SEC Filing | Pilgrim's Pride Corporation

View:

Download DOC

Download PDF

Download XLS

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): December 1, 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: December 1, 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
Net Sales by Primary Market Line  
for Quarter Ended:  
   
The following table sets forth 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.  
 

      Oct,2   
      2004(a)  
Chicken Sales:        
United States        
Prepared Foods:        
Foodservice   $ 463,163  
Retail   $ 56,560  
Total Prepared Foods   $ 519,723  
         
Fresh Chicken:        
Foodservice   $ 387,124  
Retail   $ 181,765  
Total Fresh Chicken   $ 568,889  
Export and Other        
Prepared Foods   $
8,497  
Chicken-Other   $ 61,357  
Total Export and Other   $ 69,854  
T
otal U.S. Chicken   $ 1,158,466  
         
Mexico:   $ 93,797  
Total Chicken Sales   $ 1,246,263  
         
Total Prepared Foods     528,220  
         
Turkey Sales:        
Prepared Foods:        
Foodservice   $ 18,610  
Retail   $ 10,008  
Total Prepared Foods   $ 
28,618  
         
Fresh Turkey:        
Foodservice   $ 12,061  
Retail   $ 28,298  
Total Fresh Turkey   $ 40,359  
Export and Other        
Prepared Foods   $ 368  
Turkey-Other   $ 3,187  
Total Export and Other   $ 3,555  
         
Total Turkey Sales   $ 72,532  
         
Total Prepared Foods   $ 28,986  
         
Sale of Other Products        
U.S.   $ 156,155  
Mexico   $ 5,504  
Total Other Products   $ 167,659  
Total Net Sales   $ 1,486,454  
 

(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.  
 
       October 2,   
      2004 (a)  
         
Chicken Sales:        
U.S. Chicken Sales:        
Prepared Foods:      
Foodservice     40.0 %
Retail     4.9 %
Total Prepared Foods     44.9 %
         
Fresh Chicken:        
Foodservice     33.4 %
Retail     15.7 %
Total Fresh Chicken     49.1 %
Export and Other        
Prepared Foods     0.7 %
Chicken-Other     5.3 %
Total Export and Other     6.0 %
Total U.S. Chicken     100.0 %
         
         
         
Turkey Sales:        
U.S. Turkey Sales:        
Prepared Foods:        
Foodservice     25.7 %
Retail     13.8 %
Total Prepared Foods     39.5 %
         
Fresh Turkey:       &
nbsp;
Foodservice     16.6 %
Retail  
;   39.0 %
Total Fresh Turkey     55.6 %
Export and Other        
Prepared Foods     0.5 %
Turkey-Other     4.4 %
Total Export and Other     4.9 %
Total U.S. Turkey     100.0 %

(a) The acquisition of the Conagra Chicken Divisi
on 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.

Pilgrim's Pride Corporation
Net Sales by Primary Market Line
for Fiscal Year ended:

The following table sets forth 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.

		Oct 2,
		2004 (a)(b)


Chicken Sales:
United States
Prepared Foods:
Foodservice	$	1,647,904
Retail		213,775
Total Prepared Foods		1,871,679

Fresh Chicken:
Foodservice		1,328,883
Retail		653,798
Total Fresh Chicken		1,982,681

Export and Other
Prepared Foods		34,735
Chicken-Other		212,611
Total Export and Other		247,346
Total U.S. Chicken		4,091,706

Mexico:		362,442
Total Chicken Sales		4,454,148

Total Prepared Foods		1,896,414


Turkey Sales:
Prepared Foods:
Foodservice		80,927
Retail		37,384
Total Prepared Foods		118,311

Fresh Turkey:
Foodservice		39,749
Retail		116,905
Total Fresh Turkey		156,654
Export and Other
Prepared Foods		1,949
Turkey-Other		9,338
Total Export and Other		11,287
Total Turkey Sales		286,252

Total Prepared Foods		120,260

Sales of Other Products
U.S.		600,091
Mexico		23,232
Total Sale of Other Products		623,323
Total Net Sales	$	5,363,723

(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 2004 had 53 weeks.

	Oct 2,
	2004 (a)(b)


U.S. Chicken Sales:
Prepared Foods:
Foodservice	40.3	%
Retail	5.2	%
Total Prepared Foods	45.5	%

Fresh Chicken:
Foodservice	32.5	%
Retail	16.0	%
Total Fresh Chicken	48.5	%

Export and Other
Prepared Foods	0.8	%
Fresh	5.2	%
Total Export and Other	6.0	%
Total U.S. Chicken	100.0	%

Prepared Foods	46.3	%


U.S. Turkey Sales:
Prepared Foods:
Foodservice	28.2	%
Retail	13.1	%
Total Prepared Foods	41.3	%

Fresh Turkey:
Foodservice	13.9	%
Retail	40.8	%
Total Fresh Turkey	54.7	%
Export and Other
Prepared Foods	0.7	%
Fresh	3.3	%
Total Export and Other	4.0	%
Total U.S. Turkey	100.0	%

Prepared Foods	42.0	%

(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 2004 had 53 weeks.

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.


		10/02/04			7/3/2004			4/3/2004			1/3/2004 (a)(c)

United States
Chicken Operations:
U.S. Chicken Sales (000's)	$	1,158,466		$	1,121,073		$	1,068,201		$	743,966
U.S. Chicken Sales divided by U.S.Chicken Net Pounds Produced	$	0.8168		$	0.8421		$	0.8257		$	0.7905

U.S. Chicken Net Pounds Produced (000's)		1,418,228			1,331,322			1,293,636			941,181

Other Operations:
Other Sales (000's)		156,155			163,666			166,805			113,465

U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales (000's)		1,314,621			1,284,739			1,235,006			857,431

U.S. Chicken & Other Operating Income (000's)		150,755			116,930			69,787			52,006
U.S. Chicken & Other Operating Income as a percent of U.S. Chicken & Other Sales		11.47	%		9.10	%		5.65	%		6.07	%


Turkey

U.S. Turkey Sales (000's)		72,532			66,286			54,110			93,324
U.S. Turkey Sales divided by U.S. Turkey Net Pounds Produced	$	0.9524		$	0.7293		$	0.5853		$	0.8998

U.S. Turkey Operating Income (000's) (b)		(15,432	)		(78,121	)		(11,341	)		(15,760	)
U.S. Turkey Operating Income as a percent of U.S. Turkey Sales		-21.28	%		-117.85	%		-20.96	%		-16.89	%

U.S. Turkey Net Pounds Produced (000's)		76,158			90,889			92,456			103,718

U.S. Summary

U.S. Sales (000's)		1,387,153			1,351,025			1,289,116			950,755
U.S. Cost of Sales (000's)		1,204,413			1,184,706			1,184,678			874,716
U.S. Gross Margin (000's)		182,740			166,319			104,438			76,039
U.S. Gross Margin as a percent of U.S. Sales		13.17	%		12.31	%		8.10	%		8.00	%

U.S. Selling, General and Administrative Expenses (000's)		63,054			63,605			45,992			37,793
U.S. Selling, General and Administrative Expenses as a percent of U.S Sales		4.55	%		4.71	%		3.57	%		3.98	%

Restructuring and Related Charges - Turkey		8,178			63,905
Insurance Proceeds - Turkey		23,815

U.S. Operating Income (000's) (b)		135,323			38,809			58,446			38,246
U.S. Operating Income as a percent of U.S. Sales		9.76	%		2.87	%		4.53	%		4.02	%

Mexico
Chicken Operations:
Mexico Chicken Sales (000's)		93,797			90,718			88,957			88,970
Mexico Chicken Sales divided by Mexico Chicken Net Pounds Produced	$	0.5772		$	0.5851		$	0.5760		$	0.5057

Mexico Other Operations:
Mexico Other Sales (000's)		5,504			6,251			6,835			4,642

Mexico Chicken and Other Operating Income (000's)		555			(1,692	)		2,997			(5,446	)
Mexico Operating Income as a percent of Mexico Sales		0.56	%		-1.74	%		3.13	%		-5.82	%

Mexico Net Pounds Produced (000's)		162,490			155,038			154,432			175,922

Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's)		1,252,263			1,211,791			1,157,158			832,936
Chicken Sales from all divisions divided by Chicken Net Pounds Produced from all Divisions	$	0.7922		$	0.8153		$	0.7991		$	0.7456

Chicken Net Pounds Produced from all Divisions (000's)		1,580,718			1,486,360			1,448,068			1,117,103

Other Operations:
Other Sales (000's)		161,659			169,917			173,640			118,107

Totals All Operations:
Total Net Sales (000's)		1,486,454			1,447,994			1,384,908			1,044,367
Total Cost of Sales (000's)		1,296,959			1,277,066			1,271,992			967,336
Gross Margin from all operations (000's)		189,495			170,928			112,916			77,031
Gross Margin from all operations as a percent of Total Net Sales		12.75	%		11.80	%		8.15	%		7.38	%

Total Selling, General and Administrative Expenses (000's)		69,254			69,906			51,473			46,231
Total Selling, General and Administrative Expenses as a percent of Total Net Sales		4.66	%		4.83	%		3.72	%		4.43	%

Restructuring and Related Charges - Turkey		8,178			63,905
Insurance Proceeds - Turkey		23,815

Operating Income from all operations (000's) (b)		135,878			37,117			61,443			30,800
Operating Income from all operations as a percent of Total Net Sales		9.14	%		2.56	%		4.44	%		2.95	%

Avian Influenza Reimbursement (000's)		-			-			-
Vitamin Settlements (000's)		-			-			68			8
Total Adjustments (000'S)		-			-			68			8

Consolidated Adjusted Chicken and Turkey Operating Income (000's)		135,878			37,117			61,511			30,808
Consolidated Adjusted Chicken and Turkey Income as a percent of Total Net Sales		9.14	%		2.56	%		4.44	%		2.95	%

(b) Includes Turkey Restructuring and Related Charges of $8.2 million and $63.9 million.in quarters ended 10/2/2004 and 7/3/2004.

Pilgrim's Pride Corporation
Statistical Management Discussion and Analysis
for fiscal year 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".


		10/2/2004 (a)(c)

United States
Chicken Operations:
U.S. Chicken Sales		4,091,706
U.S. Chicken Sales divided by U.S.Chicken Net Pounds Produced	$	0.8209

U.S. Chicken Net Pounds Produced (000's)		4,984,368

Other Operations:
Other Sales		600,091

U.S. Chicken Sales & Other Sales Totals:
U.S. Chicken Sales & Other Sales		4,691,797

U.S. Chicken & Other Operating Income		389,478
Operating Income as a percent of U.S. Chicken Sales		8.30	%


Turkey

U.S. Turkey Sales		286,252
U.S. Turkey Sales divided by U.S. Turkey Net Pounds Produced	$	0.7881

U.S. Turkey Operating Income (b)		(120,654	)
U.S. Turkey Operating Income as a percent of U.S. Turkey Sales		-42.15	%


U.S. Turkey Net Pounds Produced		363,221

U.S. Summary

U.S. Sales		4,978,049
U.S. Cost of Sales		4,448,513
U.S. Gross Margin		529,536
U.S. Gross Margin as a percent of U.S. Sales		10.64	%

U.S. Selling, General and Administrative Expenses		212,444
U.S. Selling, General and Administrative Expenses as a percent of U.S Sales		4.27	%

U.S. Operating Income (b)		268,824
U.S. Operating Income as a percent of U.S. Sales		5.40	%

Mexico
Chicken Operations:
Mexico Chicken Sales		362,442
Mexico Chicken Sales divided by Mexico Chicken Net Pounds Produced	$	0.5594

Mexico Other Operations:
Mexico Other Sales		23,232

Mexico Chicken Operating Income		(3,586	)
Mexico Operating Income as a percent of Mexico Sales		-0.93	%


Mexico Net Pounds Produced		647,882

Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions		4,454,148
Chicken Sales from all divisions divided by Chicken Net Pounds Produced from all Divisions	$	0.7908

Chicken Net Pounds Produced from all Divisions		5,632,250

Other Operations:
Other Sales		623,323

Totals All Operations:
Total Net Sales		5,363,723
Total Cost of Sales		4,813,353
Gross Margin from all operations		550,370
Gross Margin from all operations as a percent of Total Net Sales		10.26	%

Total Selling, General and Administrative Expenses		236,864
Total Selling, General and Administrative Expenses as a percent of Total Net Sales		4.42	%

Restructuring and related costs - Turkey		72,083
Insurance Proceeds - Turkey		23,815

Operating Income from all operations (b)		265,238
Operating Income from all operations as a percent of Total Net Sales		4.95	%

Avian Influenza Reimbursement (000's)
Vitamin Settlements (000's)		76
Total Adjustments (000'S)		76

Consolidated Adjusted Chicken and Turkey Operating Income (000's)		265,314
Consolidated Adjusted Chicken and Turkey Income as a percent of Total Net Sales		4.95	%

(b) Includes Turkey Restructuring and Related Charges of $72.1 million in fiscal year ended 10/2/2004.

Pilgrim's Pride Corporation Selected Financial Data for quarter 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.


		10/02/04

Income Statement Data:
Net sales	$	1,486,454
Non-recurring recoveries		(23,815	)
Turkey restructuring and related costs		8,178
Gross margin		205,132
Selling, general and administrative expenses		69,254
Operating income (loss) (a)		135,878
Interest expense, net		11,471
Miscellaneous, net		3,101
Income (loss) before income taxes and extraordinary charge		121,306
Income tax expense (benefit)		46,016
Income (loss) before extraordinary charge		75,290
Extraordinary charge - net of tax		-
Net income (loss)	$	75,290

Per Common Share Data: (b)
Income (loss) before extraordinary charge	$	1.13
Extraordinary charge - early repayment of debt		-
Net Income (loss)	$	1.13
Cash dividends	$	0.015
Book value	$	13.87

Balance Sheet Summary:
Working capital	$	383,726
Total assets	$	2,245,989
Notes payable and current maturities of long-term debt	$	8,428
Long-term debt, less current maturities	$	535,866
Total debt	$	544,294
Senior secured debt (included in Total Debt)	$	-
Total stockholders' equity	$	922,956

Cash Flow Summary:
Operating cash flow	$	45,381
Depreciation & amortization (c)	$	26,854
Capital expenditures	$	23,805
Business acquisitions	$	28,734
Financing activities, net	$	(56,172	)

Cashflow Ratios:
EBITDA (d)	$	159,096
EBITDA (last four qtrs.)	$	372,501

Key Indicators (as a percentage of net sales):
Gross margin		13.8	%
Selling, general and administrative expenses		4.7	%
Operating income (loss)		9.1	%
Interest expense, net		0.8	%
Net income (loss)		5.1	%


(a) Includes Turkey restructuring-related charges of $8.2 million.

(b) Per share amounts represent both basic and diluted.

(c) Includes amortization of capitalized financing costs of approximately	$	535

(d) 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	$	75,290
Add:
Extraordinary charge-net of tax		-
Income Tax Expense (benefit)		46,016
Interest expense, net		11,471
Depreciation and amortization		26,854
Minus:
Amortization of capitalized financing costs		535
EBITDA	$	159,096

Pilgrim's Pride Corporation
Selected Financial Data
for fiscal year 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.


		2004 (a)(b)

Income Statement Data:
Net sales	$	5,363,723
Non-recurring recoveries		(23,891	)
Turkey restructuring and related charges		72,083
Gross margin		510,101
Selling, general and administrative expenses		236,864
Operating income (loss)		265,314
Interest expense, net		52,129
Miscellaneous, net		4,650
Income (loss) before income taxes and extraordinary charge		208,535
Income tax expense (benefit)		80,195
Income (loss) before extraordinary charge		128,340
Extraordinary charge - net of tax		-
Net income (loss)	$	128,340

Per Common Share Data: (c)
Income (loss) before extraordinary charge	$	2.05
Extraordinary charge - early repayment of debt	$	-
Net Income (loss)	$	2.05
Cash dividends	$	0.060
Book value	$	13.87

Balance Sheet Summary:
Working capital	$	383,726
Total assets	$	2,245,989
Notes payable and current maturities of long-term debt	$	8,428
Long-term debt, less current maturities	$	535,866
Total debt	$	544,294
Senior secured debt (included in Total Debt)	$	-
Total stockholders' equity	$	922,956

Cash Flow Summary:
Operating cash flow	$	272,404
Depreciation & amortization (d)	$	113,788
Capital expenditures	$	79,642
Business acquisitions	$	272,097
Financing activities, net	$	96,665

Cashflow Ratios:
EBITDA (e)	$	372,501
EBITDA /interest expense, net		7.15

Key Indicators (as a percentage of net sales):
Gross margin		9.5	%
Selling, general and administrative expenses		4.4	%
Operating income (loss)		4.9	%
Interest expense, net		1.0	%
Net income (loss)		2.4	%

(a) The Company acquired the Conagra Chicken Division on November 23, 2003 for $635.2 including the non-cash value of common stock issued of $357.5 million. 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 2004 had 53 weeks.

(c) Historical per share amounts represent both basic and diluted.

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

(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	$	128,340
Add:
Income Tax Expense (benefit)		80,195
Interest expense, net		52,129
Depreciation and amortization		113,788
Minus:
Amortization of capitalized financing costs		1,951
EBITDA	$	372,501

Net Sales by Primary Market Line
for Quarter Ended:

The following table sets forth 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.

		Oct,2
		2004(a)
Chicken Sales:
United States
Prepared Foods:
Foodservice	$	463,163
Retail	$	56,560
Total Prepared Foods	$	519,723

Fresh Chicken:
Foodservice	$	387,124
Retail	$	181,765
Total Fresh Chicken	$	568,889
Export and Other
Prepared Foods	$	8,497
Chicken-Other	$	61,357
Total Export and Other	$	69,854
T otal U.S. Chicken	$	1,158,466

Mexico:	$	93,797
Total Chicken Sales	$	1,246,263

Total Prepared Foods		528,220

Turkey Sales:
Prepared Foods:
Foodservice	$	18,610
Retail	$	10,008
Total Prepared Foods	$	28,618

Fresh Turkey:
Foodservice	$	12,061
Retail	$	28,298
Total Fresh Turkey	$	40,359
Export and Other
Prepared Foods	$	368
Turkey-Other	$	3,187
Total Export and Other	$	3,555

Total Turkey Sales	$	72,532

Total Prepared Foods	$	28,986

Sale of Other Products
U.S.	$	156,155
Mexico	$	5,504
Total Other Products	$	167,659
Total Net Sales	$	1,486,454

		October 2,
		2004 (a)

Chicken Sales:
U.S. Chicken Sales:
Prepared Foods:
Foodservice		40.0	%
Retail		4.9	%
Total Prepared Foods		44.9	%

Fresh Chicken:
Foodservice		33.4	%
Retail		15.7	%
Total Fresh Chicken		49.1	%
Export and Other
Prepared Foods		0.7	%
Chicken-Other		5.3	%
Total Export and Other		6.0	%
Total U.S. Chicken		100.0	%



Turkey Sales:
U.S. Turkey Sales:
Prepared Foods:
Foodservice		25.7	%
Retail		13.8	%
Total Prepared Foods		39.5	%

Fresh Turkey:			& nbsp;
Foodservice		16.6	%
Retail	;	39.0	%
Total Fresh Turkey		55.6	%
Export and Other
Prepared Foods		0.5	%
Turkey-Other		4.4	%
Total Export and Other		4.9	%
Total U.S. Turkey		100.0	%