021204 Sanderson Announces Settlement of Class ActionDecember 3, 2002Laurel, MS - Sanderson Farms, Inc. announced that the Company has received $0.7 million for its share in the settlement of a class action lawsuit against vitamin suppliers for overcharges, and an additional $1.7 million as settlement of a class action claim for overcharges against a methionine supplier. As a result, the Company has recognized income of $1.5 million, net of income taxes, or $0.11 per diluted share, in the fourth fiscal quarter of the fiscal year ended October 31, 2002. As previously announced, the Company received $2.6 million related to the vitamin lawsuit in the second fiscal quarter of 2002. As a result of this previously announced amount and the amounts described above, the Company has recognized income of $3.1 million, net of income taxes, or $0.23 per diluted share, for the fiscal year ended October 31, 2002. The recognition of this income does not change the net earnings guidance of $2.00 - $2.20 per diluted share previously given by the Company for its fiscal year ended October 31, 2002. Sanderson Farms will announce its full financial and operating results for the fourth quarter and fiscal year ended October 31, 2002, before the opening of market trading on Tuesday, December 10, 2002. The Company will provide an Internet simulcast of its conference call to discuss these results beginning at 10:00 a.m. Central Time, 11:00 a.m. Eastern Time on December 10, 2002. An on-line replay will be available approximately two hours following the conclusion of the live broadcast and will continue through January 10, 2003. Links to these events can be found at the investor relations section of the Company's Web-site, www.sandersonfarms.com, and from www.companyboardroom.com. Sanderson Farms, Inc. is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared food items. Its shares trade on the Nasdaq National Market under the symbol SAFM.
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