Sanderson Farms Announces Donning and Doffing Settlement Agreement.
Commenting on the settlement, Mike Cockrell, treasurer and chief financial officer of Sanderson Farms, Inc., stated, "We are pleased to settle this litigation and put it behind us. While we are confident our pay practices are and have been legal and appropriate, a United States Supreme Court decision involving other companies created uncertainty regarding whether time spent donning and doffing protective gear, hair nets and smocks is compensable. We have always had excellent relationships with our employees, and look forward to continuing that relationship. Because of the uncertainty regarding this settlement prior to its approval by the court, the Company has established no reserves for this case. The amount of the charge will be recognized during the current fiscal quarter."
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 Stock Market, LLC under the symbol SAFM.
This press release contains forward-looking statements based on management's current views and assumptions. Actual results and events may differ. For a discussion of these matters, please refer to the "Cautionary Statement Regarding Risks and Uncertainties That May Affect Future Performance" in Item 7 of the Company's 2007 Annual Report on Form 10-K.
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|Date:||Jun 23, 2008|
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