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): October 24, 2005
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.)
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|
4845
US Hwy. 271 N.
|
|
|
Pittsburg,
Texas
|
75686-0093
|
|
(Address
of Principal Executive Offices)
|
(ZIP
Code)
|
Registrant's
telephone number, including area code: (903)
434-1000
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
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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))
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|
q
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c)
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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 October
24, 2005, Pilgrim's Pride Corporation issued a press release announcing that
it
had raised its previously issued earnings guidance for its fourth 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 October 24, 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:
October 24, 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 October 24, 2005.
PILGRIM’S
PRIDE CORPORATION
INCREASES
FOURTH FISCAL QUARTER EARNINGS GUIDANCE
MID-POINT
OF 4th QUARTER GUIDANCE INCREASED BY 15.3%
ANNOUNCES
FOURTH FISCAL QUARTER’S CONFERENCE CALL FOR NOVEMBER 7, 2005
PITTSBURG,
Texas — October 24, 2005—Pilgrim’s Pride Corporation (NYSE: PPC) today announced
that it is raising its previously issued earnings guidance for its fourth
quarter of fiscal 2005 to a range of $1.07 to $1.12 per share versus the $0.90
to $1.00 per share range previously communicated by the Company, due to better
results in both the Company’s U.S. and Mexico chicken operations than was
previously forecasted. The improved financial results were primarily
attributable to higher than expected sales in the Company’s U.S. chicken
operations and better selling prices in the Company’s Mexico operations on less
volume than originally forecasted.
“We
are
very pleased that our fourth quarter of fiscal 2005 results are coming in ahead
of our prior expectations and demand for our products was strong both
domestically and internationally, stated O.B. Goolsby, Jr., President and Chief
Executive Officer. Additionally, while we sincerely hope that the high
pathogenic avian influenza virus that has plagued Asia for the last few years
is
brought under control quickly, we believe that over the short term this will
keep demand strong in the international markets for high quality meat proteins
being produced in the United States.”
A
conference call to discuss the Company's fourth quarter and full fiscal 2005
financial results will be held at 10:00 a.m. CST (11:00 a.m. EST) on November
7,
2005. To listen live via telephone, call 800-391-2548, verbal pass code
Pilgrim’s Pride or 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=1146228 (Please
copy and past the link into the 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
November 7 through November 14 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 fourth
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:
Ray
Atkinson
Pilgrim's
Pride Corporation
(540)
896-0406