UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(mark one)
[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended December 2, 2000
OR
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from ____________ to ____________
Commission file number: 000-04892
CAL-MAINE FOODS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 64-0500378
(State or other Jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or Organization)
3320 WOODROW WILSON AVENUE, JACKSON, MISSISSIPPI 39209
(Address of principal executive offices) (Zip Code)
(601) 948-6813
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes _X_ No ___
Number of shares outstanding of each of the issuer's classes of common
stock (exclusive of treasury shares), as of December 30, 2000.
Common Stock, $0.01 par value 10,822,988 shares
Class A Common Stock, $0.01 par value 1,200,000 shares
<PAGE>
CAL-MAINE FOODS, INC.
INDEX
PAGE
PART I. FINANCIAL INFORMATION NUMBER
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets -
December 2, 2000 and June 3, 2000 3
Condensed Consolidated Statements of Operations -
Three Months and Six Months Ended December 2, 2000
and November 27, 1999 4
Condensed Consolidated Statements of Cash Flow -
Six Months Ended December 2, 2000 and November 27, 1999 5
Notes to Condensed Consolidated Financial Statements 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 7
Item 3. Quantitative and Qualitative Disclosures of Market Risk 11
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 12
Signatures 13
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<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>
December 2, 2000 June 3, 2000
------------------------------------------------
(unaudited) (Note 1)
ASSETS
<S> <C> <C>
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
---------- ----------
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)
---------- ----------
145,523 148,137
---------- ----------
TOTAL ASSETS $ 241,533 $ 231,899
========== ==========
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
---------- ----------
Total current liabilities 60,912 51,845
Long-term debt, less current maturities 112,588 112,631
Deferred expenses 1,489 1,489
Deferred income taxes 4,581 4,581
---------- ----------
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 6,257,712 shares at June 3, 2000 (11,827) (11,154)
---------- ----------
Total stockholders' equity 61,993 61,353
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 241,533 $ 231,899
========== ==========
</TABLE>
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
<TABLE>
<CAPTION>
13 Weeks Ended 26 Weeks Ended
December 2, 2000 November 27, 1999 December 2, 2000 November 27, 1999
---------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Net sales $92,589 $ 71,054 $ 168,107 $130,109
Cost of sales 74,293 64,387 141,943 121,709
-------- --------- ---------- ---------
Gross profit 18,296 6,667 26,164 8,400
Selling, general and
administrative 10,438 9,612 20,550 18,708
-------- --------- ---------- ---------
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
-------- --------- ---------- ---------
(1,256) (1,332) (3,088) (2,474)
-------- --------- ---------- ---------
Income (loss) before income
taxes 6,601 (4,277) 2,526 (12,782)
Income tax expense (benefit) 2,375 (1,544) 922 (4,686)
-------- --------- ---------- ---------
NET INCOME (LOSS) $ 4,226 $ (2,732) $ 1,604 $ (8,096)
======== ========= ========== =========
Net income (loss) per common share:
Basic $ .35 $ (.22) $ .13 $ (.65)
======== ========= ========== =========
Diluted $ .35 $ (.22) $ .13 $ (.65)
======== ========= ========== =========
Weighted average shares
outstanding:
Basic 12,114 12,403 12,153 12,427
======== ========= ========== =========
Diluted 12,122 12,403 12,190 12,427
======== ========= ========== =========
</TABLE>
See notes to condensed consolidated financial statements.
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<PAGE>
CAL-MAINE FOODS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
UNAUDITED
<TABLE>
<CAPTION>
26 Weeks Ended
December 2, 2000 November 27, 1999
----------------------------------------------
<S> <C> <C>
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
-------- ---------
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)
-------- ---------
Net cash provided by financing activities 1,118 27,570
-------- ---------
Increase (decrease) in cash and cash equivalents 549 (28,420)
Cash and cash equivalents at beginning of period 6,541 36,198
-------- ---------
Cash and cash equivalents at end of period $ 7,090 $ 7,778
======== =========
</TABLE>
See notes to condensed consolidated financial statements.
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<PAGE>
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
---------------- ------------
Flocks $ 30,178 $ 28,417
Eggs 3,740 2,417
Feed and supplies 10,040 10,028
Livestock 2,950 3,051
-------- --------
$ 46,908 $ 43,913
======== ========
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<PAGE>
ITEM 2. MANAGEMENTS'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
The Company is primarily engaged in the production, cleaning, grading,
packing, and sale of fresh shell eggs. The Company's fiscal year end is the
Saturday closest to May 31.
The Company's operations are fully integrated. It owns facilities to
hatch chicks, grow pullets, manufacture feed, and produce, process, and
distribute shell eggs. The Company currently is the largest producer and
distributor of fresh shell eggs in the United States. The shell eggs account
for 98% of the Company's net sales. The Company primarily markets its shell
eggs in the southwestern, southeastern, mid-western and mid-Atlantic regions
of the United States. Shell eggs are sold directly by the Company primarily to
national and regional supermarket chains.
The Company currently uses contract producers for approximately 20% of
its total egg production. Contract producers operate under agreements with the
Company for the use of their facilities in the production of shell eggs by
layers owned by the Company, which owns the eggs produced. Also, shell eggs
are purchased, as needed, from outside producers for resale by the Company.
The Company's operating income or loss is significantly affected by
wholesale shell egg market prices, which can fluctuate widely and are outside
of the Company's control. Retail sales of shell eggs are greatest during the
fall and winter months and lowest during the summer months. Prices for shell
eggs fluctuate in response to seasonal factors and a natural increase in egg
production during the spring and early summer.
The Company's cost of production is materially affected by feed costs,
which average about 60% of Cal-Maine's' total farm egg production cost.
Changes in feed costs result in changes in the Company's cost of goods sold.
The cost of feed ingredients is affected by a number of supply and demand
factors such as crop production and weather, and other factors, such as the
level of grain exports, over which the Company has little or no control.
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<PAGE>
RESULTS OF OPERATIONS
The following table sets forth, for the periods indicated, certain items
from the Company's Condensed Consolidated Statements of Operations expressed
as a percentage of net sales.
<TABLE>
<CAPTION>
PERCENTAGE OF NET SALES
13 Weeks Ended 26 Weeks Ended
Dec. 2, 2000 Nov. 27, 1999 Dec. 2, 2000 Nov. 27, 1999
----------------------------- -----------------------------
<S> <C> <C> <C> <C>
Net sales 100.0 % 100.0 % 100.0 % 100.0 %
Cost of sales 80.2 90.6 84.4 93.5
------------------------------------------------------------------
Gross profit 19.8 9.4 15.6 6.5
Selling, general &
administrative
11.3 13.5 12.3 14.4
------------------------------------------------------------------
Operating income (loss) 8.5 (4.1) 3.3 (7.9)
Other expense (1.4) (1.9) (1.8) (1.9)
------------------------------------------------------------------
Income (loss) before taxes 7.1 (6.0) 1.5 (9.8)
Income tax expense (benefit) 2.6 (2.2) .5 (3.6)
------------------------------------------------------------------
Net income (loss) 4.5 % (3.8) % 1.0 % (6.2) %
==================================================================
</TABLE>
NET SALES
Net sales for the second quarter of fiscal 2001 were $92.6 million, an
increase of $21.5 million, or 30.3% as compared to net sales of $71.1 million
for the second quarter of fiscal 2000. Total dozens of eggs sold increased in
the current quarter and egg selling prices increased as compared with prices
last year. Dozens sold for the current quarter were 137.1 million dozen, an
increase of 5.3 million dozen, or 4.1% as compared to the second quarter of
last year. Improved demand for eggs and less supply resulted in substantially
higher egg selling prices during the current quarter. The Company's net
average selling price per dozen for the fiscal 2001 second quarter was $.644,
compared to $.500 for the second quarter of last year, an increase of 28.8%.
Net sales for the twenty-six weeks ended December 2, 2000 were $168.1
million, an increase of $38.0 million, or 29.2%. As in the current quarter,
total dozens sold and net egg selling prices increased. Dozens sold for the
current 26-week period were 268.4 million as compared to 241.1 million for
last fiscal year, an increase of 11.3%. Approximately half of the increase in
dozens sold is due to an acquisition made during the second quarter of fiscal
2000. As discussed above, favorable egg market conditions increased egg
selling prices. For the current 26 week period, the Company's net average
selling price per dozen was $.596, compared to $.498 per dozen last year, an
increase of $.098 per dozen, or 19.7%.
COST OF SALES
Total cost of sales for the second quarter ended December 2, 2000 was
$74.3 million, an increase of $10.0 million, or 15.4%, as compared to the cost
of sales of $64.4 million for last year's second quarter. The increase is due
to increases in dozens sold, cost of purchases from outside egg producers, and
cost of feed ingredients. Dozens of eggs sold increased 5.3 million for the
current quarter. These additional dozens were produced in Company facilities.
The increase in the cost of eggs purchased from outside producers was due to
improved egg market conditions. Feed cost for the second quarter ended
December 2, 2000 was $.194 per dozen, compared to last fiscal year's cost per
dozen of $.179, an increase of 8.4%. The increases in dozens sold and improved
egg selling prices resulted in an increase in gross profit from 9.4% for the
quarter ended November 27, 1999 to 19.8% of net sales for the current quarter
ended December 2, 2000.
For the twenty-six week period ended December 2, 2000, total cost of
sales was $141.9 million, an increase of $20.2 million, or 16.6%, as compared
to the cost of sales of $121.7 million for last year. As in the quarter, the
increase in cost of sales is the result of more dozens sold, higher outside
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<PAGE>
egg purchase cost, and moderate increase in cost of feed. Eggs sold increased
27.3 million dozen in the current year and were supplied by Company
facilities. Of this increase in dozens, approximately half is due to an
acquisition last year. Feed cost for the current 26 weeks was $.191 per dozen,
compared to $.179 per dozen for last year, an increase of 6.7%. The
improvements in egg selling prices and increased dozens sold resulted in an
increase in gross profit from 6.5% of net sales for last year to 15.6% for the
current fiscal year.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
Selling, general and administrative expense for the second quarter ended
December 2, 2000 was $10.4 million, an increase of $800,000, or 8.3%, as
compared to $9.6 million for last fiscal year's second quarter. Most of the
increase was in delivery costs from increased dozens sold and from increased
fuel cost and outside contract trucking. Fuel cost has increased 27.0% above
last year's quarter and is a cause of the increased outside contract trucking
cost. On a cost per dozen sold basis, selling, general and administrative
expense remained about the same, $.076 per dozen for the current quarter as
compared to $.073 for last year. As a percent of net sales, selling, general
and administrative expense decreased from 13.5% for fiscal 2000 second quarter
to 11.3% for the current quarter.
For the twenty-six weeks ended December 2, 2000, selling, general and
administrative expense was $20.6 million, an increase of $1.9 million, or
10.2%, as compared to an expense of $18.7 million for the same period last
fiscal year. As in the current quarter, most of the increase was in delivery
cost, which increased due to an increase of 11.3% in dozens sold and higher
delivery costs. For the current period, fuel cost has increased 33.0% from the
same period in the prior year and has also increased outside contract trucking
cost. On a cost per dozen sold basis, selling, general and administrative
expense is unchanged at $.077 for both fiscal years. As a percent of net
sales, selling, general and administrative expense has decreased from 14.4%
for fiscal 2000 to 12.3% for the current fiscal year.
OPERATING INCOME
As the result of the above, operating income was $7.9 million for the
second quarter ended December 2, 2000, as compared to an operating loss of
$2.9 million for last year's fiscal second quarter. As a percent of net sales,
the current fiscal 2001 quarter had an 8.5% operating income, compared to a
4.1% operating loss for last year.
For the twenty-six weeks ended December 2, 2000, operating income was
$5.6 million, compared to an operating loss of $10.3 million for last fiscal
year. As a percent of net sales, the current fiscal period had a 3.3%
operating income, compared to a 7.9% operating loss for last year.
OTHER EXPENSE
Other expense for the second quarter ended December 2, 2000 was $1.3
million, the same amount as last year's comparable period. This net figure for
the current quarter was the result of an increase of $739,000 in net interest
expense and an $815,000 increase in other income. Net interest expense
increased as the result of increased borrowing, primarily on the Company's
line of credit, which began during the second quarter of fiscal 2000,
increased through the first quarter of fiscal 2001 and decreased during the
current second quarter. Other income for the current quarter increased from
equity in income of affiliates and from settlement of an insurance claim. As a
percent of net sales, other expense was 1.4% for the current fiscal second
quarter, compared to 1.9% last year.
For the twenty-six weeks ended December 2, 2000, other expense was $3.1
million, an increase of $600,000, or 24.0%, as compared to an expense of $2.5
million for last year. For the current period, net interest expense increased
$1.9 million and other income increased $1.3 million. The net increase
resulted from the same activities as mentioned above in the current quarter.
As a percent of net sales, other expense was 1.8% for the current period, as
compared to 1.9% for last year.
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<PAGE>
INCOME TAXES
As a result of the above, the Company's pre-tax income was $6.6 million
for the quarter ended December 2, 2000, compared to a pre-tax loss of $4.3
million for last year's quarter. For the current quarter, an income tax
expense of $2.4 million was recorded with an effective tax rate of 36.0%, as
compared to an income tax benefit of $1.5 million with an effective rate of
36.1% for last year's comparable quarter.
For the twenty-six week period ended December 2, 2000, the Company's
pre-tax income was $2.5 million, compared to pre-tax loss of $12.8 million for
last year. For the current twenty-six week period, an income tax expense of
$900,000 was recorded with an effective tax rate of 36.5%, as compared to an
income tax benefit of $4.7 million with an effective rate of 36.7% for last
year's comparable period.
NET INCOME (LOSS)
Net income for the second quarter ended December 2, 2000 was $4.2
million, or $.35 per basic share, compared to net loss of $2.7 million, or
$.22 per basic share for last fiscal year's second quarter.
For the twenty-six week period ended December 2, 2000, net income was
$1.6 million, or $.13 per basic share, compared to last fiscal year's net loss
of $8.1 million, or $.65 per basic share.
CAPITAL RESOURCES AND LIQUIDITY
The Company's working capital at December 2, 2000 was $21.1 million
compared to $18.5 million at June 3, 2000. The Company's current ratio was
1.35 at December 2, 2000 as compared with 1.36 at June 3, 2000. The Company's
need for working capital generally is highest in the last and first fiscal
quarters ending in May and August, respectively, when egg prices are normally
at seasonal lows. Seasonal borrowing needs frequently are higher during these
quarters than during other fiscal quarters. The Company has a $35.0 million
line of credit with three banks of which $10.0 million was outstanding at
December 2, 2000. The Company's long-term debt at December 2, 2000, including
current maturities, amounted to $119.3 million, as compared to $119.7 million
at June 3, 2000.
For the twenty-six weeks ended December 2, 2000, $8.2 million in net
cash was provided by operating activities. This compares to $9.1 million that
was used in operating activities for the comparable period last fiscal year.
In the current twenty-six week period, $1.3 million was used for purchases of
property, plant and equipment, $500,000 net proceeds received from sales of
property, plant and equipment, and $5.0 million used for construction
projects. Net cash of $3.0 million was used for additions to notes receivable
and investments. Approximately $678,000 was used for purchase of common stock
for the treasury and $291,000 used for payments of dividends on the common
stock. Additional cash of $2.5 million was received on the note payable to
bank and, additional long-term borrowings of $2.9 million were received.
Repayments of $3.3 million were made on long-term debt. The net result was an
increase in cash of approximately $549,000.
For the comparable period last year, $1.6 million was used for purchases
of property, plant and equipment, $9.5 million used for construction projects,
and $36.2 million used in acquisition of a shell egg operation. Net payments
of approximately $400,000 were received on notes receivable and investments.
Approximately $567,000 was used for purchase of common stock, and $303,000 was
used for payments of dividends on the common stock. Additional cash of $7.5
million was received on the note payable to bank, and additional long-term
borrowings of $23.5 million were received. Repayments of $2.5 million were
made on long-term debt. The net result was a decrease in cash of $28.4
million.
Certain key industry indicators for shell eggs are currently favorable
for fiscal 2001. Baby chicks placed during calendar 2000 are down over
approximately 5% compared to the same period last year. This will tend to
reduce the nationwide laying flock size in the current year. Current
projections for total laying flock size in the U. S. during the Company's
fiscal 2001 are only slightly larger than last fiscal year. With anticipated
improved demand by the egg industry, this should result in higher selling
prices for eggs. Current industry indications are for a good corn and soybean
supply for 2001. This should ensure favorable cost of feed for the current
fiscal year.
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<PAGE>
Substantially all trade receivables and inventories collateralize the
Company's line of credit, and property, plant and equipment collateralize the
Company's long-term debt. The Company is required by certain provisions of
these loan agreements to (1) maintain minimum levels of working capital and
net worth; (2) limit dividends, capital expenditures, lease obligations and
additional long-term borrowings; and (3) maintain various current and
cash-flow coverage ratios, among other restrictions. The Company was in
compliance with these provisions as of December 2, 2000. Under certain of the
loan agreements, the lenders have the option to require the prepayment of any
outstanding borrowings in the event of a change in the control of the Company.
At December 2, 2000 the Company had $3.3 million in
construction-in-progress which primarily represents construction of new shell
egg production and processing facilities in Waelder, Texas. The estimated cost
to complete construction of the Waelder facility in fiscal 2001 is
approximately $3.4 million. The Company has a commitment from an insurance
company to receive $13.4 million in long-term borrowings applicable to the
Waelder facility, of which $11.4 million was funded as of December 2, 2000.
Including the completion of the Waelder facility, the Company has projected
capital expenditures of $15.0 million in fiscal 2001, which will be funded by
cash flows from operations and additional long-term borrowings.
As part of the Smith Farms purchase in September 1999, the Company is
continuing the construction of egg production and processing facilities in
Searcy, Arkansas and Flatonia, Texas. The projects are being funded by a
leasing company. Total cost of the Searcy facility is approximately $20.0
million and completion is expected in the first quarter of fiscal 2002. Total
cost of the Flatonia facility is approximately $16.0 million and completion is
anticipated in the second quarter of fiscal 2002. These facilities will be
leased with seven year terms and accounted for as operating leases.
FORWARD LOOKING STATEMENTS. The foregoing statements contain
forward-looking statements, which involve risks, and uncertainties and the
Company's actual experience may differ materially from that discussed above.
Factors that may cause such a difference include, but are not limited to,
those discussed in "Factors Affecting Future Performance" below, as well as
future events that have the effect of reducing the Company's available cash
balances, such as unanticipated operating losses or capital expenditures
related to possible future acquisitions. Readers are cautioned not to place
undue reliance on forward-looking statements, which reflect management's
analysis only as the date hereof. The Company assumes no obligation to update
forward-looking statements. See also the Company's reports to be filed from
time to time with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934.
FACTORS AFFECTING FUTURE PERFORMANCE. The Company's future operating
results may be affected by various trends and factors beyond the Company's
control. These include adverse changes in shell egg prices and in the grain
markets. Accordingly, past trends should not be used to anticipate future
results and trends. Further, the Company's prior performance should not be
presumed to be an accurate indication of future performance.
ITEM 3. QUANTATIVE AND QUALITATIVE DISCLOSURES OF MARKET RISK
There have been no material changes in the market risk reported in the
Company's fiscal 2000 annual report on Form 10-K.
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<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
a. Exhibits
None
b. Reports on Form 8-K
No current report on Form 8-K was filed by the Company covering an
event during the second quarter of fiscal 2001.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CAL-MAINE FOODS, INC.
(Registrant)
Date: January 11, 2001 /s/FRED R. ADAMS, JR.
---------------------
Fred R. Adams, Jr.
Chairman of the Board
Chief Executive Officer
Date: January 11, 2001 /s/CHARLES F. COLLINS
---------------------
Charles F. Collins
Vice President/Controller
(Principal Accounting Officer)
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