The Company's restricted share activity for the thirteen weeks ended September 2, 2023 follows: Note 9 - Commitments and Contingencies State of Texas v. Cal-Maine Foods, Inc. d/b/a Wharton; and Wharton County Foods, LLC Bell et al. v. Cal-Maine Foods et al. On March 15, 2022, plaintiffs filed a second suit against the Company and several defendants in Bell et al. v. Cal-Maine Foods et al., Case No. 1:22-cv-246, in the Western District of Texas, Austin Division alleging the same assertions as laid out in the ...

53 and entities that are permitted to receive and hold shares of Class A Common Stock, with ten votes per share, without such shares converting into shares of Common Stock, with one vote per share ("Permitted Transferees"). The Permitted Transferees include arrangements and entities such as revocable trusts and limited liability companies that could hold Class A Common Stock for the benefit of Immediate Family Members. Each Permitted Transferee must have a relationship, specifically defined in the Restated ...

Financial Performance - For Q3 fiscal 2023, the company recorded a gross profit of $463.0 million, a significant increase from $91.6 million in the same period of fiscal 2022, primarily due to higher shell egg prices [122]. - Total net sales for the third quarter of fiscal 2023 were $997.5 million, a 109.0% increase from $477.5 million in the same period of fiscal 2022 [144]. - For the thirty-nine weeks ended February 25, 2023, total net sales reached $2.46 billion, compared to $1.18 billion for the same period in fiscal 2022, marking a 108.5% increase [145]. - Net income for the third quarter of fiscal 2023 was 32.3% of total net sales, compared to 8.3% in the same period of fiscal 2022 [144]. - Operating income for Q3 FY2023 was $407.8 million, compared to $39.6 million for the same period in FY2022 [224]. - Net income attributable to Cal-Maine Foods, Inc. for the thirty-nine weeks ended February 25, 2023, was $647.1 million, or $13.31 per basic share, compared to $22.6 million or $0.46 per basic share for the same period of fiscal 2022 [229]. - The company recorded a pre-tax income of $852.6 million for the thirty-nine weeks ended February 25, 2023, compared to $19.7 million for the same period of fiscal 2022 [227]. Sales and Pricing - Conventional egg sales increased by $408.4 million, or 145.5%, in the third quarter of fiscal 2023, primarily due to a $415.9 million increase in prices [149]. - Specialty egg sales rose by $89.3 million, or 48.8%, in the third quarter of fiscal 2023, driven by a 36.0% increase in prices and a 9.4% increase in volume sold [149]. - Egg products net sales increased by $19.8 million, or 155.6%, for the third quarter of fiscal 2023, primarily due to a 142.8% increase in selling prices [152]. - The average net selling price per dozen for Q3 fiscal 2023 was $3.298, compared to $1.612 in the prior-year period, with conventional egg prices at $3.678 and specialty egg prices at $2.616 [3]. - Total dozens sold increased by 1.3% to 291.4 million dozen in Q3 fiscal 2023, with specialty dozens sold rising by 9.4% [4]. Production and Costs - Farm production costs per dozen produced increased by 18.2%, or $0.166, in the third quarter of fiscal 2023, mainly due to higher feed ingredient costs [143]. - Cost of sales for the third quarter of fiscal 2023 was $534.5 million, up from $385.9 million in the same period of fiscal 2022 [154]. - The increase in payroll, taxes, and benefits expense was primarily due to an increase in the accrual for anticipated performance-based bonuses and increased wages due to inflation [195]. - Labor costs increased by 36% due to higher use of contract labor and wage increases in Q3 fiscal 2023 [6]. - Packaging material costs increased by 15.5% and labor costs rose by 13.7% due to inflation and labor shortages [215]. Market Conditions - The outbreak of highly pathogenic avian influenza (HPAI) has led to the depopulation of approximately 43.3 million commercial layer hens since February 2022, impacting overall egg supply [138]. - The USDA reported a decrease of 3.8% in layer hen inventory compared to the previous year, with current numbers at 312.9 million [139]. - The company expects to continue facing volatility in market prices for eggs and feed grains, which significantly impacts financial results [133]. - The company expects continued upward pricing pressures on corn and soybean due to tight supplies and market volatility [214]. - Corn and soybean supplies remained tight in Q3 FY2023, leading to upward pricing pressures and market volatility affecting feed costs [214]. Strategic Initiatives - The company announced a strategic investment of $18.5 million in Meadow Creek Foods, LLC, to support the growing demand for hard-cooked eggs [117]. - The company is focused on expanding cage-free facilities to meet customer demand, with some customers aiming for 70% cage-free eggs by the end of 2030 [121]. - The company is enhancing its product mix to include free-range and pasture-raised eggs, catering to evolving consumer preferences [136]. - The company formed a new egg farmer cooperative, ProEgg, to enhance market presence in the western United States [7]. - The company is participating in the ProEgg cooperative to improve supply chain stability and customer support in the western states [137]. Interest and Dividends - The company earned $9.4 million of interest income for the thirty-nine weeks ended February 25, 2023, compared to $702 thousand for the same period of fiscal 2022, driven by higher investment balances and interest rates [198]. - The company recorded $6.3 million in interest income for Q3 FY2023, a significant increase from $205 thousand in the same period of FY2022 [225]. - The company paid dividends of $144.6 million for the thirty-nine weeks ended February 25, 2023 [207].

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 26, 2022 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: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended August 27, 2022 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: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (Sta ...

Company Overview - The company is the largest producer and distributor of shell eggs in the U.S., with a total flock of approximately 42.2 million layers and 11.5 million pullets and breeders as of May 28, 2022[6]. - The company has completed 23 acquisitions since 1989, with the most recent acquisition of Red River Valley, which includes 1.7 million layers[8]. - The company is a member of the Eggland's Best cooperative, producing and marketing branded eggs under exclusive license agreements[23]. - The shell egg production industry remains highly fragmented, with the ten largest producers owning approximately 53% of industry table egg layer hens[27]. Financial Performance - Total net sales for fiscal 2022 were $1,777.2 million, an increase of 31.7% compared to $1,349.0 million for fiscal 2021[95]. - Gross profit increased by $176.4 million to $337.1 million in fiscal 2022, primarily due to higher selling prices for conventional eggs[91]. - Net income attributable to Cal-Maine Foods, Inc. was 7.5% for fiscal 2022, a significant increase from 0.2% in fiscal 2021[92]. - Operating income for fiscal 2022 was $143.5 million, compared to an operating loss of $26.3 million in fiscal 2021[102]. - The company reported a comprehensive income of $131,612,000 for the fiscal year ended May 28, 2022, compared to $1,423,000 in the previous year[141]. Production and Sales - In fiscal 2022, 94.3% of the total shell eggs sold were produced, with 91.7% from company-owned facilities and 8.3% from contract producers[17]. - Sales of cage-free eggs represented approximately 22.1% of shell egg revenues for fiscal year 2022[18]. - Conventional eggs accounted for 59.8% of revenue and 69.0% of volume in fiscal 2022, while total specialty eggs contributed 36.5% of revenue and 31.0% of volume[22]. - The company sold approximately 1,083.8 million dozen shell eggs in fiscal 2022, representing about 20% of domestic shell egg consumption[87]. Market Conditions - Wholesale shell egg prices are volatile and influenced by factors such as consumer demand and supply fluctuations, with prices rising in the fourth quarter of fiscal 2022 due to HPAI[11]. - The highly pathogenic avian influenza outbreak impacted approximately 30.7 million laying hens in 2022 through June, affecting supply and prices[43]. - The average per capita U.S. egg consumption in 2021 was estimated to be 280 eggs, or approximately 5.4 eggs per person per week[10]. - Specialty eggs are generally sold at higher prices and have experienced less volatility compared to conventional shell eggs[13]. Cost Structure - In fiscal 2022, feed costs represented 61.9% of the company's farm production costs, with annual feed requirements of 1.9 million tons[14]. - Feed costs per dozen produced rose to $0.571 in fiscal 2022, a 28.1% increase from $0.446 in fiscal 2021[91]. - The average Chicago Board of Trade daily market price for corn was $6.31 per bushel and $392.06 per ton for soybean meal in fiscal 2022, representing increases of 38.3% and 6.1%, respectively[93]. Investments and Expansion - The company plans to invest $105 million to expand cage-free egg production capabilities, including new facilities in Florida and Utah, expected to be completed by 2023 and 2025 respectively[8]. - The company has invested up to $18.5 million in MeadowCreek Foods, LLC, to specialize in high-value commercial egg product solutions, with production expected to start in late fiscal 2023 second quarter[21]. - Approximately $516 million has been invested in facilities and equipment to expand cage-free production since 2008, with a projected cost of $131.974 million for a new facility expected to be completed in fiscal 2023[116]. Regulatory and Compliance - Ten states have passed legislation mandating cage-free requirements for egg production, affecting approximately 27% of the U.S. population[30]. - The company may face significant costs to comply with evolving animal welfare regulations, particularly regarding cage-free egg production[56]. - The company is closely monitoring HPAI outbreaks and has implemented robust biosecurity measures across its locations[10]. Workforce and Diversity - As of May 28, 2022, the company employed 2,985 individuals, with 2,346 in egg production, processing, and marketing, and 197 in feed mill operations[32]. - Women represent 29% of the company's board, while 52% of the workforce identifies as racial or ethnic minorities, highlighting diversity efforts[36]. - Approximately 76% of employees are paid at hourly rates, with most earning above the federal minimum wage[37]. Risks and Challenges - The company faces risks from agricultural factors, including outbreaks of avian disease, which can adversely affect the quality and quantity of shell eggs produced[52]. - Cyber-attacks and security breaches pose risks to the company's information technology systems, potentially impacting operations and reputation[52]. - Labor costs increased significantly in fiscal 2021 and 2022 due to pandemic-related wage increases, with approximately 76% of employees paid hourly[53]. Shareholder Returns - The company has a variable dividend policy, paying dividends equal to one-third of quarterly net income attributable to the company[77]. - Total dividends paid increased to $6.1 million in fiscal 2022 from $1.7 million in fiscal 2021, reflecting a significant rise in shareholder returns[113].

BMO Global Farm to Market Conference May 18, 2022 Dolph Baker, Chairman and Chief Executive Officer Max Bowman, Chief Financial Officer Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This presentation contains "forward‐looking statements" relating to, among other things, our shell egg business, including estimated future production data, expected construction schedules, projected construction costs, potential future supply of and demand for our pr ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended February 26, 2022 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: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Index UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended November 27, 2021 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: 001-38695 CAL-MAINE FOODS, INC. (Exact name of registrant as specified in its charter) Delaware 64-0500378 (S ...

Stephens Annual Investment Conference December 2, 2021 Dolph Baker, Chief Executive Officer Sherman Miller, President and Chief Operations Officer Max Bowman, Chief Financial Officer Forward-looking statements and use of non-GAAP financial measures Forward‐Looking and Cautionary Statements This presentation contains "forward‐looking statements" relating to, among other things, our shell egg business, including estimated future production data, expected construction schedules, projected construction costs, p ...