Company Announces Quarterly Dividend
Sanderson Farms, Inc. (NASDAQ: SAFM) today announced that
Suzanne T. Mestayer was elected to the Company’s Board of
Directors, effective July 20, 2017. She will fill a Class B
director vacancy with a term expiring at the next annual meeting of
shareholders in 2018.
Mestayer is owner and managing principal of ThirtyNorth
Investments, LLC, an independent registered investment advisory
firm in New Orleans, Louisiana, which provides investment
management and consultation services to families, retirement plans,
for-profit and non-profit organizations and trusts. She previously
was founder and managing member of Advisean Partners, LLC, a
private investing and business consulting company. Prior to this,
she held senior management positions in the banking industry with
Regions Bank and First Commerce Corporation. She has served on the
board of the Federal Reserve Bank of Atlanta, New Orleans branch,
since 2014. Mestayer was also a member of the Board of Directors of
McMoRan Exploration Co., a NYSE-listed company, until its
acquisition in 2013, where she served on both the audit and
compensation committees.
Mestayer has been an active volunteer holding extensive
leadership positions in the New Orleans community. She is currently
Chairperson of the Ochsner Health System, one of the largest
healthcare systems in Louisiana. In this role, she has presided
over a period of significant strategic growth for the private
non-profit academic and multi-specialty healthcare delivery system.
Her other civic leadership includes serving on the boards of the
National World War II Museum, Loyola University New Orleans,
Business Council of New Orleans, Greater New Orleans, Inc., New
Orleans Startup Fund, United Way of Greater New Orleans and
International Women’s Forum. She has a bachelor’s degree in
accounting from Louisiana State University and holds the CIMA®
certification and is a CPA-inactive.
Commenting on the announcement, Joe F. Sanderson, Jr., chairman
and chief executive officer of Sanderson Farms, Inc., said,
“We are pleased and fortunate to have Suzanne Mestayer join our
Board of Directors as an independent director. With her extensive
experience and successful career in the investment and commercial
banking industries, she is an excellent choice for Sanderson Farms.
She brings a significant level of board expertise, having served on
over twenty boards, including a public company and a wide range of
civic organizations in the New Orleans community. We are confident
she will make an immediate and meaningful contribution to the work
of the Sanderson Farms’ Board of Directors, and we look forward to
her participation as we continue to execute our growth
strategy.”
The Company also announced that its Board of Directors has
declared a regular quarterly cash dividend of
$0.24 (twenty-four cents) per share payable August 15,
2017, to stockholders of record on August 1, 2017.
Sanderson Farms, Inc. is engaged in the production, processing,
marketing and distribution of fresh, frozen and minimally
prepared chicken. Its shares trade on the NASDAQ Global Select
Market under the symbol SAFM.
This press release includes forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements are based on a number of assumptions
about future events and are subject to various risks, uncertainties
and other factors that may cause actual results to differ
materially from the views, beliefs, projections and estimates
expressed in such statements. These risks, uncertainties and
other factors include, but are not limited to, those discussed
under “Risk Factors” in the Company’s Annual Report on
Form 10-K for the fiscal year ended October 31, 2016, and
the following:
(1) Changes in the market price for the Company’s finished
products and feed grains, both of which may fluctuate substantially
and exhibit cyclical characteristics typically associated with
commodity markets.
(2) Changes in economic and business conditions, monetary and
fiscal policies or the amount of growth, stagnation or recession in
the global or U.S. economies, any of which may affect the value of
inventories, the collectability of accounts receivable or the
financial integrity of customers, and the ability of the end user
or consumer to afford protein.
(3) Changes in the political or economic climate, trade
policies, laws and regulations or the domestic poultry industry of
countries to which the Company or other companies in the poultry
industry ship product, and other changes that might limit the
Company’s or the industry’s access to foreign markets.
(4) Changes in laws, regulations, and other activities in
government agencies and similar organizations applicable to the
Company and the poultry industry and changes in laws, regulations
and other activities in government agencies and similar
organizations related to food safety.
(5) Various inventory risks due to changes in market conditions,
including, but not limited to, the risk that market values of live
and processed poultry inventories might be lower than the cost of
such inventories, requiring a downward adjustment to record the
value of such inventories at the lower of cost or market as
required by generally accepted accounting principles.
(6) Changes in and effects of competition, which is significant
in all markets in which the Company competes, and the effectiveness
of marketing and advertising programs. The Company competes with
regional and national firms, some of which have greater financial
and marketing resources than the Company.
(7) Changes in accounting policies and practices adopted
voluntarily by the Company or required to be adopted by accounting
principles generally accepted in the United States.
(8) Disease outbreaks affecting the production, performance
and/or marketability of the Company’s poultry products, or the
contamination of its products.
(9) Changes in the availability and cost of labor and
growers.
(10) The loss of any of the Company’s major customers.
(11) Inclement weather that could hurt Company flocks or
otherwise adversely affect its operations, or changes in global
weather patterns that could affect the supply of feed grains.
(12) Failure to respond to changing consumer preferences and
negative media campaigns.
(13) Failure to successfully and efficiently start up and run a
new plant or integrate any business the Company might acquire.
(14) Unfavorable results from currently pending litigation or
litigation that could arise in the future.
Readers are cautioned not to place undue reliance on
forward-looking statements made by or on behalf of
Sanderson Farms. Each such statement speaks only as of the day it
was made. The Company undertakes no obligation to update or to
revise any forward-looking statements. The factors described
above cannot be controlled by the Company. When used in this press
release or in the related conference call, the words
“believes”, “estimates”, “plans”, “expects”, “should”, “outlook”,
and “anticipates” and similar expressions as they relate to
the Company or its management are intended to
identify forward-looking statements. Examples of
forward-looking statements include statements of the Company’s
belief about future operations, management and growth
plans.
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version on businesswire.com: http://www.businesswire.com/news/home/20170720005981/en/
Sanderson Farms, Inc.Mike Cockrell,
601-649-4030Treasurer & Chief Financial Officer
Sanderson Farms (NASDAQ:SAFM)
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