Effective November 30, 2007, the Company’s Board of Directors approved the adoption of a variable dividend policy to replace the Company’s fixed dividend policy. Commencing with the third quarter of fiscal 2008 Cal-Maine began to pay a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income computed in accordance with generally accepted accounting principles in an amount equal to one-third (1/3) of such quarterly income. Following a quarter for which the Company does not report net income, the company shall not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid.
Management and Board of Directors of Cal-Maine believe the variable dividend policy will more accurately reflect the results of our operations while recognizing and allowing for the cyclicality of the egg industry.
Variable Dividends paid since the 3rd Quarter 2008 |
$0.807 per common share for 3rd Qtr Fiscal 2008 |
$0.516 per common share for 4th Qtr Fiscal 2008 |
$0.157 per common share for 1st Qtr Fiscal 2009 |
$0.382 per common share for 2nd Qtr Fiscal 2009 |
$0.432 per common share for 3rd Qtr Fiscal 2009 |
$0.142 per common share for 4th Qtr Fiscal 2009 |
$0.000 per common share for 1st Qtr Fiscal 2010 |
$0.172(approximate) per common share for 2nd Qtr Fiscal 2010 |
