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): October 29, 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.
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: October 29, 2002 By: /S/ RICHARD A. COGDILL
Richard A. Cogdill
Executive Vice President,
Chief Financial Officer,
Secretary and Treasurer
Page 2
EXHIBIT 99.1
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
----------------------------------------------------------
09/28/02 06/29/02 03/30/02 12/29/01
---------- ---------- ---------- ----------
United States
Chicken Operations:
U.S. Chicken Sales (000's) $ 417,387 $ 427,325 $ 398,608 $ 405,738
U.S. Chicken Sales divided by U.S.
Chicken Net Pounds Produced $ 0.6883 $ 0.6934 $ 0.6872 $ 0.7075
U.S. Chicken Net Pounds Produced (000's) 606,383 616,274 580,037 573,464
Other Operations:
Other Sales (000's) 52,846 48,330 49,543 42,972
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's) 470,233 475,655 448,151 448,710
U.S. Chicken & Other Operating Income (000's) 4,507 15,100 3,701 9,355
U.S. Chicken & Other Operating Income as a percent of
U.S. Chicken & Other Sales 0.96% 3.17% 0.83% 2.08%
---------- ---------- ---------- ----------
Mexico
Chicken Operations:
Mexico Chicken Sales (000's)(c) 81,383 80,308 75,674 86,528
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced $ 0.5993 $ 0.6177 $ 0.5820 $ 0.5812
Mexico Other Operations:
Mexico Other Sales (000's) (c) 5,371 4,498 4,702 4,388
Mexico Chicken Operating Income (000's) 3,276 5,830 (514) 8,471
Mexico Operating Income as a percent
of Mexico Chicken Sales 3.78% 6.88% -0.64% 9.32%
Mexico Net Pounds Produced (000's) 135,789 130,011 130,027 148,876
---------- ---------- ---------- ----------
Turkey
U.S. Turkey Sales (000's) 82,832 76,656 72,226 116,404
U.S. Turkey Sales divided by U.S.
Turkey Net Pounds Produced $ 0.8353 $ 0.7304 $ 0.6222 $ 1.0311
U.S. Turkey Operating Income (000's) (10,883) (6,884) (7,559) 5,503
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales -13.14% -8.98% -10.47% 4.73%
U.S. Turkey Net Pounds Produced (000's) 99,165 104,946 116,074 112,896
---------- ---------- ---------- ----------
U.S. Summary
U.S. Sales (000's) 553,065 552,311 520,377 565,114
U.S. Cost of Sales (000's) 531,295 516,978 497,296 522,513
U.S. Gross Margin (000's) 21,770 35,333 23,081 42,601
U.S. Gross Margin as a
percent of U.S. Sales 3.94% 6.40% 4.44% 7.54%
U.S. Selling, General and Administrative Expenses (000's) 28,146 27,117 26,939 27,743
U.S. Selling, General and Administrative
Expenses as a percent of U.S. Sales 5.09% 4.91% 5.18% 4.91%
U.S. Operating Income (000's) (6,376) 8,216 (3,858) 14,858
U.S. Operating Income as a
percent of U.S. Sales -1.15% 1.49% -0.74% 2.63%
---------- ---------- ---------- ----------
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's) 498,770 507,632 474,282 492,266
Chicken Sales from all divisions divided by Chicken Net
Pounds Produced from all Divisions $ 0.6720 $ 0.6802 $ 0.6679 $ 0.6815
Chicken Net Pounds Produced from all Divisions (000's) 742,172 746,285 710,064 722,340
Other Operations:
Other Sales (000's)(c) 58,217 52,828 54,245 47,360
Totals All Operations:
Total Net Sales (000's) 639,819 637,116 600,753 656,030
Total Cost of Sales (000's) 608,148 590,116 572,122 598,166
Gross Margin from all operations (000's) 31,671 47,000 28,631 57,864
Gross Margin from all operations as a
percent of Total Net Sales 4.95% 7.38% 4.77% 8.82%
Total Selling, General and Administrative Expenses (000's) 34,771 32,954 33,003 34,535
Total Selling, General and Administrative Expenses as a
percent of Total Net Sales 5.43% 5.17% 5.49% 5.26%
Operating Income from all operations (000's) (3,100) 14,046 (4,372) 23,329
Operating Income from all operations as a
percent of Total Net Sales -0.48% 2.20% -0.73% 3.56%
---------- ---------- ---------- ----------
Quarters Ended
----------------------------------------------------------
09/29/01 06/30/01 03/31/01(a) 12/30/00
---------- ---------- ----------- ----------
United States
Chicken Operations:
U.S. Chicken Sales (000's) $ 427,191 $ 422,985 $ 356,341 $ 265,824
U.S. Chicken Sales divided by U.S.
Chicken Net Pounds Produced $ 0.7470 $ 0.7232 $ 0.7096 $ 0.7221
U.S. Chicken Net Pounds Produced (000's) 571,867 584,896 502,173 368,143
Other Operations:
Other Sales (000's) 45,843 45,719 46,568 41,725
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's) 473,034 468,704 402,909 307,552
U.S. Chicken & Other Operating Income (000's) 27,700 27,971 1,795 20,631
U.S. Chicken & Other Operating Income as a percent of
U.S. Chicken & Other Sales 5.86% 5.97% 0.45% 6.71%
---------- ---------- ---------- ----------
Mexico
Chicken Operations:
Mexico Chicken Sales (000's)(c) 76,061 84,088 70,457 72,863
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced $ 0.5456 $ 0.6412 $ 0.5040 $ 0.5223
Mexico Other Operations:
Mexico Other Sales (000's) (c) 3,541 5,664 5,387 5,617
Mexico Chicken Operating Income (000's) 1,011 13,767 (5,201) 2,580
Mexico Operating Income as a percent
of Mexico Chicken Sales 1.27% 15.34% -6.86% 3.29%
Mexico Net Pounds Produced (000's) 139,415 131,152 139,799 139,510
---------- ---------- ---------- ----------
Turkey
U.S. Turkey Sales (000's) 88,615 87,380 62,840 --
U.S. Turkey Sales divided by U.S.
Turkey Net Pounds Produced $ 0.7896 $ 0.7875 $ 0.8282 --
U.S. Turkey Operating Income (000's) 2,406 3,750 (1,867) --
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales 2.72% 4.29% -2.97% --
U.S. Turkey Net Pounds Produced (000's) 112,233 110,958 75,879 --
---------- ---------- ---------- ----------
U.S. Summary
U.S. Sales (000's) 561,649 556,084 465,749 307,552
U.S. Cost of Sales (000's) 507,112 499,916 436,038 268,120
U.S. Gross Margin (000's) 54,537 56,168 29,711 39,432
U.S. Gross Margin as a
percent of U.S. Sales 9.71% 10.10% 6.38% 12.82%
U.S. Selling, General and Administrative Expenses (000's) 24,431 24,448 29,783 18,801
U.S. Selling, General and Administrative
Expenses as a percent of U.S. Sales 4.35% 4.40% 6.39% 6.11%
U.S. Operating Income (000's) 30,106 31,720 (72) 20,631
U.S. Operating Income as a
percent of U.S. Sales 5.36% 5.70% -0.02% 6.71%
---------- ---------- ---------- ----------
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's) 503,252 507,073 426,798 338,687
Chicken Sales from all divisions divided by Chicken Net
Pounds Produced from all Divisions $ 0.7075 $ 0.7082 $ 0.6648 $ 0.6672
Chicken Net Pounds Produced from all Divisions (000's) 711,282 716,048 641,972 507,653
Other Operations:
Other Sales (000's)(c) 49,384 51,383 51,955 47,342
Totals All Operations:
Total Net Sales (000's) 641,251 645,836 541,593 386,032
Total Cost of Sales (000's) 579,307 570,211 512,377 338,866
Gross Margin from all operations (000's) 61,944 75,625 29,216 47,166
Gross Margin from all operations as a
percent of Total Net Sales 9.66% 11.71% 5.39% 12.22%
Total Selling, General and Administrative Expenses (000's) 30,827 30,138 34,488 23,955
Total Selling, General and Administrative Expenses as a
percent of Total Net Sales 4.81% 4.67% 6.37% 6.21%
Operating Income from all operations (000's) 31,117 45,487 (5,272) 23,211
Operating Income from all operations as a
percent of Total Net Sales 4.85% 7.04% -0.97% 6.01%
---------- ---------- ---------- ----------
Quarters Ended
----------------------------------------------------------
09/30/00 07/01/00 04/01/00 01/01/00
---------- ---------- ----------- ----------
United States
Chicken Operations:
U.S. Chicken Sales (000's) $ 263,549 $ 282,973 $ 253,687 $ 250,178
U.S. Chicken Sales divided by U.S.
Chicken Net Pounds Produced $ 0.7173 $ 0.7187 $ 0.6624 $ 0.7140
U.S. Chicken Net Pounds Produced (000's) 367,431 393,755 382,955 350,409
Other Operations:
Other Sales (000's) 36,706 27,940 42,843 34,201
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's) 300,255 310,913 296,530 284,379
U.S. Chicken & Other Operating Income (000's) 8,411 12,909 3,502 21,106
U.S. Chicken & Other Operating Income as a percent of
U.S. Chicken & Other Sales 2.80% 4.15% 1.18% 7.42%
---------- ---------- ---------- ----------
Mexico
Chicken Operations:
Mexico Chicken Sales (000's)(c) 73,322 75,818 71,926 65,074
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced $ 0.5646 $ 0.6597 $ 0.6320 $ 0.5152
Mexico Other Operations:
Mexico Other Sales (000's) (c) 5,799 5,248 4,804 5,372
Mexico Chicken Operating Income (000's) 7,225 13,439 9,779 4,116
Mexico Operating Income as a percent
of Mexico Chicken Sales 9.13% 16.58% 12.74% 5.84%
Mexico Net Pounds Produced (000's) 129,877 114,931 113,805 126,313
---------- ---------- ---------- ----------
Turkey
U.S. Turkey Sales (000's) -- -- -- --
U.S. Turkey Sales divided by U.S.
Turkey Net Pounds Produced -- -- -- --
U.S. Turkey Operating Income (000's) -- -- -- --
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales -- -- -- --
U.S. Turkey Net Pounds Produced (000's) -- -- -- --
---------- ---------- ---------- ----------
U.S. Summary
U.S. Sales (000's) 300,255 310,913 296,530 284,379
U.S. Cost of Sales (000's) 273,604 282,676 276,987 247,149
U.S. Gross Margin (000's) 26,651 28,237 19,543 37,230
U.S. Gross Margin as a
percent of U.S. Sales 8.88% 9.08% 6.59% 13.09%
U.S. Selling, General and Administrative Expenses (000's) 18,240 15,328 16,041 16,124
U.S. Selling, General and Administrative
Expenses as a percent of U.S. Sales 6.07% 4.93% 5.41% 5.67%
U.S. Operating Income (000's) 8,411 12,909 3,502 21,106
U.S. Operating Income as a
percent of U.S. Sales 2.80% 4.15% 1.18% 7.42%
---------- ---------- ---------- ----------
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's) 336,871 358,791 325,613 315,252
Chicken Sales from all divisions divided by Chicken Net
Pounds Produced from all Divisions $ 0.6774 $ 0.7053 $ 0.6555 $ 0.6613
Chicken Net Pounds Produced from all Divisions (000's) 497,308 508,686 496,760 476,722
Other Operations:
Other Sales (000's)(c) 42,504 33,188 47,647 39,573
Totals All Operations:
Total Net Sales (000's) 379,375 391,979 373,260 354,825
Total Cost of Sales (000's) 339,718 345,314 339,231 309,348
Gross Margin from all operations (000's) 39,658 46,665 34,029 45,477
Gross Margin from all operations as a
percent of Total Net Sales 10.45% 11.90% 9.12% 12.82%
Total Selling, General and Administrative Expenses (000's) 24,022 20,316 20,747 20,255
Total Selling, General and Administrative Expenses as a
percent of Total Net Sales 6.33% 5.18% 5.56% 5.71%
Operating Income from all operations (000's) 15,636 26,349 13,282 25,222
Operating Income from all operations as a
percent of Total Net Sales 4.12% 6.72% 3.56% 7.11%
---------- ---------- ---------- ----------
Quarters Ended
----------------------------------------------------------
10/02/99 07/03/99 04/03/99 01/02/99(b)
---------- ---------- ----------- -----------
United States
Chicken Operations:
U.S. Chicken Sales (000's) $ 249,181 $ 254,794 $ 236,673 $ 222,848
U.S. Chicken Sales divided by U.S.
Chicken Net Pounds Produced $ 0.7220 $ 0.7317 $ 0.6953 $ 0.6517
U.S. Chicken Net Pounds Produced (000's) 345,141 348,232 340,387 341,931
Other Operations:
Other Sales (000's) 32,151 26,461 36,690 44,105
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's) 281,332 281,255 273,363 266,953
U.S. Chicken & Other Operating Income (000's) 25,619 22,076 21,741 18,741
U.S. Chicken & Other Operating Income as a percent of
U.S. Chicken & Other Sales 9.11% 7.85% 7.95% 7.02%
---------- ---------- ---------- ----------
Mexico
Chicken Operations:
Mexico Chicken Sales (000's)(c) 60,244 57,870 51,805 63,613
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced $ 0.4746 $ 0.5505 $ 0.5290 $ 0.5022
Mexico Other Operations:
Mexico Other Sales (000's) (c) 5,685 5,035 4,726 5,522
Mexico Chicken Operating Income (000's) 3,195 7,136 3,551 7,445
Mexico Operating Income as a percent
of Mexico Chicken Sales 4.85% 11.34% 6.28% 10.77%
Mexico Net Pounds Produced (000's) 126,948 105,117 97,927 126,657
---------- ---------- ---------- ----------
Turkey
U.S. Turkey Sales (000's) -- -- -- --
U.S. Turkey Sales divided by U.S.
Turkey Net Pounds Produced -- -- -- --
U.S. Turkey Operating Income (000's) -- -- -- --
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales -- -- -- --
U.S. Turkey Net Pounds Produced (000's) -- -- -- --
---------- ---------- ---------- ----------
U.S. Summary
U.S. Sales (000's) 281,332 281,255 273,363 266,953
U.S. Cost of Sales (000's) 242,313 243,018 234,533 234,667
U.S. Gross Margin (000's) 39,019 38,236 38,830 32,287
U.S. Gross Margin as a
percent of U.S. Sales 13.87% 13.59% 14.20% 12.09%
U.S. Selling, General and Administrative Expenses (000's) 13,399 16,160 17,089 13,545
U.S. Selling, General and Administrative
Expenses as a percent of U.S. Sales 4.76% 5.75% 6.25% 5.07%
U.S. Operating Income (000's) 25,619 22,076 21,741 18,741
U.S. Operating Income as a
percent of U.S. Sales 9.11% 7.85% 7.95% 7.02%
---------- ---------- ---------- ----------
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's) 309,425 312,664 288,478 286,461
Chicken Sales from all divisions divided by Chicken Net
Pounds Produced from all Divisions $ 0.6554 $ 0.6897 $ 0.6582 $ 0.6113
Chicken Net Pounds Produced from all Divisions (000's) 472,089 453,349 438,314 468,588
Other Operations:
Other Sales (000's)(c) 37,836 31,496 41,416 49,627
Totals All Operations:
Total Net Sales (000's) 347,261 344,160 329,894 336,088
Total Cost of Sales (000's) 301,131 294,745 283,632 292,187
Gross Margin from all operations (000's) 46,131 49,415 46,262 43,900
Gross Margin from all operations as a
percent of Total Net Sales 13.28% 14.36% 14.02% 13.06%
Total Selling, General and Administrative Expenses (000's) 17,316 20,203 20,970 17,715
Total Selling, General and Administrative Expenses as a
percent of Total Net Sales 4.99% 5.87% 6.36% 5.27%
Operating Income from all operations (000's) 28,814 29,212 25,292 26,186
Operating Income from all operations as a
percent of Total Net Sales 8.30% 8.49% 7.67% 7.79%
---------- ---------- ---------- ----------
Quarters Ended
----------------------------------------------------------
09/26/98 06/27/98 03/28/98 12/27/97
---------- ---------- ----------- -----------
United States
Chicken Operations:
U.S. Chicken Sales (000's) $ 243,772 $ 228,719 $ 218,268 $ 218,634
U.S. Chicken Sales divided by U.S.
Chicken Net Pounds Produced $ 0.7828 $ 0.7196 $ 0.6908 $ 0.6816
U.S. Chicken Net Pounds Produced (000's) 311,428 317,849 315,948 320,773
Other Operations:
Other Sales (000's) 34,391 32,656 36,074 40,942
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's) 278,163 261,375 254,342 259,576
U.S. Chicken & Other Operating Income (000's) 22,266 8,434 3,104 2,473
U.S. Chicken & Other Operating Income as a percent of
U.S. Chicken & Other Sales 8.00% 3.23% 1.22% 0.95%
---------- ---------- ---------- ----------
Mexico
Chicken Operations:
Mexico Chicken Sales (000's)(c) 55,508 59,945 63,333 78,311
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced $ 0.6025 $ 0.6491 $ 0.6253 $ 0.6803
Mexico Other Operations:
Mexico Other Sales (000's) (c) 7,040 7,180 6,771 7,823
Mexico Chicken Operating Income (000's) 9,178 10,608 8,294 12,898
Mexico Operating Income as a percent
of Mexico Chicken Sales 14.67% 15.80% 11.83% 16.47%
Mexico Net Pounds Produced (000's) 92,135 92,350 101,276 115,118
---------- ---------- ---------- ----------
Turkey
U.S. Turkey Sales (000's) -- -- -- --
U.S. Turkey Sales divided by U.S.
Turkey Net Pounds Produced -- -- -- --
U.S. Turkey Operating Income (000's) -- -- -- --
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales -- -- -- --
U.S. Turkey Net Pounds Produced (000's) -- -- -- --
---------- ---------- ---------- ----------
U.S. Summary
U.S. Sales (000's) 278,163 261,375 254,342 259,576
U.S. Cost of Sales (000's) 244,055 241,956 239,915 246,985
U.S. Gross Margin (000's) 34,108 19,419 14,427 12,591
U.S. Gross Margin as a
percent of U.S. Sales 12.26% 7.43% 5.67% 4.85%
U.S. Selling, General and Administrative Expenses (000's) 11,842 10,985 11,323 10,118
U.S. Selling, General and Administrative
Expenses as a percent of U.S. Sales 4.26% 4.20% 4.45% 3.90%
U.S. Operating Income (000's) 22,266 8,434 3,104 2,473
U.S. Operating Income as a
percent of U.S. Sales 8.00% 3.23% 1.22% 0.95%
---------- ---------- ---------- ----------
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's) 299,280 288,664 281,601 289,122
Chicken Sales from all divisions divided by Chicken Net
Pounds Produced from all Divisions $ 0.7416 $ 0.7037 $ 0.6749 $ 0.6633
Chicken Net Pounds Produced from all Divisions (000's) 403,563 410,199 417,224 435,891
Other Operations:
Other Sales (000's)(c) 41,431 39,836 42,845 48,765
Totals All Operations:
Total Net Sales (000's) 340,711 328,500 324,446 337,887
Total Cost of Sales (000's) 293,586 295,764 297,585 308,507
Gross Margin from all operations (000's) 47,125 32,736 26,861 29,380
Gross Margin from all operations as a
percent of Total Net Sales 13.83% 9.97% 8.28% 8.70%
Total Selling, General and Administrative Expenses (000's) 15,681 13,694 15,463 14,009
Total Selling, General and Administrative Expenses as a
percent of Total Net Sales 4.60% 4.17% 4.77% 4.15%
Operating Income from all operations (000's) 31,444 19,042 11,398 15,371
Operating Income from all operations as a
percent of Total Net Sales 9.23% 5.80% 3.51% 4.55%
---------- ---------- ---------- ----------
Quarters Ended
----------------------------------------------------------
09/27/97 6/28/97 03/29/97 12/28/96
---------- ---------- ----------- -----------
United States
Chicken Operations:
U.S. Chicken Sales (000's) $ 233,779 $ 227,111 $ 204,128 $ 193,147
U.S. Chicken Sales divided by U.S.
Chicken Net Pounds Produced $ 0.7017 $ 0.6926 $ 0.7090 $ 0.7163
U.S. Chicken Net Pounds Produced (000's) 333,184 327,928 287,915 269,655
Other Operations:
Other Sales (000's) 34,382 33,619 38,095 38,391
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's) 268,161 260,730 242,223 231,538
U.S. Chicken & Other Operating Income (000's) 10,300 4,622 4,031 10,369
U.S. Chicken & Other Operating Income as a percent of
U.S. Chicken & Other Sales 3.84% 1.77% 1.66% 4.48%
---------- ---------- ---------- ----------
Mexico
Chicken Operations:
Mexico Chicken Sales (000's)(c) 73,113 74,438 61,178 66,268
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced $ 0.6612 $ 0.6916 $ 0.5959 $ 0.6538
Mexico Other Operations:
Mexico Other Sales (000's) (c)
Mexico Chicken Operating Income (000's) 14,993 8,005 5,630 5,945
Mexico Operating Income as a percent
of Mexico Chicken Sales 20.51% 10.75% 9.20% 8.97%
Mexico Net Pounds Produced (000's) 110,570 107,635 102,663 101,357
---------- ---------- ---------- ----------
Turkey
U.S. Turkey Sales (000's) -- -- -- --
U.S. Turkey Sales divided by U.S.
Turkey Net Pounds Produced -- -- -- --
U.S. Turkey Operating Income (000's) -- -- -- --
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales -- -- -- --
U.S. Turkey Net Pounds Produced (000's) -- -- -- --
---------- ---------- ---------- ----------
U.S. Summary
U.S. Sales (000's) 268,161 260,730 242,223 231,538
U.S. Cost of Sales (000's) 253,014 244,820 227,462 210,213
U.S. Gross Margin (000's) 15,147 15,910 14,761 21,325
U.S. Gross Margin as a
percent of U.S. Sales 5.65% 6.10% 6.09% 9.21%
U.S. Selling, General and Administrative Expenses (000's) 4,847 11,288 10,730 10,956
U.S. Selling, General and Administrative
Expenses as a percent of U.S. Sales 1.81% 4.33% 4.43% 4.73%
U.S. Operating Income (000's) 10,300 4,622 4,031 10,369
U.S. Operating Income as a
percent of U.S. Sales 3.84% 1.77% 1.66% 4.48%
---------- ---------- ---------- ----------
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's) 306,892 301,549 265,306 259,415
Chicken Sales from all divisions divided by Chicken Net
Pounds Produced from all Divisions $ 0.6916 $ 0.6923 $ 0.6793 $ 0.6992
Chicken Net Pounds Produced from all Divisions (000's) 443,754 435,563 390,578 371,012
Other Operations:
Other Sales (000's)(c) 34,382 33,619 38,095 38,391
Totals All Operations:
Total Net Sales (000's) 341,274 335,168 303,401 297,806
Total Cost of Sales (000's) 307,414 307,883 280,316 267,539
Gross Margin from all operations (000's) 33,860 27,285 23,085 30,267
Gross Margin from all operations as a
percent of Total Net Sales 9.92% 8.14% 7.61% 10.16%
Total Selling, General and Administrative Expenses (000's) 8,567 14,658 13,425 13,953
Total Selling, General and Administrative Expenses as a
percent of Total Net Sales 2.51% 4.37% 4.42% 4.69%
Operating Income from all operations (000's) 25,293 12,627 9,660 16,314
Operating Income from all operations as a
percent of Total Net Sales 7.41% 3.77% 3.18% 5.48%
---------- ---------- ---------- ----------
- ----------
(a) The acquisition of WLR Foods has been accounted for as a purchase, and
the results of operations for this acquisition have been included in
our consolidated results of operations since January 27, 2001, the
acquisition date.
(b) 14 week Quarter.
(c) Certain items previously classified under Mexico have been reclassified
under sale of other products-Mexico.
Pilgrim's Pride Corporation
Net Sales by Primary Market Line
for Quarters Ended:
The following table sets forth, for the quarterly 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 included in our most recent Annual Report on Form
10-K.
FISCAL QUARTERS ENDED
--------------------------------------------------------
SEPTEMBER 28, JUNE 29, MAR 30, DEC 29, SEPT 29,
2002 2002 2002 2001 2001
------------ -------- -------- -------- --------
(IN THOUSANDS)
CHICKEN SALES:
UNITED STATES
Prepared Foods: (b)
Foodservice $ 170,700 $171,568 $161,171 $156,417 $166,891
Retail $ 41,357 $ 44,438 $ 37,691 $ 34,813 $ 32,204
------------ -------- -------- -------- --------
Total Prepared Foods $ 212,057 $216,006 $198,862 $191,230 $199,095
------------ -------- -------- -------- --------
Fresh Chicken:
Foodservice $ 109,058 $115,080 $107,795 $116,444 $121,700
Retail $ 68,505 $ 68,619 $ 63,113 $ 58,187 $ 65,925
------------ -------- -------- -------- --------
Total Fresh Chicken $ 177,563 $183,699 $170,907 $174,632 $187,625
------------ -------- -------- -------- --------
Export and Other
Prepared Foods $ 7,905 $ 7,839 $ 7,360 $ 7,423 $ 6,290
Chicken-Other $ 19,861 $ 19,782 $ 21,479 $ 32,453 $ 34,179
------------ -------- -------- -------- --------
Total Export and Other(b) $ 27,767 $ 27,621 $ 28,839 $ 39,877 $ 40,469
------------ -------- -------- -------- --------
Total U.S. Chicken $ 417,387 $427,325 $398,609 $405,738 $427,189
------------ -------- -------- -------- --------
Mexico:(c) $ 81,383 $ 80,308 $ 75,674 $ 86,528 $ 76,061
TOTAL CHICKEN SALES $ 498,770 $507,632 $474,282 $492,266 $503,250
------------ -------- -------- -------- --------
TOTAL PREPARED FOODS 207,452 223,845 206,222 $198,653 $205,433
TURKEY SALES:
Prepared Foods: (d)
Foodservice $ 29,729 $ 29,732 $ 34,082 $ 41,109 $ 30,915
Retail $ 14,284 $ 14,723 $ 11,803 $ 13,829 $ 18,235
------------ -------- -------- -------- --------
Total Prepared Foods $ 44,013 $ 44,455 $ 45,884 $ 54,938 $ 49,150
------------ -------- -------- -------- --------
Fresh Turkey:
Foodservice $ 9,797 $ 5,561 $ 7,970 $ 12,792 $ 6,911
Retail $ 25,402 $ 23,585 $ 15,498 $ 43,097 $ 27,898
------------ -------- -------- -------- --------
Total Fresh Turkey $ 35,199 $ 29,146 $ 23,468 $ 55,888 $ 34,809
------------ -------- -------- -------- --------
Export and Other
Prepared Foods $ 711 $ 473 $ 564 $ 1,110 $ 851
Turkey-Other $ 2,910 $ 2,582 $ 2,310 $ 4,468 $ 3,805
------------ -------- -------- -------- --------
Total Export and Other(d) $ 3,621 $ 3,055 $ 2,874 $ 5,578 $ 4,656
------------ -------- -------- -------- --------
TOTAL TURKEY SALES $ 82,833 $ 76,656 $ 72,226 $116,404 $ 88,615
------------ -------- -------- -------- --------
TOTAL PREPARED FOODS $ 44,724 $ 44,928 $ 46,448 $ 56,048 $ 50,001
Sale of Other Products
U.S. $ 52,846 $ 48,330 $ 49,543 $ 42,972 $ 45,843
Mexico(d) $ 5,371 $ 4,498 $ 4,702 $ 4,388 $ 3,541
------------ -------- -------- -------- --------
Total Other Products $ 58,217 $ 52,828 $ 54,245 $ 47,360 $ 49,384
------------ -------- -------- -------- --------
TOTAL NET SALES $ 639,819 $637,116 $600,753 $656,030 $641,249
============ ======== ======== ======== ========
FISCAL QUARTERS ENDED
---------------------------------------------------------------
MAR 31, DEC 30, SEPT 30, JULY 1, APRIL 1, JAN 1,
2001 (a) 2000 2000 2000 2000 2000
-------- -------- -------- -------- -------- --------
(IN THOUSANDS)
CHICKEN SALES:
UNITED STATES
Prepared Foods: (b)
Foodservice $160,349 $147,975 $145,294 $165,577 $139,859 $138,665
Retail $ 26,029 $ 14,618 $ 16,661 $ 8,874 $ 10,698 $ 11,422
-------- -------- -------- -------- -------- --------
Total Prepared Foods $186,378 $162,593 $161,955 $174,451 $150,557 $150,087
-------- -------- -------- -------- -------- --------
Fresh Chicken:
Foodservice $ 62,047 $ 38,464 $ 46,205 $ 54,691 $ 51,951 $ 49,345
Retail $ 78,608 $ 36,187 $ 37,673 $ 39,758 $ 37,021 $ 34,525
-------- -------- -------- -------- -------- --------
Total Fresh Chicken $140,655 $ 74,651 $ 83,878 $ 94,449 $ 88,972 $ 83,870
-------- -------- -------- -------- -------- --------
Export and Other
Prepared Foods $ 4,793 $ 1,379 $ 1,466 $ 1,378 $ 1,050 $ 701
Chicken-Other $ 24,514 $ 27,203 $ 16,250 $ 12,695 $ 13,108 $ 15,519
-------- -------- -------- -------- -------- --------
Total Export and Other(b) $ 29,307 $ 28,582 $ 17,716 $ 14,073 $ 14,158 $ 16,221
-------- -------- -------- -------- -------- --------
Total U.S. Chicken $356,340 $265,826 $263,549 $282,973 $253,687 $250,178
-------- -------- -------- -------- -------- --------
Mexico:(c) $ 70,457 $ 72,863 $ 73,322 $ 75,818 $ 71,925 $ 65,074
TOTAL CHICKEN SALES $426,797 $338,690 $336,871 $358,791 $325,612 $315,252
-------- -------- -------- -------- -------- --------
TOTAL PREPARED FOODS $191,231 $164,000 $163,439 $175,853 $151,630 $150,827
TURKEY SALES:
Prepared Foods: (d)
Foodservice $ 18,561 -- -- -- -- --
Retail $ 14,477 -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Prepared Foods $ 33,038 -- -- -- -- --
-------- -------- -------- -------- -------- --------
Fresh Turkey:
Foodservice $ 5,567 -- -- -- -- --
Retail $ 20,802 -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Fresh Turkey $ 26,369 -- -- -- -- --
-------- -------- -------- -------- -------- --------
Export and Other
Prepared Foods $ 641 -- -- -- -- --
Turkey-Other $ 2,792 -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Export and Other(d) $ 3,433 -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL TURKEY SALES $ 62,840 -- -- -- -- --
-------- -------- -------- -------- -------- --------
TOTAL PREPARED FOODS $ 33,679 -- --
Sale of Other Products
U.S. $ 46,569 $ 41,725 $ 36,706 $ 27,940 $ 42,843 $ 34,201
Mexico(d) $ 5,387 $ 5,617 $ 5,799 $ 5,248 $ 4,805 $ 5,372
-------- -------- -------- -------- -------- --------
Total Other Products $ 51,956 $ 47,342 $ 42,505 $ 33,188 $ 47,648 $ 39,573
-------- -------- -------- -------- -------- --------
TOTAL NET SALES $541,593 $386,032 $379,375 $391,979 $373,260 $354,825
======== ======== ======== ======== ======== ========
(a) The acquisition of WLR Foods has been accounted for as a purchase, and
the results of operations for this acquisition have been included in
our consolidated results of operations since January 27, 2001, the
acquisition date.
(b) Certain items previously classified under U.S. prepared foods and U.S.
fresh chicken were reclassified into the U.S. export and other and
other categories. Amounts reclassified by quarter were: September 28,
2002 - $5.0 Million, June 29, 2002 - $5.1 Million, Mar. 30, 2002 -
$4.4 Million, Dec. 29, 2001 - $4.1 Million, Sept. 29, 2001 - $6.3
Million, June 30, 2001 - $6.5 Million, Mar. 31, 2001 - $4.9 Million,
Dec. 30, 2000 - $1.4 Million, Sept. 30, 2000 - $1.5 Million, July 1,
2000 - $1.4 Million, April 1, 2000 - $1.1 Million, Jan. 1, 2000 - $0.7
Million
(c) Certain item previously classified under Mexico have been reclassified
under sale of other products-Mexico.
(d) Certain items previously classified under U.S. prepared foods and U.S.
fresh turkey were reclassified into the U.S. export and other
categories. Amounts reclassified by quarter were: September 28, 2002 -
$.6 Million, June 29, 2002 - $.4 Million, Mar. 30, 2002 - $.4 Million,
Dec. 29, 2001 - $.7 Million
FISCAL QUARTERS ENDED
------------------------------------------------------------
SEPTEMBER 28, JUNE 29, MAR 30, DEC 29, SEPT 29,
2002 2002 2002 2001 2001
------------ -------- -------- -------- --------
(IN THOUSANDS)
CHICKEN SALES:
U.S. CHICKEN SALES:
Prepared Foods:(b)
Foodservice 40.9% 40.1% 40.4% 38.6% 39.1%
Retail 9.9% 10.4% 9.5% 8.6% 7.5%
------------ -------- -------- -------- --------
Total Prepared Foods 50.8% 50.5% 49.9% 47.1% 46.6%
------------ -------- -------- -------- --------
Fresh Chicken:
Foodservice 26.1% 26.9% 27.0% 28.7% 28.5%
Retail 16.4% 16.1% 15.8% 14.3% 15.4%
------------ -------- -------- -------- --------
Total Fresh Chicken 42.5% 43.0% 42.9% 43.0% 43.9%
Export and Other
Prepared Foods 1.9% 1.8% 1.8% 1.8% 1.5%
Chicken-Other 4.8% 4.6% 5.4% 8.0% 8.0%
------------ -------- -------- -------- --------
Export and Other (b) 6.7% 6.5% 7.2% 9.8% 9.5%
TOTAL U.S. CHICKEN 100.0% 100.0% 100.0% 100.0% 100.0%
============ ======== ======== ======== ========
TURKEY SALES:
U.S. Turkey Sales:
Prepared Foods: (c)
Foodservice 35.9% 38.8% 47.2% 35.3% 34.9%
Retail 17.2% 19.2% 16.3% 11.9% 20.6%
------------ -------- -------- -------- --------
Total Prepared Foods 53.1% 58.0% 63.5% 47.2% 55.5%
------------ -------- -------- -------- --------
Fresh Turkey:
Foodservice 11.8% 7.3% 11.0% 11.0% 7.8%
Retail 30.7% 30.8% 21.5% 37.0% 31.5%
------------ -------- -------- -------- --------
Total Fresh Turkey 42.5% 38.0% 32.5% 48.0% 39.3%
Export and Other
Prepared Foods 0.9% 0.6% 0.8% 1.0% 1.0%
Turkey-Other 3.5% 3.4% 3.2% 3.8% 4.3%
------------ -------- -------- -------- --------
Export and Other (c) 4.4% 4.0% 4.0% 4.8% 5.3%
TOTAL U.S. TURKEY 100.0% 100.0% 100.0% 100.0% 100.0%
============ ======== ======== ======== ========
FISCAL QUARTERS ENDED
----------------------------------------------------------------------------
JUNE 30, MAR 31, DEC 30, SEPT 30, JULY 1, APRIL 1, JAN 1,
2001 2001 (a) 2000 2000 2000 2000 2000
-------- -------- -------- -------- -------- -------- --------
(IN THOUSANDS)
CHICKEN SALES:
U.S. CHICKEN SALES:
Prepared Foods:(b)
Foodservice 37.1% 45.0% 55.7% 55.1% 58.5% 55.1% 55.4%
Retail 7.2% 7.3% 5.5% 6.3% 3.1% 4.2% 4.6%
-------- -------- -------- -------- -------- -------- --------
Total Prepared Foods 44.3% 52.3% 61.2% 61.5% 61.6% 59.3% 60.0%
-------- -------- -------- -------- -------- -------- --------
Fresh Chicken:
Foodservice 39.1% 17.4% 14.5% 17.5% 19.3% 20.5% 19.7%
Retail 10.4% 22.1% 13.6% 14.3% 14.1% 14.6% 13.8%
-------- -------- -------- -------- -------- -------- --------
Total Fresh Chicken 49.5% 39.5% 28.1% 31.8% 33.4% 35.1% 33.5%
Export and Other
Prepared Foods 1.5% 1.3% 0.5% 0.6% 0.5% 0.4% 0.3%
Chicken-Other 4.7% 6.9% 10.2% 6.2% 4.5% 5.2% 6.2%
-------- -------- -------- -------- -------- -------- --------
Export and Other (b) 6.2% 8.2% 10.8% 6.7% 5.0% 5.6% 6.5%
TOTAL U.S. CHICKEN 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
======== ======== ======== ======== ======== ======== ========
TURKEY SALES:
U.S. Turkey Sales:
Prepared Foods: (c)
Foodservice 44.1% 29.5% -- -- -- -- --
Retail 18.3% 23.0% -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total Prepared Foods 62.4% 52.6% -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Fresh Turkey:
Foodservice 7.0% 8.9% -- -- -- -- --
Retail 26.3% 33.1% -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total Fresh Turkey 33.3% 42.0% -- -- -- -- --
Export and Other
Prepared Foods 1.1% 1.0% -- -- -- -- --
Turkey-Other 3.3% 4.4% -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Export and Other (c) 4.3% 5.5% -- -- -- -- --
TOTAL U.S. TURKEY 100.0% 100.0% -- -- -- -- --
======== ======== ======== ======== ======== ======== ========
(a) The acquisition of WLR Foods has been accounted for as a purchase, and
the results of operations for this acquisition have been included in
our consolidated results of operations since January 27, 2001, the
acquisition date.
(b) Certain items previously classified under U.S. prepared foods and U.S.
fresh chicken were reclassified into the U.S. export and other and
other categories. Amounts reclassified by quarter were: September 28,
2002 - $5.0 Million, June 29, 2002 - $5.1 Million, Mar. 30, 2002 - $4.4
Million, Dec. 29, 2001 - $4.1 Million, Sept. 29, 2001 - $6.3 Million,
June 30, 2001 - $6.5 Million, Mar. 31, 2001 - $4.9 Million, Dec. 30,
2000 - $1.4 Million, Sept. 30, 2000 - $1.5 Million, July 1, 2000 - $1.4
Million, April 1, 2000 - $1.1 Million, Jan. 1, 2000 $0.7 Million
(c) Certain items previously classified under U.S. prepared foods and U.S.
fresh turkey were reclassified into the U.S. export and other
categories. Amounts reclassified by quarter were: September 28, 2002 -
$.6 Million, June 29, 2002 - $.4 Million, Mar. 30, 2002 - $.4 Million,
Dec. 29, 2001 - $.7 Million
PILGRIM'S PRIDE CORPORATION
SALES SEGMENTS
FOR FISCAL YEARS ENDED:
Since the Acquisition of WLR Foods on January 27, 2001, we operate in two
reportable business segments as (1) a producer of chicken and other products and
(2) a producer of turkey products.
Our chicken and other products segment includes sales of chicken and sales of
other products we produce and purchase for resale in the United States and
Mexico. Our chicken and other products segment conducts separate operations in
the United States and Mexico and is reported as two separate geographical
areas. Our turkey segment includes sales of turkey products produced in our
turkey operation recently acquired from WLR Foods, whose operations are
exclusively in the United States.
Inter-area sales and inter-segment sales, which are not material, are accounted
for at prices comparable to normal trade customer sales. Fixed assets by segment
and geographic area are those assets which are used in our operations in each
segment or area. Corporate assets are included with chicken and other products.
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.
Fiscal Years ended
------------ ------------------------------------------------------------------------
9/28/2002 9/29/2001(a) 9/30/2000 10/2/1999(b) 9/26/1998 9/27/1997
------------ ------------ ------------ ------------ ------------ ------------
(In thousands)
NET SALES TO CUSTOMERS:
Chicken and Other Products:
United States $ 1,842,749 $ 1,652,199 $ 1,192,077 $ 1,102,903 $ 1,053,458 $ 1,002,652
Mexico 342,851 323,678 307,362 254,500 278,087 274,997
------------ ------------ ------------ ------------ ------------ ------------
Sub-total 2,185,600 1,975,877 1,499,439 1,357,403 1,331,545 1,277,649
Turkey 348,118 238,835 -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total $ 2,533,718 $ 2,214,712 $ 1,499,439 $ 1,357,403 $ 1,331,545 $ 1,277,649
============ ============ ============ ============ ============ ============
OPERATING INCOME:
Chicken and Other Products:
United States $ 31,913 $ 78,096 $ 45,928 $ 88,177 $ 36,279 $ 29,321
Mexico 17,070 12,157 34,560 21,327 40,977 34,573
------------ ------------ ------------ ------------ ------------ ------------
Sub-total 48,983 90,253 80,488 109,504 77,256 63,894
Turkey (19,823) 4,289 -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total $ 29,160 $ 94,542 $ 80,488 $ 109,504 $ 77,256 $ 63,894
============ ============ ============ ============ ============ ============
DEPRECIATION AND AMORTIZATION: (c)
Chicken and Other Products:
United States $ 47,527 $ 38,155 $ 24,444 $ 23,185 $ 22,634 $ 20,012
Mexico 13,526 11,962 11,583 11,351 9,956 9,784
------------ ------------ ------------ ------------ ------------ ------------
Sub-total 61,053 50,117 36,027 34,536 32,590 29,796
Turkey 9,919 5,273 -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total $ 70,972 $ 55,390 $ 36,027 $ 34,536 $ 32,590 $ 29,796
============ ============ ============ ============ ============ ============
TOTAL ASSETS:
Chicken and Other Products:
United States $ 769,094 $ 764,073 $ 496,173 $ 473,932 $ 424,591 $ 404,213
Mexico 241,808 247,681 209,247 181,830 176,848 174,911
------------ ------------ ------------ ------------ ------------ ------------
Sub-total 1,010,902 1,011,754 705,420 655,762 601,439 579,124
Turkey 210,516 203,941 -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total $ 1,221,418 $ 1,215,695 $ 705,420 $ 655,762 $ 601,439 $ 579,124
============ ============ ============ ============ ============ ============
CAPITAL EXPENDITURES:
Chicken and Other Products:
United States $ 65,775 $ 80,173 $ 69,712 $ 53,856 $ 39,193 $ 42,963
Mexico 7,934 29,425 22,417 15,792 17,325 11,041
------------ ------------ ------------ ------------ ------------ ------------
Sub-total 73,709 109,598 92,129 69,648 56,518 54,004
Turkey 6,679 3,034 -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total $ 80,388 $ 112,632 $ 92,129 $ 69,648 $ 56,518 $ 54,004
============ ============ ============ ============ ============ ============
(a) The acquisition of WLR Foods has been accounted for as a purchase, and the results of operations for this acquisition have been
included in our consolidated results of operations since January 27, 2001, the acquisition date.
(b) Fiscal year 1999 had 53 weeks.
(c) Includes amortization of capitalized
financing costs approximately $ 1,417 $ 912 $ 1,159 $ 1,149 $ 1,004 $ 942
PILGRIM'S PRIDE CORPORATION
SELECTED FINANCIAL DATA
FOR QUARTERS ENDED:
Our selected financial data is derived from our financial statements. 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
-----------------------------------------------------------------------------------------
(in thousands except per share data) 09/28/02 06/29/02 03/30/02 12/29/01 09/29/01 06/30/01
----------- ----------- ----------- ----------- ----------- -----------
INCOME STATEMENT DATA:
Net sales $ 639,819 $ 637,116 $ 600,753 $ 656,030 $ 641,251 $ 645,836
Gross margin 31,670 47,000 28,631 57,865 61,943 75,625
Operating income (loss) (3,100) 14,045 (4,371) 23,330 31,117 45,486
Income (loss) before income taxes and
extraordinary charge (8,543) 6,525 (11,055) 15,679 22,017 34,323
Interest expense, net 7,137 9,031 7,261 8,573 9,536 10,014
Income tax expense (benefit) (4,973) 3,259 (13,399) 2,688 8,188 9,056
Income (loss) before extraordinary
charge (3,174) 3,266 1,252 12,991 13,829 25,267
Extraordinary charge - net of tax -- -- -- -- 894 --
Net income (loss) $ (3,174) $ 3,266 $ 1,252 $ 12,991 12,935 $ 25,267
PER COMMON SHARE DATA: (c)
Income (loss) before extraordinary
charge $ (0.08) $ 0.08 $ 0.03 $ 0.32 $ 0.34 $ 0.61
Extraordinary charge - early repayment
of debt -- -- -- $ -- $ (0.02) $ --
Net Income (loss) $ (0.08) $ 0.08 $ 0.03 $ 0.32 $ 0.32 $ 0.61
Cash dividends $ 0.015 $ 0.015 $ 0.015 $ 0.015 $ 0.015 $ 0.015
Book value $ 9.57 $ 9.68 $ 9.57 $ 9.53 $ 9.27 $ 8.96
BALANCE SHEET SUMMARY:
Working capital $ 179,171 $ 157,980 $ 149,869 $ 143,360 $ 203,350 $ 177,194
Total assets $ 1,221,418 $ 1,218,365 $ 1,195,552 $ 1,153,438 $ 1,215,695 $ 1,204,820
Notes payable and current maturities
of long-term debt $ 4,665 $ 63,210 $ 60,126 $ 5,177 $ 5,099 $ 59,022
Long-term debt, less current maturities $ 448,979 $ 418,064 $ 410,628 $ 396,975 $ 467,242 $ 444,125
Total stockholders' equity $ 393,470 $ 397,910 $ 393,641 $ 391,644 $ 380,932 $ 368,479
CASH FLOW SUMMARY:
Operating cash flow $ 60,789 $ 15,704 $ (58,711) $ 81,773 $ 70,581 $ 48,738
Depreciation & amortization (d) $ 18,114 $ 17,813 $ 17,647 $ 17,399 $ 15,962 $ 18,608
Capital expenditures $ 23,958 $ 24,199 $ 14,898 $ 17,333 $ (7,615) $ 59,847
Business acquisitions $ -- $ -- $ -- $ -- $ -- $ --
Financing activities, net $ (28,240) $ 9,900 $ 68,015 $ (6,518) $ (31,646) $ (21,804)
CASHFLOW RATIOS:
EBITDA (e) $ 16,340 $ 33,012 $ 13,507 $ 41,305 $ 46,410 $ 62,664
EBITDA (last four qtrs.) $ 104,164 $ 134,234 $ 163,887 $ 157,231 $ 147,599 $ 126,096
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 3.25 3.90 4.63 4.47 4.80 4.95
Senior secured debt/EBITDA (last four
qtrs.) 2.44 2.10 1.65 1.29 1.85 2.67
Total debt/EBITDA (last four qtrs.) 4.36 3.59 2.87 2.56 3.20 3.99
KEY INDICATORS (AS A PERCENTAGE OF NET
SALES):
Gross margin 4.9% 7.4% 4.8% 8.8% 9.7% 11.7%
Selling, general and administrative
expenses 5.4% 5.2% 5.5% 5.3% 4.8% 4.7%
Operating income (loss) -0.5% 2.2% -0.7% 3.6% 4.9% 7.0%
Interest expense, net 1.1% 1.4% 1.2% 1.3% 1.5% 1.6%
Net income (loss) -0.5% 0.5% 0.2% 2.0% 2.0% 3.9%
(a) The Company acquired WLR Foods on
January 27, 2001 for $239.5 million
and the assumption of $45.5 million
of indebtedness. The acquisition has
been accounted for as a purchase,
and the results of operations for
this acquisition have been included
in our consolidated results of
operations since the acquisition date.
(b) Fiscal quarter ended January 1, 1999
had 14 weeks.
(c) Historical per share amounts represent
both basic and diluted and have been
restated to give effect to a stock
dividend issued on July 30, 1999.
See Note F of the Consolidated
Financial Statements of the Company
included in our Annual Report on
Form 10-K filed in year 2001.
(d) Includes amortization of capitalized
financing costs of approximately 369 357 346 $ 346 $ 137 $ 281
(e) "EBITDA" is defined as the sum of
net income (loss) before extraordinary
charges, interest, taxes, depreciation
and amortization. EBITDA is presented
because we believe it is frequently
used by securities analysts, investors
and other interested parties in the
evaluation of companies. EBITDA is
not a measurement of financial
performance under generally accepted
accounting principles and should not
be considered as an alternative to
cash flow from operating activities
or as a measure of liquidity or an
alternative to net income as
indicators of our operating performance
or any other measures of performance
derived in accordance with generally
accepted accounting principles.
QUARTERS ENDED
--------------------------------------------------------------------------------------
(in thousands except per share data) 03/31/01(a) 12/30/00 09/30/00 07/01/00 04/01/00 01/01/00
----------- ----------- ----------- ----------- ----------- -----------
INCOME STATEMENT DATA:
Net sales $ 541,593 $ 386,032 $ 379,375 $ 391,979 $ 373,260 $ 354,825
Gross margin 29,216 47,166 39,657 46,665 34,029 45,477
Operating income (loss) (5,272) 23,211 15,635 26,349 13,282 25,222
Income (loss) before income taxes and
extraordinary charge (12,118) 19,072 11,782 20,319 9,178 21,507
Interest expense, net 7,085 4,140 4,210 4,967 4,699 3,903
Income tax expense (benefit) (2,316) 6,335 463 3,175 155 6,649
Income (loss) before extraordinary
charge (9,802) 12,737 11,319 17,144 9,023 14,858
Extraordinary charge - net of tax -- -- -- -- -- --
Net income (loss) $ (9,802) $ 12,737 $ 11,319 $ 17,144 $ 9,023 $ 14,858
PER COMMON SHARE DATA: (c)
Income (loss) before extraordinary
charge $ (0.24) $ 0.31 $ 0.28 $ 0.41 $ 0.22 $ 0.36
Extraordinary charge - early repayment
of debt $ -- $ -- $ -- $ -- $ -- $ --
Net Income (loss) $ (0.24) $ 0.31 $ 0.28 $ 0.41 $ 0.22 $ 0.36
Cash dividends $ 0.015 $ 0.015 $ 0.015 $ 0.015 $ 0.015 $ 0.015
Book value $ 8.37 $ 8.63 $ 8.33 $ 8.05 $ 7.66 $ 7.45
BALANCE SHEET SUMMARY:
Working capital $ 166,456 $ 107,508 $ 124,531 $ 142,915 $ 139,465 $ 148,659
Total assets $ 1,176,261 $ 714,340 $ 705,420 $ 686,450 $ 665,158 $ 652,970
Notes payable and current maturities
of long-term debt $ 63,947 $ 14,242 $ 4,657 $ 4,729 $ 5,041 $ 4,103
Long-term debt, less current maturities $ 460,346 $ 156,546 $ 165,037 $ 172,686 $ 175,350 $ 163,230
Total stockholders' equity $ 344,261 $ 354,676 $ 342,559 $ 332,110 $ 316,898 $ 308,496
CASH FLOW SUMMARY:
Operating cash flow $ (47,486) $ 16,000 $ 69,097 $ 18,298 $ 11,588 $ 31,820
Depreciation & amortization (d) $ 12,152 $ 8,668 $ 9,279 $ 9,284 $ 8,878 $ 8,586
Capital expenditures $ 27,793 $ 32,607 $ 35,195 $ 21,565 $ 20,956 $ 14,412
Business acquisitions $ 239,539 $ -- $ --
Financing activities, net $ 307,193 $ 436 $ (8,628) $ (4,957) $ (30,465) $ 21,430
CASHFLOW RATIOS:
EBITDA (e) $ 6,851 $ 31,673 $ 24,907 $ 34,232 $ 22,445 $ 33,772
EBITDA (last four qtrs.) $ 97,663 $ 113,257 $ 115,356 $ 125,841 $ 129,812 $ 141,288
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 4.79 6.29 6.49 6.95 7.44 8.39
Senior secured debt/EBITDA (last four
qtrs.) 3.25 0.71 0.69 0.69 0.68 0.52
Total debt/EBITDA (last four qtrs.) 5.37 1.51 1.47 1.41 1.39 1.18
KEY INDICATORS (AS A PERCENTAGE OF NET
SALES):
Gross margin 5.4% 12.2% 10.5% 11.9% 9.1% 12.8%
Selling, general and administrative
expenses 6.4% 6.2% 6.3% 5.2% 5.6% 5.7%
Operating income (loss) -1.0% 6.0% 4.1% 6.7% 3.6% 7.1%
Interest expense, net 1.3% 1.1% 1.1% 1.3% 1.3% 1.1%
Net income (loss) -1.8% 3.3% 3.0% 4.4% 2.4% 4.2%
(a) The Company acquired WLR Foods on
January 27, 2001 for $239.5 million
and the assumption of $45.5 million
of indebtedness. The acquisition has
been accounted for as a purchase,
and the results of operations for
this acquisition have been included
in our consolidated results of
operations since the acquisition date.
(b) Fiscal quarter ended January 1, 1999
had 14 weeks.
(c) Historical per share amounts represent
both basic and diluted and have been
restated to give effect to a stock
dividend issued on July 30, 1999.
See Note F of the Consolidated
Financial Statements of the Company
included in our Annual Report on
Form 10-K filed in year 2001.
(d) Includes amortization of capitalized
financing costs of approximately $ 268 $ 226 $ 227 $ 348 $ 345 $ 239
(e) "EBITDA" is defined as the sum of
net income (loss) before extraordinary
charges, interest, taxes, depreciation
and amortization. EBITDA is presented
because we believe it is frequently
used by securities analysts, investors
and other interested parties in the
evaluation of companies. EBITDA is
not a measurement of financial
performance under generally accepted
accounting principles and should not
be considered as an alternative to
cash flow from operating activities
or as a measure of liquidity or an
alternative to net income as
indicators of our operating performance
or any other measures of performance
derived in accordance with generally
accepted accounting principles.
QUARTERS ENDED
--------------------------------------------------------------------------------------
10/02/99 07/03/99 04/03/99 01/02/99 (b) 09/26/98 06/27/98
(in thousands except per share data) ----------- ----------- ----------- ----------- ----------- -----------
INCOME STATEMENT DATA:
Net sales $ 317,261 $ 344,160 $ 329,894 $ 366,088 $ 340,712 $ 328,500
Gross margin 46,130 49,415 46,262 43,901 47,126 32,736
Operating income (loss) 28,814 29,212 25,292 26,186 31,444 19,043
Income (loss) before income taxes and
extraordinary charge 22,549 25,274 21,624 21,457 26,063 13,970
Interest expense, net 4,535 4,308 4,090 4,733 4,824 5,195
Income tax expense (benefit) 6,113 6,957 7,044 5,537 5,773 2,135
Income (loss) before extraordinary
charge 16,436 18,317 14,580 15,920 20,290 11,835
Extraordinary charge - net of tax -- -- -- -- -- --
Net income (loss) 16,436 $ 18,317 $ 14,580 $ 15,920 $ 20,290 $ 11,835
PER COMMON SHARE DATA: (c)
Income (loss) before extraordinary
charge $ 0.41 $ 0.44 $ 0.35 $ 0.38 $ 0.49 $ 0.29
Extraordinary charge - early repayment
of debt $ -- $ -- $ -- $ -- $ -- $ --
Net Income (loss) $ 0.41 $ 0.44 $ 0.35 $ 0.38 $ 0.49 $ 0.29
Cash dividends $ 0.015 $ 0.010 $ 0.010 $ 0.010 $ 0.010 $ 0.010
Book value $ 7.11 $ 6.73 $ 6.30 $ 5.95 $ 5.58 $ 5.08
BALANCE SHEET SUMMARY:
Working capital $ 154,242 $ 158,858 $ 150,686 $ 144,981 $ 147,040 $ 139,713
Total assets $ 655,762 $ 657,974 $ 626,745 $ 607,365 $ 601,439 $ 578,541
Notes payable and current maturities
of long-term debt $ 4,353 $ 7,928 $ 6,338 $ 4,629 $ 5,889 $ 11,638
Long-term debt, less current maturities $ 183,753 $ 195,283 $ 197,971 $ 185,358 $ 199,784 $ 216,741
Total stockholders' equity $ 294,259 $ 278,447 $ 260,543 $ 246,377 $ 230,871 $ 210,369
CASH FLOW SUMMARY:
Operating cash flow $ 44,926 $ 7,086 $ (8,009) $ 37,449 $ 52,784 $ 13,487
Depreciation & amortization (d) $ 8,546 $ 8,869 $ 8,468 $ 8,653 $ 8,098 $ 8,427
Capital expenditures $ 17,479 $ 13,402 $ 25,935 $ 12,833 $ 14,084 $ 13,633
Business acquisitions
Financing activities, net $ (15,766) $ (1,548) $ 10,618 $ (12,938) $ (23,186) $ (15,570)
CASHFLOW RATIOS:
EBITDA (e) $ 35,392 $ 38,203 $ 33,921 $ 34,526 $ 38,718 $ 27,347
EBITDA (last four qtrs.) $ 142,043 $ 145,368 $ 134,513 $ 119,673 $ 108,268 $ 102,211
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 8.04 8.10 7.14 6.03 5.37 4.85
Senior secured debt/EBITDA (last four
qtrs.) 0.67 0.76 0.83 0.81 1.04 1.26
Total debt/EBITDA (last four qtrs.) 1.32 1.40 1.52 1.59 1.90 2.23
KEY INDICATORS (AS A PERCENTAGE OF NET
SALES):
Gross margin 14.5% 14.4% 14.0% 12.0% 13.8% 10.0%
Selling, general and administrative
expenses 5.5% 5.9% 6.4% 4.8% 4.6% 4.2%
Operating income (loss) 9.1% 8.5% 7.7% 7.2% 9.2% 5.8%
Interest expense, net 1.4% 1.3% 1.2% 1.3% 1.4% 1.6%
Net income (loss) 5.2% 5.3% 4.4% 4.3% 6.0% 3.6%
(a) The Company acquired WLR Foods on
January 27, 2001 for $239.5 million
and the assumption of $45.5 million
of indebtedness. The acquisition has
been accounted for as a purchase,
and the results of operations for
this acquisition have been included
in our consolidated results of
operations since the acquisition date.
(b) Fiscal quarter ended January 1, 1999
had 14 weeks.
(c) Historical per share amounts represent
both basic and diluted and have been
restated to give effect to a stock
dividend issued on July 30, 1999.
See Note F of the Consolidated
Financial Statements of the Company
included in our Annual Report on
Form 10-K filed in year 2001.
(d) Includes amortization of capitalized
financing costs of approximately $ 263 $ 263 $ 283 $ 340 $ 179 $ 287
(e) "EBITDA" is defined as the sum of
net income (loss) before extraordinary
charges, interest, taxes, depreciation
and amortization. EBITDA is presented
because we believe it is frequently
used by securities analysts, investors
and other interested parties in the
evaluation of companies. EBITDA is
not a measurement of financial
performance under generally accepted
accounting principles and should not
be considered as an alternative to
cash flow from operating activities
or as a measure of liquidity or an
alternative to net income as
indicators of our operating performance
or any other measures of performance
derived in accordance with generally
accepted accounting principles.
QUARTERS ENDED
-------------------------------------------------------------------------------------
(in thousands except per share data) 03/28/98 12/27/97 09/27/97 6/28/97 03/29/97 12/28/96
----------- ----------- ----------- ----------- ----------- -----------
INCOME STATEMENT DATA:
Net sales $ 324,446 $ 337,887 $ 341,274 $ 335,168 $ 303,401 $ 297,806
Gross margin 26,861 29,380 33,860 27,285 23,085 30,267
Operating income (loss) 11,398 15,371 25,293 12,627 9,660 16,314
Income (loss) before income taxes and
extraordinary charge 6,219 10,270 19,142 7,071 4,674 12,937
Interest expense, net 5,093 5,036 5,770 5,572 5,284 5,449
Income tax expense (benefit) (549) (847) 451 (215) (280) 2,832
Income (loss) before extraordinary
charge 6,219 11,117 18,691 7,286 4,954 10,105
Extraordinary charge - net of tax -- -- -- -- -- --
Net income (loss) $ 6,768 $ 11,117 $ 18,691 $ 7,286 $ 4,954 $ 10,105
PER COMMON SHARE DATA: (c)
Income (loss) before extraordinary
charge $ 0.16 $ 0.27 $ 0.45 $ 0.18 $ 0.12 $ 0.24
Extraordinary charge - early repayment
of debt $ -- $ -- $ -- $ -- $ -- $ --
Net Income (loss) $ 0.16 $ 0.27 $ 0.45 $ 0.18 $ 0.12 $ 0.24
Cash dividends $ 0.010 $ 0.010 $ 0.010 $ 0.010 $ 0.010 $ 0.010
Book value $ 4.82 $ 4.67 $ 4.41 $ 3.97 $ 3.80 $ 3.69
BALANCE SHEET SUMMARY:
Working capital $ 132,518 $ 114,948 $ 133,542 $ 99,829 $ 98,526 $ 100,925
Total assets $ 574,805 $ 564,611 $ 579,124 $ 566,725 $ 531,579 $ 525,628
Notes payable and current maturities
of long-term debt $ 11,589 $ 8,708 $ 11,596 $ 30,884 $ 33,645 $ 25,564
Long-term debt, less current maturities $ 219,394 $ 204,890 $ 224,743 $ 210,358 $ 193,546 $ 195,957
Total stockholders' equity $ 199,573 $ 193,220 $ 182,516 $ 164,239 $ 157,366 $ 152,826
CASH FLOW SUMMARY:
Operating cash flow $ (13,684) $ 32,429 $ 24,710 $ 15,233 $ (6,983) $ 16,655
Depreciation & amortization (d) $ 8,014 $ 8,052 $ 8,050 $ 7,517 $ 7,094 $ 7,135
Capital expenditures $ 10,449 $ 15,352 $ 9,456 $ 28,613 $ 7,967 $ 4,195
Business acquisitions
Financing activities, net $ 29,450 $ (23,192) $ (5,356) $ 13,600 $ 5,220 $ (13,116)
CASHFLOW RATIOS:
EBITDA (e) $ 19,082 $ 23,121 $ 32,661 $ 19,838 $ 16,818 $ 25,287
EBITDA (last four qtrs.) $ 94,702 $ 92,438 $ 94,604 $ 71,163 $ 64,373 $ 58,750
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 4.41 4.27 4.29 3.24 2.93 2.69
Senior secured debt/EBITDA (last four
qtrs.) 1.39 1.24 1.45 2.00 1.99 2.09
Total debt/EBITDA (last four qtrs.) 2.44 2.31 2.50 3.39 3.53 3.77
KEY INDICATORS (AS A PERCENTAGE OF NET
SALES):
Gross margin 8.3% 8.7% 9.9% 8.1% 7.6% 10.2%
Selling, general and administrative
expenses 4.8% 4.1% 2.5% 4.4% 4.4% 4.7%
Operating income (loss) 3.5% 4.5% 7.4% 3.8% 3.2% 5.5%
Interest expense, net 1.6% 1.5% 1.7% 1.7% 1.7% 1.8%
Net income (loss) 2.1% 3.3% 5.5% 2.2% 1.6% 3.4%
(a) The Company acquired WLR Foods on
January 27, 2001 for $239.5 million
and the assumption of $45.5 million
of indebtedness. The acquisition has
been accounted for as a purchase,
and the results of operations for
this acquisition have been included
in our consolidated results of
operations since the acquisition date.
(b) Fiscal quarter ended January 1, 1999
had 14 weeks.
(c) Historical per share amounts represent
both basic and diluted and have been
restated to give effect to a stock
dividend issued on July 30, 1999.
See Note F of the Consolidated
Financial Statements of the Company
included in our Annual Report on
Form 10-K filed in year 2001.
(d) Includes amortization of capitalized
financing costs of approximately $ 283 $ 255 $ 155 $ 284 $ 248 $ 255
(e) "EBITDA" is defined as the sum of
net income (loss) before extraordinary
charges, interest, taxes, depreciation
and amortization. EBITDA is presented
because we believe it is frequently
used by securities analysts, investors
and other interested parties in the
evaluation of companies. EBITDA is
not a measurement of financial
performance under generally accepted
accounting principles and should not
be considered as an alternative to
cash flow from operating activities
or as a measure of liquidity or an
alternative to net income as
indicators of our operating performance
or any other measures of performance
derived in accordance with generally
accepted accounting principles.
Pilgrim's Pride Corporation
Net Sales by Primary Market Line
for Fiscal Years ended:
The following table sets forth, for the annual 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 included in our most recent Annual Report on Form
10-K.
FISCAL YEARS ENDED
----------------------------------------------------------------------------------
SEPT 28, SEPT 29, SEPT 30, OCT 2, SEPT 28, SEPT 27, SEPT 28,
2002 2001(a) 2000 1999(b) 1998 1997 1996
---------- ---------- ---------- ---------- ---------- ---------- ----------
(IN THOUSANDS)
CHICKEN SALES:
United States
Prepared Foods:(c)
Foodservice $ 659,856 $ 632,075 $ 589,395 $ 527,732 $ 418,160 $ 348,961 $ 305,250
Retail 158,299 103,202 47,655 28,079 46,335 42,289 43,442
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Prepared Foods 818,155 735,277 637,050 555,811 464,495 391,250 348,692
---------- ---------- ---------- ---------- ---------- ---------- ----------
Fresh Chicken:
Foodservice 448,376 387,624 202,192 205,968 220,804 259,349 225,252
Retail 258,424 224,693 148,977 163,387 162,283 153,554 141,876
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Fresh Chicken 706,800 612,317 351,169 369,355 383,087 412,903 367,128
---------- ---------- ---------- ---------- ---------- ---------- ----------
Export and Other
Prepared Foods 30,528 18,912 4,595 1,030 2,301
Chicken-Other 93,575 105,834 57,573 37,300 64,469
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Export and Other (c) 124,103 124,746 62,168 38,330 66,770 56,784 60,739
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total U.S. Chicken 1,649,058 1,472,340 1,050,387 963,496 914,352 860,937 776,559
---------- ---------- ---------- ---------- ---------- ---------- ----------
Mexico:(d) 323,892 303,470 286,139 233,531 249,273 274,997 228,129
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL CHICKEN SALES 1,972,950 1,775,810 1,336,526 1,197,027 1,163,625 1,135,934 1,004,688
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL PREPARED FOODS 848,683 754,189 641,645 556,841 466,796 391,250 348,692
TURKEY SALES:
Prepared Foods:(e)
Foodservice 134,651 88,011 -- -- -- -- --
Retail 54,638 48,681 -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Prepared Foods 189,289 136,692 -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Fresh Turkey:
Foodservice 36,119 18,618 -- -- -- -- --
Retail 107,582 71,647 -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Fresh Turkey 143,701 90,265 -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Export and Other
Prepared Foods 2,858 2,434
Turkey-Other 12,270 9,443
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Export and Other (e) 15,128 11,877 -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL TURKEY SALES 348,118 238,834 -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL PREPARED FOODS 192,147 139,126
Sales of Other Products
U.S. 193,691 179,859 141,690 139,407 139,106
Mexico (d) 18,959 20,208 21,223 20,969 28,814
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Sale of Other Products 212,650 200,067 162,913 160,376 167,920 141,715 134,622
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL NET SALES $2,533,718 $2,214,711 $1,499,439 $1,357,403 $1,331,545 $1,277,649 $1,139,310
========== ========== ========== ========== ========== ========== ==========
(a) The acquisition of WLR Foods has been accounted for as a purchase, and the
results of operations for this acquisition have been included in our
consolidated results of operations since January 27, 2001, the acquisition date.
(b) Fiscal 1999 had 53 weeks.
(c) Certain items previously classified under U.S. prepared foods and U.S. fresh
chicken were reclassified into the U.S. export and other and other categories.
Amounts reclassified by year were: 2002--$18.6 Million, 2001--$10.8 Million,
2000--$4.7 Million, 1999--$1.1 Million, 1998--$2.3 Million
(d) Certain item previously classified under Mexico have been reclassified under
sale of other products-Mexico.
(e) In fiscal 2002, $2.1 million of certain items previously classified under
U.S. prepared foods and U.S. fresh turkey were reclassified into the U.S. export
and other categories.
Pilgrim's Pride Corporation
Net Sales by Primary Market Line
for Fiscal Years ended:
The following table sets forth, for the annual 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 included in our most recent Annual Report on Form
10-K.
SEPT 28, SEPT 29, SEPT 30, OCT 2, SEPT 28, SEPT 27, SEPT 28,
2002(a) 2001(a) 2000 1999(b) 1998 1997 1996
---------- ---------- ---------- ---------- ---------- ---------- ----------
(IN THOUSANDS)
U.S. Chicken Sales:
Prepared Foods:(c)
Foodservice 39.9% 42.9% 56.2% 54.7% 45.7% 40.5% 39.3%
Retail 9.6% 7.0% 4.5% 2.9% 5.1% 4.9% 5.6%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Prepared Foods 49.5% 49.9% 60.7% 57.6% 50.8% 45.4% 44.9%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Fresh Chicken:
Foodservice 27.2% 26.3% 19.2% 21.4% 24.1% 30.1% 29.0%
Retail 15.7% 15.3% 14.2% 17.0% 17.7% 17.9% 18.3%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Fresh Chicken 42.9% 41.6% 33.4% 38.4% 41.8% 48.0% 47.3%
Export and Other
Prepared Foods 1.9% 1.3% 0.4% 0.1% 0.3%
Fresh 5.7% 7.2% 5.5% 3.9% 7.1%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Export and Other(C) 7.6% 8.5% 5.9% 4.0% 7.4% 6.6% 7.8%
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL U.S. CHICKEN 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
========== ========== ========== ========== ========== ========== ==========
Prepared Foods 51.4% 51.2% 61.1% 57.7% 51.1% 45.4% 44.9%
U.S. Turkey Sales:
Prepared Foods:(d)
Foodservice 38.7% 36.8% -- -- -- -- --
Retail 15.7% 20.4% -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Prepared Foods 54.4% 57.2% -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Fresh Turkey:
Foodservice 10.4% 7.8% -- -- -- -- --
Retail 30.9% 30.0% -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Fresh Turkey 41.3% 37.8% -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
Export and Other
Prepared Foods 0.8% 1.0%
Fresh 3.5% 4.0%
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Export and Other (d) 4.3% 5.0% -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL U.S. TURKEY 100.0% 100.0% -- -- -- -- --
========== ========== ========== ========== ========== ========== ==========
Prepared Foods 55.2% 58.2%
(a) The acquisition of WLR Foods has been accounted for as a purchase, and the
results of operations for this acquisition have been included in our
consolidated results of operations since January 27, 2001, the acquisition date.
(b) Fiscal 1999 had 53 weeks.
(c) Certain items previously classified under U.S. prepared foods and U.S. fresh
chicken were reclassified into the U.S. export and other and other categories.
Amounts reclassified by year were: 2002--$18.6 Million, 2001--$10.8 Million,
2000--$4.7 Million, 1999--$1.1 Million, 1998--$2.3 Million
(d) In fiscal 2002, $2.1 million of certain items previously classified under
U.S. prepared foods and U.S. fresh turkey were reclassified into the U.S. export
and other categories.
Pilgrim's Pride Corporation
Statistical Management Discussion and Analysis
for fiscal years 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".
Year to date
-------------------------------------
09/28/02 9/29/01(a) 09/30/00
---------- ---------- ----------
United States
Chicken Operations:
U.S. Chicken Sales 1,649,058 1,472,340 1,050,387
U.S. Chicken Sales divided by U.S.Chicken Net Pounds Produced $ 0.6944 $ 0.7263 $ 0.7028
U.S. Chicken Net Pounds Produced (000's) 2,374,765 2,027,079 1,494,550
Other Operations:
Other Sales 193,691 179,859 141,690
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales 1,842,749 1,652,199 1,192,077
U.S. Chicken & Other Operating Income 32,663 78,097 45,928
Operating Income as a percent of U.S. Chicken Sales 1.77% 4.73% 3.85%
Mexico
Chicken Operations:
Mexico Chicken Sales(b) 323,892 303,469 286,139
Mexico Chicken Sales divided by Mexico Chicken Net Pounds Produced $ 0.6006 $ 0.5519 $ 0.5901
Mexico Other Operations:
Mexico Other Sales(b) 18,959 20,209 21,223
Mexico Chicken Operating Income 17,064 12,156 34,560
Mexico Operating Income as a percent of Mexico Chicken Sales 4.98% 3.76% 11.24%
Mexico Net Pounds Produced 539,266 549,876 484,926
Turkey
U.S. Turkey Sales 348,118 238,835 --
U.S. Turkey Sales divided by U.S. Turkey Net Pounds Produced $ 0.8098 $ 0.8067 --
U.S. Turkey Operating Income (19,823) 4,289 --
U.S. Turkey Operating Income as a percent of U.S. Turkey Sales -5.69% 1.80% --
U.S. Turkey Net Pounds Produced 429,904 296,069 --
Year to date
------------------------------------
10/02/99 09/26/98 09/27/97
---------- ---------- ----------
United States
Chicken Operations:
U.S. Chicken Sales 963,496 914,352 858,165
U.S. Chicken Sales divided by U.S.Chicken Net Pounds Produced $ 0.7004 $ 0.7222 $ 0.7042
U.S. Chicken Net Pounds Produced (000's) 1,375,691 1,265,998 1,218,682
Other Operations:
Other Sales 139,406 139,106 144,487
U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales 1,102,902 1,053,458 1,002,652
U.S. Chicken & Other Operating Income 88,177 36,278 29,320
Operating Income as a percent of U.S. Chicken Sales 8.00% 3.44% 2.92%
Mexico
Chicken Operations:
Mexico Chicken Sales(b) 233,531 249,273 274,997
Mexico Chicken Sales divided by Mexico Chicken Net Pounds Produced $ 0.5114 $ 0.6215 $ 0.6513
Mexico Other Operations:
Mexico Other Sales(b) 20,969 28,814
Mexico Chicken Operating Income 21,327 40,978 34,574
Mexico Operating Income as a percent of Mexico Chicken Sales 8.38% 14.74% 12.57%
Mexico Net Pounds Produced 456,649 401,075 422,224
Turkey
U.S. Turkey Sales -- -- --
U.S. Turkey Sales divided by U.S. Turkey Net Pounds Produced -- -- --
U.S. Turkey Operating Income -- -- --
U.S. Turkey Operating Income as a percent of U.S. Turkey Sales -- -- --
U.S. Turkey Net Pounds Produced -- -- --
Year to date
-------------------------------------
09/28/02 9/29/01(a) 09/30/00
---------- ---------- ----------
U.S. Summary
U.S. Sales 2,190,867 1,891,034 1,192,077
U.S. Cost of Sales 2,068,083 1,711,186 1,080,416
U.S. Gross Margin 122,784 179,848 111,660
U.S. Gross Margin as a percent of U.S. Sales 5.60% 9.51% 9.37%
U.S. Selling, General and Administrative Expenses 109,945 97,462 65,732
U.S. Selling, General and Administrative Expenses as a percent of U.S Sales 5.02% 5.15% 5.51%
U.S. Operating Income 12,840 82,386 45,928
U.S. Operating Income as a percent of U.S. Sales 0.59% 4.36% 3.85%
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions 1,972,950 1,775,809 1,336,526
Chicken Sales from all divisions divided by Chicken Net Pounds Produced from all Divisions $ 0.6771 $ 0.6891 $ 0.6752
Chicken Net Pounds Produced from all Divisions 2,914,031 2,576,955 1,979,476
Other Operations:
Other Sales(b) 212,650 200,068 162,913
Totals All Operations:
Total Net Sales 2,533,718 2,214,712 1,499,439
Total Cost of Sales 2,368,553 2,000,762 1,333,611
Gross Margin from all operations 165,166 213,950 165,828
Gross Margin from all operations as a percent of Total Net Sales 6.52% 9.66% 11.06%
Total Selling, General and Administrative Expenses 135,262 119,408 85,340
Total Selling, General and Administrative Expenses as a percent of Total Net Sales 5.34% 5.39% 5.69%
Operating Income from all operations 29,904 94,542 80,488
Operating Income from all operations as a percent of Total Net Sales 1.18% 4.27% 5.37%
Year to date
------------------------------------
10/02/99 09/26/98 09/27/97
---------- ---------- ----------
U.S. Summary
U.S. Sales 1,102,902 1,053,458 1,002,652
U.S. Cost of Sales 954,531 972,912 935,509
U.S. Gross Margin 148,371 80,546 67,143
U.S. Gross Margin as a percent of U.S. Sales 13.45% 7.65% 6.70%
U.S. Selling, General and Administrative Expenses 60,194 44,268 37,823
U.S. Selling, General and Administrative Expenses as a percent of U.S Sales 5.46% 4.20% 3.77%
U.S. Operating Income 88,177 36,278 29,320
U.S. Operating Income as a percent of U.S. Sales 8.00% 3.44% 2.92%
Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions 1,197,027 1,163,625 1,133,162
Chicken Sales from all divisions divided by Chicken Net Pounds Produced from all Divisions $ 0.6533 $ 0.6980 $ 0.6906
Chicken Net Pounds Produced from all Divisions 1,832,340 1,667,073 1,640,906
Other Operations:
Other Sales(b) 160,376 167,920 144,487
Totals All Operations:
Total Net Sales 1,357,403 1,331,545 1,277,649
Total Cost of Sales 1,171,694 1,195,442 1,163,152
Gross Margin from all operations 185,708 136,103 114,497
Gross Margin from all operations as a percent of Total Net Sales 13.68% 10.22% 8.96%
Total Selling, General and Administrative Expenses 76,204 58,847 50,603
Total Selling, General and Administrative Expenses as a percent of Total Net Sales 5.61% 4.42% 3.96%
Operating Income from all operations 109,504 77,256 63,894
Operating Income from all operations as a percent of Total Net Sales 8.07% 5.80% 5.00%
(a) The acquisition of WLR Foods has been accounted for as a purchase, and the
results of operations for this acquisition have been included in our
consolidated results of operating since January 27, 2001, the acquisition
date.
(b) Certain item previously classified under Mexico have been reclassified
under sale of other products-Mexico.
