 991232 WLR Foods Authorizes Share Repurchase ProgramDecember 20, 1999 Broadway, VA - WLR Foods, Inc. announced that its Board of Directors has authorized the Company to repurchase up to $10 million of WLR Foods outstanding stock. Based on the closing price on December 14, 1999, this represents approximately 1.7 million shares, or approximately 10% of the Company's total shares outstanding. The shares will be purchased on the open market from time to time, and purchases will be made through funds generated from operations or borrowed on established lines of credit. James L. Keeler, President and Chief Executive Officer of WLR Foods, commented: “Over the past two years, we have taken steps to significantly enhance the efficiency and profitability of our operations and strengthen the Company financially. While the chicken markets remain weak, we are pleased with the strong performance of our turkey business during the current holiday season. Furthermore, based on our recently completed strategic plan, we have identified additional profitability enhancements which we can accomplish without significant capital requirements. Given these factors and the current valuation of our stock, we feel that the repurchase of our own shares represents an attractive investment, and demonstrates our confidence in the Company's future prospects.” WLR Foods is a fully integrated provider of high quality turkey and chicken products primarily under the Wampler Foods(r) brand. It is nationally ranked as the seventh largest poultry processor by sales volume and is an international leader in poultry exports. WLR Foods has processing operations in Virginia, North Carolina, West Virginia, and Pennsylvania.
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