SEC Filing | Pilgrim's Pride Corporation

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form 8-k

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 8, 2004

PILGRIM'S PRIDE CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-9273	75-1285071
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

110 South Texas Street
Pittsburg, Texas	75686-0093
(Address of Principal Executive Offices)	(ZIP Code)

Registrant's telephone number, including area code: (903) 855-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

q	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

q	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

q	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

q	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
Item 7.01		Regulation FD Disclosure

Attached hereto as Exhibit 99.1 is certain supplemental historical financial information of Pilgrim’s Pride Corporation.


Exhibit Number		Description

99.1		Supplemental Historical Financial Information

Signature

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: November 8, 2004.



By:		/s/ Richard A. Cogdill

		Richard A. Cogdill Executive Vice President, Chief Financial Officer, Secretary and Treasurer

Exhibit Index


Exhibit Number		Description

99.1		Supplemental Historical Financial Information

supplemental historical information


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.

<
TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%"> <
TR bgColor=#ffffff> <
TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">       10/02/04      07/03/04           04/03/04     01/03/04  
 
                          ( a ) ( c )   
Income Statement Data:                                
Net sales   $ 1,486,454   $ 1,447,995         $ 1,384,908   $ 1,044,366  
Non-recurring recoveries     (23,815 )   -           (68 )   (8 )
Turkey restructuring and related costs     8,178     63,905                    
Gross margin     213,310     159,226           112,991     77,039  
Selling, general and administrative expenses     73,960     69,907 &nbs
p;         51,472     46,231  
Operating income (loss)     131,172     37,117     ( b )     61,518     30,808  
Interest expense, net     11,471     14,690 
          13,524     12,444  
Miscellaneous, net     3,102     350           1,449     (321 )
Income (loss) before income taxes and extraordinary charge     116,599     22,077           46,545     18,607  
Income tax expense (benefit)     44,269     12,263           13,594     8,321  
Income (loss) before extraordinary charge     72,330     9,814           32,951     10,286  
Extraordinary charge - net of tax     -     -           -     -  
Net income (loss)   $ 72,330   $ 9,814         $ 32,951   $ 10,286  
                               
Per Common Share Data: (e)                                
Income (loss) before extraordin
ary charge   $ 1.09   $ 0.15         $ 0.50   $ 0.20  
Extraordinary charge - early repayment of debt     -     -           -     -  
Net Income (loss)   $ 1.09   $ 0.
15         $ 0.50   $ 0.20  
Cash dividends   $ 0.002   $ 0.015         $ 0.015   $ 0.015  
Book value   $ 13.82   $ 12.77         $ 12.62   $ 12.10  
                               
 
Balance Sheet Summary:                                
Working capital   $ 397,285   $ 333,403         $ 325,602   $ 361,346  
Total assets   $ 2,259,471   $ 2,134,229         $ 2,148,048   $ 2,197,302  
Notes payable and current maturities of long-term debt   $ 8,428   $ 8,175         $ 12,331   $ 11,413  
Long-term debt, less current maturities   $ 535,866   $ 591,297         $
643,298   $ 714,325  
Total debt   $ 544,294   $ 599,472         $ 655,629   $ 725,738  

Senior secured debt (included in Total Debt)   $ 244,294   $ 299,472         $ 255,629   $ 425,738  
Total stockholders' equity   $ 919,996   $ 849,862         $ 840,193   $ 808,444  
                                 
Cash Flow Summary:                                
Operating cash flow   $ 63,843   $ 66,178         $ 41,063   $ 118,797  
Depreciation & amortization (d)   $ 25,487   $ 27,936         $ 33,087   $ 25,911  
Capital expenditures   $ 23,805   $ 19,922         $ 19,429   $ (20,552 )
Business acquisitions   $ (14,142 ) $ 538         $ 1,343   $ (302,712 )
Financing activities, net   $ (56,172 ) $ (57,155 )       $ (71,381 ) $ (285,180 )
                                 
Cashflo
w Ratios:                                
EBITDA (e)   $ 153,022 &nb
sp; $ 64,294         $ 92,668   $ 56,443  
EBITDA (last four qtrs.)   $ 366,427   $ 258,997         $ 247,934   $ 200,775  
                                 
Key Indicators (as a percentage of net sales):                              
Gross margin  
  14.4 %   11.0 %         8.2 %   7.4 %
Selling, general and administrative expenses     5.0 %   4.8 %         3.7 %   4.4 %
Operating income (loss)     8.8 %   2.6 %         4.4 %   2.9 %
Interest expense, net     0.8 %   1.0 %         1.0 %   1.2 %
Net income (loss)     4.9 %   0.7 %         2.4 %   1.0 %
                                 
 

(a) The Company acquired the Conagra Chicken Division on November 23, 2003 for $665.8 million and the assumption of $187.1 million of indebtedness. 
The acquisition has been accounted for as a purchase, and the results of operations for this acquisiti
on have been included in our consolidated results 
of operations since the acquisition date.




(b) Includes Turkey Restructuring Provision of $8.2 million and $63.9 million for the three months ended October 2 and July 3, 2004 respectively.



(c) Fiscal quarters ended January 3, 2004, and January 1, 1999 and had 14 weeks.

<
/TABLE>

(d) Includes amortization of capitalized financing costs of approximately   $ 535   $ 4
09   $ 488   $ 519  
(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 performan
ce derived in accordance with generally accepted accounting principles. EBITDA is calculated as follows:  

Net Income   $ 72,330   $ 9,814   $ 32,951   $ 10,286  
Add:           &
nbsp;              
Extraordinary charge-net of tax     -     -     -     -  
Income Tax Expense (benefit)     44,269     12,263     13,594     8,321  
Interest expense, net     11,471     14,690     13,524     12,444  
Depreciation and amortization     25,487     27,936     33,087     25,911  
Minus:                          
Amortization of capitalized financing costs     535     409     488     519  
EBITDA   $ 153,022   $ 64,294   $ 92,668   $ 56,443  
 
 

Pilgrim's Pride Corporation
Selected Financial Data
for fiscal years 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 "Manage
ment's Discussion and Analysis of Results of Operations and Financial Condition" 
included in our SEC filings.
 

      2004 (a)   
Income Statement Data:        
Net sales   $ 5,363,723  
Non-recurring recoveries     (23,891 )
Turkey restructuring and related charges     72,083  
Gross margin     574,261  
Selling, general and administrative expenses     241,570  
Operating income (loss)     260,608  
Interest expense, net     52,129  
Miscellaneous, net     4,651  
Income (loss) before income taxes and extraordinary charge     203,828  
Income tax expense (benefit)     78,448  
Income (loss) before extraordinary charge     125,380  
Extraordinary charge - net of tax     -  
Net income (loss)   $ 125,380  
         
Per Common Share Data:        
Income (loss) before extraordinary charge   $ 2.00  
Extraordinary charge - early repayment of debt   $ -  
Net Income (loss)   $ 2.00  
Cash dividends   $ 0.060  
Book value   $ 13.82  
         
Balance Sheet Summary:        
Working capital   
$ 397,285  
Total assets   $ 2,259,471  
Notes payable and current maturities of long-term debt   $ 8,428  
Long-term debt, less current maturities   $ 535,866  
Total debt   $ 244,294  
Senior secured debt (included in Total Debt)   $ 244,294  
Total stockholders' equity   $ 919,996  
         
Cash Flow Summary:        
Operating cash flow   $ 290,866  
Depreciation & amortization (b)   $ 113,788  
Capital expenditures   $ 79,642  
Business acqu
isitions   $ 290,450  
Financing activities, net   $ 96,665  
         
Cashflow Ratios:        
EBITDA (c)   $ 369,745  
EBITDA /interest expense, net     7.09  
         
Key Indicators (as a percentage of net sales):        
Gross margin     10.7 %
Selling, general and administrative expenses     5.8 %
Operating income (loss)     4.9 %
Interest expense, net     1.0 %
Net income (loss)     2.3 %
         
         
(a) Fiscal 2004 had 53 weeks.        



 
(b) Includes amortization of capitalized financing costs of approximately



 
(c) “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 liquidit
y 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   $ 52,129  
Add:        
Income Tax Expense (benefit)     574,261  
Interest expense, net     5,363,723  
Depreciation and amortization     244,294  
Minus:        
Amortization of capitalized financing costs     0  
EBITDA   $ 6,234,407  

Pilgrim's Pride Corporation  
Sales Segments  
for Quarters Ended:  
   
   
Since the Acquisition of WLR Foods on January 27, 2001, we operate in two reportable business segments as (1) a producer of chicken and other products and (2) a producer of turkey p
roducts.  
   
Our chicken and other products segment includes sales of chicken and sales of other products we produce and purchase for resale in the United States and Mexico. Our chicken and other products segment conducts separate operations in the United States and Mexico and is reported as two seprarate geographical areas. Our turkey segment includes sales of turkey products produced in our turkey operation recently acquired from WLR Foods, whose operations are exclusively in the United States.  
Inter-area sales and i
nter-segment sales, which are not material, are accounted for at prices comparable to normal trade customer sales. Fixed assets by segment and geographic area are those assets which are used in our operations in each segment or area. Corporate assets are included with chicken and other products. You should read this financial data in conjunction with the appropriate period financial statements and the related notes and "Management's Discussion and Analysis of Results of Operations and Financial Condition" included in our SEC filings.  
 

   &nb
sp;   10/02/2004            7/3/2004  
Net Sales to Customers:     (In thousands )         (In thousands )
Chicken and Other Products:                    
United States   $ 1,314,473         $ 1,284,740  
Mexico     99,301           96,969  
Sub-total     1,413,774           1,381,709  
Turkey     72,680           66,286  
Total   $ 1,486,454         $ 1,447,995  
                     
Operating Income:                <
/TD>    
Chicken and Other Products:                    
United States   $ 145,901    <
/TD>     $ 109,952  
Mexico    <
/TD> 555           (1,692 )<
/DIV>
Sub-total     146,456           108,260  
Turkey  (a)     (39,099 )         (71,143 )
Non-recurring recoveries     23,815           -  
Total   $ 131,172         $ 37,117  
                   
Depreciation and Amortization: (b)                    
Chicken and Other Products:                    
United States   $ 21,393         $ 23,984  
Mexico     3,054           2,063  
Sub-total     24,447 <
/TD>           26,047  
Turkey     1,040           1,898  
Total   $ 25,487       
  $ 27,945  
                     
Total Assets:                    
Chicken and Other Products:                    
United States   $ 1,856,709         $ 1,623,425  
Mexico     276,685           307,012  
Sub-total     2,133,394           1,930,437  
Turkey     126,077           203,792  
Total   $ 2,259,471         $ 2,134,229  
                     
Capital Expenditures:                  
 
Chicken and Other Products:                    
United States   $ 19,655      <
/TD>   $ 16,292  
Mexico   $ 2,773         $ 1,961  
Sub-total     22,428           18,253  
Turkey   $ 1,377         $ 1,669  
Total   $ 23,805         $ 19,922  
                     

(a) Includes $8.2 million and $63.9 million in restructuring and related charges for the three months ended October 2, 2004 and July 3, 2004.  
   
(b) Includes amortization of capitalized financing costs of approximately     535     409  

      10/2/2004      7/3/2004  
(c) Includes amortization of capitalized financing costs of approximately     535   &n
bsp; 409  
 

Pilgrim's Pride Corporation  
Sales Segments  
for fiscal years ended:  
   
 
Since the Acquisition of WLR Foods on January 27, 2001, we operate in two reportable business segments as (1) a producer of chicken and other products and (2) a producer of turkey products.  
   
   
   
Our chicken and other products segment includes sales of chicken and sales of other products we produce and purchase for resale in the United States and Mexico. Our chicken and other products segment conducts separate operations in the United States and Mexico and is reported as two seprarate geographical areas. Our turkey segment includes sales of turkey products produced in our turkey operation recently acquired from WLR Foods, whose operations are exclusively in the United States.  
Inter-area sales and inter-segment sales, which are not material, are accounted for at prices comparable to normal trade customer sales. Fixed assets by segment
 and geographic area are those assets which are used in our operations in each segment or area. Corporate assets are included with chicken and other products. You should read this financial data in conjunction with the appropriate period financial statements and the related notes and "Management's Discussion and Analysis of Results of Operations and Financial Condition" included in our SEC filings.  
 

      10/2/2004    
      (a)(b)   
         
Net 
Sales to Customers:        
Chicken and Other Products:        
United States   $ 4,691,649  
Mexico     385,674  
Sub-total     5,077,323  
Turkey     286,400  
Total   $ 5,363,723  
         
Operating Income:        
Chicken and Other Products:      
United States   $ 384,700  
Mexico     (3,586 )
Sub-total     381,114  <
/TD>
Turkey     (144,321 )
Non-recurring recoveries     23,815  
Total   $ 260,608  
         
Depreciation and Amortization: (c)        
Chicken and Other Products:        
United States   $ 94,540  
Mexico     12,361  
Sub-total &nbs
p;   106,901  
Turkey     6,887  
Total   $ 113,788  
         
Total Assets:        
Chicken and Other Products:        
United States   $ 1,856,709  
Mexico     276,685  
Sub-total     2,133,394  
Turkey     126,077  
Total   $ 2,259,471  
         
Capital Expenditures:        
C
hicken and Other Products:        
United States   $ 62,828  
Mexico     8,663  
Sub-total     71,491  
Turkey     8,151  
Total   $ 79,642  
         

(a) The acquisition of the Conagra Chicken Division 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 November 23, 2003, the acquisition date.  
   
(b) Fiscal years 2004 and 1999 had 53 weeks.  

(c) Includes amortization of capitalized financing costs of approximately   $ 1,951

		10/02/04			07/03/04				04/03/04			01/03/04
											( a ) ( c )
Income Statement Data:
Net sales	$	1,486,454		$	1,447,995			$	1,384,908		$	1,044,366
Non-recurring recoveries		(23,815	)		-				(68	)		(8	)
Turkey restructuring and related costs		8,178			63,905
Gross margin		213,310			159,226				112,991			77,039
Selling, general and administrative expenses		73,960			69,907	&nbs p;			51,472			46,231
Operating income (loss)		131,172			37,117		( b )		61,518			30,808
Interest expense, net		11,471			14,690				13,524			12,444
Miscellaneous, net		3,102			350				1,449			(321	)
Income (loss) before income taxes and extraordinary charge		116,599			22,077				46,545			18,607
Income tax expense (benefit)		44,269			12,263				13,594			8,321
Income (loss) before extraordinary charge		72,330			9,814				32,951			10,286
Extraordinary charge - net of tax		-			-				-			-
Net income (loss)	$	72,330		$	9,814			$	32,951		$	10,286

Per Common Share Data: (e)
Income (loss) before extraordin ary charge	$	1.09		$	0.15			$	0.50		$	0.20
Extraordinary charge - early repayment of debt		-			-				-			-
Net Income (loss)	$	1.09		$	0. 15			$	0.50		$	0.20
Cash dividends	$	0.002		$	0.015			$	0.015		$	0.015
Book value	$	13.82		$	12.77			$	12.62		$	12.10

Balance Sheet Summary:
Working capital	$	397,285		$	333,403			$	325,602		$	361,346
Total assets	$	2,259,471		$	2,134,229			$	2,148,048		$	2,197,302
Notes payable and current maturities of long-term debt	$	8,428		$	8,175			$	12,331		$	11,413
Long-term debt, less current maturities	$	535,866		$	591,297			$	643,298		$	714,325
Total debt	$	544,294		$	599,472			$	655,629		$	725,738
Senior secured debt (included in Total Debt)	$	244,294		$	299,472			$	255,629		$	425,738
Total stockholders' equity	$	919,996		$	849,862			$	840,193		$	808,444

Cash Flow Summary:
Operating cash flow	$	63,843		$	66,178			$	41,063		$	118,797
Depreciation & amortization (d)	$	25,487		$	27,936			$	33,087		$	25,911
Capital expenditures	$	23,805		$	19,922			$	19,429		$	(20,552	)
Business acquisitions	$	(14,142	)	$	538			$	1,343		$	(302,712	)
Financing activities, net	$	(56,172	)	$	(57,155	)		$	(71,381	)	$	(285,180	)

Cashflo w Ratios:
EBITDA (e)	$	153,022	&nb sp;	$	64,294			$	92,668		$	56,443
EBITDA (last four qtrs.)	$	366,427		$	258,997			$	247,934		$	200,775

Key Indicators (as a percentage of net sales):
Gross margin		14.4	%		11.0	%			8.2	%		7.4	%
Selling, general and administrative expenses		5.0	%		4.8	%			3.7	%		4.4	%
Operating income (loss)		8.8	%		2.6	%			4.4	%		2.9	%
Interest expense, net		0.8	%		1.0	%			1.0	%		1.2	%
Net income (loss)		4.9	%		0.7	%			2.4	%		1.0	%

Net Income	$	72,330	$	9,814	$	32,951	$	10,286
Add:				& nbsp;
Extraordinary charge-net of tax		-		-		-		-
Income Tax Expense (benefit)		44,269		12,263		13,594		8,321
Interest expense, net		11,471		14,690		13,524		12,444
Depreciation and amortization		25,487		27,936		33,087		25,911
Minus:
Amortization of capitalized financing costs		535		409		488		519
EBITDA	$	153,022	$	64,294	$	92,668	$	56,443

		2004 (a)
Income Statement Data:
Net sales	$	5,363,723
Non-recurring recoveries		(23,891	)
Turkey restructuring and related charges		72,083
Gross margin		574,261
Selling, general and administrative expenses		241,570
Operating income (loss)		260,608
Interest expense, net		52,129
Miscellaneous, net		4,651
Income (loss) before income taxes and extraordinary charge		203,828
Income tax expense (benefit)		78,448
Income (loss) before extraordinary charge		125,380
Extraordinary charge - net of tax		-
Net income (loss)	$	125,380

Per Common Share Data:
Income (loss) before extraordinary charge	$	2.00
Extraordinary charge - early repayment of debt	$	-
Net Income (loss)	$	2.00
Cash dividends	$	0.060
Book value	$	13.82

Balance Sheet Summary:
Working capital	$	397,285
Total assets	$	2,259,471
Notes payable and current maturities of long-term debt	$	8,428
Long-term debt, less current maturities	$	535,866
Total debt	$	244,294
Senior secured debt (included in Total Debt)	$	244,294
Total stockholders' equity	$	919,996

Cash Flow Summary:
Operating cash flow	$	290,866
Depreciation & amortization (b)	$	113,788
Capital expenditures	$	79,642
Business acqu isitions	$	290,450
Financing activities, net	$	96,665

Cashflow Ratios:
EBITDA (c)	$	369,745
EBITDA /interest expense, net		7.09

Key Indicators (as a percentage of net sales):
Gross margin		10.7	%
Selling, general and administrative expenses		5.8	%
Operating income (loss)		4.9	%
Interest expense, net		1.0	%
Net income (loss)		2.3	%


(a) Fiscal 2004 had 53 weeks.

Pilgrim's Pride Corporation
Sales Segments
for Quarters Ended:


Since the Acquisition of WLR Foods on January 27, 2001, we operate in two reportable business segments as (1) a producer of chicken and other products and (2) a producer of turkey p roducts.

Our chicken and other products segment includes sales of chicken and sales of other products we produce and purchase for resale in the United States and Mexico. Our chicken and other products segment conducts separate operations in the United States and Mexico and is reported as two seprarate geographical areas. Our turkey segment includes sales of turkey products produced in our turkey operation recently acquired from WLR Foods, whose operations are exclusively in the United States.
Inter-area sales and i nter-segment sales, which are not material, are accounted for at prices comparable to normal trade customer sales. Fixed assets by segment and geographic area are those assets which are used in our operations in each segment or area. Corporate assets are included with chicken and other products. You should read this financial data in conjunction with the appropriate period financial statements and the related notes and "Management's Discussion and Analysis of Results of Operations and Financial Condition" included in our SEC filings.

	&nb sp;		10/02/2004					7/3/2004
Net Sales to Customers:			(In thousands	)				(In thousands	)
Chicken and Other Products:
United States		$	1,314,473				$	1,284,740
Mexico			99,301					96,969
Sub-total			1,413,774					1,381,709
Turkey			72,680					66,286
Total		$	1,486,454				$	1,447,995

Operating Income:							< /TD>
Chicken and Other Products:
United States		$	145,901		< /TD>		$	109,952
Mexico		< /TD>	555					(1,692	)< /DIV>
Sub-total			146,456					108,260
Turkey (a)			(39,099	)				(71,143	)
Non-recurring recoveries			23,815					-
Total		$	131,172				$	37,117

Depreciation and Amortization: (b)
Chicken and Other Products:
United States		$	21,393				$	23,984
Mexico			3,054					2,063
Sub-total			24,447 < /TD>					26,047
Turkey			1,040					1,898
Total		$	25,487				$	27,945

Total Assets:
Chicken and Other Products:
United States		$	1,856,709				$	1,623,425
Mexico			276,685					307,012
Sub-total			2,133,394					1,930,437
Turkey			126,077					203,792
Total		$	2,259,471				$	2,134,229

Capital Expenditures:
Chicken and Other Products:
United States		$	19,655			< /TD>	$	16,292
Mexico		$	2,773				$	1,961
Sub-total			22,428					18,253
Turkey		$	1,377				$	1,669
Total		$	23,805				$	19,922

(a) Includes $8.2 million and $63.9 million in restructuring and related charges for the three months ended October 2, 2004 and July 3, 2004.

			10/2/2004			7/3/2004
(c) Includes amortization of capitalized financing costs of approximately			535		&n bsp;	409

Pilgrim's Pride Corporation
Sales Segments
for fiscal years ended:


Since the Acquisition of WLR Foods on January 27, 2001, we operate in two reportable business segments as (1) a producer of chicken and other products and (2) a producer of turkey products.



Our chicken and other products segment includes sales of chicken and sales of other products we produce and purchase for resale in the United States and Mexico. Our chicken and other products segment conducts separate operations in the United States and Mexico and is reported as two seprarate geographical areas. Our turkey segment includes sales of turkey products produced in our turkey operation recently acquired from WLR Foods, whose operations are exclusively in the United States.
Inter-area sales and inter-segment sales, which are not material, are accounted for at prices comparable to normal trade customer sales. Fixed assets by segment and geographic area are those assets which are used in our operations in each segment or area. Corporate assets are included with chicken and other products. You should read this financial data in conjunction with the appropriate period financial statements and the related notes and "Management's Discussion and Analysis of Results of Operations and Financial Condition" included in our SEC filings.

			10/2/2004
			(a)(b)

Net Sales to Customers:
Chicken and Other Products:
United States		$	4,691,649
Mexico			385,674
Sub-total			5,077,323
Turkey			286,400
Total		$	5,363,723

Operating Income:
Chicken and Other Products:
United States		$	384,700
Mexico			(3,586	)
Sub-total			381,114	< /TD>
Turkey			(144,321	)
Non-recurring recoveries			23,815
Total		$	260,608

Depreciation and Amortization: (c)
Chicken and Other Products:
United States		$	94,540
Mexico			12,361
Sub-total	&nbs p;		106,901
Turkey			6,887
Total		$	113,788

Total Assets:
Chicken and Other Products:
United States		$	1,856,709
Mexico			276,685
Sub-total			2,133,394
Turkey			126,077
Total		$	2,259,471

Capital Expenditures:
C hicken and Other Products:
United States		$	62,828
Mexico			8,663
Sub-total			71,491
Turkey			8,151
Total		$	79,642

(a) The acquisition of the Conagra Chicken Division 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 November 23, 2003, the acquisition date.

(b) Fiscal years 2004 and 1999 had 53 weeks.