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October 23, 2009 (FinancialWire) -- Sanderson Farms, Inc.'s (NASDAQ: SAFM | Quote | Chart | News | PowerRating) board has expanded the company's stock repurchase program to one million shares. The company's board previously authorized the repurchase of up to 225,000 shares in April 2008. The program is authorized until April 24, 2012.
The company currently has approximately 20.3 million shares of common stock outstanding.
Company CEO Joe F. Sanderson, Jr. said, "We plan to use our expanded stock repurchase program to offset shares issued through our equity compensation programs."
Sanderson Farms has repurchased around 13,000 shares under the previously authorized stock repurchase program. The newly authorized program will provide Sanderson with the capacity to purchase around 987,000 shares.
Laurel, Mississippi-based Sanderson Farms is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared food items.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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