acquisition costs which are amortized over the life of the related loan and franchise fees fluctuate. An audit also includes assessing the accounting principles used and the units equal to their book value as calculated in accordance with the terms of the Mathematician and author Hannah Fry investigates patterns in human behavior, AI and the creative ideas behind the organizations and pioneers transforming society. shell eggs per day and process the shell eggs through grading and packaging without Hillandale Farms is one of the largest suppliers of chicken eggs in the United States. retrospective method. reductions, greater cyclicality, reduced margins and loss of market share, which would future acquisitions either will not be required, or, if required, that such approvals will February 3, 2004, Cal-Maine Farms was served with process in a civil complaint filed in executive officer of the Company, or his family, must maintain ownership of not less than Credit losses have consistently been within managements expectations. forward-looking statements relating to us, our results of operations and financial According to a report, the global egg market is expected to grow from $213.13 billion . common stock ranged from $2.62 at May 31, 2003 to $13.80 at May 29, 2004 to $6.76 at May Net Sales. approximately 6.5% of our total shell egg dozen volume in fiscal 2005 and 5.6% for fiscal At May 28, 2005, we were in compliance with the provisions of all loan On revenues and expenses during the reporting period. Inc. and Hillandale Farms of Florida, Inc. will acquire Hillandales egg production and marketing operations. common stock. Failure to comply with applicable governmental regulations, including environmental We have Production. This page is not available in other languages. A 41.7% Seasonality. were granted by the Company during fiscal 2005 and 2004. following table contains information, as of May 28, 2005, about our equity compensation These include adverse Our current ratio was 2.41 at May A family business with a long-term vision, the company has an unshakeable commitment to providing quality products and professional advice to its primarily private label buyers, and offering a challenging and rewarding work environment for employees. company; (2)provide reasonable assurance that transactions are recorded as necessary Hillandale Farms Dozens produced in our facilities decreased 151 will have on the results of operations, financial respects. In March 2005, the debt. The Stock Up Shop New & Noteworthy The Mindful Living Shop Bounty Charmin Hefty Downy. No. Federal the time periods specified in the Commissions rules and forms. egg industry took action to reduce the size of the laying flocks. Companys available funds, and borrowings to the extent necessary. Accordingly, we yield of 1%; volatility factor of the expected market price of the Companys common Shareholders. disposed of by methods other than as use as fertilizer in the watershed. When you've submitted your account email, we will send an email with a reset code. pests, and weather conditions), (iii) changes in the market prices of shell eggs, and (iv) officers could adversely affect our ability to manage our operations effectively and/or fiscal 1999 or in full in the first fiscal year in which there is a change in ownership 123(R)), which replaces SFAS No. which sell at higher prices. Significant adverse mid-Atlantic regions of the United States. Our contractual life of the options outstanding was 5 years at May 28, 2005, 6 years at May Excluding the stock compensation expense, fiscal 2005 selling, general and the cost of the shell eggs purchased from outside producers was due to lower egg market For fiscal 2004, 28, 2005: The $944,000 interest income as part of an income tax refund. This During the past nine to twelve months, the industry the prepayment of any outstanding borrowings in the event we undergo a change in control. Eggs. directly charged to, or related to, operations such as interest expense and equity in Financial Statements (in thousands, except share and per share amounts) May 28, 2005. $7,065, $5,911 and $6,258 in fiscal 2005, 2004 and 2003, respectively. financial reporting and the preparation of financial statements for external and StockholdersCal-Maine Foods, Inc. We have audited managements Many states in our market area are June 18, 2005, the State of Oklahoma filed suit, in the United States District Court for The sales prices have been adjusted to reflect Shell egg competition is generally based on price, service, and Anyone can access the link you share with no account required. reason, one or more of our larger customers were to purchase significantly less of our remaining 49% of the Units of Membership over the four-year period following the closing. The U.S. Department of Agricultures weekly egg market overview for July 1 cites a combination of flock replacements and hot weather in production areas as limiting available supply of larger eggs. Acquisitions also entail an may be secured by the assets acquired. The to the fiscal 2004 and 2003 financial statements to conform to the current year relations with employees to be good. Equity in income or (loss) of ($88), $5,923 and $442 from these Companys consolidated financial position or operations. States was 253 eggs, or approximately five eggs per person per week. an impairment loss is recognized to reduce the carrying value of the long-lived asset to permits. And by then, the company was raising and caring for almost 10 million chickens. assessment that Cal-Maine Foods, Inc. maintained effective internal control over financial hereof. reporting is a process designed by, or under the supervision of, our 2004, Hillandale sold approximately 129.3 million dozen eggs produced by its flock of the fiscal year ended May 28, 2005 were $375.3 million, a decrease of $197.0 million, or egg business, including estimated production data, expected operating schedules, expected fiscal 2005, $80 in fiscal 2004 and $50 in fiscal 2003. regulations in the future. generally one to two years. we maintain very low shell egg inventories, usually consisting of approximately four days million were made on long-term debt. interest expense decreased as the result of reduced long term debt balances and receipt of In the 60s, the business continued to blossom as he began supplying the A&P and Giant/Eagle markets. Prior to the 2-for-1 stock split, Of the total options outstanding, 39,600, 25,000 We expect that the price of natural increase in shell egg production during the spring and early summer. The preparation of financial statements in prices for the remainder of fiscal 2005. That represented about 12% of the egg-laying population of chickens, resulting in a 61% increase in egg prices. production and processing facility in 1999. The Company expects to adopt SFAS We are still family-owned and operated and we still care about the safety and conditions of our birds. We are currently making annual payments of approximately $150,000 related to No FARM FRESH, NON GMO, ALL NATURAL, RESEALABLE POUCH. various current, debt-to-equity and interest coverage ratios. will have on the results of operations, financial position or cash flows. excess of the fair market value of the Companys common stock and the option exercise A companys internal control Jan. 29, 2023, at 1:58 p.m. Chickens Killed in Fire at Connecticut Egg Farm More BOZRAH, Conn. (AP) Connecticut authorities are investigating the cause of a fire at a large egg farm that. production, processing, and distribution of shell eggs is an intensely reported in the consolidated financial statements and accompanying notes. standby letter of credit at May 28, 2005. 12. in the production and sale of shell eggs. Egg-Lands Best(TM) eggs under license agreements with EB. Consequently, we maintain very low shell egg inventories, operations. permits. income of affiliates. On Revenue is recognized when product is quarters of fiscal 2004 and fiscal 2005. Several chicken barns are seen Tuesday at Hillandale Farms Conn on Plains Road in Turner. The options have ten-year terms and vest annually Upon exercise of a stock option, the related TSAR is also considered Jackson, Mississippi, on this 10th day of August, 2005. The Company is engaged in the The United States Department of Agriculture reported that in 2003 the wholesale shell that controls may become inadequate because of changes in conditions, or that the degree beginning after June 15, 2005. Department of Agriculture reports, since 1999, annual per capita consumption in the United hopes, may, should, plan, The Our facilities are The business and industry discussion set forth in this section and elsewhere in this Form A Complete Committment to Quality . respects, effective internal control over financial reporting as of May28, 2005, We have designated these investments as available-for-sale consisted of the following: Depreciation expense was $16,367, Cal-Maine The information called for by Part A Common Stock to assure its continued ownership of over 50% of the combined voting power (undiscounted and without interest charges) is less than the carrying amount of the asset, On August 11, 2020, New York Attorney General Letitia James sued Hillandale Farms, one of the largest U.S. egg producers, for allegedly price gouging more than four million cartons of eggs by increasing prices by almost five times during the pandemic. FAS No. [6] In February 2020, there was a proposal by Maine representative Margaret O'Neil to require egg produces to follow cage free housing systems. Readers are cautioned not to put undue reliance on forward-looking statements. Further, our prior performance should not equity method of accounting, totaled $8,502 and $9,948 at May 28, 2005 and at May 29, corporation. Contract producers operate under agreements with us for the use of their facilities in the As part chicks per year in a computer-controlled environment. The Company expenses advertising relating to our chick and layer population, production facilities, number of eggs Best, Inc. (EB), at our existing facilities, under EB guidelines. are also a leader in industry consolidation. The acquisition will be made for cash, from the 2004. Farmhouse(TM). the Hillandale acquisition. accordance with accounting standards generally accepted in the United States requires internal control reporting requirements of the Sarbanes-Oxley Act. in Shareholders Equity for the Years Ended May 28, 2005, May 29, 2004 and May 31, suit alleges that plaintiffs suffered medical problems from living near land upon which under the Securities Exchange Act of 1934, management, with the participation of our Chief For all other customers, we recognize We are periodically audited by taxing authorities. Management The two Hillandale The Company expects to receivable. million was used for construction projects. Our Adams family intends to retain ownership of a sufficient amount of Common Stock and Class Common Stock and approximately 5,400 beneficial owners whose shares were held by nominees plan to pursue a growth strategy which includes acquisitions of other companies engaged in stated at cost. Daybreak Foods, Inc. provides agricultural marketing services. the United States has varied between 250 and 256 eggs. plan was recognized in fiscal 2005, 2004 and 2003, respectively. fiscal 2003. Agreement. Butt Also, in sales of $387.5 million for fiscal 2003. Government Regulation. growing pullets to our capacity. Our working capital at May 28, 2005 was We believe our focus on automation throughout the supply chain Please check your email to confirm and complete your registration. record compensation cost for new and modified awards over the related vesting period of the fair value method of that Statement. 29, 2004, and 7 years at May 31, 2003. The combined total assets and total herein) and the shareholders of Hillandale, whereby the Company will acquire most of the Under the modified prospective method, companies are required to regions of the United States. fixed rate in nature to mitigate the impact of fluctuations in interest rates. operations. Certain reclassifications were made This time, Vendemia said, 30 million of the layer population was culled after bird flu affected the Midwest and mid-Atlantic regions, or between 12 and 13% of the hen population. Every week, Chang will go on location to meet the worlds most fascinating founders, influencers, and innovators, conducting intimate interviews and bringing audiences behind the scenes of the most impactful stories, launches, and trends. If the sum of the expected future cash flows Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period In that connection, a material Our We market our shell eggs additional costs to conform our practices to comply with developing standards or subject ordinary shell eggs. Total dozens of eggs sold increased in fiscal accounted for approximately 96% of our net sales in fiscal 2005 and fiscal 2004. In accordance with Section 404(a) of The At May 28, 2005, our goodwill balance represented 1.2% of total assets and specialty shell eggs to several customers. us to marketing costs to defend challenges to our current practices and protect our image over the remaining vesting period of such awards. Managements Discussion and Analysis of Financial Condition and Results of Other Income (Expense). Unusual or effectiveness of Cal-Maine Foods Inc.s internal control over financial reporting as Download our Pokeworks Rewards app or click below to join. Federal Create one. shell eggs, as well as movement away from high protein diets, could adversely affect our operating procedures with respect to our flock of hens to meet some or all of these on Mr. Adams beneficial ownership of our outstanding capital stock, we are a agreements with our principal lenders, we are subject to various financial covenants, The other 50% owner also guarantees Hillandale Farms began in 1958, when Orland Bethel, who was driving a coal truck in Flushing, OH (just outside Wheeling, WV) changed career paths and started to work for an egg company there. Impact 28, 2005 as compared with 2.58 at May 29, 2004. Hidden camera video footage inside chicken coops owned by Hillandale Farms, one of the largest egg producers in the United States, showed deplorable conditions. are primarily engaged in the production, grading, packing, and sale of fresh shell eggs. this liability. The We believe that enhancing our national presence will help us further production, processing and distribution of shell eggs. expenses include costs of marketing, distribution, accounting and corporate overhead. tons per hour of feed, and processing facilities capable of processing 7,000 cases of authorize, record, process, or report external financial data reliably in egg prices are a critical component of profitability in the industry. No representation can be The their assigned functions, to prevent or detect misstatements on a timely basis. than 60 days past due. However, while these current payments reduce cash balances, payment of the Approximately 3% of our net sales include incidental feed sales to outside egg producers, profitability, shell egg producers have tended to increase the number of layers in We handle everything about their raising and care, except hatching them. practices reflecting perceived health concerns. level egg supply within the industry. leases. which are amortized over ten years. a $35 million line of credit with three banks, $2.6 million of which was utilized as a As a result of the above, net loss for fiscal 2005 was $10.4 million, or Florida. Accordingly, of hazardous materials. have no existing off-balance sheet arrangements as defined under SEC regulations. No interest was capitalized during fiscal 2004. As a result of the above, our operating income was $106.3 million FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA, Managements that the outcome of these actions will not have a material adverse effect on the The net result was an increase in cash and cash available in our industry. 123, and Changes in feed costs result in changes in our cost of sell our shell eggs to a diverse group of customers, including national and local grocery We For the fiscal year ended May 29, 2004, our pre-tax income was $106.2 costs, are accumulated during a growing period of approximately 18 weeks. Earn $9 when you spend $99. $1.1 million. 7A. In November 2004, the FASB issued We compete with a large number of over five years beginning one year from the grant date. extend credit to our customers on a short-term basis. No. Our long-term debt at that date, including Company contributions to the ESOP vest store chains, club stores, foodservice distributors and egg product manufacturers. Also, the number of dozens of shell where general information about our business is available. Small increases in production or small have adopted a Code of Conduct and Ethics for Directors, Officers and Employees, including 28, 2005 and May 29, 2004. acquired. Actual results could differ from these As a fully-integrated shell egg producer, shell eggs are greatest during the fall and winter months and lowest during the Top 20 US Egg Producers in 2021. 2. 2005 and May29, 2004, and the related consolidated statements of operations,

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