SCHEDULE 14A
(RULE 14a-101)
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934
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| x Soliciting Material Under Rule 14a-12 |
PILGRIM’S PRIDE CORPORATION
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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For Immediate Release
PILGRIM’S PRIDE RAISES FISCAL YEAR THIRD QUARTER
EARNINGS ESTIMATE
Announces Expiration of Hart-Scott-Rodino Waiting Period for ConAgra
Chicken Division Acquisition
Pittsburg, TX, July 14, 2003 — Pilgrim’s Pride Corporation (NYSE: CHX, CHX.a), the third-largest chicken producer in the U.S., today announced that it expects earnings for the third quarter of fiscal 2003 to be higher than its previously released guidance and securities analysts’ published estimates. The company now expects earnings for the quarter ending June 30, 2003 to be in the range of $.40 to $.42 per share, which includes approximately $.24 to $.26 per share of non-recurring gains.
O.B. Goolsby, president and chief operating officer of Pilgrim’s Pride, said, “Our stronger-than-expected performance in the third quarter reflects improved fresh chicken markets and significant profit improvement in our Mexico operations from increased grow out efficiencies, as well as additional non-recurring gains from our vitamin lawsuit settlements. We look forward to discussing our quarterly results in greater detail on our July 23rd conference call.”
Pilgrim’s Pride also announced today that, in connection with its definitive share purchase agreement with ConAgra Foods, Inc. (NYSE:CAG; “ConAgra”), to acquire ConAgra’s chicken division, the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. As previously announced, Pilgrim’s Pride expects to complete the acquisition in the third calendar quarter of 2003.
About Pilgrim’s Pride
Pilgrim’s Pride Corporation (NYSE: CHX, CHX.a) is the second-largest poultry
producer in the United States — the third-largest in chicken and fifth-largest
in turkey — and the second largest chicken company in Mexico. Pilgrim’s Pride
employs more than 24,500 persons and operates processing and further processing
plants, distribution centers, hatcheries and feed mills in Texas, Arkansas,
Arizona, North Carolina, Pennsylvania, Virginia and West Virginia and Mexico.
Pilgrim’s Pride products are sold to foodservice, retail and frozen entree
customers. The Company’s primary distribution is through retailers and
restaurants throughout the United States and in the Northern and Central
regions of Mexico and to the foodservice industry nationwide in both countries.
For more information, please visit www.pilgrimspride.com.
Forward-Looking Statements
Statements contained in this press release that state the intentions, hopes,
beliefs, anticipations, expectations or predictions of the future of Pilgrim’s
Pride Corporation and its management are forward-looking statements. It is
important to note that the actual results could differ materially from those
projected in such forward-looking statements. For example, factors that could
cause actual results to differ materially from those projected in such
forward-looking statements include: matters affecting the poultry industry
generally, including fluctuations in the commodity prices of feed ingredients,
chicken and turkey; disease outbreaks affecting the production performance
and/or marketability of the Company’s poultry products; contamination of our
products, which has recently and can in the future lead to product liability
claims and product recalls; exposure to risks related to product liability,
product recalls, property damage and injuries to persons, for which insurance
coverage is expensive, limited and potentially inadequate; management of our
cash resources, particularly in light of our substantial leverage; restrictions
imposed by, and as a result of, our substantial leverage; currency exchange
rate fluctuations, trade barriers, exchange controls, expropriation and other
risks associated with foreign operations; changes in laws or regulations
affecting our operations, as well as competitive factors and pricing pressures;
inability to effectively integrate ConAgra’s chicken business or realize the
associated cost savings and operating synergies currently anticipated; and the
impact of uncertainties of litigation as well as other risks described under
“Risk Factors” in our Annual Report on Form 10-K and subsequent filings with
the Securities and Exchange Commission.
Important Legal Information
Investors and security holders are urged to read the proxy statement regarding
the proposed transaction when it becomes available because it will contain
important information. The proxy statement will be filed with the U.S.
Securities and Exchange Commission by Pilgrim’s Pride Corporation and security
holders may obtain a free copy of the proxy statement when it becomes
available, and other documents filed with the SEC by Pilgrim’s Pride
Corporation, at the SEC’s web site at www.sec.gov. The proxy statement, and
other related documents filed with the SEC by Pilgrim’s Pride Corporation, may
also be obtained for free by directing a request to Pilgrim’s Pride Corporation
at 110 South Texas, Pittsburg, Texas, 75686. Investors may obtain a detailed
list of names, affiliations and interests of participants in the solicitation
of proxies of Pilgrim’s Pride Corporation stockholders to approve the
transaction at the following address: 110 South Texas, Pittsburg, Texas, 75686.
Contact:
Richard A. Cogdill
Chief Financial Officer
540/896-0406