Sanderson Farms Extends Stock Repurchase Program to 1,000,000 Shares
LAUREL, Miss.--(BUSINESS WIRE)--
Sanderson Farms, Inc. (NASDAQ: SAFM) today announced that its Board of
Directors has expanded and extended to February 16, 2014, its stock
repurchase program approved October 22, 2009, to repurchase up to 1.0
million shares from time to time at prevailing prices in open market
transactions or in negotiated purchases, subject to market conditions,
share price and other considerations. The Company has repurchased
782,096 shares under this stock repurchase program since its inception.
Today's action extended the program to February 16, 2014, and increased
the number of shares that may be repurchased under the program by an
additional 782,096 shares, returning the total number of shares
remaining to be repurchased under the program to 1.0 million shares. In
addition to these shares, the Board of Directors and the Board's
compensation committee authorized the Company to repurchase at fair
market value shares issued to the Company's stock incentive plan
participants to meet withholding tax obligations incurred when their
stock awards vest. Sanderson Farms currently has approximately 23.0
million shares of common stock outstanding.
"As in the past, we plan to use our stock repurchase program to offset
shares issued through our equity compensation programs," stated Joe F.
Sanderson, Jr., chairman and chief executive officer of Sanderson Farms.
"We believe this program represents a good use of corporate funds while
minimizing potential dilution related to our equity compensation
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 may contain 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 2011
Annual Report on Form 10-K.
Sanderson Farms, Inc.
Mike Cockrell, 601-649-4030
Chief Financial Officer
Source: Sanderson Farms, Inc.
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