UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 10-Q/A No. 1
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Amendment No. 1 to quarterly report on Form 10-Q for
the quarterly period ended December 2, 2000
CAL-MAINE FOODS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 000-04892 64-0500378
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
3320 Woodrow Wilson Avenue
Jackson, Mississippi 22033
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (601) 948-6813
The undersigned registrant hereby includes the following items, financial
statements, exhibits or other portions of its quarterly report on Form 10-Q
for the year quarterly period ended December 2, 2000, as set forth in the
pages attached hereto:
Part I. Item 1. Condensed Consolidated Financial Statements
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
CAL-MAINE FOODS, INC.
Date: April 10, 2001 By: /s/Charles F. Collins
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Charles F. Collins
Vice President Controller
(Principal Accounting Officer)
CAL-MAINE FOODS, INC.
Amendment No. 1 to quarterly report on Form 10-Q for
quarterly period ended December 2, 2000.
This Form 10-Q/A No. 1 is filed solely for the purpose of correcting
typographical errors in the condensed consolidated balance sheet as of
December 2, 2000. The long-term debt, less current maturities figure should
have been $112,558, and the common stock in treasury at June 3, 2000 should
have been 6,550,912 shares, instead of the amounts shown in the Form 10-Q
quarterly report as originally filed. All total amounts are correctly stated.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
December 2, 2000 June 3, 2000
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(unaudited) (Note 1)
ASSETS
Current assets:
Cash and cash equivalents $ 7,090 $ 6,541
Accounts receivable, net 25,208 14,299
Note receivable from affiliate 2,500 271
Recoverable federal and state income taxes 241 4,509
Inventories 46,908 43,913
Prepaid expenses and other current assets 61 797
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Total current assets 82,008 70,330
Notes receivable and investments 7,976 7,932
Goodwill 3,272 3,390
Other assets 2,754 2,110
Property, plant and equipment 242,515 237,098
Less accumulated depreciation 96,992 (88,961)
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145,523 148,137
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TOTAL ASSETS $241,533 $231,899
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable to banks $ 10,000 $ 7,500
Accounts payable and accrued expenses 32,864 25,953
Current maturities of long-term debt 6,761 7,105
Current deferred income taxes 11,287 11,287
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2
Total current liabilities 60,912 51,845
Long-term debt, less current maturities 112,558 112,631
Deferred expenses 1,489 1,489
Deferred income taxes 4,581 4,581
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Total liabilities 179,540 170,546
Stockholders' equity:
Common stock $0.01 par value per share:
Authorized shares - 30,000,000
Issued and outstanding shares - 17,565,200 at December 2,
2000 and June 3, 2000 176 176
Class A common stock $0.01 par value: authorized, issued
and outstanding 1,200,000 shares 12 12
Paid-in capital 18,784 18,784
Retained earnings 54,848 53,535
Common stock in treasury - 6,678,612 shares at December 2,
2000 and 6,550,912 shares at June 3, 2000 (11,827) (11,154)
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Total stockholders' equity 61,993 61,353
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 241,533 $ 231,899
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See notes to condensed consolidated financial statements.
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
UNAUDITED
13 Weeks Ended 26 Weeks Ended
Dec. 2, 2000 Nov. 27, 1999 Dec. 2, 2000 Nov. 27, 1999
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Net sales $92,589 $71,054 $168,107 $130,109
Cost of sales 74,293 64,387 141,943 121,709
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Gross profit 18,296 6,667 26,164 8,400
Selling, general and
administrative 10,438 9,612 20,550 18,708
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Operating income (loss) 7,858 (2,945) 5,614 (10,308)
Other income (expense):
Interest expense, net (2,316) (1,577) (4,471) (2,608)
Other 1,060 245 1,383 134
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(1,256) (1,332) (3,088) (2,474)
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Income (loss) before income
taxes 6,601 (4,277) 2,526 (12,782)
Income tax expense (benefit) 2,375 (1,544) 922 (4,686)
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NET INCOME (LOSS) $ 4,226 $(2,732) $ 1,604 $ (8,096)
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Net income (loss) per common share:
Basic $ .35 $ (.22) $ .13 $ (.65)
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Diluted $ .35 $ (.22) $ .13 $ (.65)
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Weighted average shares
outstanding:
Basic 12,114 12,403 12,153 12,427
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Diluted 12,122 12,403 12,190 12,427
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See notes to condensed consolidated financial statements.
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
UNAUDITED
26 Weeks Ended
December 2, 2000 November 27, 1999
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Cash flows provided by (used in) operating activities $ 8,172 $ (9,095)
Cash flows from investing activities:
Purchases of property, plant and equipment (1,262) (1,641)
Construction of production facilities (5,032) (9,462)
Purchases of shell egg production and processing business (36,205)
Payments received on notes receivable and from investments 498 1,186
Increase in note receivable, investments and other assets (3,488) (787)
Net proceeds from sale of property, plant and equipment 543 14
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Net cash used in investing activities (8,741) (46,895)
Cash flows from financing activities:
Net borrowings on note payable to bank 2,500 7,500
Long-term borrowings 2,916 23,445
Principal payments on long-term debt and capital leases (3,334) (2,505)
Purchases of common stock for treasury (673) ( 567)
Payment of dividends (291) ( 303)
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Net cash provided by financing activities 1,118 27,570
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Increase (decrease) in cash and cash equivalents 549 (28,420)
Cash and cash equivalents at beginning of period 6,541 36,198
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Cash and cash equivalents at end of period $ 7,090 $ 7,778
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See notes to condensed consolidated financial statements.
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CAL-MAINE FOODS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(in thousands, except share amounts)
December 2, 2000
(unaudited)
1. Presentation of Interim Information
The accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. In the opinion of management , all
adjustments (consisting of normal occurring accruals) considered necessary for
a fair presentation have been included. Operating results for the three-month
and six-month periods ended December 2, 2000 are not necessarily indicative of
the results that may be expected for the year ended June 2, 2001.
The balance sheet at June 3, 2000 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for
complete financial statements.
For further information, refer to the consolidated financial statements
and footnotes thereto included in Cal-Maine Foods, Inc.'s annual report on
Form 10-K for the fiscal year ended June 3, 2000.
2. Inventories
Inventories consisted of the following:
December 2, 2000 June 3, 2000
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Flocks $ 30,178 $ 28,417
Eggs 3,740 2,417
Feed and supplies 10,040 10,028
Livestock 2,950 3,051
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$ 46,908 $ 43,913
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