Cal-Maine quarterly dividend falls to 77c from $1.00 per share

Cal-Maine Foods last night declared a cash dividend of 77c per share for Q4, below the $1.00 dividend issued in Q3. The dividend is payable on August 20, to holders of record on August 5. The company said, “Pursuant to Cal-Maine Foods’ variable dividend policy, for each quarter in which the Company reports net income, the Company pays a cash dividend to shareholders in an amount equal to one-third of such quarterly income. Following a quarter for which the Company does not report net income, the Company will not pay a dividend with respect to that quarter or for a subsequent profitable quarter until the Company is profitable on a cumulative basis omputed from the date of the most recent quarter for which a dividend was paid.” Shares of Cal-Maine Foods are up 5% to $68.19 in afternoon trading following the earnings report.