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): April 11, 2005
PILGRIM'S
PRIDE CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware |
1-9273 |
75-1285071 |
|
(State
or Other Jurisdiction |
(Commission File
Number) |
(IRS
Employer |
|
of Incorporation) |
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 2.02. Results of Operations
and Financial Condition
The information in
this Item 2.02 and the Exhibit 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
April 11, 2005, Pilgrim's Pride Corporation issued a press release announcing
that it had raised its previously issued earnings guidance for its second
quarter of fiscal 2005.
The press release is
furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01. Financial Statements
and Exhibits
(c) Exhibits
Exhibit
Number
Description
99.1 Press Release dated
April 11, 2005.
Signatures
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
PILGRIM'S
PRIDE CORPORATION
Date: April 11, 2005 By: /s/ Richard A.
Cogdill
Richard A. Cogdill
Executive
Vice President,
Chief Financial
Officer,
Secretary and
Treasurer
Exhibit Index
Exhibit
Number Description
99.1 Press Release dated
April 11, 2005
PILGRIM’S
PRIDE CORPORATION
INCREASES
SECOND FISCAL QUARTER EARNINGS GUIDANCE
ANNOUNCES
SECOND FISCAL QUARTER’S CONFERENCE CALL FOR APRIL 25, 2005
PITTSBURG,
Texas — April 11, 2005—Pilgrim’s Pride Corporation (NYSE: PPC) today announced
that it is raising its previously issued earnings guidance for its second
quarter of fiscal 2005 to a range of $0.71 to $0.76 per share versus the $0.52
to $0.62 per share range previously communicated by the Company, due primarily
to better results in the Company’s Mexico operations than previously forecasted.
This updated forecast excludes a nonrecurring gain of up to $0.10 per share
associated with a litigation settlement reached in late March 2005 which may be
recognized during the second quarter once the Company’s accounting and legal
evaluation is completed.
A
conference call to discuss the Company's second quarter of fiscal 2005 financial
results and guidance for the remainder of fiscal 2005 will be held at 10:00 a.m.
CST (11:00 a.m. EST) on April 25, 2005. To listen live via telephone, call
800-391-2548, verbal pass code VG495227. The call will also be webcast live on
the Internet at http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=68228&eventID=1051215.
(Note: Due to length URL may not hyperlink. Please copy and paste into
your browser.)
The
webcast 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. CST on April
25 through May 2 at 800-355-2355 pass code 495227#.
Pilgrim's
Pride Corporation is the second-largest poultry producer in the United States
and Mexico and the largest chicken producer in Puerto Rico. Pilgrim's Pride
employs more than 40,000 people and has major operations in Texas, Alabama,
Arkansas, Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania, Tennessee,
Virginia, West Virginia, Mexico and Puerto Rico, with other facilities in
Arizona, California, Iowa, Mississippi, Utah and Wisconsin.
Pilgrim's
Pride products are sold to foodservice, retail and frozen entree customers. The
Company's primary distribution is through retailers, foodservice distributors
and restaurants throughout the United States and Puerto Rico and in the Northern
and Central regions of Mexico.
For more
information, please visit www.pilgrimspride.com
Forward-Looking
Statements:
Statements
contained in this press release that state the intentions, hopes, beliefs,
anticipations, expectations or predictions of the future of Pilgrim's Pride
Corporation and its management, including the earnings guidance for the second
quarter of fiscal 2005, are forward-looking statements. It is important to note
that the actual results could differ materially from those projected in such
forward-looking statements. 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; additional outbreaks
of avian influenza or other diseases 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 leverage; restrictions imposed by and as
a result of, our leverage; currency exchange rate fluctuations, trade barriers,
exchange controls, expropriation and other risks associated with foreign
operations; changes in laws or regulations affecting our operations or the
application thereof as well as competitive factors and pricing pressures; risks
associated with the acquisition of ConAgra Foods' chicken division including
possible unknown liabilities assumed in connection with the acquisition and loss
of customers of the acquired business; inability to recognize the anticipated
cost savings and anticipated benefits in connection with our turkey division
restructuring; 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. Pilgrim's Pride
Corporation undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information, future
events or otherwise.
###
For
further information contact:
Sondra
Fowler
Pilgrim's
Pride Corporation
(903)
855-4195