TheStreet.com  Oct 3  Comment 
NEW YORK (TheStreet) --aCal-Maine Foods was falling 3.9% to $88.69 after-hours Friday after announcing a 2-for-1 stock split. The new shares from the stock split will be distributed on Oct. 31, 2014 to all shareholders as of the close of...
SeekingAlpha  Oct 1  Comment 
By William Bias: On Sept. 29 the country's premier producer and marketer of shell eggs, Cal-Maine (NASDAQ: CALM), came out with its Q1 FY 2015 earnings announcement and 10-Q. Cal-Maine's fundamentals were excellent which will most likely serve as...
SeekingAlpha  Sep 30  Comment 
By The Value Investor: Investors in Cal-Maine Foods (NASDAQ:CALM) were not impressed with the company's first-quarter results, as shares were trading a percent lower following the earnings report, although the earnings release took place amidst a...
Benzinga  Sep 29  Comment 
Cal-Maine Foods (NASDAQ: CALM) reported a rise in its fiscal first-quarter earnings. The Jackson, Mississippi-based company posted quarterly earnings of $27.7 million, or $1.14 per share, up from $8.8 million, or $0.36 per share, in the year-ago...
Wall Street Journal  Sep 29  Comment 
Cal-Maine Foods said its fiscal first-quarter earnings rose sharply, buoyed by strong demand for specialty eggs and higher average selling prices.
StreetInsider.com  Sep 26  Comment 
The Trading Radar highlights key earnings and economic announcements for the next trading session: Before Markets Open: Economics: 8:30am EDT Personal Income - Street sees 0.3% Personal Spending - Street sees 0.4% PCE Prices: Core - Street...
DailyFinance  Sep 12  Comment 
Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that Southwest Specialty Eggs, LLC, the Company’s joint venture with Hickman’s Egg Ranch, Inc., has acquired the Egg-Land’s Best, Inc. franchise for the southern...
Forbes  Sep 4  Comment 
Shareholders of Cal-Maine Foods, Inc. (NASD: CALM) looking to boost their income beyond the stock's 2.1% annualized dividend yield can sell the February 2015 covered call at the $90 strike and collect the premium based on the $3.00 bid, which...
SeekingAlpha  Jul 28  Comment 
ByAntonio Carradinha: Cal-Maine Foods, Inc. (NASDAQ:CALM) has reported excellent results for Q4 '14 and FY '14. Net sales totaled $1,440.9 million in 2014 (+12% YoY), while in Q4 '14 net sales reached $371.6 million (+14% YoY). Net income totaled...


Cal-Maine Foods (CALM) is the largest producer and marketer of shell eggs in the United States. Cal-Maine is primarily engaged in the production, grading, packing, and sale of fresh shell eggs. The company provides over 15% of the total U.S. consumption of eggs.

Cal-Maine operations are fully integrated. Their facilities hatch chicks, grow pullets, manufacture feed, and produce, process, and distribute shell eggs. Shell eggs accounted for approximately 96% of Cal-Maines net sales in fiscal 2007 and 94% in fiscal 2006. Egg products accounted for approximately 2% of the net sales in fiscal 2007 and 2% in fiscal 2006. Shell eggs are sold directly by Cal-Maine primarily to national and regional supermarket chains.

Cal-Maine also produces specialty egg products such as cholesterol free, free range chicken, and organic eggs. In the specialty category, Cal-Maine has exclusive rights to use the Egg-Land's Best and Farmhouse brands.

The company sells egg products in 29 states across the southwest, southeast, mid-Atlantic, and midwest portions of the United States.

Cal-Maine currently use contract producers for approximately 10% of their total egg production. Contract producers operate under agreements with Cal-Maine for the use of their facilities in the production of shell eggs by layers owned by Cal-Maine. Cal-Maine owns the eggs produced. Also, shell eggs are purchased, as needed, for resale by Cal-Maine from outside producers.

Cal-Maine operating income was $58.2 million for fiscal 2007, as compared to operating income of $4.5 million for fiscal 2006. The operating income as a percent of sales for fiscal 2007 was 9.7%, as compared to operating income of .9% for fiscal 2006.

Cal-Maine sold 679 million dozen shell eggs in fiscal 2008 (ending May), 685 million dozen in fiscal 2007 and 683 million dozen in fiscal 2006.

Growth Strategy

Since 1989, Cal-Maine has acquired 14 companies with 600,000-7,500,000 layers. Despite significant consolidation, the market in which Cal-Maine operates in remains highly fragmented with 65 producers that has more than 1 million layers and the 10 largest producers own 43% market share.

Recent acquisitions by the Company include Zephyr Egg ($27 million in cash; 2 million layers), George's Inc ($11 million in cash; 1 million layers), Green Forest Foods (50% interest for $2 million in cash; the Company owns 50%; 1 million layers) and Hillandale LLC ($49 million in net cash)

Pricing and Costs

The pricing of shell eggs in the US has been increasing due to food price inflation. In fiscal 2008, the Company's average selling price for a dozen of its shell eggs was $1.260 compared to $0.832 in fiscal 2007 and $0.428 in fiscal 2006. Due to the current recession, selling prices decreased to $1.206 for the quarter ended February 28, 2009, compared with $1.480 for the quarter ended March 1, 2008.

Other than increases in average selling prices, the Company's principal feed ingredients, corn, soybean and other gains, have also increased significantly due to food price and energy price inflation. Feed cost, which represents the largest component of production cost, for fiscal year was $0.334 per dozen in fiscal 2008, compared to $0.252 per dozen in fiscal 2007 and $0.206 per dozen in fiscal 2006. Feed cost increased to $0.370 per dozen for the quarter ended February 28, 2009, compared with $0.347 per dozen for the quarter ended February 28, 2008.


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