Grainnet

Laurel, MS—Sanderson Farms, Inc. (NASDAQ:SAFM) announced Oct. 22 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.

For more information, call 601-649-4030.

See Related Websites/Articles:

• Sanderson Farms

more GRAIN NEWS...