SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 17, 2002
PILGRIM'S PRIDE CORPORATION
(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-9273 75-1285071
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
110 SOUTH TEXAS STREET
PITTSBURG, TEXAS 75686-0093
(Address of Principal Executive Offices) (ZIP Code)
Registrant's telephone number, including area code: (903) 855-1000
ITEM 9. REGULATION FD DISCLOSURE
Attached hereto as Exhibit 99.1 is certain supplemental historical
financial information of Pilgrim's Pride Corporation, including quarterly
information regarding net sales by primary market line that had generally
previously only been reported on an annual basis.
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
99.1 Supplemental Historical Financial Information
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
PILGRIM'S PRIDE CORPORATION
Date: July 17, 2002 By: /S/ RICHARD A. COGDILL
Richard A. Cogdill
Executive Vice President,
Chief Financial Officer,
Secretary and Treasurer
Pilgrim's Pride Corporation
Statistical Management Discussion and Analysis
for quarters ended:
Our Statistical Management Discussion and Analysis data is derived from our
financial statements and internal reports. Historical results should not be
taken as necessarily indicative of the results that may be expected for any
future period. You should read this financial data in conjunction with the
appropriate period financial statements and the related notes and
"Management's Discussion and Analysis of Results of Operations and
Financial Condition" included in our SEC filings.
Quarters Ended
06/29/02 03/30/02 12/29/01 09/29/01 06/30/01
(a)(b) (c)
United States
Chicken Operations:
U.S. Chicken Sales (000's) $425,632 $396,125 $402,226 $427,191 $422,985
U.S. Chicken Sales divided
by U.S.Chicken Net Pounds
Produced $0.6907 $0.6829 $0.7014 $0.7470 $0.7232
U.S. Chicken
Net Pounds Produced
(000's) 616,274 580,037 573,464 571,867 584,896
Other Operations:
Other Sales (000's) 50,600 53,439 45,838 45,843 45,719
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other
Sales (000's) 476,232 449,564 448,064 473,034 468,704
U.S. Chicken & Other
Operating Income (000's) 13,829 4,971 9,357 27,700 27,971
U.S. Chicken & Other Operating
Income as a percent of
U.S. Chicken & Other Sales 2.90% 1.11% 2.09% 5.86% 5.97%
Mexico
Chicken Operations:
Mexico Chicken Sales (000's) 84,805 80,376 90,916 79,602 89,752
Mexico Chicken Sales divided
by Mexico Chicken Net
Pounds Produced $0.6523 $0.6181 $0.6107 $0.5710 $0.6843
Mexico Chicken Operating
Income (000's) 5,830 (514) 8,471 1,011 13,767
Mexico Operating Income as a
percent of Mexico
Chicken Sales 6.88% -0.64% 9.32% 1.27% 15.34%
Mexico Net Pounds
Produced (000's) 130,011 130,027 148,876 139,415 131,152
Turkey
U.S. Turkey Sales (000's) 76,079 70,813 117,051 88,615 87,380
U.S. Turkey Sales divided
by U.S. Turkey Net
Pounds Produced $0.7249 $0.6101 $1.0368 $0.7896 $0.7875
U.S. Turkey Operating
Income (000's) (5,613) (8,830) 5,503 2,406 3,750
U.S. Turkey Operating Income
as a percent of U.S.
Turkey Sales 7.38% -12.47% 4.70% 2.72% 4.29%
U.S. Turkey Net Pounds
Produced (000's) 104,946 116,074 112,896 112,233 110,958
U.S. Summary
U.S. Sales (000's) 552,311 520,377 565,114 561,649 556,084
U.S. Cost of Sales (000's) 516,978 497,296 522,512 507,112 499,916
U.S. Gross Margin (000's) 35,333 23,081 42,603 54,537 56,168
U.S. Gross Margin as a
percent of U.S. Sales 6.40% 4.44% 7.54% 9.71% 10.10%
U.S. Selling, General and
Administrative Expenses
(000's) 27,117 26,940 27,743 24,431 24,448
U.S. Selling, General and
Administrative Expenses as
a percent of U.S Sales 4.91% 5.18% 4.91% 4.35% 4.40%
U.S. Operating Income (000's) 8,216 (3,859) 14,860 30,106 31,720
U.S. Operating Income as a
percent of U.S. Sales 1.49% -0.74% 2.63% 5.36% 5.70%
Consolidated Operations
Chicken Operations:
Chicken Sales from all
Divisions (000's) 510,437 476,501 493,142 506,793 512,737
Chicken Sales from all divisions
divided by Chicken Net
Pounds Produced from all
Divisions $0.6840 $0.6711 $0.6827 $0.7125 $0.7161
Chicken Net Pounds Produced
from all Divisions
(000's) 746,265 710,064 722,340 711,282 716,048
Other Operations:
Other Sales (000's) 50,600 53,439 45,838 45,843 45,719
Totals All Operations:
Total Net Sales (000's) 637,116 600,753 656,030 641,251 645,836
Total Cost of Sales (000's) 590,116 572,122 598,165 579,307 570,211
Gross Margin from all
operations (000's) 47,000 28,631 57,865 61,944 75,625
Gross Margin from all operations
as a percent of
Total Net Sales 7.38% 4.77% 8.82% 9.66% 11.71%
Total Selling, General and
Administrative Expenses
(000's) 32,954 33,003 34,535 30,827 30,138
Total Selling, General and
Administrative Expenses as
a percent of Total Net Sales 5.17% 5.49% 5.26% 4.81% 4.67%
Operating Income from all
operations (000's) 14,046 (4,372) 23,330 31,117 45,587
Operating Income from all
operations as a percent
of Total Net Sales 2.20% -0.73% 3.56% 4.85% 7.04%
(a) In second quarter 2002, the Company identified $4.9 and $7.5 million in
sales of products that had been included in Prepared Foods Chicken sales
but were more properly classified in Sales of other U.S. Products and
Export and Other sales, respectively.
(b) Certain sales of Turkey products were incorrectly classified as Export
and were changed to their correct Prepared Foods and Fresh turkey
classifications.
(c) In third quarter 2001, the Company identified $8.6 million in sales of
products that had been included in Chicken sales but wree more properly
classified in Net Turkey Sales.
PILGRIM'S PRIDE CORPORATION
NET SALES BY PRIMARY MARKET LINE
FOR QUARTERS ENDED:
The following table sets forth, for the periods including and since fiscal
2000, net sales attributable to each of our primary product lines and
markets served with those products. We based the table on our internal
sales reports and their classification of product types and customers. The
information in these tables should be read in conjunction with the
information in our SEC filings, including the discussion of our primary
product lines and markets served with those products including our most
recent Annual Report on Form 10-K.
FISCAL QUARTERS ENDED
June 29 MAR 30 DEC 29 SEPT 29 JUNE 30
2002 2002(a)(b) 2001 2001 2001(c)
(IN THOUSANDS)
CHICKEN SALES:
UNITED STATES
Prepared Foods:
Foodservice $177,651 $164,965 $160,033 $170,363 $160,068
Retail $46,915 $38,409 $34,887 $35,022 $33,591
Total Prepared
Foods $224,566 $203,374 $194,920 $205,385 $193,659
Fresh Chicken:
Foodservice $112,282 $106,043 $113,373 $121,748 $165,491
Retail $66,261 $61,717 $58,789 $65,925 $43,974
Total Fresh
Chicken $178,543 $167,760 $172,162 $187,673 $209,464
Export and Other $22,523 $24,992 $35,143 $34,131 $19,861
Total U.S.
Chicken $425,632 $396,126 $402,225 $427,189 $422,984
Mexico: $84,805 $80,376 $90,916 $79,602 $89,752
TOTAL CHICKEN
SALES $510,437 $476,502 $493,141 $506,791 $512,737
TURKEY SALES:
Prepared Foods:
Foodservice $32,929 $25,518 $43,006 $30,915 $38,535
Retail $12,901 $13,434 $13,858 $18,235 $15,970
Total Prepared
Foods $45,830 $38,952 $56,865 $49,150 $54,504
Fresh Turkey:
Foodservice $4,889 $13,311 $12,104 $6,911 $6,141
Retail $22,732 $16,166 $43,080 $27,898 $22,947
Total Fresh
Turkey $27,621 $29,477 $55,183 $34,809 $29,088
Export and Other $2,628 $2,385 $5,003 $4,656 $3,788
TOTAL TURKEY
SALES $76,079 $70,814 $117,051 $88,615 $87,380
Sale of Other U.S.
Products $50,600 $53,438 $45,838 $45,843 $45,719
TOTAL NET SALES $637,116 $600,754 $656,030 $641,249 $645,836
(a) In second quarter 2002, the Company identified $4.9 and $7.5 million in
sales of products that had been included in Prepared Foods Chicken sales
but were more properly classified in Sales of other U.S. Products and
Export and Other Sales, respectively.
(b) Certain sales of Turkey products were incorrectly classified as Export
and were changed to their correct Prepared Foods and Fresh turkey
classifications.
(c) In third quarter 2001, the Company identified $8.6 million in sales of
products that had been included in Chicken sales but were more properly
classified in Net Turkey Sales.
FISCAL QUARTERS ENDED
June 29 MAR 30 DEC 29 SEPT 29 JUNE 30
2002 2002(a)(b) 2001 2001 2001
(IN THOUSANDS)
CHICKEN SALES:
U.S. CHICKEN SALES:
Prepared Foods:
Foodservice 41.7% 41.6% 39.8% 39.9% 37.8%
Retail 11.0% 9.7% 8.7% 8.2% 7.9%
Total Prepared
Foods 52.8% 51.3% 48.5% 48.1% 45.8%
Fresh Chicken:
Foodservice 26.4% 26.8% 28.2% 28.5% 39.1%
Retail 15.6% 15.6% 14.6% 15.4% 10.4%
Total Fresh
Chicken 41.9% 42.4% 42.8% 43.9% 49.5%
Export and Other 5.3% 6.3% 8.7% 8.0% 4.7%
TOTAL U.S.
CHICKEN 100.0% 100.0% 100.0% 100.0% 100.0%
TURKEY SALES:
U.S. Turkey Sales:
Prepared Foods:
Foodservice 43.3% 36.0% 36.7% 34.9% 44.1%
Retail 17.0% 19.0% 11.8% 20.6% 18.3%
Total Prepared
Foods 60.2% 55.0% 48.6% 55.5% 62.4%
Fresh Turkey:
Foodservice 6.4% 18.8% 10.3% 7.8% 7.0%
Retail 29.9% 22.8% 36.8% 31.5% 26.3%
Total Fresh
Turkey 36.3% 41.6% 47.1% 39.3% 33.3%
Export and Other 3.5% 3.4% 4.3% 5.3% 4.3%
TOTAL U.S.
TURKEY 100.0% 100.0% 100.0% 100.0% 100.0%
(a) In second quarter 2002, the Company identified $4.9 and $7.5 million in
sales of products that had been included in Prepared Foods Chicken sales
but were more properly classified in Sales of other U.S. Products and
Export and Other Sales, respectively.
(b) Certain sales of Turkey products were incorrectly classified as Export
and were changed to their correct Prepared Foods and Fresh turkey
classifications.
(c) In third quarter 2001, the Company identified $8.6 million in sales of
products that had been included in Chicken sales but were more properly
classified in Net Turkey Sales.