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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2009
SANDERSON FARMS, INC.
(Exact name of registrant as specified in its charter)
         
Mississippi   1-14977   64-0615843
         
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer
Identification No.)
     
127 Flynt Road
Laurel, Mississippi
  39443
 
(Address of principal executive offices)   (Zip Code)
(601) 649-4030
 
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
     Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 


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EXPLANATORY NOTE
Item 7.01 Other Events.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1
EX-99.2


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EXPLANATORY NOTE
This Form 8-K/A amends the Form 8-K of Sanderson Farms, Inc. (the “Registrant”) dated October 29, 2009 and filed with the Securities and Exchange Commission on November 5, 2009. The sole purpose of the amendment is to furnish the information reported in the original Form 8-K under Item 7.01, rather than reporting it under Item 8.01. Exhibits 99.1 and 99.2 to this Form 8-K/A are identical to Exhibits 99.1 and 99.2, respectively, filed with the original Form 8-K and are included in this Form 8-K/A in their entirety for the sake of completeness.
Section 7 — Regulation FD
Item 7.01 Regulation FD Disclosure.
On October 29, 2009, the Registrant held an investor conference for stockholders, financial analysts and others. A transcript of the conference is furnished herewith as Exhibit 99.1, and the written materials are furnished herewith as Exhibit 99.2. The information in the transcript and the written materials is not to be considered “filed” for purposes of the Securities Exchange Act of 1934 and is not incorporated by reference in the Registrant’s filings under the Securities Act of 1933.
The conference presentation makes reference to the Registrant’s EBITDA for certain periods. EBITDA, or “earnings before interest, taxes, depreciation and amortization,” is calculated by adding back to net income interest expense, taxes, depreciation and amortization. While not recognized by generally accepted accounting principles, or “GAAP,” EBITDA is generally recognized as a good measure of cash flow generated by operations. A reconciliation of EBITDA amounts presented at the conference to the Registrant’s net income, as determined according to GAAP, is as follows:
Non GAAP Financial Statement Reconcilation
($ in millions)
                                                                                 
Description   2000   2001   2002   2003   2004   2005   2006   2007   2008   LTM
 
Net Income(loss)
    (5 )     28       29       54       91       71       (12 )     79       (43 )     11  
Add: Interest Income (Expense)
    8       6       3       2       1       (1 )     2       5       8       10  
Income Taxes Expense (Benefit)
    (3 )     17       18       34       58       44       (14 )     42       (31 )     1  
EBIT
          51       50       90       150       114       (24 )     126       (66 )     22  
Depreciaton and Amortization
    26       26       25       25       26       24       31       33       42       43  
EBITDA
    26       77       75       115       176       138       7       159       (24 )     65  
Adjustments:
                                                                               
Inventory Adjustment
                                                                    48       48  
Hurricane Cost
                                                                    1       1  
Legal Settlement(Donning & Doffing)
                                                                    3        
     
Adjusted EBITDA
    26       77       75       115       176       138       7       159       28       114  
     
Non GAAP Financial Statement Reconciliation
Last Twelve Months
($ in millions)
                                         
Qtr   4TH     1ST     2ND     3RD        
Year   2008     2009     2009     2009     LTM  
Description                                        
 
Net Income (Loss)
    (51.8 )     (6.7 )     26.2       43.0       10.7  
Add: Interest Income (Expense)
    2.4       3.2       2.5       2.0       10.1  
Income Taxes Expenses (Benefit)
    (34.9 )     (3.4 )     14.4       24.4       0.5  
     
EBIT
    (84.3 )     (6.9 )     43.1       69.5       21.4  
Depreciation and Amortization
    10.8       10.9       10.8       10.9       43.4  
     
EBITDA
    (73.5 )     4.0       53.9       80.4       64.8  
Adjustments:
                                       
Inventory Adjustment
    48.0                               48.0  
Hurricane Cost
    1.00                               1.0  
     
 
                                       
Adjusted EBITDA
    (24.5 )     4.0       53.9       80.4       113.8  
     
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(c) The following exhibits are furnished with this Current Report:

 


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Exhibit No.   Description
 
   
99.1
  Transcript of Investor Conference held October 29, 2009.
 
   
99.2
  Presentation for Investor Conference held October 29, 2009.

 


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  SANDERSON FARMS, INC.
               (Registrant)
 
 
Date: March 29, 2010  By:    /s/ D.Michael Cockrell  
    D. Michael Cockrell   
    Treasurer and Chief Financial Officer   
 

 


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EXHIBIT INDEX
     
Exhibit No.   Description
 
   
99.1
  Transcript of Investor Conference held October 29, 2009.
 
   
99.2
  Presentation for Investor Conference held October 29, 2009.