May. 27, 2014 | Earnings Reports
Seneca Foods Corporation (NASDAQ:SENEA, SENEB) announced today that its Board of Directors has authorized an expanded share repurchase program. The Company had previously announced a share repurchase program. Under this previously announced program, the Company still has available 346,121 shares to be repurchased as of May 27, 2014. The new program permits the Company to buy up to a total of 1,000,000 common shares, whether Class A or Class B shares, in open market or privately negotiated transactions at the discretion of management.
“Since we went on LIFO seven years ago, our net worth tax adjusted for our LIFO reserve has increased 97%, while the share price has increased just 16%, therefore, we view our shares to be a very attractive investment at current share price levels,“ said Kraig H. Kayser, President and Chief Executive Officer.
The transactions will be made in accordance with rules and regulations of the U.S. Securities and Exchange Commission and other rules that govern such purchases. The purchase of 1,000,000 shares of stock would represent approximately 9.3% of the shares common stock outstanding or 9.0% assuming all convertible preferred shares are converted to common shares.