Sanderson Farms, Inc. (NASDAQ:SAFM) today announced that its Board of
Directors expanded its stock repurchase program to 1 million shares. The
Company’s Board of Directors previously authorized the repurchase of up
to 225,000 shares in April 2008. Under the stock repurchase program,
shares may be purchased from time to time at prevailing prices in open
market transactions or in negotiated purchases, subject to market
conditions, share price and other considerations. Sanderson Farms
currently has approximately 20.3 million shares of common stock
outstanding.
“The expansion of our stock repurchase program highlights the Board’s
confidence in the future of Sanderson Farms,” stated Joe F. Sanderson,
Jr., chairman and chief executive officer of Sanderson Farms. “We plan
to use our expanded stock repurchase program to offset shares issued
through our equity compensation programs. We believe this program
represents a good use of corporate funds while minimizing potential
dilution related to our equity compensation programs.”
The Company has repurchased approximately 13,000 shares under the
previously authorized stock repurchase program. The newly authorized
program will provide Sanderson Farms with the capacity to purchase
approximately 987,000 shares. The stock repurchase program is authorized
until April 24, 2012.
Sanderson Farms, Inc. is engaged in the production, processing,
marketing and distribution of fresh and frozen chicken and other
prepared food items. Its shares trade on the NASDAQ Global Select Market
under the symbol SAFM.
This press release contains forward-looking statements based on
management's current views and assumptions. Actual results and
events may differ. For a discussion of these matters, please
refer to the "Cautionary Statement Regarding Risks and Uncertainties
That May Affect Future Performance" in Item 7 of the Company's 2008
Annual Report on Form 10-K and please refer to the cautionary statement
found in Management's Discussion and Analysis of Financial Condition and
Results of Operations under the heading "General" in Part I, Item 2 of
the Quarterly Report on Form 10-Q for the Company's third quarter ended
July 31, 2009.
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