Cal-Maine Foods Files Proxy Materials

TL;DR

CALM proxy filing out - shareholders vote soon on board & pay.

AI Summary

Cal-Maine Foods, Inc. filed a Definitive Additional Materials proxy statement on September 25, 2024. This filing is related to the company's annual meeting and likely contains information about shareholder proposals, director elections, and executive compensation. The company is a major producer of shell eggs.

Why It Matters

This filing provides shareholders with crucial information to make informed decisions regarding company governance, director appointments, and executive compensation at the upcoming annual meeting.

Risk Assessment

Risk Level: low — This is a routine proxy filing, not indicating any immediate financial distress or significant operational changes.

Key Players & Entities

• Cal-Maine Foods, Inc. (company) — Registrant
• 0001140361-24-041833 (filing_id) — Accession Number
• 20240925 (date) — Filing Date

FAQ

Key Financial Figures

• $2.3 billion — For the year, we reported net sales of $2.3 billion compared with $3.1 billion for fiscal 2
• $3.1 billion — net sales of $2.3 billion compared with $3.1 billion for fiscal 2023. Fiscal 2024 was a 52-w
• $1.932 — th an average customer selling price of $1.932 per dozen for fiscal 2024 compared with
• $2.622 — per dozen for fiscal 2024 compared with $2.622 per dozen for fiscal 2023. We continued
• $277.9 m — ome attributable to Cal-Maine Foods was $277.9 million, or $5.69 per diluted share, comp
• $5.69 — Cal-Maine Foods was $277.9 million, or $5.69 per diluted share, compared with $758.0
• $758.0 m — $5.69 per diluted share, compared with $758.0 million, or $15.52 per diluted share, for
• $15.52 — share, compared with $758.0 million, or $15.52 per diluted share, for fiscal 2023. Ou

Filing Documents

• ef20036264_defa14a.htm (DEFA14A) — 18KB
• image0.jpg (GRAPHIC) — 461KB
• image1.jpg (GRAPHIC) — 392KB
• image2.jpg (GRAPHIC) — 3KB
• 0001140361-24-041833.txt ( ) — 1198KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 Cal-Maine Foods, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i) and 0-11 TO OUR SHAREHOLDERS We are pleased to report a solid performance for fiscal 2024 amidst a challenging year for Cal-Maine Foods and our industry. The continued outbreaks of highly pathogenic avian influenza ("HPAI") across our country have affected us and many other egg producers and resulted in a further reduction in the nation's hen supply. Despite these interruptions, our managers and employees did an outstanding job efficiently managing our operations and meeting the demands of our valued customers. Throughout the year, we continued to execute our growth strategy and deliver against our key performance objectives. Cal-Maine Foods has a proven operating model that has sustained our business through many economic cycles and other external forces that affect our industry, including HPAI. Our operations ran well as we remained focused on our primary objective of achieving operational excellence. For the year, we reported net sales of $2.3 billion compared with $3.1 billion for fiscal 2023. Fiscal 2024 was a 52-week-period and fiscal 2023 was a 53-week-period. Our sales reflect significantly lower market prices compared to the prior year with an average customer selling price of $1.932 per dozen for fiscal 2024 compared with $2.622 per dozen for fiscal 2023. We continued to benefit from strong consumer demand for shell eggs, and we sold 1.147 billion dozen eggs for the year, consistent with volumes sold in fiscal 2023. For fiscal 2024, net income attributable to Cal-Maine Foods was $277.9 million, or $5.69 per diluted share, compared with $758.0 million, or $15.52 per diluted share, for fiscal 2023. Our ability to deliver a favorable product mix has been an important market advantage for Cal-Maine Foods, and we have worked hard to respond to the changing needs of our customers. Whether consumers want conventional eggs or specialty offerings, including cage-free, organic, brown, free-range, pasture raised or nutritionally enhanced eggs, we are proud to offer a choice of fresh, quality products. In addition to our organic growth strategy, we have continued to identify strategic acquisition opportunities that enhance our production capacity and further extend our market reach. We are excited about the addition of the assets of Fassio Egg Farms, Inc., located in Erda, Utah, providing an opportunity to expand our market presence in Utah and the western United States. The additional production capacity, especially for cage-free eggs, will further support our ability to serve our valued customers in this important market area. We also completed the acquisition of a former broiler processing plant, hatchery and feed mill in Dexter, Missouri, previously operated by Tyson Foods. Dexter's central geographic location and strong work force will augment our supply and distribution capabilities for customers in Missouri and surrounding markets. We have commenced work on the Dexter facilities to repurpose the assets for use in shell egg production and processing. We are working together with local farmers, contractors and businesses and making significant investments in the Dexter area to renovate and improve the facilities, with future plans for expanded shell egg and value-added egg product opportunities. We look forward to the new production opportunities, including the potential for additional free-range capacity, in this new community and market for Cal-Maine Foods. Following the end of the fiscal year, we acquired substantially all the egg production and processing assets of ISE America, Inc. and certain of its affiliates ("ISE"), providing a strategic opportunity to expand our market reach in the Northeast and Mid-Atlantic states. The added production and distribution capabilities will allow us to serve new customers and expand capacity, particularly in the Northeast, which is largely a new territory for Cal-Maine Foods. We have also added production assets for the first time in Maryland, New Jersey and Delaware. Cal-Maine Foods has a strong record of driving value from our acquired operations, and we look forward to a successful integration of the ISE operations. Outbreaks of

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