $ | 138,462 | ||||||||
Mutual funds | 1,706 | 753 | — | 2,459 | ||||||||||||
Total noncurrent investment securities | $ | 1,706 | $ | 753 | — | $ | 2,459 |
May 28, 2016 | ||||||||||||||||
Gains in | Losses in | |||||||||||||||
Accumulated | Accumulated | Estimated | ||||||||||||||
Amortized | Other | Other | Fair | |||||||||||||
Cost | Comprehensive | Comprehensive | Value | |||||||||||||
Income | Income | |||||||||||||||
US government and agency obligations | $ | 18,809 | $ | 5 | — | $ | 18,814 | |||||||||
Municipal bonds | 79,481 | 162 | — | 79,643 | ||||||||||||
Corporate bonds | 240,593 | — | 56 | 240,537 | ||||||||||||
Foreign government obligations | 2,044 | 2 | — | 2,046 | ||||||||||||
Asset backed securities | 15,908 | — | 15 | 15,893 | ||||||||||||
Mutual funds | 3,565 | 1 | — | 3,566 | ||||||||||||
Total current investment securities | $ | 360,400 | $ | 170 | $ | 71 | $ | 360,499 | ||||||||
Mutual funds | 1,448 | 489 | — | 1,937 | ||||||||||||
Total noncurrent investment securities | $ | 1,448 | $ | 489 | — | $ | 1,937 |
June 3, 2017 | May 28, 2016 | May 30, 2015 | |||||||
Current Investments | (54 | ) | 22 | (146 | ) | ||||
Noncurrent Investments | 164 | (31 | ) | 59 | |||||
Total unrealized holding gains (losses) | 110 | (9 | ) | (87 | ) |
Estimated Fair Value | ||||
Within one year | $ | 82,331 | ||
1-3 years | 56,131 | |||
$ | 138,462 |
Fiscal Year 2017 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 239,845 | $ | 253,544 | $ | 306,540 | $ | 274,584 | ||||||||
Gross profit | (9,569 | ) | 3,948 | 39,165 | 12,006 | |||||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | (30,936 | ) | (23,010 | ) | 4,139 | (24,471 | ) | |||||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | (0.64 | ) | $ | (0.48 | ) | $ | 0.09 | $ | (0.51 | ) | |||||
Diluted | $ | (0.64 | ) | $ | (0.48 | ) | $ | 0.09 | $ | (0.51 | ) |
Fiscal Year 2016 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Net sales | $ | 609,895 | $ | 545,975 | $ | 449,760 | $ | 303,020 | ||||||||
Gross profit | 263,071 | 211,597 | 132,726 | 40,680 | ||||||||||||
Net income (loss) attributable to Cal-Maine Foods, Inc. | 143,023 | 109,230 | 64,164 | (376 | ) | |||||||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 2.97 | $ | 2.27 | $ | 1.33 | $ | (0.01 | ) | |||||||
Diluted | $ | 2.95 | $ | 2.26 | $ | 1.33 | $ | (0.01 | ) |
Balance at | Charged to | Balance at | ||||||||||||||
Beginning of | Cost and | Write-off | End of | |||||||||||||
Description | Period | Expense | of Accounts | Period | ||||||||||||
Year ended June 3, 2017 | ||||||||||||||||
Allowance for doubtful accounts | $ | 727 | $ | (176 | ) | $ | 165 | $ | 386 | |||||||
Year ended May 28, 2016 | ||||||||||||||||
Allowance for doubtful accounts | $ | 513 | $ | 225 | $ | 11 | $ | 727 | ||||||||
Year ended May 30, 2015 | ||||||||||||||||
Allowance for doubtful accounts | $ | 430 | $ | 432 | $ | 349 | $ | 513 |
63 (c)Changes in Internal Control Over Financial Reporting |
Exhibit 3.1 3.2 4.1** 10.1 10.2 10.3* 10.4 10.5** 10.6* 10.7* 10.8* 10.9* 10.10* 10.11* 21** | |
Financial Statement Schedules Required by Regulation S-X |
President and Chief Executive Officer | |
Date | ||||