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): May 2, 2006

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.)

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	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: May 2, 2006



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

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.

		April 1,		April 2,
		2006		2005
(in thousands)
Chicken Sales:
United States
Prepared Foods:
Foodservice	$	381,498	$	415,015
Retail	$	72,607	$	68,028
Total Prepared Foods	$	454,105	$	483,043

Fresh Chicken:
Foodservice	$	339,294	$	375,164
Retail	$	118,227	$	149,076
Total Fresh Chicken	$	457,521	$	524,241
Export and Other
Export:
Prepared Foods	$	15,601	$	15,149
Chicken	$	53,525	$	63,054
Total Export (b)	$	69,126	$	78,204
Other Chicken By Products	$	4,456	$	5,295
Total Export and Other	$	73,581	$	83,499
Total U.S. Chicken	$	985,207	$	1,090,782

Mexico:	$	104,031	$	90,889
Total Chicken Sales	$	1,089,238	$	1,181,671

Total Prepared Foods		469,706		498,192

Turkey Sales:
Prepared Foods:
Foodservice	$	6,330	$	17,529
Retail	$	4,500	$	8,166
Total Prepared Foods	$	10,830	$	25,695

Fresh Turkey:
Foodservice	$	969	$	3,897
Retail	$	4,857	$	6,988
Total Fresh Turkey	$	5,826	$	10,885
Export and Other
Export:
Prepared Foods	$	93	$	281
Turkey	$	208	$	466
Total Export (b)	$	301	$	747
Other Turkey By Products	$	158	$	1
Total Export and Other	$	459	$	748
Total Turkey Sales	$	17,115	$	37,328

Total Prepared Foods	$	10,923	$	25,976

Sale of Other Products
U.S.	$	154,083	$	148,138
Mexico	$	5,272	$	8,184
Total Other Products	$	159,355	$	156,323
Total Net Sales	$	1,265,709	$	1,375,321

	April 1,		April 2,
	2006		2005

Chicken Sales:
U.S. Chicken Sales:
Prepared Foods:
Foodservice	38.7	%	38.0	%
Retail	7.4	%	6.2	%
Total Prepared Foods	46.1	%	44.3	%

Fresh Chicken:
Foodservice	34.4	%	34.4	%
Retail	12.0	%	13.7	%
Total Fresh Chicken	46.4	%	48.1	%
Export and Other
Export:
Prepared Foods	1.6	%	1.4	%
Chicken	5.4	%	5.8	%
Total Export (b)	7.0	%	7.2	%
Other Chicken By Products	0.5	%	0.5	%
Export and Other	7.5	%	7.7	%
Total U.S. Chicken	100.0	%	100.0	%



Turkey Sales:
U.S. Turkey Sales:
Prepared Foods:
Foodservice	37.0	%	47.0	%
Retail	26.3	%	21.9	%
Total Prepared Foods	63.3	%	68.8	%

Fresh Turkey:
Foodservice	5.7	%	10.4	%
Retail	28.4	%	18.7	%
Total Fresh Turkey	34.0	%	29.2	%
Export and Other
Export:
Prepared Foods	0.5	%	0.8	%
Turkey	1.2	%	1.2	%
Total Export (b)	1.8	%	2.0	%
Other Turkey By Products	0.9	%	0.0	%
Export and Other	2.7	%	2.0	%
Total U.S. Turkey	100.0	%	100.0	%

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.

		April 1, 2006			April 2, 2005
(in thousands)
Income Statement Data:
Net sales	$	1,265,709		$	1,375,321
Non-recurring recoveries		-			-
Turkey restructuring and related costs
Gross margin		37,201			164,056
Selling, general and administrative expenses		75,137			75,101
Operating income (loss)		(37,936	)		88,955
Interest expense, net		10,057			9,318
Miscellaneous, net		(892	)		(10,732	)
Income (loss) before income taxes and extraordinary charge		(47,101	)		90,593
Income tax expense (benefit)		(15,147	)		34,204
Income (loss) before extraordinary charge		(31,954	)		56,389
Extraordinary charge - net of tax		-			-
Net income (loss)	$	(31,954	)	$	56,389

Per Common Share Data: (b)
Income (loss) before extraordinary charge	$	(0.48	)	$	0.85
Extraordinary charge - early repayment of debt		-			-
Net Income (loss)	$	(0.48	)	$	0.85
Cash dividends	$	0.023		$	0.015
Book value	$	17.17		$	15.35

Balance Sheet Summary:
Working capital	$	402,201		$	492,251
Total assets	$	2,392,463		$	2,269,536
Notes payable and current maturities of long-term debt	$	8,211		$	8,501
Long-term debt, less current maturities	$	486,903		$	523,404
Total debt	$	495,114		$	531,905
Senior secured debt (included in Total Debt)	$	-		$	-
Total stockholders' equity	$	1,147,355		$	1,026,116

Cash Flow Summary:
Operating cash flow	$	(54,103	)	$	5,379
Depreciation & amortization (c)	$	34,744		$	33,777
Capital expenditures	$	30,654		$	27,994
Business acquisitions	$	-		$	-
Financing activities, net	$	(90,112	)	$	(3,150	)

Cashflow Ratios:
EBITDA (d)	$	(3,276	)	$	133,108
EBITDA (last four qtrs.)	$	330,514		$	477,987

Key Indicators (as a percentage of net sales):
Gross margin		2.9	%		11.9	%
Selling, general and administrative expenses		5.9	%		5.5	%
Opertaing income (loss)		-3.0	%		6.5	%
Interest expense, net		0.8	%		0.7	%
Net income (loss)		-2.5	%		4.1	%

(a) Includes amortization of capitalized financing costs of approximately

976

580

(b) “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	$	(31,954	)	$	56,389
Add:
Extraordinary charge-net of tax		-			-
Income Tax Expense (benefit)		(15,147	)		34,204
Interest expense, net		10,057			9,318
Depreciation and amortization		34,744			33,777
Minus:
Amortization of capitalized financing costs		976			580
EBITDA		($3,276	)	$	133,108

Pilgrim's Pride Corporation
Sales Segments
for Quarters Ended:



Our chicken segment and our sales of other product segment include sales of products that we produce and purchase for resale in the United States and Mexico. Both of these segments conduct separate operations in the United States and Mexico and are reported as two seprarate geographical areas. Our turkey segment includes sales of turkey products produced and purchased for resale. Our turkey 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.

(in thousands)		April 1, 2006			April 2, 2005
Net Sales to Customers:
Chicken:
United States	$	985,208		$	1,090,782
Mexico		104,031			90,888
Sub-total		1,089,239			1,181,670
Turkey		17,115			37,328
Other Products:
United States		154,083			148,139
Mexico		5,272			8,184
Sub-total		159,355			156,323
Total	$	1,265,709		$	1,375,321

Operating Income:
Chicken:
United States	$	(37,716	)	$	82,076
Mexico		1,844			8,892
Sub-total		(35,872	)		90,968
Turkey		(6,716	)		(5,484	)
Other Products:
United States		4,314			1,520
Mexico		338			1,951
Sub-total		4,652			3,471
Non-recurring recoveries		-			-
Total	$	(37,936	)	$	88,955

Depreciation and Amortization: (b)
Chicken:
United States	$	28,717		$	28,496
Mexico		3,125			3,015
Sub-total		31,842			31,511
Turkey		772			776
Other Products:
United States		2,090			1,443
Mexico		40			47
Sub-total		2,130			1,490
Total	$	34,744		$	33,777

Total Assets:
Chicken:
United States	$	1,926,813		$	1,838,535
Mexico		289,352			243,980
Sub-total		2,216,165			2,082,515
Turkey		77,850			93,860
Other Products:
United States		96,576			90,832
Mexico		1,872			2,329
Sub-total		98,448			93,161
Total	$	2,392,463		$	2,269,536

Capital Expenditures:
Chicken:
United States	$	28,425		$	25,825
Mexico	$	966		$	1,089
Sub-total		29,391			26,914
Turkey	$	50		$	273
Other Products:
United States		1,183			771
Mexico		29			36
Sub-total		1,212			807
Total	$	30,653		$	27,994

(b) Includes amortization of capitalized financing costs of approximately

976

580

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.

(in thousands)		April 1, 2006			April 2, 2005
U.S. Chicken

U.S. Chicken Sales (000's)	$	985,208		$	1,090,782
U.S. Chicken Sales divided by U.S.Chicken Net Pounds Produced	$	0.6991		$	0.8242
U.S. Chicken Sales divided by U.S.Chicken Pounds Sold	$	0.8052		$	0.8545

U.S. Chicken Net Pounds Produced (000's)		1,409,153			1,323,387
U.S. Chicken Pounds Sold (000's)		1,223,491			1,276,456

U.S. Chicken Operating Income (000's) (d)		(37,716	)		82,076
U.S. Chicken Operating Income as a percent of U.S. Chicken Sales		-3.83	%		7.52	%

Turkey

U.S. Turkey Sales (000's)		17,115			37,328
U.S. Turkey Sales divided by U.S. Turkey Net Pounds Produced	$	0.4673		$	1.0938
U.S. Turkey Sales divided by U.S. Turkey Pounds Sold	$	1.0784		$	1.1362

U.S. Turkey Operating Income (000's)		(6,716	)		(5,484	)
U.S. Turkey Operating Income as a percent of U.S. Turkey Sales		-39.24	%		-14.69	%

U.S. Turkey Net Pounds Produced (000's)		36,628			34,128
U.S. Turkey Pounds Sold (000's)		15,871			32,852


U.S. Other

U.S. Other Sales		154,083			148,139

U.S. Other Operating Income (d)		4,314			1,520
U.S. Distribution and Other Operating Income as a percent of U.S. Distribution Sales		2.8	%		1.0	%

U.S. Summary

U.S. Sales (000's)		1,156,406			1,276,249
U.S. Cost of Sales (000's)		1,126,425			1,133,538
U.S. Gross Margin (000's)		29,981			142,711
U.S. Gross Margin as a percent of U.S. Sales		2.59	%		11.18	%

U.S. Selling, General and Administrative Expenses (000's)		69,393			69,039
U.S. Selling, General and Administrative Expenses as a percent of U.S Sales		6.00	%		5.41	%

Restructuring and Related Charges - Turkey		706			(4,440	)
Insurance Proceeds - Turkey
Vitamin Settlements (000's)

U.S. Operating Income (000's)		(40,118	)		78,112
U.S. Operating Income as a percent of U.S. Sales		-3.47	%		6.12	%

Mexico Chicken

Mexico Chicken Sales (000's)		104,031			90,888
Mexico Chicken Sales divided by Mexico Chicken Net Pounds Produced	$	0.6304		$	0.6066

Mexico Net Pounds Produced (000's)		165,012			149,844

Mexico Other

Mexico Other Sales (000's)		5,272			8,184

Mexico Summary

Mexico Sales (000's)		109,303			99,072
Mexico Cost of Sales (000's)		101,377			82,167
Mexico Gross Margin (000's)		7,926			16,905
Mexico Gross Margin as a percent of Mexico Sales		7.3	%		17.1	%

Mexico Selling, General and Administrative Expenses (000's)		5,744			6,062
Mexico Selling, General and Administrative Expenses as a percent of Mexico Sales		5.3	%		6.1	%

Mexico Operating Income (000's)		2,182			10,843
Mexico Operating Income as a percent of Mexico Sales		2.0	%		10.9	%

Consolidated Operations
Chicken Operations:
Chicken Sales from all Divisions (000's)		1,089,239			1,181,670
Chicken Sales from all divisions divided by Chicken Net Pounds Produced from all Divisions	$	0.6919		$	0.8021
Chicken Sales from all divisions divided by Chicken Pounds Sold from all Divisions	$	0.7845		$	0.8285

Chicken Net Pounds Produced from all Divisions (000's)		1,574,165			1,473,231
Chicken Pounds Sold from all Divisions (000's)		1,388,503			1,426,300


Turkey Operations:
U.S. Turkey Sales (000's)		17,115			37,328
U.S. Turkey Sales divided by U.S. Turkey Net Pounds Produced	$	0.4673		$	1.0938
U.S. Turkey Sales divided by U.S. Turkey Pounds Sold	$	1.0784		$	1.1362

U.S. Turkey Net Pounds Produced (000's)		36,628			34,128
U.S. Turkey Pounds Sold (000's)		15,871			32,852


Other Operations:
Other Sales (000's)		159,355			156,323


Totals All Operations:
Total Net Sales (000's)		1,265,709			1,375,321
Total Cost of Sales (000's)		1,227,802			1,215,705
Gross Margin from all operations (000's)		37,907			159,616
Gross Margin from all operations as a percent of Total Net Sales		2.99	%		11.61	%

Total Selling, General and Administrative Expenses (000's)		75,137			75,101
Total Selling, General and Administrative Expenses as a percent of Total Net Sales		5.94	%		5.46	%

Restructuring and Related Charges - Turkey		706			(4,440	)
Insurance Proceeds - Turkey

Operating Income from all operations (000's)		(37,936	)		88,955
Operating Income from all operations as a percent of Total Net Sales		-3.00	%		6.47	%

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

Consolidated Adjusted Operating Income (000's)		(37,936	)		88,955
Consolidated Adjusted Operating Income as a percent of Total Net Sales		-3.00	%		6.47	%