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Seneca Foods board OKs expanded stock repurchasing

Rochester Business Journal
May 30, 2014

Seneca Foods Corp.’s board of directors has authorized an expanded share repurchase program.

It now permits the Marion, Wayne County-based food processor to buy up to a total of 1 million common shares of stock in open market or privately negotiated transactions at the discretion of management.

"Since we went on (last-in-first-out inventory) seven years ago, our net worth tax adjusted for our (last in first out) reserve has increased 97 percent, while the share price has increased just 16 percent, therefore, we view our shares to be a very attractive investment at current share price levels," said Kraig Kayser, Seneca Foods’ president and CEO, in a statement this week.

The purchase of 1 million shares of stock would represent roughly 9.3 percent of the shares of common stock outstanding, or 9 percent assuming all convertible preferred shares are converted to common shares, Seneca Foods officials said.

Shares of Seneca Foods (Nasdaq: SENEA) closed Thursday at $30.39, up from its Wednesday close of $30. The stock was unchanged at midday Friday.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






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