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Pro-Fac Cooperative, Inc. (PFACP) Declares Dividend on Preferred Stock

Pro-Fac Cooperative, Inc. (PFACP) recently declared a $0.20 dividend to holders of its Cumulative Preferred Class A stock. The date of record is October 15, 2009 and the dividend will be payable on November 2, 2009.

Pro-Fac Cooperative, Inc. is an agricultural cooperative that grows fruits and vegetables to supply to major food companies in the U.S. Some of its crops include cherries, apples, blueberries, beets, peaches, beans, peas, sweet corn, carrots, potatoes, cabbage, squash, asparagus, and popcorn.

Pro-Fac Cooperative, Inc. has a ten-year supply agreement with Birds Eye Foods, and has a minority ownership in that company. The cooperative has 477 members all over the U.S.

Revenues for Pro-Fac Cooperative, Inc were $2.8 million in the year ending 6/27/2009, up from $1.9 million in the previous year. The company has significant customer concentration, with 74% of its total crop sold to two customers in fiscal 2009. Pro-Fac Cooperative, Inc. ended the year with $18 million in cash and investments at the end of fiscal 2009.

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