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Record Sales for Sanderson

by 5m Editor
20 February 2009, at 8:09am

US - At the annual meeting of stockholders, Sanderson Farms announced record sales in 2008 of more than $1.7 billion.

Sanderson Farms Inc. has announced that it held its annual meeting of stockholders this morning at its home office in Laurel, Mississippi.

In his remarks to stockholders concerning the Company's operations, Joe F. Sanderson, chairman of the board and chief executive officer of Sanderson Farms, said, "Fiscal 2008 was highlighted by a number of accomplishments as well as considerable challenges for Sanderson Farms. The current economic downturn in our country and the world has clearly affected both consumers and businesses alike, providing unique challenges for our Company and our industry.

"Our accomplishments for the year included record sales of over $1.724 billion, surpassing the previous year's record of $1.475 billion. Our revenue growth since 1992 reflects our growth strategy that has seen us increase our production over each of the past 17 years. Despite this top line performance, however, we experienced challenging market conditions, including significantly higher grain costs, especially during the second half of our fiscal year. Like others in our industry, and most every other consumer industry in the country, our business in the second half of the year was affected by the economy and consumer concerns. While we expect these conditions to continue in fiscal 2009, we remain confident in our ability to confront these current challenges," added Mr Sanderson.

In the formal business conducted at the meeting, stockholders elected four directors to three-year terms expiring at the 2012 annual meeting. Management also reported on the Company's performance during fiscal 2008. Elected to three-year terms were John H. Baker, proprietor of John H. Baker interests; John Bierbusse, retired manager of research administration for A.G. Edwards, Inc.; Mike Cockrell, treasurer and chief financial officer of Sanderson Farms and Rowan H. Taylor, retired chairman of Mississippi Valley Title Insurance Company.

Other directors, whose terms continue to future years, include: Fred Banks, Jr., Lampkin Butts, Toni Cooley, Beverly Wade Hogan, Robert Khayat, Phil Livingston, Dianne Mooney, Gail Jones Pittman, Charles Ritter and Joe Sanderson. In other action at the annual meeting, stockholders ratified the selection of Ernst & Young LLP as the Company’s independent auditors for the fiscal year ending October 31, 2009. Ernst & Young has served as the independent auditors for Sanderson Farms since the Company went public in 1987.

Stockholders voted against a proposal presented by People for the Ethical Treatment of Animals (PETA).

Sanderson Farms Inc. is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared food items.

Further Reading

- Go to our previous news item on this story - the PETA proposal - by clicking here.