sanderson farms inc (SAFM) Key Developments
Sanderson Farms, Inc. Announces New Credit Agreement
Apr 24 15
Sanderson Farms, Inc. announced that its existing revolving credit facility through a consortium of banks has been increased from $600 million to $750 million. The credit remains unsecured and certain covenants related to the Company's financial condition and capital expenditure needs have been amended in anticipation of the Company's future growth plans. In addition, the termination date has been extended to April 24, 2020, unless otherwise extended. As of April 24, 2015, the Company had no outstanding borrowings under the then existing revolving credit facility, but the Company did have approximately $13.8 million outstanding letters of credit under the credit facility.
Sanderson Farms, Inc. Announces Quarterly Dividend, Payable on May 19, 2015
Apr 23 15
Sanderson Farms, Inc. announced that its Board of Directors has declared a regular quarterly cash dividend of $0.22 (twenty-two cents) per share payable on May 19, 2015, to stockholders of record on May 5, 2015.
Sanderson Farms, Inc. Presents at 19th Annual Burkenroad Reports Investment Conference, Apr-24-2015 10:00 AM
Mar 30 15
Sanderson Farms, Inc. Presents at 19th Annual Burkenroad Reports Investment Conference, Apr-24-2015 10:00 AM. Venue: Hyatt Regency New Orleans Hotel, 601 Loyola Avenue, New Orleans, LA 70113, United States. Speakers: D. Michael Cockrell, Chief Financial Officer, Treasurer and Director.
Sanderson Farms, Inc. Announces Site for New Poultry Complex in North Carolina
Mar 12 15
Sanderson Farms, Inc. announced that a site located in the town of St. Pauls and Robeson County, North Carolina, has been selected for construction of a new poultry processing plant and waste water treatment facility, and that the company has sites under consideration for a new hatchery. These facilities will comprise a poultry complex with the capacity to process 1.25 million birds per week for the big bird deboning market. At full capacity, the complex will employ approximately 1,100 people, will require 100 contract growers, and will be equipped to process and sell approximately 500 million pounds of dressed poultry meat annually at full production. The company expects to invest approximately $139 million in the new North Carolina complex, which includes upgrades to its Kinston, North Carolina, feed mill, and anticipates that associated contract growers will invest an additional $168 million in poultry production facilities. The company expects to begin construction of the facilities this summer, with initial operations of the new complex to begin during the fourth fiscal quarter of 2016.
Sanderson Farms, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended January 31, 2015; Provides Capex, Depreciation and Amortization Guidance for the Year 2015
Feb 24 15
Sanderson Farms, Inc. reported unaudited consolidated earnings results for the first quarter ended January 31, 2015. For the quarter, the company reported net income of $66.5 million, or $2.87 per share basic and diluted up from net income of $28.9 million, or $1.25 per share basic and diluted, in the same period a year ago. Net sales were $667.4 million, up from $584.9 million for the same period a year ago. Operating income was $103.057 million compared to $45.199 million a year ago. Income before income taxes was $102.690 million compared to $44.316 million a year ago. The company spent $56.5 million on capex during the quarter.
The company approved capex of $116.3 million for the fiscal year 2015. Depreciation and amortization is expected to be approximately $75 million for fiscal 2015.