Cal-Maine Foods, Inc. (NASDAQ:CALM) today announced that its Board of
Directors has approved a two-for-one stock split for shares of the
Company’s common stock and Class A common stock, to be effected via a
stock dividend. Shareholders will receive one share of stock for each
share they hold. The new shares will be distributed on October 31, 2014,
to shareholders of record at the close of business on October 17, 2014.
On July 25, 2014, the Board of Directors recommended to the shareholders
of the Company that its Amended Certificate of Incorporation be amended
to provide for sufficient authorized shares to facilitate a two-for-one
split. At the Company’s annual meeting of shareholders held today in
Jackson, Mississippi, shareholders approved the amendment to increase
the number of authorized shares of $0.01 par value common stock to
120,000,000 from 60,000,000 and increase the number of authorized shares
of $0.01 par value Class A common stock to 4,800,000 from 2,400,000. The
Company will continue to pay dividends on all common shares and Class A
common shares pursuant to Cal-Maine Foods’ variable dividend policy.
Dolph Baker, chairman, president and chief executive officer of
Cal-Maine Foods, Inc., stated, “We believe the Board’s action to
implement a stock split reflects its confidence in Cal-Maine Foods’
prospects for further growth. We expect the stock split will expand the
distribution and enhance the market liquidity of the Company’s shares
and serve to benefit both our current and future shareholders.”
Cal-Maine Foods, Inc. is primarily engaged in the production, grading,
packing and sale of fresh shell eggs, including conventional, cage-free,
organic and nutritionally-enhanced eggs. The Company, which is
headquartered in Jackson, Mississippi, is the largest producer and
distributor of fresh shell eggs in the United States and
sells the majority of its shell eggs in approximately 29 states across
the southwestern, southeastern, mid-western and mid-Atlantic regions of
the United States.
Statements contained in this press release that are not historical
facts are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. The
forward-looking statements are based on management’s current intent,
belief, expectations, estimates and projections regarding our company
and our industry. These statements are not guarantees of future
performance and involve risks, uncertainties, assumptions and other
factors that are difficult to predict and may be beyond our control.
The factors that could cause actual results to differ materially from
those projected in the forward-looking statements include, among others,
(i) the risk factors set forth in the Company’s SEC filings (including
its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K), (ii) the risks and hazards inherent in the
shell egg business (including disease, pests, weather conditions and
potential for recall), (iii) changes in the demand for and market prices
of shell eggs and feed costs, (iv) risks, changes or obligations that
could result from our future acquisition of new flocks or businesses,
and (v) adverse results in pending litigation matters. SEC filings may
be obtained from the SEC or the Company’s website, www.calmainefoods.com.
Readers are cautioned not to place undue reliance on forward-looking
statements because, while we believe the assumptions on which the
forward-looking statements are based are reasonable, there can be no
assurance that these forward-looking statements will prove to be
accurate. Further, the forward-looking statements included herein
are only made as of the respective dates thereof, or if no date is
stated, as of the date hereof. Except as otherwise required
by law, we disclaim any intent or obligation to update publicly these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Copyright Business Wire 2014