Cal-Maine Foods Announces Two-for-One Stock Split
October 03 2014 - 4:05PM
Business Wire
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.
Cal-Maine Foods, Inc.Dolph Baker, Chairman, President and
CEOorTimothy A. Dawson, Vice President and CFO601-948-6813
Cal Maine Foods (NASDAQ:CALM)
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