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SECURITIES AND EXCHANGE COMMISSION
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 22, 2003
PILGRIM’S PRIDE CORPORATION
| Delaware (State or Other Jurisdiction of Incorporation) |
1-9273 (Commission File Number) |
75-1285071 (IRS Employer Identification No.) |
| 110 South Texas Street Pittsburg, Texas (Address of Principal Executive Offices) |
75686-0093 (ZIP Code) |
Registrant’s telephone number, including area code: (903) 855-1000
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The exhibits below, which are referred to in Item 9 (pursuant to Item 12) of this Form 8-K are furnished solely pursuant to Item 12 of this Form 8-K and shall not be (i) subject to Section 18 of the Act, or Sections 11 or 12 of the Securities Act of 1933, as amended, or deemed incorporated by reference into a registration statement, proxy statement or report or other document we may file with the SEC, regardless of any general incorporation language in such a filing (except as shall otherwise be expressly set forth by specific reference in such a filing), or (ii) subject to Item 10 of Regulation S-K except as specifically required under the instructions to Item 12 of Form 8-K.
The following exhibits are filed with this report on Form 8-K:
| Exhibit | ||
| Number | Description | |
| 99.1 | Press Release dated July 22, 2003 | |
| 99.2 | Supplemental Historical Financial Information |
Item 9. Regulation FD Disclosure (Pursuant To “Item 12. Results of Operations and Financial Condition”).
In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under “Item 12. Results of Operations and Financial Condition,” is instead furnished under “Item 9. Regulation FD Disclosure.” The information in this Form 8-K and the Exhibits attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
On July 22, 2003, Pilgrim’s Pride Corporation issued a press release announcing its results of operations for the third quarter of fiscal 2003, a copy of which is furnished with this Form 8-K as Exhibit 99.1. Also furnished herewith as Exhibit 99.2 is certain supplemental historical financial information of Pilgrim’s Pride Corporation, including quarterly information regarding net sales by primary market line.
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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 22, 2003 | By: | /s/ Richard A. Cogdill Richard A. Cogdill Executive Vice President, Chief Financial Officer, Secretary and Treasurer |
Table of Contents
Exhibit Index
| Exhibit | ||
| Number | Description | |
| 99.1 | Press Release dated July 22, 2003 | |
| 99.2 | Supplemental Historical Financial Information |
EXHIBIT 99.1
PILGRIM’S PRIDE CORPORATION
REPORTS THIRD QUARTER RESULTS FOR FISCAL 2003
Pittsburg, TX—July 22, 2003—Pilgrim’s Pride Corporation (NYSE: CHX, CHX.A) today reported net income of $17.4 million, or $0.42 per share, for the third fiscal quarter ended June 28, 2003, an increase of $14.1 million, or $0.34 per share, compared with net income of $3.3 million in the third fiscal quarter of 2002. Net sales for the third fiscal quarter of 2003 were $651.9 million, an increase of $14.8 million, compared with net sales of $637.1 million for the same period last year. The third fiscal quarter 2003 results include a $0.25 per share gain from partial settlements from vitamin and methionine lawsuits, net of tax and related employee incentive plan accruals.
For the first nine months of fiscal 2003, net income was $31.0 million, or $0.75 per share, an increase of $13.5 million compared with net income of $17.5 million, or $0.43 per share in the prior fiscal year’s first nine months. The Company also reported net sales for the first nine months of fiscal 2003 of $1,909.9 million, a $16.0 million increase compared with $1,893.9 million for the same period last year. The first nine months of fiscal 2003 results include a $1.06 per share gain from partial settlements from vitamin and methionine lawsuits, and the recoveries from the prior year’s avian influenza, net of tax and related employee incentive plan accruals.
“Our third quarter results reflect an improvement in pricing and better operating efficiencies,” commented O.B. Goolsby, President and Chief Operating Officer of Pilgrim’s Pride. “Over the last few months, higher chicken prices have increased margin levels. We expect that lower domestic supplies of meat proteins in the marketplace will continue to favorably impact our bottom line.
“We have made significant progress this quarter executing on our strategy, including our June announcement that we will acquire ConAgra’s chicken division. This combination will better position us to capitalize on the growing demand for prepared and fresh case-ready chicken and will give us the capacity to enhance the technological leadership and cost-efficiency for which we are known. We are looking forward to completing the ConAgra acquisition in the third calendar quarter of 2003,” Mr. Goolsby said.
“Pilgrim’s Pride is well positioned to continue on its growth trajectory. Our objectives remain consistent: to increase sales, profit margins and earnings. Our commitment has never been stronger to providing customers with the highest-quality poultry products, as we remain focused on the company’s continued growth and driving shareholder value,” Mr. Goolsby concluded.
Pilgrim’s Pride Corporation is the second largest poultry producer in the United States; the third largest in chicken and fifth largest in turkey, and 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.
Products are sold to foodservice, retail and frozen entrée 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 nation-wide in both countries.
A conference call to discuss the Company’s third quarter of fiscal 2003 financial results will be held at 10:00 a.m. CDT (11:00 a.m. EDT) on July 23, 2003. To listen live via telephone, call 800-556-3831 access code 00977. The call will also be web cast live on the Internet at http://www.firstcallevents.com/service/ajwz384641185gf12.html. The web cast will be available for replay within two hours of the conclusion of the call. A telephone replay will be available beginning at 2:00 p.m. CDT on July 23 through July 30 at 800-876-6305.
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 risk 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 with ConAgra Foods, Inc. 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
PILGRIM’S PRIDE CORPORATION
News Release
July 21, 2003
Page 2
PILGRIM’S PRIDE CORPORATION
Consolidated Statements of Income
[In thousands, except share and per share amounts]
| Three Months Ended | June 28, 2003 | June 29, 2002 | ||||||||
Net Sales |
$ | 651,877 | $ | 637,116 | ||||||
Costs and Expenses: |
||||||||||
Cost of sales |
600,932 | 590,807 | ||||||||
Non-recurring recoveries |
[10,302] | [691] | ||||||||
Selling, general and administrative |
35,107 | 32,954 | ||||||||
| 625,737 | 623,070 | |||||||||
Operating Income |
26,140 | 14,046 | ||||||||
Other Expense [Income]: |
||||||||||
Interest expense, net |
9,417 | 9,031 | ||||||||
Foreign exchange gain [loss] |
[334] | 2,269 | ||||||||
Miscellaneous, net |
[8,124] | [3,778] | ||||||||
| [959] | 7,522 | |||||||||
Income Before Income Taxes |
25,181 | 6,524 | ||||||||
Income Tax Expense |
7,740 | 3,258 | ||||||||
Net Income |
$ | 17,441 | $ | 3,266 | ||||||
Net Income per Common Share
- - Basic and Diluted |
$ | 0.42 | $ | 0.08 | ||||||
Dividends Declared per Common Share |
$ | 0.015 | $ | 0.015 | ||||||
Weighted Average Shares Outstanding |
41,112,679 | 41,112,679 | ||||||||
| Nine Months Ended | June 28, 2003 | June 29, 2002 | ||||||||
Net Sales |
$ | 1,909,874 | $ | 1,893,899 | ||||||
Costs and Expenses: |
||||||||||
Cost of sales |
1,805,257 | 1,763,290 | ||||||||
Non-recurring recoveries |
[36,002] | [2,886] | ||||||||
Selling, general and administrative |
102,728 | 100,491 | ||||||||
| 1,871,983 | 1,860,895 | |||||||||
Operating Income |
37,891 | 33,004 | ||||||||
Other Expense [Income]: |
||||||||||
Interest expense, net |
28,835 | 24,866 | ||||||||
Foreign exchange [gain] loss |
[466] | 1,374 | ||||||||
Miscellaneous, net |
[36,787] | [3,292] | ||||||||
| [8,418] | 22,948 | |||||||||
Income Before Income Taxes |
46,309 | 10,056 | ||||||||
Income Tax Expense [Benefit] |
15,346 | [7,453] | ||||||||
Net Income |
$ | 30,963 | $ | 17,509 | ||||||
Net Income per Common Share
- - Basic and Diluted |
$ | 0.75 | $ | 0.43 | ||||||
Dividends Declared per Common Share |
$ | 0.045 | $ | 0.045 | ||||||
Weighted Average Shares Outstanding |
41,112,679 | 41,112,679 | ||||||||
PILGRIM’S PRIDE CORPORATION
News Release
July 21, 2003
Page 3
PILGRIM’S PRIDE CORPORATION
Condensed Consolidated Balance Sheets
[In thousands]
| June 28, 2003 | September 28, 2002 | |||||||
ASSETS |
||||||||
Total Current Assets |
$ | 508,880 | $ | 443,918 | ||||
Other Assets |
30,837 | 21,940 | ||||||
Property, Plant and Equipment, net |
739,203 | 762,032 | ||||||
| $ | 1,278,920 | $ | 1,227,890 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
Total Current Liabilities |
$ | 241,036 | $ | 264,881 | ||||
Long-Term Debt, Less Current Maturities |
480,150 | 450,161 | ||||||
Deferred Income Taxes |
134,229 | 116,911 | ||||||
Minority Interest in Subsidiary |
1,316 | 1,613 | ||||||
Total Stockholders’ Equity |
422,189 | 394,324 | ||||||
| $ | 1,278,920 | $ | 1,227,890 | |||||
PILGRIM’S PRIDE CORPORATION
Condensed Consolidated Statements of Cash Flows
[In thousands]
| Nine Months Ended | June 28, 2003 | June 29, 2002 | |||||||||
Cash Provided by Operating Activities |
$ | 14,695 | $ | 38,767 | |||||||
Investing Activities: |
|||||||||||
Acquisitions of property, plant and equipment |
[36,146] | [56,430] | |||||||||
Proceeds from property disposals |
923 | 790 | |||||||||
Other, net |
[4,650] | [2,923] | |||||||||
Cash Used in Investing Activities |
[39,873] | [58,563] | |||||||||
Financing Activities: |
|||||||||||
Net borrowings on notes payable |
— | 58,000 | |||||||||
Net proceeds [payments] on long-term debt |
29,141 | [49,070] | |||||||||
Cash dividends paid |
[1,858] | [1,854] | |||||||||
Cash Provided by Financing Activities |
27,283 | 7,076 | |||||||||
Effect of exchange rate changes on cash
and cash equivalents |
[351] | [383] | |||||||||
Increase [Decrease] in cash and cash equivalents |
$ | 1,754 | $ | [13,103] | |||||||
EXHIBIT 99.2
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 | |||||||||||||||||||||||||||||||||||||||
| 06/28/03 | 03/29/03 | 12/28/02 | 09/28/02 | 06/29/02 | 03/30/02 | 12/29/01 | 09/29/01 | 06/30/01 | |||||||||||||||||||||||||||||||
| (in thousands except per share data) | |||||||||||||||||||||||||||||||||||||||
Income Statement Data: |
* | ||||||||||||||||||||||||||||||||||||||
Net sales |
$ | 651,877 | $ | 630,592 | $ | 627,405 | $ | 639,819 | $ | 637,116 | $ | 600,753 | $ | 656,030 | $ | 641,251 | $ | 645,836 | |||||||||||||||||||||
Gross margin |
50,945 | 25,672 | 27,999 | 31,605 | 46,309 | 28,631 | 57,865 | 61,943 | 74,476 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses |
35,107 | 35,576 | 32,045 | 35,069 | 32,654 | 33,003 | 34,535 | 30,826 | 30,139 | ||||||||||||||||||||||||||||||
Non-recurring recoveries |
(10,302 | ) | (11,324 | ) | (14,387 | ) | (65 | ) | (691 | ) | — | — | — | (1,149 | ) | ||||||||||||||||||||||||
Operating income (loss) |
26,140 | 1,409 | 10,341 | (3,100 | ) | 14,045 | (4,371 | ) | 23,330 | 31,117 | 44,337 | ||||||||||||||||||||||||||||
Interest expense, net |
9,417 | 9,942 | 9,476 | 7,137 | 9,031 | 7,261 | 8,573 | 9,536 | 10,014 | ||||||||||||||||||||||||||||||
Miscellaneous, net |
(8,124 | ) | (29,896 | ) | (1,766 | ) | (2,580 | ) | (3,378 | ) | 873 | (387 | ) | (997 | ) | 1,751 | |||||||||||||||||||||||
Income (loss) before income taxes and extraordinary charge |
25,181 | 18,146 | 2,981 | (8,146 | ) | 6,525 | (11,055 | ) | 15,679 | 22,017 | 34,323 | ||||||||||||||||||||||||||||
Income tax expense (benefit) |
7,740 | 7,381 | 225 | (4,973 | ) | 3,259 | (13,399 | ) | 2,688 | 8,188 | 9,056 | ||||||||||||||||||||||||||||
Income (loss) before extraordinary charge |
17,441 | 10,765 | 2,756 | (4,972 | ) | 3,266 | 1,252 | 12,991 | 13,829 | 25,267 | |||||||||||||||||||||||||||||
Extraordinary charge — net of tax |
— | — | — | — | — | — | — | (894 | ) | — | |||||||||||||||||||||||||||||
Net income (loss) |
$ | 17,441 | $ | 10,765 | $ | 2,756 | $ | (3,174 | ) | $ | 3,266 | $ | 1,252 | $ | 12,991 | 12,935 | $ | 25,267 | |||||||||||||||||||||
Per Common Share Data:(c) |
|||||||||||||||||||||||||||||||||||||||
Income (loss) before extraordinary charge |
$ | 0.42 | $ | 0.26 | $ | 0.07 | $ | (0.08 | ) | $ | 0.08 | $ | 0.03 | $ | 0.32 | $ | 0.34 | $ | 0.61 | ||||||||||||||||||||
Extraordinary charge — early repayment of debt |
— | — | — | — | — | — | $ | — | $ | (0.02 | ) | $ | — | ||||||||||||||||||||||||||
Net Income (loss) |
$ | 0.42 | $ | 0.26 | $ | 0.07 | $ | (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 | $ | 0.015 | $ | 0.015 | $ | 0.015 | |||||||||||||||||||||
Book value |
$ | 10.27 | $ | 9.86 | $ | 9.61 | $ | 9.57 | $ | 9.68 | $ | 9.57 | $ | 9.53 | $ | 9.27 | $ | 8.96 | |||||||||||||||||||||
Balance Sheet Summary: |
|||||||||||||||||||||||||||||||||||||||
Working capital |
$ | 267,844 | $ | 250,893 | $ | 171,582 | $ | 179,171 | $ | 157,980 | $ | 149,869 | $ | 143,360 | $ | 203,350 | $ | 177,194 | |||||||||||||||||||||
Total assets |
$ | 1,278,920 | $ | 1,259,111 | $ | 1,219,911 | $ | 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 |
$ | 2,635 | $ | 4,272 | $ | 3,525 | $ | 4,665 | $ | 63,210 | $ | 60,126 | $ | 5,177 | $ | 5,099 | $ | 59,022 | |||||||||||||||||||||
Long-term debt, less current maturities |
$ | 480,150 | $ | 491,825 | $ | 434,103 | $ | 448,979 | $ | 418,064 | $ | 410,628 | $ | 396,975 | $ | 467,242 | $ | 444,125 | |||||||||||||||||||||
Total debt |
$ | 482,785 | $ | 496,096 | $ | 437,628 | $ | 453,644 | $ | 481,274 | $ | 470,754 | $ | 402,152 | $ | 472,341 | $ | 503,147 | |||||||||||||||||||||
Senior secured debt (included in Total Debt) |
$ | 282,785 | $ | 296,096 | $ | 237,628 | $ | 253,644 | $ | 281,274 | $ | 270,754 | $ | 202,152 | $ | 272,341 | $ | 412,540 | |||||||||||||||||||||
Total stockholders’ equity |
$ | 422,189 | $ | 405,330 | $ | 395,115 | $ | 393,470 | $ | 397,910 | $ | 393,641 | $ | 391,644 | $ | 380,932 | $ | 368,479 | |||||||||||||||||||||
Cash Flow Summary: |
|||||||||||||||||||||||||||||||||||||||
Operating cash flow |
$ | 30,693 | $ | (56,617 | ) | $ | 40,617 | $ | 60,789 | $ | 15,704 | $ | (58,711 | ) | $ | 81,773 | $ | 70,581 | $ | 48,738 | |||||||||||||||||||
Depreciation & amortization(d) |
$ | 18,940 | $ | 17,803 | $ | 17,510 | $ | 18,114 | $ | 17,813 | $ | 17,647 | $ | 17,399 | $ | 15,962 | $ | 18,608 | |||||||||||||||||||||
Capital expenditures |
$ | 11,122 | $ | 15,907 | $ | 9,116 | $ | 23,958 | $ | 24,199 | $ | 14,898 | $ | 17,333 | $ | (7,615 | ) | $ | 59,847 | ||||||||||||||||||||
Business acquisitions |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Financing activities, net |
$ | (13,931 | ) | $ | 57,852 | $ | (16,637 | ) | $ | (28,240 | ) | $ | 9,900 | $ | 68,015 | $ | (6,518 | ) | $ | (31,646 | ) | $ | (21,804 | ) | |||||||||||||||
Cashflow Ratios: |
|||||||||||||||||||||||||||||||||||||||
EBITDA(e) |
$ | 53,232 | $ | 45,508 | $ | 29,594 | $ | 16,736 | $ | 33,012 | $ | 12,415 | $ | 41,305 | $ | 46,410 | $ | 62,664 | |||||||||||||||||||||
EBITDA (last four qtrs.) |
$ | 145,070 | $ | 124,850 | $ | 91,757 | $ | 103,468 | $ | 133,142 | $ | 162,794 | $ | 157,231 | $ | 147,599 | $ | 126,209 | |||||||||||||||||||||
Key Indicators (as a percentage of net sales): |
|||||||||||||||||||||||||||||||||||||||
Gross margin |
7.8 | % | 4.1 | % | 4.5 | % | 4.9 | % | 7.3 | % | 4.8 | % | 8.8 | % | 9.7 | % | 11.5 | % | |||||||||||||||||||||
Selling, general and administrative expenses |
5.4 | % | 5.6 | % | 5.1 | % | 5.4 | % | 5.1 | % | 5.5 | % | 5.3 | % | 4.8 | % | 4.7 | % | |||||||||||||||||||||
Operating income (loss) |
4.0 | % | 0.2 | % | 1.6 | % | -0.5 | % | 2.2 | % | -0.7 | % | 3.6 | % | 4.9 | % | 7.0 | % | |||||||||||||||||||||
Interest expense, net |
1.4 | % | 1.6 | % | 1.5 | % | 1.1 | % | 1.4 | % | 1.2 | % | 1.3 | % | 1.5 | % | 1.6 | % | |||||||||||||||||||||
Net income (loss) |
2.7 | % | 1.7 | % | 0.4 | % | -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 | $ | 307 | 383 | 372 | 369 | 357 | 346 | $ | 346 | $ | 1,105 | $ | 281 | |||||||||||||||||||||||||
| (e) | “EBITDA” is defined as the sum of net income (loss) before extraordinary charges, interest, taxes, depreciation and amortization. EBITDA is presented because it is used by us, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of GAAP results, to compare the performance 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. EBITDA is calculated as follows: | ||||||||||||||||||||||||||||||||||||||
Net Income |
$ | 17,441 | $ | 10,765 | $ | 2,756 | $ | (3,174 | ) | $ | 3,266 | $ | 1,252 | $ | 12,991 | $ | 12,935 | $ | 25,267 | ||||||||||||||||||||
Add: |
|||||||||||||||||||||||||||||||||||||||
Extraordinary charge-net of tax |
— | — | — | — | — | — | — | (894 | ) | — | |||||||||||||||||||||||||||||
Income Tax Expense (benefit) |
7,740 | 7,381 | 225 | (4,973 | ) | 3,259 | (13,399 | ) | 2,688 | 8,188 | 9,056 | ||||||||||||||||||||||||||||
Interest expense, net |
9,417 | 9,942 | 9,476 | 7,137 | 9,031 | 7,261 | 8,573 | 9,536 | 10,014 | ||||||||||||||||||||||||||||||
Depreciation and amortization |
18,940 | 17,803 | 17,510 | 18,114 | 17,813 | 17,647 | 17,399 | 15,962 | 18,608 | ||||||||||||||||||||||||||||||
Minus: |
|||||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs |
307 | 383 | 372 | 369 | 357 | 346 | 346 | 1,105 | 281 | ||||||||||||||||||||||||||||||
EBITDA |
$ | 53,232 | $ | 45,508 | $ | 29,594 | $ | 16,736 | $ | 33,012 | $ | 12,415 | $ | 41,305 | $ | 46,410 | $ | 62,664 | |||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| Quarters Ended | |||||||||||||||||||||||||||||||||||||||
| 03/31/01(a) | 12/30/00 | 09/30/00 | 07/01/00 | 04/01/00 | 01/01/00 | 10/02/99 | 07/03/99 | 04/03/99 | |||||||||||||||||||||||||||||||
| (in thousands except per share data) | |||||||||||||||||||||||||||||||||||||||
Income Statement Data: |
* | * | * | * | * | * | * | ||||||||||||||||||||||||||||||||
Net sales |
$ | 541,593 | $ | 386,032 | $ | 379,375 | $ | 391,979 | $ | 373,260 | $ | 354,825 | $ | 317,261 | $ | 344,160 | $ | 329,894 | |||||||||||||||||||||
Gross margin |
29,216 | 44,971 | 39,657 | 46,665 | 34,029 | 45,477 | 46,130 | 49,415 | 46,262 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses |
34,488 | 23,955 | 24,022 | 20,316 | 20,747 | 20,255 | 17,316 | 20,203 | 20,970 | ||||||||||||||||||||||||||||||
Non-recurring recoveries |
— | (2,195 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Operating income (loss) |
(5,272 | ) | 23,211 | 15,635 | 26,349 | 13,282 | 25,222 | 28,814 | 29,212 | 25,292 | |||||||||||||||||||||||||||||
Interest expense, net |
7,085 | 4,140 | 4,210 | 4,967 | 4,699 | 3,903 | 4,535 | 4,308 | 4,090 | ||||||||||||||||||||||||||||||
Miscellaneous, net |
(281 | ) | (122 | ) | 327 | 465 | (519 | ) | (198 | ) | 1,348 | (191 | ) | (261 | ) | ||||||||||||||||||||||||
Income (loss) before income taxes and extraordinary charge |
(12,118 | ) | 19,072 | 11,782 | 20,319 | 9,178 | 21,507 | 22,549 | 25,274 | 21,624 | |||||||||||||||||||||||||||||
Income tax expense (benefit) |
(2,316 | ) | 6,335 | 463 | 3,175 | 155 | 6,649 | 6,113 | 6,957 | 7,044 | |||||||||||||||||||||||||||||
Income (loss) before extraordinary charge |
(9,802 | ) | 12,737 | 11,319 | 17,144 | 9,023 | 14,858 | 16,436 | 18,317 | 14,580 | |||||||||||||||||||||||||||||
Extraordinary charge — net of tax |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net income (loss) |
$ | (9,802 | ) | $ | 12,737 | $ | 11,319 | $ | 17,144 | $ | 9,023 | $ | 14,858 | 16,436 | $ | 18,317 | $ | 14,580 | |||||||||||||||||||||
Per Common Share Data:(c) |
|||||||||||||||||||||||||||||||||||||||
Income (loss) before extraordinary charge |
$ | (0.24 | ) | $ | 0.31 | $ | 0.28 | $ | 0.41 | $ | 0.22 | $ | 0.36 | $ | 0.41 | $ | 0.44 | $ | 0.35 | ||||||||||||||||||||
Extraordinary charge — early repayment of debt |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Net Income (loss) |
$ | (0.24 | ) | $ | 0.31 | $ | 0.28 | $ | 0.41 | $ | 0.22 | $ | 0.36 | $ | 0.41 | $ | 0.44 | $ | 0.35 | ||||||||||||||||||||
Cash dividends |
$ | 0.015 | $ | 0.015 | $ | 0.015 | $ | 0.015 | $ | 0.015 | $ | 0.015 | $ | 0.015 | $ | 0.010 | $ | 0.010 | |||||||||||||||||||||
Book value |
$ | 8.37 | $ | 8.63 | $ | 8.33 | $ | 8.05 | $ | 7.66 | $ | 7.45 | $ | 7.11 | $ | 6.73 | $ | 6.30 | |||||||||||||||||||||
Balance Sheet Summary: |
|||||||||||||||||||||||||||||||||||||||
Working capital |
$ | 166,456 | $ | 107,508 | $ | 124,531 | $ | 142,915 | $ | 139,465 | $ | 148,659 | $ | 154,242 | $ | 158,858 | $ | 150,686 | |||||||||||||||||||||
Total assets |
$ | 1,176,261 | $ | 714,340 | $ | 705,420 | $ | 686,450 | $ | 665,158 | $ | 652,970 | $ | 655,762 | $ | 657,974 | $ | 626,745 | |||||||||||||||||||||
Notes payable and current maturities of long-term debt |
$ | 63,947 | $ | 14,242 | $ | 4,657 | $ | 4,729 | $ | 5,041 | $ | 4,103 | $ | 4,353 | $ | 7,928 | $ | 6,338 | |||||||||||||||||||||
Long-term debt, less current maturities |
$ | 460,346 | $ | 156,546 | $ | 165,037 | $ | 172,686 | $ | 175,350 | $ | 163,230 | $ | 183,753 | $ | 195,283 | $ | 197,971 | |||||||||||||||||||||
Total debt |
$ | 524,293 | $ | 170,788 | $ | 169,694 | $ | 177,415 | $ | 180,391 | $ | 167,333 | $ | 188,106 | $ | 203,211 | $ | 204,309 | |||||||||||||||||||||
Senior secured debt (included in Total Debt) |
$ | 433,723 | $ | 80,256 | $ | 79,199 | $ | 86,957 | $ | 87,873 | $ | 73,931 | $ | 94,730 | $ | 109,884 | $ | 111,019 | |||||||||||||||||||||
Total stockholders’ equity |
$ | 344,261 | $ | 354,676 | $ | 342,559 | $ | 332,110 | $ | 316,898 | $ | 308,496 | $ | 294,259 | $ | 278,447 | $ | 260,543 | |||||||||||||||||||||
Cash Flow Summary: |
|||||||||||||||||||||||||||||||||||||||
Operating cash flow |
$ | (47,486 | ) | $ | 16,000 | $ | 69,097 | $ | 18,298 | $ | 11,588 | $ | 31,820 | $ | 44,926 | $ | 7,086 | $ | (8,009 | ) | |||||||||||||||||||
Depreciation & amortization(d) |
$ | 12,152 | $ | 8,668 | $ | 9,279 | $ | 9,284 | $ | 8,878 | $ | 8,586 | $ | 8,546 | $ | 8,869 | $ | 8,468 | |||||||||||||||||||||
Capital expenditures |
$ | 27,793 | $ | 32,607 | $ | 35,195 | $ | 21,565 | $ | 20,956 | $ | 14,412 | $ | 17,479 | $ | 13,402 | $ | 25,935 | |||||||||||||||||||||
Business acquisitions |
$ | 239,539 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Financing activities, net |
$ | 307,193 | $ | 436 | $ | (8,628 | ) | $ | (4,957 | ) | $ | (30,465 | ) | $ | 21,430 | $ | (15,766 | ) | $ | (1,548 | ) | $ | 10,618 | ||||||||||||||||
Cashflow Ratios: |
|||||||||||||||||||||||||||||||||||||||
EBITDA(e) |
$ | 6,851 | $ | 31,673 | $ | 25,020 | $ | 34,198 | $ | 22,385 | $ | 33,733 | $ | 35,389 | $ | 38,210 | $ | 33,921 | |||||||||||||||||||||
EBITDA (last four qtrs.) |
$ | 97,742 | $ | 113,276 | $ | 115,336 | $ | 125,705 | $ | 129,717 | $ | 141,252 | $ | 142,045 | $ | 145,464 | $ | 134,562 | |||||||||||||||||||||
Key Indicators (as a percentage of net sales): |
|||||||||||||||||||||||||||||||||||||||
Gross margin |
5.4 | % | 11.6 | % | 10.5 | % | 11.9 | % | 9.1 | % | 12.8 | % | 14.5 | % | 14.4 | % | 14.0 | % | |||||||||||||||||||||
Selling, general and administrative expenses |
6.4 | % | 6.2 | % | 6.3 | % | 5.2 | % | 5.6 | % | 5.7 | % | 5.5 | % | 5.9 | % | 6.4 | % | |||||||||||||||||||||
Operating income (loss) |
-1.0 | % | 6.0 | % | 4.1 | % | 6.7 | % | 3.6 | % | 7.1 | % | 9.1 | % | 8.5 | % | 7.7 | % | |||||||||||||||||||||
Interest expense, net |
1.3 | % | 1.1 | % | 1.1 | % | 1.3 | % | 1.3 | % | 1.1 | % | 1.4 | % | 1.3 | % | 1.2 | % | |||||||||||||||||||||
Net income (loss) |
-1.8 | % | 3.3 | % | 3.0 | % | 4.4 | % | 2.4 | % | 4.2 | % | 5.2 | % | 5.3 | % | 4.4 | % | |||||||||||||||||||||
| (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 | $ | 268 | $ | 207 | $ | 251 | $ | 372 | $ | 370 | $ | 263 | $ | 241 | $ | 241 | $ | 261 | ||||||||||||||||||||
| (e) | “EBITDA” is defined as the sum of net income (loss) before extraordinary charges, interest, taxes, depreciation and amortization. EBITDA is presented because it is used by us, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of GAAP results, to compare the performance 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. EBITDA is calculated as follows: | ||||||||||||||||||||||||||||||||||||||
Net Income |
$ | (9,802 | ) | $ | 12,737 | $ | 11,319 | $ | 17,144 | $ | 9,023 | $ | 14,858 | $ | 16,436 | $ | 18,317 | $ | 14,580 | ||||||||||||||||||||
Add: |
|||||||||||||||||||||||||||||||||||||||
Extraordinary charge-net of tax |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Income Tax Expense (benefit) |
(2,316 | ) | 6,335 | 463 | 3,175 | 155 | 6,649 | 6,113 | 6,957 | 7,044 | |||||||||||||||||||||||||||||
Interest expense, net |
7,085 | 4,140 | 4,210 | 4,967 | 4,699 | 3,903 | 4,535 | 4,308 | 4,090 | ||||||||||||||||||||||||||||||
Depreciation and amortization |
12,152 | 8,668 | 9,279 | 9,284 | 8,878 | 8,586 | 8,546 | 8,869 | 8,468 | ||||||||||||||||||||||||||||||
Minus: |
|||||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs |
268 | 207 | 251 | 372 | 370 | 263 | 241 | 241 | 261 | ||||||||||||||||||||||||||||||
EBITDA |
$ | 6,851 | $ | 31,673 | $ | 25,020 | $ | 34,198 | $ | 22,385 | $ | 33,733 | $ | 35,389 | $ | 38,210 | $ | 33,921 | |||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| Quarters Ended | |||||||||||||||||||||||||||||||||||||||
| 01/02/99(b) | 09/26/98 | 06/27/98 | 03/28/98 | 12/27/97 | 09/27/97 | 6/28/97 | 03/29/97 | 12/28/96 | |||||||||||||||||||||||||||||||
| (in thousands except per share data) | |||||||||||||||||||||||||||||||||||||||
Income Statement Data: |
* | * | * | * | |||||||||||||||||||||||||||||||||||
Net sales |
$ | 366,088 | $ | 340,712 | $ | 328,500 | $ | 324,446 | $ | 337,887 | $ | 341,274 | $ | 335,168 | $ | 303,401 | $ | 297,806 | |||||||||||||||||||||
Gross margin |
43,901 | 47,126 | 32,736 | 26,861 | 29,380 | 33,860 | 27,285 | 23,085 | 30,267 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses |
17,715 | 15,682 | 13,693 | 15,463 | 14,009 | 8,567 | 14,658 | 13,425 | 13,953 | ||||||||||||||||||||||||||||||
Non-recurring recoveries |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Operating income (loss) |
26,186 | 31,444 | 19,043 | 11,398 | 15,371 | 25,293 | 12,627 | 9,660 | 16,314 | ||||||||||||||||||||||||||||||
Interest expense, net |
4,733 | 4,824 | 5,195 | 5,093 | 5,036 | 5,770 | 5,572 | 5,284 | 5,449 | ||||||||||||||||||||||||||||||
Miscellaneous, net |
88 | (212 | ) | (535 | ) | (488 | ) | (463 | ) | 595 | (128 | ) | (397 | ) | (2,509 | ) | |||||||||||||||||||||||
Income (loss) before income taxes and extraordinary charge |
21,457 | 26,063 | 13,970 | 6,219 | 10,270 | 19,142 | 7,071 | 4,674 | 12,937 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) |
5,537 | 5,773 | 2,135 | (549 | ) | (847 | ) | 451 | (215 | ) | (280 | ) | 2,832 | ||||||||||||||||||||||||||
Income (loss) before extraordinary charge |
15,920 | 20,290 | 11,835 | 6,768 | 11,117 | 18,691 | 7,286 | 4,954 | 10,105 | ||||||||||||||||||||||||||||||
Extraordinary charge — net of tax |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Net income (loss) |
$ | 15,920 | $ | 20,290 | $ | 11,835 | $ | 6,768 | $ | 11,117 | $ | 18,691 | $ | 7,286 | $ | 4,954 | $ | 10,105 | |||||||||||||||||||||
Per Common Share Data:(c) |
|||||||||||||||||||||||||||||||||||||||
Income (loss) before extraordinary charge |
$ | 0.38 | $ | 0.49 | $ | 0.29 | $ | 0.16 | $ | 0.27 | $ | 0.45 | $ | 0.18 | $ | 0.12 | $ | 0.24 | |||||||||||||||||||||
Extraordinary charge — early repayment of debt |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Net Income (loss) |
$ | 0.38 | $ | 0.49 | $ | 0.29 | $ | 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 | $ | 0.010 | $ | 0.010 | $ | 0.010 | |||||||||||||||||||||
Book value |
$ | 5.95 | $ | 5.58 | $ | 5.08 | $ | 4.82 | $ | 4.67 | $ | 4.41 | $ | 3.97 | $ | 3.80 | $ | 3.69 | |||||||||||||||||||||
Balance Sheet Summary: |
|||||||||||||||||||||||||||||||||||||||
Working capital |
$ | 144,981 | $ | 147,040 | $ | 139,713 | $ | 132,518 | $ | 114,948 | $ | 133,542 | $ | 99,829 | $ | 98,526 | $ | 100,925 | |||||||||||||||||||||
Total assets |
$ | 607,365 | $ | 601,439 | $ | 578,541 | $ | 574,805 | $ | 564,611 | $ | 579,124 | $ | 566,725 | $ | 531,579 | $ | 525,628 | |||||||||||||||||||||
Notes payable and current maturities of long-term debt |
$ | 4,629 | $ | 5,889 | $ | 11,638 | $ | 11,589 | $ | 8,708 | $ | 11,596 | $ | 30,884 | $ | 33,645 | $ | 25,564 | |||||||||||||||||||||
Long-term debt, less current maturities |
$ | 185,358 | $ | 199,784 | $ | 216,741 | $ | 219,394 | $ | 204,890 | $ | 224,743 | $ | 210,358 | $ | 193,546 | $ | 195,957 | |||||||||||||||||||||
Total debt |
$ | 189,987 | $ | 205,673 | $ | 228,379 | $ | 230,983 | $ | 213,598 | $ | 236,339 | $ | 241,242 | $ | 227,191 | $ | 221,521 | |||||||||||||||||||||
Senior secured debt (included in Total Debt) |
$ | 96,735 | $ | 110,161 | $ | 129,149 | $ | 131,790 | $ | 114,443 | $ | 137,221 | $ | 142,161 | $ | 128,148 | $ | 122,461 | |||||||||||||||||||||
Total stockholders’ equity |
$ | 246,377 | $ | 230,871 | $ | 210,369 | $ | 199,573 | $ | 193,220 | $ | 182,516 | $ | 164,239 | $ | 157,366 | $ | 152,826 | |||||||||||||||||||||
Cash Flow Summary: |
|||||||||||||||||||||||||||||||||||||||
Operating cash flow |
$ | 37,449 | $ | 52,784 | $ | 13,487 | $ | (13,684 | ) | $ | 32,429 | $ | 24,710 | $ | 15,233 | $ | (6,983 | ) | $ | 16,655 | |||||||||||||||||||
Depreciation & amortization(d) |
$ | 8,653 | $ | 8,098 | $ | 8,427 | $ | 8,014 | $ | 8,052 | $ | 8,050 | $ | 7,517 | $ | 7,094 | $ | 7,135 | |||||||||||||||||||||
Capital expenditures |
$ | 12,833 | $ | 14,084 | $ | 13,633 | $ | 10,449 | $ | 15,352 | $ | 9,456 | $ | 28,613 | $ | 7,967 | $ | 4,195 | |||||||||||||||||||||
Business acquisitions |
|||||||||||||||||||||||||||||||||||||||
Financing activities, net |
$ | (12,938 | ) | $ | (23,186 | ) | $ | (15,570 | ) | $ | 29,450 | $ | (23,192 | ) | $ | (5,356 | ) | $ | 13,600 | $ | 5,220 | $ | (13,116 | ) | |||||||||||||||
Cashflow Ratios: |
|||||||||||||||||||||||||||||||||||||||
EBITDA(e) |
$ | 34,525 | $ | 38,808 | $ | 27,308 | $ | 19,046 | $ | 23,106 | $ | 32,769 | $ | 19,839 | $ | 16,767 | $ | 25,229 | |||||||||||||||||||||
EBITDA (last four qtrs.) |
$ | 119,688 | $ | 108,268 | $ | 102,229 | $ | 94,760 | $ | 92,481 | $ | 94,604 | $ | 61,835 | $ | 41,995 | $ | 25,229 | |||||||||||||||||||||
Key Indicators (as a percentage of net sales): |
|||||||||||||||||||||||||||||||||||||||
Gross margin |
12.0 | % | 13.8 | % | 10.0 | % | 8.3 | % | 8.7 | % | 9.9 | % | 8.1 | % | 7.6 | % | 10.2 | % | |||||||||||||||||||||
Selling, general and administrative expenses |
4.8 | % | 4.6 | % | 4.2 | % | 4.8 | % | 4.1 | % | 2.5 | % | 4.4 | % | 4.4 | % | 4.7 | % | |||||||||||||||||||||
Operating income (loss) |
7.2 | % | 9.2 | % | 5.8 | % | 3.5 | % | 4.5 | % | 7.4 | % | 3.8 | % | 3.2 | % | 5.5 | % | |||||||||||||||||||||
Interest expense, net |
1.3 | % | 1.4 | % | 1.6 | % | 1.6 | % | 1.5 | % | 1.7 | % | 1.7 | % | 1.7 | % | 1.8 | % | |||||||||||||||||||||
Net income (loss) |
4.3 | % | 6.0 | % | 3.6 | % | 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 | $ | 318 | $ | 177 | $ | 284 | $ | 280 | $ | 252 | $ | 193 | $ | 321 | $ | 285 | $ | 292 | ||||||||||||||||||||
| (e) | “EBITDA” is defined as the sum of net income (loss) before extraordinary charges, interest, taxes, depreciation and amortization. EBITDA is presented because it is used by us, and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of GAAP results, to compare the performance 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. EBITDA is calculated as follows: | ||||||||||||||||||||||||||||||||||||||
Net Income |
$ | 15,920 | $ | 20,290 | $ | 11,835 | $ | 6,768 | $ | 11,117 | $ | 18,691 | $ | 7,286 | $ | 4,954 | $ | 10,105 | |||||||||||||||||||||
Add: |
|||||||||||||||||||||||||||||||||||||||
Extraordinary charge-net of tax |
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Income Tax Expense (benefit) |
5,537 | 5,773 | 2,135 | (549 | ) | (847 | ) | 451 | (215 | ) | (280 | ) | 2,832 | ||||||||||||||||||||||||||
Interest expense, net |
4,733 | 4,824 | 5,195 | 5,093 | 5,036 | 5,770 | 5,572 | 5,284 | 5,449 | ||||||||||||||||||||||||||||||
Depreciation and amortization |
8,653 | 8,098 | 8,427 | 8,014 | 8,052 | 8,050 | 7,517 | 7,094 | 7,135 | ||||||||||||||||||||||||||||||
Minus: |
|||||||||||||||||||||||||||||||||||||||
Amortization of capitalized financing costs |
318 | 177 | 284 | 280 | 252 | 193 | 321 | 285 | 292 | ||||||||||||||||||||||||||||||
EBITDA |
$ | 34,525 | $ | 38,808 | $ | 27,308 | $ | 19,046 | $ | 23,106 | $ | 32,769 | $ | 19,839 | $ | 16,767 | $ | 25,229 | |||||||||||||||||||||
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.
| June 28, | March 29, | December 28, | September 28, | June 29, | Mar 30 | Dec 29 | Sept 29, | |||||||||||||||||||||||||||||
| 2003 | 2003 | 2002 | 2002 | 2002 | 2002 | 2001 | 2001 | |||||||||||||||||||||||||||||
Chicken Sales: |
||||||||||||||||||||||||||||||||||||
United States |
||||||||||||||||||||||||||||||||||||
Prepared Foods: |
||||||||||||||||||||||||||||||||||||
Foodservice |
$ | 175,493 | $ | 184,802 | $ | 170,048 | $ | 170,700 | $ | 171,568 | $ | 161,171 | $ | 156,417 | $ | 166,891 | ||||||||||||||||||||
Retail |
$ | 43,343 | $ | 41,202 | $ | 35,425 | $ | 41,357 | $ | 44,438 | $ | 37,691 | $ | 34,813 | $ | 32,204 | ||||||||||||||||||||
| Total Prepared Foods | $ | 218,835 | $ | 226,004 | $ | 205,473 | $ | 212,057 | $ | 216,006 | $ | 198,862 | $ | 191,230 | $ | 199,095 | ||||||||||||||||||||
Fresh Chicken: |
||||||||||||||||||||||||||||||||||||
Foodservice |
$ | 124,290 | $ | 107,250 | $ | 101,749 | $ | 109,058 | $ | 115,080 | $ | 107,795 | $ | 116,444 | $ | 121,700 | ||||||||||||||||||||
Retail |
$ | 63,863 | $ | 65,405 | $ | 59,668 | $ | 68,505 | $ | 68,619 | $ | 63,113 | $ | 58,187 | $ | 65,925 | ||||||||||||||||||||
| Total Fresh Chicken | $ | 188,153 | $ | 172,655 | $ | 161,417 | $ | 177,563 | $ | 183,699 | $ | 170,907 | $ | 174,632 | $ | 187,625 | ||||||||||||||||||||
Export and Other
|
||||||||||||||||||||||||||||||||||||
Prepared Foods |
$ | 7,816 | $ | 6,494 | $ | 5,213 | $ | 7,905 | $ | 7,839 | $ | 7,360 | $ | 7,423 | $ | 6,290 | ||||||||||||||||||||
Chicken-Other |
$ | 21,043 | $ | 17,341 | $ | 17,931 | $ | 19,861 | $ | 19,782 | $ | 21,479 | $ | 32,453 | $ | 34,179 | ||||||||||||||||||||
| Total Export and Other | $ | 28,859 | $ | 23,835 | $ | 23,145 | $ | 27,767 | $ | 27,621 | $ | 28,839 | $ | 39,877 | $ | 40,469 | ||||||||||||||||||||
| Total U.S. Chicken | $ | 435,847 | $ | 422,493 | $ | 390,035 | $ | 417,387 | $ | 427,325 | $ | 398,609 | $ | 405,738 | $ | 427,189 | ||||||||||||||||||||
Mexico:(b) |
$ | 88,601 | $ | 90,247 | $ | 88,091 | $ | 81,260 | $ | 80,308 | $ | 75,674 | $ | 86,528 | $ | 76,055 | ||||||||||||||||||||
| Total Chicken Sales | $ | 524,448 | $ | 512,740 | $ | 478,126 | $ | 498,647 | $ | 507,632 | $ | 474,282 | $ | 492,266 | $ | 503,244 | ||||||||||||||||||||
| Total Prepared Foods | 226,651 | 232,498 | 210,686 | 219,963 | 223,845 | 206,222 | $ | 198,653 | $ | 205,385 | ||||||||||||||||||||||||||
Turkey Sales: |
||||||||||||||||||||||||||||||||||||
Prepared Foods: |
||||||||||||||||||||||||||||||||||||
Foodservice |
$ | 18,658 | $ | 24,100 | $ | 24,198 | $ | 29,729 | $ | 29,732 | $ | 34,082 | $ | 41,109 | $ | 30,915 | ||||||||||||||||||||
Retail |
$ | 8,455 | $ | 6,394 | $ | 5,013 | $ | 14,284 | $ | 14,723 | $ | 11,803 | $ | 13,829 | $ | 18,235 | ||||||||||||||||||||
| Total Prepared Foods | $ | 27,112 | $ | 30,495 | $ | 29,211 | $ | 44,013 | $ | 44,454 | $ | 45,884 | $ | 54,938 | $ | 49,150 | ||||||||||||||||||||
Fresh Turkey: |
||||||||||||||||||||||||||||||||||||
Foodservice |
$ | 12,114 | $ | 13,545 | $ | 12,568 | $ | 9,797 | $ | 5,561 | $ | 7,970 | $ | 12,792 | $ | 6,911 | ||||||||||||||||||||
Retail |
$ | 29,993 | $ | 15,507 | $ | 49,401 | $ | 25,402 | $ | 23,585 | $ | 15,498 | $ | 43,097 | $ | 27,898 | ||||||||||||||||||||
| Total Fresh Turkey | $ | 42,107 | $ | 29,052 | $ | 61,969 | $ | 35,199 | $ | 29,146 | $ | 23,468 | $ | 55,888 | $ | 34,809 | ||||||||||||||||||||
Export and Other |
||||||||||||||||||||||||||||||||||||
Prepared Foods |
$ | 293 | $ | 486 | $ | 785 | $ | 711 | $ | 473 | $ | 564 | $ | 1,110 | $ | 851 | ||||||||||||||||||||
Turkey-Other |
$ | 2,777 | $ | 2,376 | $ | 2,414 | $ | 2,910 | $ | 2,582 | $ | 2,310 | $ | 4,468 | $ | 3,805 | ||||||||||||||||||||
| Total Export and Other | $ | 3,070 | $ | 2,862 | $ | 3,199 | $ | 3,621 | $ | 3,055 | $ | 2,874 | $ | 5,578 | $ | 4,656 | ||||||||||||||||||||
| Total Turkey Sales | $ | 72,289 | $ | 62,408 | $ | 94,379 | $ | 82,833 | $ | 76,656 | $ | 72,226 | $ | 116,404 | $ | 88,615 | ||||||||||||||||||||
| Total Prepared Foods | $ | 27,405 | $ | 30,981 | $ | 29,995 | $ | 44,724 | $ | 44,927 | $ | 46,448 | $ | 56,048 | $ | 50,001 | ||||||||||||||||||||
Sale of Other Products |
||||||||||||||||||||||||||||||||||||
U.S |
$ | 49,819 | $ | 52,801 | $ | 48,523 | $ | 52,846 | $ | 48,330 | $ | 49,543 | $ | 42,972 | $ | 45,843 | ||||||||||||||||||||
Mexico (b) |
$ | 5,321 | $ | 2,644 | $ | 6,377 | $ | 5,494 | $ | 4,498 | $ | 4,702 | $ | 4,388 | $ | 3,548 | ||||||||||||||||||||
| Total Other Products | $ | 55,140 | $ | 55,445 | $ | 54,900 | $ | 58,340 | $ | 52,828 | $ | 54,245 | $ | 47,360 | $ | 49,391 | ||||||||||||||||||||
Total Net Sales |
$ | 651,877 | $ | 630,592 | $ | 627,405 | $ | 639,819 | $ | 637,116 | $ | 600,753 | $ | 656,030 | $ | 641,249 | ||||||||||||||||||||
Amounts reclassified by quarter were: |
$ | — | $ | 123 | $ | — | $ | — | $ | — | $ | 7 | ||||||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| 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: |
||||||||||||||||||||||||||||||||
United States |
||||||||||||||||||||||||||||||||
Prepared Foods: |
||||||||||||||||||||||||||||||||
Foodservice |
$ | 156,859 | $ | 160,349 | $ | 147,975 | $ | 145,294 | $ | 165,577 | $ | 139,859 | $ | 138,665 | ||||||||||||||||||
Retail |
$ | 30,350 | $ | 26,029 | $ | 14,618 | $ | 16,661 | $ | 8,874 | $ | 10,698 | $ | 11,422 | ||||||||||||||||||
| Total Prepared Foods | $ | 187,209 | $ | 186,378 | $ | 162,593 | $ | 161,955 | $ | 174,451 | $ | 150,557 | $ | 150,087 | ||||||||||||||||||
Fresh Chicken: |
||||||||||||||||||||||||||||||||
Foodservice |
$ | 165,413 | $ | 62,047 | $ | 38,464 | $ | 46,205 | $ | 54,691 | $ | 51,951 | $ | 49,345 | ||||||||||||||||||
Retail |
$ | 43,974 | $ | 78,608 | $ | 36,187 | $ | 37,673 | $ | 39,758 | $ | 37,021 | $ | 34,525 | ||||||||||||||||||
| Total Fresh Chicken | $ | 209,386 | $ | 140,655 | $ | 74,651 | $ | 83,878 | $ | 94,449 | $ | 88,972 | $ | 83,870 | ||||||||||||||||||
Export and Other
|
||||||||||||||||||||||||||||||||
Prepared Foods |
$ | 6,450 | $ | 4,793 | $ | 1,379 | $ | 1,466 | $ | 1,378 | $ | 1,050 | $ | 701 | ||||||||||||||||||
Chicken-Other |
$ | 19,939 | $ | 24,514 | $ | 27,203 | $ | 16,250 | $ | 12,695 | $ | 13,108 | $ | 15,519 | ||||||||||||||||||
| Total Export and Other | $ | 26,389 | $ | 29,307 | $ | 28,582 | $ | 17,716 | $ | 14,073 | $ | 14,158 | $ | 16,221 | ||||||||||||||||||
| Total U.S. Chicken | $ | 422,984 | $ | 356,340 | $ | 265,826 | $ | 263,549 | $ | 282,973 | $ | 253,687 | $ | 250,178 | ||||||||||||||||||
Mexico:(b) |
$ | 84,078 | $ | 70,447 | $ | 72,853 | $ | 73,176 | $ | 75,686 | $ | 71,804 | $ | 64,939 | ||||||||||||||||||
| Total Chicken Sales | $ | 507,063 | $ | 426,787 | $ | 338,679 | $ | 336,725 | $ | 358,659 | $ | 325,491 | $ | 315,117 | ||||||||||||||||||
| Total Prepared Foods | $ | 193,659 | $ | 191,172 | $ | 163,972 | $ | 163,421 | $ | 175,829 | $ | 151,607 | $ | 150,788 | ||||||||||||||||||
Turkey Sales: |
||||||||||||||||||||||||||||||||
Prepared Foods: |
||||||||||||||||||||||||||||||||
Foodservice |
$ | 38,535 | $ | 18,561 | — | — | — | — | — | |||||||||||||||||||||||
Retail |
$ | 15,970 | $ | 14,477 | — | — | — | — | — | |||||||||||||||||||||||
| Total Prepared Foods | $ | 54,504 | $ | 33,038 | — | — | — | — | — | |||||||||||||||||||||||
Fresh Turkey: |
||||||||||||||||||||||||||||||||
Foodservice |
$ | 6,141 | $ | 5,567 | — | — | — | — | — | |||||||||||||||||||||||
Retail |
$ | 22,947 | $ | 20,802 | — | — | — | — | — | |||||||||||||||||||||||
| Total Fresh Turkey | $ | 29,088 | $ | 26,369 | — | — | — | — | — | |||||||||||||||||||||||
Export and Other |
— | — | — | — | — | |||||||||||||||||||||||||||
Prepared Foods |
$ | 941 | $ | 641 | — | — | — | — | — | |||||||||||||||||||||||
Turkey-Other |
$ | 2,846 | $ | 2,792 | — | — | — | — | — | |||||||||||||||||||||||
| Total Export and Other | $ | 3,788 | $ | 3,433 | — | — | — | — | — | |||||||||||||||||||||||
| Total Turkey Sales | $ | 87,380 | $ | 62,840 | — | — | — | — | — | |||||||||||||||||||||||
| Total Prepared Foods | $ | 55,446 | $ | 33,679 | — | — | ||||||||||||||||||||||||||
Sale of Other Products |
||||||||||||||||||||||||||||||||
U.S |
$ | 45,719 | $ | 46,569 | $ | 41,725 | $ | 36,706 | $ | 27,940 | $ | 42,843 | $ | 34,201 | ||||||||||||||||||
Mexico (b) |
$ | 5,674 | $ | 5,397 | $ | 5,627 | $ | 5,945 | $ | 5,380 | $ | 4,926 | $ | 5,507 | ||||||||||||||||||
| Total Other Products | $ | 51,393 | $ | 51,966 | $ | 47,353 | $ | 42,650 | $ | 33,320 | $ | 47,769 | $ | 39,708 | ||||||||||||||||||
Total Net Sales |
$ | 645,836 | $ | 541,593 | $ | 386,032 | $ | 379,375 | $ | 391,979 | $ | 373,260 | $ | 354,825 | ||||||||||||||||||
Amounts reclassified by quarter were: |
$ | 11 | $ | 10 | $ | 10 | $ | 146 | $ | 132 | $ | 121 | $ | 135 | ||||||||||||||||||
| (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 item previously classified under Mexico have been reclassified under sale of other products-Mexico. |
| Fiscal Quarters ended | ||||||||||||||||||||||||||||||||||||
| June 28, | March 29, | December 28, | September 28, | June 29, | Mar 30 | Dec 29 | Sept 29, | |||||||||||||||||||||||||||||
| 2003 | 2003 | 2002 | 2002 | 2002 | 2002 | 2001 | 2001 | |||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||||||
Chicken Sales: |
||||||||||||||||||||||||||||||||||||
U.S. Chicken Sales: |
||||||||||||||||||||||||||||||||||||
Prepared Foods: |
||||||||||||||||||||||||||||||||||||
Foodservice |
40.3 | % | 43.7 | % | 43.6 | % | 40.9 | % | 40.1 | % | 40.4 | % | 38.6 | % | 39.1 | % | ||||||||||||||||||||
Retail |
9.9 | % | 9.8 | % | 9.1 | % | 9.9 | % | 10.4 | % | 9.5 | % | 8.6 | % | 7.5 | % | ||||||||||||||||||||
Total Prepared Foods |
50.2 | % | 53.5 | % | 52.7 | % | 50.8 | % | 50.5 | % | 49.9 | % | 47.1 | % | 46.6 | % | ||||||||||||||||||||
Fresh Chicken: |
||||||||||||||||||||||||||||||||||||
Foodservice |
28.5 | % | 25.4 | % | 26.1 | % | 26.1 | % | 26.9 | % | 27.0 | % | 28.7 | % | 28.5 | % | ||||||||||||||||||||
Retail |
14.7 | % | 15.5 | % | 15.3 | % | 16.4 | % | 16.1 | % | 15.8 | % | 14.3 | % | 15.4 | % | ||||||||||||||||||||
Total Fresh Chicken |
43.2 | % | 40.9 | % | 41.4 | % | 42.5 | % | 43.0 | % | 42.9 | % | 43.0 | % | 43.9 | % | ||||||||||||||||||||
Export and Other
|
1.8 | % | ||||||||||||||||||||||||||||||||||
Prepared Foods |
1.8 | % | 1.5 | % | 1.3 | % | 1.9 | % | 1.8 | % | 1.8 | % | 1.8 | % | 1.5 | % | ||||||||||||||||||||
Chicken-Other |
4.8 | % | 4.1 | % | 4.6 | % | 4.8 | % | 4.6 | % | 5.4 | % | 8.0 | % | 8.0 | % | ||||||||||||||||||||
Export and Other |
6.6 | % | 5.6 | % | 5.9 | % | 6.7 | % | 6.5 | % | 7.2 | % | 9.8 | % | 9.5 | % | ||||||||||||||||||||
Total U.S. Chicken |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||
Turkey Sales: |
||||||||||||||||||||||||||||||||||||
U.S. Turkey Sales: |
||||||||||||||||||||||||||||||||||||
Prepared Foods: |
||||||||||||||||||||||||||||||||||||
Foodservice |
25.8 | % | 38.6 | % | 25.6 | % | 35.9 | % | 38.8 | % | 47.2 | % | 35.3 | % | 34.9 | % | ||||||||||||||||||||
Retail |
11.7 | % | 10.2 | % | 5.3 | % | 17.2 | % | 19.2 | % | 16.3 | % | 11.9 | % | 20.6 | % | ||||||||||||||||||||
Total Prepared Foods |
37.5 | % | 48.9 | % | 31.0 | % | 53.1 | % | 58.0 | % | 63.5 | % | 47.2 | % | 55.5 | % | ||||||||||||||||||||
Fresh Turkey: |
||||||||||||||||||||||||||||||||||||
Foodservice |
16.8 | % | 21.7 | % | 13.3 | % | 11.8 | % | 7.3 | % | 11.0 | % | 11.0 | % | 7.8 | % | ||||||||||||||||||||
Retail |
41.5 | % | 24.8 | % | 52.3 | % | 30.7 | % | 30.8 | % | 21.5 | % | 37.0 | % | 31.5 | % | ||||||||||||||||||||
Total Fresh Turkey |
58.2 | % | 46.6 | % | 65.7 | % | 42.5 | % | 38.0 | % | 32.5 | % | 48.0 | % | 39.3 | % | ||||||||||||||||||||
Export and Other
|
||||||||||||||||||||||||||||||||||||
Prepared Foods |
0.4 | % | 0.8 | % | 0.8 | % | 0.9 | % | 0.6 | % | 0.8 | % | 1.0 | % | 1.0 | % | ||||||||||||||||||||
Turkey-Other |
3.8 | % | 3.8 | % | 2.6 | % | 3.5 | % | 3.4 | % | 3.2 | % | 3.8 | % | 4.3 | % | ||||||||||||||||||||
Export and Other |
4.2 | % | 4.6 | % | 3.4 | % | 4.4 | % | 4.0 | % | 4.0 | % | 4.8 | % | 5.3 | % | ||||||||||||||||||||
Total U.S. Turkey |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| 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: |
||||||||||||||||||||||||||||||||
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 |
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: |
||||||||||||||||||||||||||||||||
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 |
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. |
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.
| 06/28/03 | 03/29/03 | 12/28/02 | 09/28/02 | 06/29/02 | 03/30/02 | 12/29/01 | ||||||||||||||||||||||||||
| United States | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales (000’s) |
$ | 435,848 | $ | 422,493 | $ | 390,034 | $ | 417,387 | $ | 427,325 | $ | 398,608 | $ | 405,738 | ||||||||||||||||||
U.S. Chicken Sales divided by U.S
Chicken Net Pounds Produced |
$ | 0.6924 | $ | 0.7255 | $ | 0.6617 | $ | 0.6883 | $ | 0.6934 | $ | 0.6872 | $ | 0.7075 | ||||||||||||||||||
U.S. Chicken Net Pounds Produced (000’s) |
629,496 | 582,383 | 589,433 | 606,383 | 616,274 | 580,037 | 573,464 | |||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s) |
49,819 | 52,801 | 48,523 | 52,846 | 48,330 | 49,543 | 42,972 | |||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales Totals: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales (000’s) |
485,667 | 475,294 | 438,557 | 470,233 | 475,655 | 448,151 | 448,710 | |||||||||||||||||||||||||
U.S. Chicken & Other Operating Income (000’s) |
26,734 | 1,628 | (10,379 | ) | 4,442 | 13,138 | 3,701 | 9,355 | ||||||||||||||||||||||||
U.S. Chicken & Other Operating Income
as a percent of U.S. Chicken &
Other Sales |
5.50 | % | 0.34 | % | -2.37 | % | 0.94 | % | 2.76 | % | 0.83 | % | 2.08 | % | ||||||||||||||||||
| Turkey | ||||||||||||||||||||||||||||||||
U.S. Turkey Sales (000’s) |
72,289 | 62,407 | 94,379 | 82,832 | 76,656 | 72,226 | 116,404 | |||||||||||||||||||||||||
U.S. Turkey Sales divided by U.S
Turkey Net Pounds Produced |
$ | 0.6617 | $ | 0.5672 | $ | 0.9047 | $ | 0.8353 | $ | 0.7304 | $ | 0.6222 | $ | 1.0311 | ||||||||||||||||||
U.S. Turkey Operating Income (000’s) |
(19,726 | ) | (15,403 | ) | (14,268 | ) | (10,883 | ) | (5,614 | ) | (7,559 | ) | 5,503 | |||||||||||||||||||
U.S. Turkey Operating Income as a
percent of U.S. Turkey Sales |
-27.29 | % | -24.68 | % | -15.12 | % | -13.14 | % | -7.32 | % | -10.47 | % | 4.73 | % | ||||||||||||||||||
U.S. Turkey Net Pounds Produced (000’s) |
109,252 | 110,024 | 104,321 | 99,165 | 104,946 | 116,074 | 112,896 | |||||||||||||||||||||||||
U.S. Summary |
||||||||||||||||||||||||||||||||
U.S. Sales (000’s) |
557,956 | 537,701 | 532,936 | 553,065 | 552,311 | 520,377 | 565,114 | |||||||||||||||||||||||||
U.S. Cost of Sales (000’s) |
522,326 | 522,291 | 517,183 | 531,360 | 517,671 | 0 | 522,513 | |||||||||||||||||||||||||
U.S. Gross Margin (000’s) |
35,630 | 15,410 | 15,753 | 21,705 | 34,640 | 23,081 | 42,601 | |||||||||||||||||||||||||
U.S. Gross Margin as a percent of U.S. Sales |
6.39 | % | 2.87 | % | 2.96 | % | 3.92 | % | 6.27 | % | 4.44 | % | 7.54 | % | ||||||||||||||||||
U.S. Selling, General and Administrative
Expenses (000’s) |
28,622 | 29,185 | 26,013 | 28,146 | 27,116 | 26,939 | 27,743 | |||||||||||||||||||||||||
U.S. Selling, General and Administrative
Expenses as a percent of U.S Sales |
5.13 | % | 5.43 | % | 4.88 | % | 5.09 | % | 4.91 | % | 5.18 | % | 4.91 | % | ||||||||||||||||||
U.S. Operating Income (000’s) |
7,008 | (13,775 | ) | (10,260 | ) | (6,441 | ) | 7,524 | (3,858 | ) | 14,858 | |||||||||||||||||||||
U.S. Operating Income as a percent of
U.S. Sales |
1.26 | % | -2.56 | % | -1.93 | % | -1.16 | % | 1.36 | % | -0.74 | % | 2.63 | % | ||||||||||||||||||
| Mexico | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Mexico Chicken Sales (000’s)(C) |
88,600 | 90,247 | 88,092 | 81,260 | 80,307 | 75,674 | 86,528 | |||||||||||||||||||||||||
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced |
$ | 0.6175 | $ | 0.5759 | $ | 0.5898 | $ | 0.5984 | $ | 0.6177 | $ | 0.5820 | $ | 0.5812 | ||||||||||||||||||
Mexico Other Operations: |
||||||||||||||||||||||||||||||||
Mexico Other Sales (000’s) (c) |
5,321 | 2,644 | 6,377 | 5,494 | 4,498 | 4,702 | 4,388 | |||||||||||||||||||||||||
Mexico Chicken Operating Income (000’s) |
8,830 | 3,872 | 6,214 | 3,276 | 5,831 | (514 | ) | 8,471 | ||||||||||||||||||||||||
Mexico Operating Income as a percent
of Mexico Chicken Sales |
9.40 | % | 4.17 | % | 6.58 | % | 3.78 | % | 6.88 | % | -0.64 | % | 9.32 | % | ||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| Quarters Ended | ||||||||||||||||||||||||||||||||
| 09/29/01 | 06/30/01 | 03/31/01(a) | 12/30/00 | 09/30/00 | 07/01/00 | 04/01/00 | ||||||||||||||||||||||||||
| United States | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales (000’s) |
$ | 427,191 | $ | 422,985 | $ | 356,341 | $ | 265,824 | $ | 263,549 | $ | 282,973 | $ | 253,687 | ||||||||||||||||||
U.S. Chicken Sales divided by U.S
Chicken Net Pounds Produced |
$ | 0.7470 | $ | 0.7232 | $ | 0.7096 | $ | 0.7221 | $ | 0.7173 | $ | 0.7187 | $ | 0.6624 | ||||||||||||||||||
U.S. Chicken Net Pounds Produced (000’s) |
571,867 | 584,896 | 502,173 | 368,143 | 367,431 | 393,755 | 382,955 | |||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s) |
45,843 | 45,719 | 46,568 | 41,725 | 36,706 | 27,940 | 42,843 | |||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales Totals: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales (000’s) |
473,034 | 468,704 | 402,909 | 307,552 | 300,255 | 310,913 | 296,530 | |||||||||||||||||||||||||
U.S. Chicken & Other Operating Income (000’s) |
27,700 | 26,822 | 1,795 | 18,436 | 8,411 | 12,909 | 3,502 | |||||||||||||||||||||||||
U.S. Chicken & Other Operating Income
as a percent of U.S. Chicken &
Other Sales |
5.86 | % | 5.72 | % | 0.45 | % | 5.99 | % | 2.80 | % | 4.15 | % | 1.18 | % | ||||||||||||||||||
| 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 | 300,255 | 310,913 | 296,530 | |||||||||||||||||||||||||
U.S. Cost of Sales (000’s) |
507,112 | 501,065 | 436,038 | 270,315 | 273,604 | 282,676 | 276,987 | |||||||||||||||||||||||||
U.S. Gross Margin (000’s) |
54,537 | 55,019 | 29,711 | 37,237 | 26,651 | 28,237 | 19,543 | |||||||||||||||||||||||||
U.S. Gross Margin as a percent of U.S. Sales |
9.71 | % | 9.89 | % | 6.38 | % | 12.11 | % | 8.88 | % | 9.08 | % | 6.59 | % | ||||||||||||||||||
U.S. Selling, General and Administrative
Expenses (000’s) |
24,431 | 24,448 | 29,783 | 18,801 | 18,240 | 15,328 | 16,041 | |||||||||||||||||||||||||
U.S. Selling, General and Administrative
Expenses as a percent of U.S Sales |
4.35 | % | 4.40 | % | 6.39 | % | 6.11 | % | 6.07 | % | 4.93 | % | 5.41 | % | ||||||||||||||||||
U.S. Operating Income (000’s) |
30,106 | 30,571 | (72 | ) | 18,436 | 8,411 | 12,909 | 3,502 | ||||||||||||||||||||||||
U.S. Operating Income as a percent of
U.S. Sales |
5.36 | % | 5.50 | % | -0.02 | % | 5.99 | % | 2.80 | % | 4.15 | % | 1.18 | % | ||||||||||||||||||
| Mexico | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Mexico Chicken Sales (000’s)(C) |
76,054 | 84,078 | 70,447 | 72,853 | 73,176 | 75,686 | 71,804 | |||||||||||||||||||||||||
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced |
$ | 0.5455 | $ | 0.6411 | $ | 0.5039 | $ | 0.5222 | $ | 0.5634 | $ | 0.6585 | $ | 0.6309 | ||||||||||||||||||
Mexico Other Operations: |
||||||||||||||||||||||||||||||||
Mexico Other Sales (000’s) (c) |
3,548 | 5,674 | 5,397 | 5,627 | 5,945 | 5,380 | 4,926 | |||||||||||||||||||||||||
Mexico Chicken Operating Income (000’s) |
1,011 | 13,767 | (5,201 | ) | 2,580 | 7,225 | 13,439 | 9,779 | ||||||||||||||||||||||||
Mexico Operating Income as a percent
of Mexico Chicken Sales |
1.27 | % | 15.34 | % | -6.86 | % | 3.29 | % | 9.13 | % | 16.58 | % | 12.74 | % | ||||||||||||||||||
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.
| 06/28/03 | 03/29/03 | 12/28/02 | 09/28/02 | 06/29/02 | 03/30/02 | 12/29/01 | ||||||||||||||||||||||||||
Mexico Net Pounds Produced (000’s) |
143,474 | 156,717 | 149,356 | 135,789 | 130,012 | 130,027 | 148,876 | |||||||||||||||||||||||||
| Consolidated Operations | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Chicken Sales from all Divisions (000’s) |
524,448 | 512,740 | 478,126 | 498,647 | 507,632 | 474,282 | 492,266 | |||||||||||||||||||||||||
Chicken Sales from all divisions divided
by Chicken Net Pounds Produced from
all Divisions |
$ | 0.6785 | $ | 0.6937 | $ | 0.6472 | $ | 0.6719 | $ | 0.6802 | $ | 0.6679 | $ | 0.6815 | ||||||||||||||||||
Chicken Net Pounds Produced from all
Divisions (000’s) |
772,970 | 739,100 | 738,789 | 742,172 | 746,286 | 710,064 | 722,340 | |||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s)(C) |
55,140 | 55,445 | 54,900 | 58,340 | 52,828 | 54,245 | 47,360 | |||||||||||||||||||||||||
Totals All Operations: |
||||||||||||||||||||||||||||||||
Total Net Sales (000’s) |
651,877 | 630,592 | 627,405 | 639,819 | 637,116 | 600,753 | 656,030 | |||||||||||||||||||||||||
Total Cost of Sales (000’s) |
600,932 | 604,919 | 599,406 | 608,213 | 590,808 | 572,122 | 598,166 | |||||||||||||||||||||||||
Gross Margin from all operations (000’s) |
50,945 | 25,673 | 27,999 | 31,606 | 46,308 | 28,631 | 57,864 | |||||||||||||||||||||||||
Gross Margin from all operations
as a percent of Total Net Sales |
7.82 | % | 4.07 | % | 4.46 | % | 4.94 | % | 7.27 | % | 4.77 | % | 8.82 | % | ||||||||||||||||||
Total Selling, General and
Administrative Expenses (000’s) |
35,107 | 35,576 | 32,045 | 34,771 | 32,953 | 33,003 | 34,535 | |||||||||||||||||||||||||
Total Selling, General and
Administrative Expenses as a percent
of Total Net Sales |
5.39 | % | 5.64 | % | 5.11 | % | 5.43 | % | 5.17 | % | 5.49 | % | 5.26 | % | ||||||||||||||||||
Operating Income from all
operations (000’s) |
15,838 | (9,903 | ) | (4,046 | ) | (3,165 | ) | 13,355 | (4,372 | ) | 23,329 | |||||||||||||||||||||
Operating Income from all
operations as a percent
of Total Net Sales |
2.43 | % | 1.57 | % | -0.64 | % | -0.49 | % | 2.10 | % | -0.73 | % | 3.56 | % | ||||||||||||||||||
Avian Influenza Reimbursement (000’s) |
67 | 1,749 | 14,301 | — | — | — | — | |||||||||||||||||||||||||
Vitamin Settlements (000’s) |
10,235 | 9,564 | 86 | 65 | 691 | — | — | |||||||||||||||||||||||||
Total Adjustments (000’S) |
10,302 | 11,313 | 14,387 | 65 | 691 | — | — | |||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Operating Income (000’s) |
26,140 | 1,410 | 10,341 | (3,100 | ) | 14,046 | (4,372 | ) | 23,329 | |||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Income as a percent of
Total Net Sales |
4.01 | % | 0.22 | % | 1.65 | % | -0.48 | % | 2.20 | % | -0.73 | % | 3.56 | % | ||||||||||||||||||
| (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 item previously classified under Mexico have been reclassified under sale of other products-Mexico. | |||||||||||||||||||||||||||||||
| Amounts reclassified by quarter were: | $ | — | $ | — | $ | — | $ | 123 | $ | — | $ | — | $ | — | ||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| Quarters Ended | ||||||||||||||||||||||||||||||||
| 09/29/01 | 06/30/01 | 03/31/01(a) | 12/30/00 | 09/30/00 | 07/01/00 | 04/01/00 | ||||||||||||||||||||||||||
Mexico Net Pounds Produced (000’s) |
139,415 | 131,152 | 139,799 | 139,510 | 129,877 | 114,931 | 113,805 | |||||||||||||||||||||||||
| Consolidated Operations | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Chicken Sales from all Divisions (000’s) |
503,245 | 507,063 | 426,788 | 338,677 | 336,725 | 358,659 | 325,491 | |||||||||||||||||||||||||
Chicken Sales from all divisions divided
by Chicken Net Pounds Produced from
all Divisions |
$ | 0.7075 | $ | 0.7081 | $ | 0.6648 | $ | 0.6671 | $ | 0.6771 | $ | 0.7051 | $ | 0.6552 | ||||||||||||||||||
Chicken Net Pounds Produced from all
Divisions (000’s) |
711,282 | 716,048 | 641,972 | 507,653 | 497,308 | 508,686 | 496,760 | |||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s)(C) |
49,391 | 51,393 | 51,965 | 47,352 | 42,651 | 33,320 | 47,769 | |||||||||||||||||||||||||
Totals All Operations: |
||||||||||||||||||||||||||||||||
Total Net Sales (000’s) |
641,251 | 645,836 | 541,593 | 386,032 | 379,375 | 391,979 | 373,260 | |||||||||||||||||||||||||
Total Cost of Sales (000’s) |
579,307 | 571,360 | 512,377 | 341,061 | 339,718 | 345,314 | 339,231 | |||||||||||||||||||||||||
Gross Margin from all operations (000’s) |
61,944 | 74,476 | 29,216 | 44,971 | 39,658 | 46,665 | 34,029 | |||||||||||||||||||||||||
Gross Margin from all operations
as a percent of Total Net Sales |
9.66 | % | 11.53 | % | 5.39 | % | 11.65 | % | 10.45 | % | 11.90 | % | 9.12 | % | ||||||||||||||||||
Total Selling, General and
Administrative Expenses (000’s) |
30,827 | 30,138 | 34,488 | 23,955 | 24,022 | 20,316 | 20,747 | |||||||||||||||||||||||||
Total Selling, General and
Administrative Expenses as a percent
of Total Net Sales |
4.81 | % | 4.67 | % | 6.37 | % | 6.21 | % | 6.33 | % | 5.18 | % | 5.56 | % | ||||||||||||||||||
Operating Income from all
operations (000’s) |
31,117 | 44,338 | (5,272 | ) | 21,016 | 15,636 | 26,349 | 13,282 | ||||||||||||||||||||||||
Operating Income from all
operations as a percent
of Total Net Sales |
4.85 | % | 6.87 | % | -0.97 | % | 5.44 | % | 4.12 | % | 6.72 | % | 3.56 | % | ||||||||||||||||||
Avian Influenza Reimbursement (000’s) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Vitamin Settlements (000’s) |
— | 1,149 | — | 2,195 | — | — | — | |||||||||||||||||||||||||
Total Adjustments (000’S) |
— | 1,149 | — | 2,195 | — | — | — | |||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Operating Income (000’s) |
31,117 | 45,487 | (5,272 | ) | 23,211 | 15,636 | 26,349 | 13,282 | ||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Income as a percent of
Total Net Sales |
4.85 | % | 7.04 | % | -0.97 | % | 6.01 | % | 4.12 | % | 6.72 | % | 3.56 | % | ||||||||||||||||||
| (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 item previously classified under Mexico have been reclassified under sale of other products-Mexico. | |||||||||||||||||||||||||||||||
| Amounts reclassified by quarter were: | $ | 7 | $ | 10 | $ | 10 | $ | 10 | $ | 146 | $ | 132 | $ | 122 | ||||||||||||||||||
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.
| 01/01/00 | 10/02/99 | 07/03/99 | 04/03/99 | 01/02/99(b) | 06/26/98 | 06/27/98 | ||||||||||||||||||||||||||
| United States | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales (000’s) |
$ | 250,178 | $ | 249,181 | $ | 254,794 | $ | 236,673 | $ | 222,848 | $ | 243,772 | $ | 228,719 | ||||||||||||||||||
U.S. Chicken Sales divided by U.S
Chicken Net Pounds Produced |
$ | 0.7140 | $ | 0.7220 | $ | 0.7317 | $ | 0.6953 | $ | 0.6517 | $ | 0.7828 | $ | 0.7196 | ||||||||||||||||||
U.S. Chicken Net Pounds Produced (000’s) |
350,409 | 345,141 | 348,232 | 340,387 | 341,931 | 311,428 | 317,849 | |||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s) |
34,201 | 32,151 | 26,461 | 36,690 | 44,105 | 34,391 | 32,656 | |||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales Totals: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales (000’s) |
284,379 | 281,332 | 281,255 | 273,363 | 266,953 | 278,163 | 261,375 | |||||||||||||||||||||||||
U.S. Chicken & Other Operating Income (000’s) |
21,106 | 25,619 | 22,076 | 21,741 | 18,741 | 22,266 | 8,434 | |||||||||||||||||||||||||
U.S. Chicken & Other Operating Income
as a percent of U.S. Chicken &
Other Sales |
7.42 | % | 9.11 | % | 7.85 | % | 7.95 | % | 7.02 | % | 8.00 | % | 3.23 | % | ||||||||||||||||||
| 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) |
284,379 | 281,332 | 281,255 | 273,363 | 266,953 | 278,163 | 261,375 | |||||||||||||||||||||||||
U.S. Cost of Sales (000’s) |
247,149 | 242,313 | 243,018 | 234,533 | 234,667 | 244,055 | 241,956 | |||||||||||||||||||||||||
U.S. Gross Margin (000’s) |
37,230 | 39,019 | 38,236 | 38,830 | 32,287 | 34,108 | 19,419 | |||||||||||||||||||||||||
U.S. Gross Margin as a percent of U.S. Sales |
13.09 | % | 13.87 | % | 13.59 | % | 14.20 | % | 12.09 | % | 12.26 | % | 7.43 | % | ||||||||||||||||||
U.S. Selling, General and Administrative
Expenses (000’s) |
16,124 | 13,399 | 16,160 | 17,089 | 13,545 | 11,842 | 10,985 | |||||||||||||||||||||||||
U.S. Selling, General and Administrative
Expenses as a percent of U.S Sales |
5.67 | % | 4.76 | % | 5.75 | % | 6.25 | % | 5.07 | % | 4.26 | % | 4.20 | % | ||||||||||||||||||
U.S. Operating Income (000’s) |
21,106 | 25,619 | 22,076 | 21,741 | 18,741 | 22,266 | 8,434 | |||||||||||||||||||||||||
U.S. Operating Income as a percent of
U.S. Sales |
7.42 | % | 9.11 | % | 7.85 | % | 7.95 | % | 7.02 | % | 8.00 | % | 3.23 | % | ||||||||||||||||||
| Mexico | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Mexico Chicken Sales (000’s)(C) |
64,939 | 60,244 | 57,870 | 51,805 | 63,613 | 55,508 | 59,945 | |||||||||||||||||||||||||
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced |
$ | 0.5141 | $ | 0.4746 | $ | 0.5505 | $ | 0.5290 | $ | 0.5022 | $ | 0.6025 | $ | 0.6491 | ||||||||||||||||||
Mexico Other Operations: |
||||||||||||||||||||||||||||||||
Mexico Other Sales (000’s) (c) |
5,507 | 5,685 | 5,035 | 4,726 | 5,522 | 7,040 | 7,180 | |||||||||||||||||||||||||
Mexico Chicken Operating Income (000’s) |
4,116 | 3,195 | 7,136 | 3,551 | 7,445 | 9,178 | 10,608 | |||||||||||||||||||||||||
Mexico Operating Income as a percent
of Mexico Chicken Sales |
5.84 | % | 4.85 | % | 11.34 | % | 6.28 | % | 10.77 | % | 14.67 | % | 15.80 | % | ||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| 3/28/98 | 12/27/97 | 09/27/97 | 6/28/97 | 03/29/97 | 12/28/96 | |||||||||||||||||||||||||||
| United States | ||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales (000’s) |
$ | 218,268 | $ | 218,634 | $ | 233,779 | $ | 227,111 | $ | 204,128 | $ | 193,147 | ||||||||||||||||||||
U.S. Chicken Sales divided by U.S
Chicken Net Pounds Produced |
$ | 0.6908 | $ | 0.6816 | $ | 0.7017 | $ | 0.6926 | $ | 0.7090 | $ | 0.7163 | ||||||||||||||||||||
U.S. Chicken Net Pounds Produced (000’s) |
315,948 | 320,773 | 333,184 | 327,928 | 287,915 | 269,655 | ||||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s) |
36,074 | 40,942 | 34,382 | 33,619 | 38,095 | 38,391 | ||||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales Totals: |
||||||||||||||||||||||||||||||||
U.S. Chicken Sales & Other Sales (000’s) |
254,342 | 259,576 | 268,161 | 260,730 | 242,223 | 231,538 | ||||||||||||||||||||||||||
U.S. Chicken & Other Operating Income (000’s) |
3,104 | 2,473 | 10,300 | 4,622 | 4,031 | 10,369 | ||||||||||||||||||||||||||
U.S. Chicken & Other Operating Income
as a percent of U.S. Chicken &
Other Sales |
1.22 | % | 0.95 | % | 3.84 | % | 1.77 | % | 1.66 | % | 4.48 | % | ||||||||||||||||||||
| 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) |
254,342 | 259,576 | 268,161 | 260,730 | 242,223 | 231,538 | ||||||||||||||||||||||||||
U.S. Cost of Sales (000’s) |
239,915 | 246,985 | 253,014 | 244,820 | 227,462 | 210,213 | ||||||||||||||||||||||||||
U.S. Gross Margin (000’s) |
14,427 | 12,591 | 15,147 | 15,910 | 14,761 | 21,325 | ||||||||||||||||||||||||||
U.S. Gross Margin as a percent of U.S. Sales |
5.67 | % | 4.85 | % | 5.65 | % | 6.10 | % | 6.09 | % | 9.21 | % | ||||||||||||||||||||
U.S. Selling, General and Administrative
Expenses (000’s) |
11,323 | 10,118 | 4,847 | 11,288 | 10,730 | 10,956 | ||||||||||||||||||||||||||
U.S. Selling, General and Administrative
Expenses as a percent of U.S Sales |
4.45 | % | 3.90 | % | 1.81 | % | 4.33 | % | 4.43 | % | 4.73 | % | ||||||||||||||||||||
U.S. Operating Income (000’s) |
3,104 | 2,473 | 10,300 | 4,622 | 4,031 | 10,369 | ||||||||||||||||||||||||||
U.S. Operating Income as a percent of
U.S. Sales |
1.22 | % | 0.95 | % | 3.84 | % | 1.77 | % | 1.66 | % | 4.48 | % | ||||||||||||||||||||
Mexico |
||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Mexico Chicken Sales (000’s)(C) |
63,333 | 78,311 | 73,113 | 74,438 | 61,178 | 66,268 | ||||||||||||||||||||||||||
Mexico Chicken Sales divided by Mexico
Chicken Net Pounds Produced |
$ | 0.6253 | $ | 0.6803 | $ | 0.6612 | $ | 0.6916 | $ | 0.5959 | $ | 0.6538 | ||||||||||||||||||||
Mexico Other Operations: |
||||||||||||||||||||||||||||||||
Mexico Other Sales (000’s) (c) |
6,771 | 7,823 | ||||||||||||||||||||||||||||||
Mexico Chicken Operating Income (000’s) |
8,294 | 12,898 | 14,993 | 8,005 | 5,630 | 5,945 | ||||||||||||||||||||||||||
Mexico Operating Income as a percent
of Mexico Chicken Sales |
11.83 | % | 16.47 | % | 20.51 | % | 10.75 | % | 9.20 | % | 8.97 | % | ||||||||||||||||||||
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.
| 01/01/00 | 10/02/99 | 07/03/99 | 04/03/99 | 01/02/99(b) | 09/26/98 | 06/27/98 | ||||||||||||||||||||||||||
Mexico Net Pounds Produced (000’s) |
126,313 | 126,948 | 105,117 | 97,927 | 126,657 | 92,135 | 92,350 | |||||||||||||||||||||||||
Consolidated Operations |
||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Chicken Sales from all Divisions (000’s) |
315,117 | 309,425 | 312,664 | 288,478 | 286,461 | 299,280 | 288,664 | |||||||||||||||||||||||||
Chicken Sales from all divisions divided
by Chicken Net Pounds Produced from
all Divisions |
$ | 0.6610 | $ | 0.6554 | $ | 0.6897 | $ | 0.6582 | $ | 0.6113 | $ | 0.7416 | $ | 0.7037 | ||||||||||||||||||
Chicken Net Pounds Produced from all
Divisions (000’s) |
476,722 | 472,089 | 453,349 | 438,314 | 468,588 | 403,563 | 410,199 | |||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s)(C) |
39,708 | 37,836 | 31,496 | 41,416 | 49,627 | 41,431 | 39,836 | |||||||||||||||||||||||||
Totals All Operations: |
||||||||||||||||||||||||||||||||
Total Net Sales (000’s) |
354,825 | 347,261 | 344,160 | 329,894 | 336,088 | 340,711 | 328,500 | |||||||||||||||||||||||||
Total Cost of Sales (000’s) |
309,348 | 301,131 | 294,745 | 283,632 | 292,187 | 293,586 | 295,764 | |||||||||||||||||||||||||
Gross Margin from all operations (000’s) |
45,477 | 46,131 | 49,415 | 46,262 | 43,900 | 47,125 | 32,736 | |||||||||||||||||||||||||
Gross Margin from all operations
as a percent of Total Net Sales |
12.82 | % | 13.28 | % | 14.36 | % | 14.02 | % | 13.06 | % | 13.83 | % | 9.97 | % | ||||||||||||||||||
Total Selling, General and
Administrative Expenses (000’s) |
20,255 | 17,316 | 20,203 | 20,970 | 17,715 | 15,681 | 13,694 | |||||||||||||||||||||||||
Total Selling, General and
Administrative Expenses as a percent of
Total Net Sales |
5.71 | % | 4.99 | % | 5.87 | % | 6.36 | % | 5.27 | % | 4.60 | % | 4.17 | % | ||||||||||||||||||
Operating Income from all
operations (000’s) |
25,222 | 28,814 | 29,212 | 25,292 | 26,186 | 31,444 | 19,042 | |||||||||||||||||||||||||
Operating Income from all
operations as a percent
of Total Net Sales |
7.11 | % | 8.30 | % | 8.49 | % | 7.67 | % | 7.79 | % | 9.23 | % | 5.80 | % | ||||||||||||||||||
Avian Influenza Reimbursement (000’s) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Vitamin Settlements (000’s) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Total Adjustments (000’S) |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Operating Income (000’s) |
25,222 | 28,814 | 29,212 | 25,292 | 26,186 | 31,444 | 19,042 | |||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Income as a percent of
Total Net Sales |
7.11 | % | 8.30 | % | 8.49 | % | 7.67 | % | 7.79 | % | 9.23 | % | 5.80 | % | ||||||||||||||||||
| (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 item previously classified under Mexico have been reclassified under sale of other products-Mexico. | |||||||||||||||||||||||||||||||
| Amounts reclassified by quarter were: | $ | 135 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| 03/28/98 | 12/27/97 | 09/27/97 | 6/28/97 | 03/29/97 | 12/28/96 | |||||||||||||||||||||||||||
Mexico Net Pounds Produced (000’s) |
101,276 | 115,118 | 110,570 | 107,635 | 102,663 | 101,357 | ||||||||||||||||||||||||||
Consolidated Operations |
||||||||||||||||||||||||||||||||
Chicken Operations: |
||||||||||||||||||||||||||||||||
Chicken Sales from all Divisions (000’s) |
281,601 | 289,122 | 306,892 | 301,549 | 265,306 | 259,415 | ||||||||||||||||||||||||||
Chicken Sales from all divisions divided
by Chicken Net Pounds Produced from
all Divisions |
$ | 0.6749 | $ | 0.6633 | $ | 0.6916 | $ | 0.6923 | $ | 0.6793 | $ | 0.6992 | ||||||||||||||||||||
Chicken Net Pounds Produced from all
Divisions (000’s) |
417,224 | 435,891 | 443,754 | 435,563 | 390,578 | 371,012 | ||||||||||||||||||||||||||
Other Operations: |
||||||||||||||||||||||||||||||||
Other Sales (000’s)(C) |
42,845 | 48,765 | 34,382 | 33,619 | 38,095 | 38,391 | ||||||||||||||||||||||||||
Totals All Operations: |
||||||||||||||||||||||||||||||||
Total Net Sales (000’s) |
324,446 | 337,887 | 341,274 | 335,168 | 303,401 | 297,806 | ||||||||||||||||||||||||||
Total Cost of Sales (000’s) |
297,585 | 308,507 | 307,414 | 307,883 | 280,316 | 267,539 | ||||||||||||||||||||||||||
Gross Margin from all operations (000’s) |
26,861 | 29,380 | 33,860 | 27,285 | 23,085 | 30,267 | ||||||||||||||||||||||||||
Gross Margin from all operations
as a percent of Total Net Sales |
8.28 | % | 8.70 | % | 9.92 | % | 8.14 | % | 7.61 | % | 10.16 | % | ||||||||||||||||||||
Total Selling, General and
Administrative Expenses (000’s) |
15,463 | 14,009 | 8,567 | 14,658 | 13,425 | 13,953 | ||||||||||||||||||||||||||
Total Selling, General and
Administrative Expenses as a percent of
Total Net Sales |
4.77 | % | 4.15 | % | 2.51 | % | 4.37 | % | 4.42 | % | 4.69 | % | ||||||||||||||||||||
Operating Income from all
operations (000’s) |
11,398 | 15,371 | 25,293 | 12,627 | 9,660 | 16,314 | ||||||||||||||||||||||||||
Operating Income from all
operations as a percent
of Total Net Sales |
3.51 | % | 4.55 | % | 7.41 | % | 3.77 | % | 3.18 | % | 5.48 | % | ||||||||||||||||||||
Avian Influenza Reimbursement (000’s) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Vitamin Settlements (000’s) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Total Adjustments (000’S) |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Operating Income (000’s) |
11,398 | 15,371 | 25,293 | 12,627 | 9,660 | 16,314 | ||||||||||||||||||||||||||
Consolidated Adjusted Chicken and
Turkey Income as a percent of
Total Net Sales |
3.51 | % | 4.55 | % | 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 item previously classified under Mexico have been reclassified under sale of other products-Mexico. | |||||||||||||||||||||||||||||||
| Amounts reclassified by quarter were: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||