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ROCHESTER, N.Y., May 5, 2006 /PRNewswire-FirstCall via COMTEX/ -- Pro-Fac Cooperative, Inc. ("Pro-Fac" or the "Cooperative) (PFACP) , an agricultural cooperative, expects to file on May 8, 2006 its Report on Form 10-Q for the fiscal quarter ended March 25, 2006 with the Securities and Exchange Commission. The Form 10-Q reports among other things the expectations of the Board of Directors concerning the Cooperative's payment of future dividends on its preferred stock, including its Class A cumulative preferred stock which trades on the NASDAQ National Market System.
The Board of Directors expects, subject to all the facts and circumstances at the relevant times, to declare a quarterly dividend of $.43 per share of Class A cumulative preferred stock for payment in July 2006. Thereafter, Pro- Fac expects to declare and pay quarterly dividends of $.21 per share of Class A cumulative preferred stock for the dividend payments to be made in October 2006, January 2007, and April 2007. Beginning with the fiscal quarter ending June 2007, the Board expects to suspend in full the declaration and payment of dividends on its Class A cumulative preferred stock. The Board expects to declare an annual dividend of $1.50 per share on its non-cumulative preferred stock for payment in July 2006, and in accordance with the Cooperative's Certificate of Incorporation expects to set aside the proportionate share of the annual non-cumulative preferred stock dividend for payment in July 2007 if, as expected, reduced quarterly dividend declarations are made in fiscal 2007 on the Class A cumulative preferred stock. Beginning with the quarter ending in June 2007, the Board expects to suspend in full the declaration and payment of dividends on the Cooperative's non-cumulative preferred stock. The declaration of any future dividends, including the expected declarations outlined above, are subject to Board action in advance of any such declaration based upon all the facts and circumstances at each such time.