MARION, N.Y., May 27, 2014 /PRNewswire/ -- 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.
About Seneca Foods Corporation
Seneca Foods is
North America's leading provider
of packaged fruits and vegetables, with facilities located
throughout the United States. Its
high quality products are primarily sourced from over 2,000
American farms. Seneca holds
the largest share of the retail private label, food service, and
export canned vegetable markets, distributing to over 90
countries. Products are also sold under the highly
regarded brands of Libby's®, Aunt Nellie's®, READ®, Seneca Farms®
and Seneca labels, including
Seneca snack chips. In
addition, Seneca provides
vegetable products under an alliance with General Mills Operations,
LLC, a subsidiary of General Mills, Inc., under the Green Giant
label. Seneca's common stock is traded on the Nasdaq
Global Stock Market under the symbols "SENEA" and "SENEB". SENEA is
included the S&P SmallCap 600, Russell 2000 and Russell 3000
indices.
SOURCE Seneca Foods Corporation