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): July 29, 2008
PILGRIM'S
PRIDE CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
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1-9273
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75-1285071
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(State
or Other Jurisdiction
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(Commission
|
(IRS
Employer
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|
of
Incorporation)
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File
Number)
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Identification
No.)
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4845
US Hwy. 271 N.
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|
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Pittsburg,
Texas
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75686-0093
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(Address
of Principal Executive Offices)
|
(ZIP
Code)
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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))
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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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||
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Item 7.01
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Regulation
FD Disclosure
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||
Attached
hereto as Exhibit 99.1 is certain supplemental historical financial
information of Pilgrim’s Pride Corporation.
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Exhibit
Number
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|
Description
|
|
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99.1
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|
Supplemental
Historical Financial Information
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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.
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PILGRIM’S
PRIDE CORPORATION
|
||
Date: July
29, 2008
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|
|
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By:
|
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/s/ Richard
A. Cogdill
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|
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Richard
A. Cogdill
Executive Vice President, Chief Financial Officer,
Secretary
and Treasurer
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Exhibit
Index
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|
|
|
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Exhibit
Number
|
|
Description
|
|
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99.1
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|
Supplemental
Historical Financial Information
|
|
Pilgrim's
Pride Corporation
|
|
|
Net
Sales by Primary Market Line
|
|
|
for
Quarters 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.
|
|
June
28,
|
June
30,
|
|||||||
|
2008
|
2007
|
|||||||
| (in thousands) |
(in
thousands)
|
|||||||
|
Chicken
Sales:
|
||||||||
|
United
States
|
||||||||
|
Prepared
Foods:
|
||||||||
|
Foodservice
|
$ |
504,210
|
$ |
493,872
|
||||
|
Retail
|
$ |
142,554
|
$ |
147,835
|
||||
|
Total
Prepared Foods
|
$ |
646,764
|
$ |
641,707
|
||||
|
Fresh
Chicken:
|
||||||||
|
Foodservice
|
$ |
653,572
|
$ |
670,203
|
||||
|
Retail
|
$ |
276,352
|
$ |
298,055
|
||||
|
Total
Fresh Chicken
|
$ |
929,924
|
$ |
968,258
|
||||
|
Export
and Other
|
||||||||
|
Export:
|
||||||||
|
Prepared
Foods
|
$ |
26,167
|
$ |
24,358
|
||||
|
Chicken
|
$ |
221,379
|
$ |
168,514
|
||||
|
Total
Export
|
$ |
247,546
|
$ |
192,872
|
||||
|
Other
Chicken By Products
|
$ |
4,930
|
$ |
6,481
|
||||
|
Total
Export and Other
|
$ |
252,476
|
$ |
199,353
|
||||
|
Total
U.S. Chicken
|
$ |
1,829,163
|
$ |
1,809,318
|
||||
|
Mexico:
|
$ |
154,166
|
$ |
131,637
|
||||
|
Total
Chicken Sales
|
$ |
1,983,328
|
$ |
1,940,954
|
||||
|
Total
Prepared Foods
|
672,930
|
666,065
|
||||||
|
Sale
of Other Products
|
||||||||
|
U.S.
|
$ |
214,134
|
$ |
157,792
|
||||
|
Mexico
|
$ |
10,014
|
$ |
5,753
|
||||
|
Total
Other Products
|
$ |
224,148
|
$ |
163,545
|
||||
|
Total
Net Sales
|
$ |
2,207,476
|
$ |
2,104,499
|
||||
|
June
28,
|
June
30,
|
|||||||
|
2008
|
2007
|
|||||||
|
Chicken
Sales:
|
||||||||
|
U.S.
Chicken Sales:
|
||||||||
|
Prepared
Foods:
|
||||||||
|
Foodservice
|
27.6 | % | 27.3 | % | ||||
|
Retail
|
7.8 | % | 8.2 | % | ||||
|
Total
Prepared Foods
|
35.4 | % | 35.5 | % | ||||
|
Fresh
Chicken:
|
||||||||
|
Foodservice
|
35.7 | % | 37.0 | % | ||||
|
Retail
|
15.1 | % | 16.5 | % | ||||
|
Total
Fresh Chicken
|
50.8 | % | 53.5 | % | ||||
|
Export
and Other
|
||||||||
|
Export:
|
||||||||
|
Prepared
Foods
|
1.4 | % | 1.3 | % | ||||
|
Chicken
|
12.1 | % | 9.3 | % | ||||
|
Total
Export
|
13.5 | % | 10.7 | % | ||||
|
Other
Chicken By Products
|
0.3 | % | 0.4 | % | ||||
|
Export
and Other
|
13.8 | % | 11.0 | % | ||||
|
Total
U.S. Chicken
|
100.0 | % | 100.0 | % | ||||
|
Pilgrim's
Pride Corporation
|
||||||||||||||||||
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Selected
Financial Data
|
||||||||||||||||||
|
for
third 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.
|
||||||||||||||||||
|
06/28/08
|
|
06/30/07
|
||||||
|
Income
Statement Data:
|
||||||||
|
Net
sales
|
$ |
2,207,476
|
$ |
2,104,499
|
||||
|
Non-recurring
recoveries
|
-
|
-
|
||||||
|
Asset
impairment
|
-
|
|||||||
|
Restructuring
and related charges
|
3,451
|
-
|
||||||
|
Gross
margin
|
53,211
|
234,825
|
||||||
|
Selling,
general and administrative
expenses
|
92,291
|
97,929
|
||||||
|
Operating
income (loss)
|
(42,531 | ) |
136,896
|
|||||
|
Interest
expense, net
|
34,854
|
39,820
|
||||||
|
Loss
om early extinguishment
of debt
|
-
|
-
|
||||||
|
Miscellaneous,
net
|
(590 | ) | (2,869 | ) | ||||
|
Income
(loss) before income taxes
from continuing operations
|
(76,795 | ) |
99,945
|
|||||
|
Income
tax expense (benefit)
|
(28,451 | ) |
36,668
|
|||||
|
Income
(loss) from continuing
operations
|
(48,344 | ) |
63,277
|
|||||
|
Extraordinary
charge - net of tax
|
-
|
-
|
||||||
|
Income(loss)
from operation of discontinued
business, net of tax
|
(4,437 | ) | (636 | ) | ||||
|
Gain
on sale of discontinued
business, net of tax
|
-
|
|||||||
|
Net
income (loss)
|
$ | (52,781 | ) | $ |
62,641
|
|||
|
Per
Common Share Data:
|
||||||||
|
Income
(loss) from continuing
operations
|
$ | (0.69 | ) | $ |
0.95
|
|||
|
Extraordinary
charge - early repayment
of debt
|
-
|
-
|
||||||
|
Income(loss)
from operation of discontinued
business, net of tax
|
(0.06 | ) | (0.01 | ) | ||||
|
Gain
on sale of discontinued
business, net of tax
|
-
|
-
|
||||||
|
Net
Income (loss)
|
$ | (0.75 | ) | $ |
0.94
|
|||
|
Cash
dividends
|
$ |
0.023
|
$ |
0.023
|
||||
|
Book
value
|
$ |
15.49
|
$ |
16.98
|
||||
|
Balance
Sheet Summary:
|
||||||||
|
Working
capital
|
$ |
535,667
|
$ |
717,528
|
||||
|
Total
assets
|
$ |
3,847,185
|
$ |
4,187,550
|
||||
|
Notes
payable and current maturities
of long-term debt
|
$ |
2,295
|
$ |
3,134
|
||||
|
Long-term
debt, less current maturities
|
$ |
1,518,979
|
$ |
1,718,774
|
||||
|
Total
debt
|
$ |
1,521,274
|
$ |
1,721,908
|
||||
|
Senior
secured debt (included
in Total Debt)
|
$ |
-
|
$ |
-
|
||||
|
Total
stockholders' equity
|
$ |
1,147,046
|
$ |
1,130,034
|
||||
|
Cash
Flow Summary:
|
||||||||
|
Operating
cash flow
|
$ |
12,393
|
$ |
108,638
|
||||
|
Depreciation
&
amortization
(a)
|
$ |
60,506
|
$ |
57,601
|
||||
|
Capital
expenditures
|
$ |
28,407
|
$ |
41,711
|
||||
|
Business
acquisitions
|
$ |
-
|
$ |
-
|
||||
|
Financing
activities, net
|
$ | (24,716 | ) | $ | (77,548 | ) | ||
|
Cashflow
Ratios:
|
||||||||
|
EBITDA
(b)
|
$ |
16,869
|
$ |
196,248
|
||||
|
EBITDA
(last four qtrs.)
|
$ |
147,864
|
$ |
313,043
|
||||
|
Key
Indicators (as a percentage
of net sales):
|
||||||||
|
Gross
margin
|
2.4 | % | 11.2 | % | ||||
|
Selling,
general and adminsitrative
expenses
|
4.2 | % | 4.7 | % | ||||
|
Opertaing
income (loss)
|
-1.9 | % | 6.5 | % | ||||
|
Interest
expense, net
|
1.6 | % | 1.9 | % | ||||
|
Net
income (loss)
|
-2.4 | % | 3.0 | % | ||||
|
(a) Includes
amortization of capitalized
financing costs of
approximately
|
1,696
|
1,118
|
||||
|
(b)
“EBITDA” is defined as the sum of
net income (loss) from
contntinuing
operations 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 from continuing
operations
|
$ | (48,344 | ) | $ |
63,277
|
|||
|
Add:
|
||||||||
|
Extraordinary
charge-net of tax
|
-
|
-
|
||||||
|
Income
Tax Expense (benefit)
|
(28,451 | ) |
36,668
|
|||||
|
Interest
expense, net
|
34,854
|
39,820
|
||||||
|
Depreciation
and amortization
|
60,506
|
57,601
|
||||||
|
Minus:
|
||||||||
|
Amortization
of capitalized financing
costs
|
1,696
|
1,118
|
||||||
|
EBITDA
|
$ |
16,869
|
$ |
196,248
|
|
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.
|
|
6/28/2008
|
6/30/2007
|
|||||||
|
Net
Sales to Customers:
|
||||||||
|
Chicken:
|
||||||||
|
United
States
|
$ |
1,829,163
|
$ |
1,809,318
|
||||
|
Mexico
|
154,165
|
131,636
|
||||||
|
Sub-total
|
1,983,328
|
1,940,954
|
||||||
|
Turkey
|
||||||||
|
Other
Products:
|
||||||||
|
United
States
|
214,135
|
157,793
|
||||||
|
Mexico
|
10,013
|
5,752
|
||||||
|
Sub-total
|
224,148
|
163,545
|
||||||
|
Total
(b)
|
$ |
2,207,476
|
$ |
2,104,499
|
||||
|
Operating
Income:
|
||||||||
|
Chicken:
|
||||||||
|
United
States
|
$ | (65,425 | ) | $ |
116,748
|
|||
|
Mexico
|
6,964
|
14,427
|
||||||
|
Sub-total
|
(58,461 | ) |
131,175
|
|||||
|
Turkey
|
||||||||
|
Other
Products:
|
||||||||
|
United
States
|
18,366
|
4,873
|
||||||
|
Mexico
|
1,015
|
848
|
||||||
|
Sub-total
|
19,381
|
5,721
|
||||||
|
Restructuring
Charges
|
(3,451 | ) |
-
|
|||||
|
Total
(b)
|
$ | (42,531 | ) | $ |
136,896
|
|||
|
Depreciation
and Amortization: (a)
|
||||||||
|
Chicken:
|
||||||||
|
United
States
|
$ |
54,292
|
$ |
53,629
|
||||
|
Mexico
|
2,587
|
2,754
|
||||||
|
Sub-total
|
56,879
|
56,383
|
||||||
|
Other
Products:
|
||||||||
|
United
States
|
||||||||
|
Mexico
|
3,565
|
1,160
|
||||||
|
Sub-total
|
62
|
58
|
||||||
|
Turkey
|
3,627
|
1,218
|
||||||
|
Total
(b)
|
$ |
60,506
|
$ |
57,601
|
||||
|
Total
Assets:
|
||||||||
|
Chicken:
|
||||||||
|
United
States
|
$ |
3,325,352
|
$ |
3,619,620
|
||||
|
Mexico
|
386,175
|
381,982
|
||||||
|
Sub-total
|
3,711,527
|
4,001,602
|
||||||
|
Turkey
|
||||||||
|
Other
Products:
|
||||||||
|
United
States
|
130,359
|
114,194
|
||||||
|
Mexico
|
5,299
|
3,700
|
||||||
|
Sub-total
|
135,658
|
117,894
|
||||||
|
Total
(b)
|
$ |
3,847,185
|
$ |
4,119,496
|
||||
|
Capital
Expenditures:
|
||||||||
|
Chicken:
|
||||||||
|
United
States
|
$ |
27,963
|
$ |
40,677
|
||||
|
Mexico
|
$ |
316
|
$ |
262
|
||||
|
Sub-total
|
28,279
|
40,939
|
||||||
|
Turkey
|
$ |
-
|
||||||
|
Other
Products:
|
||||||||
|
United
States
|
83
|
856
|
||||||
|
Mexico
|
45
|
-
|
||||||
|
Sub-total
|
128
|
856
|
||||||
|
Total
(b)
|
$ |
28,407
|
$ |
41,795
|
||||
|
(a) Includes
amortization of capitalized
financing costs of
approximately
|
$ 1,696
|
$ 1,118
|
||||
|
(b) Excludes
amounts for discontinued
business for the
following items:
|
||||||||
|
Sales
|
$ |
14,779
|
$ |
13,887
|
||||
|
Operating
Income
|
(6,663 | ) | (119 | ) | ||||
|
Depreciation
|
-
|
404
|
||||||
|
Total
Assets
|
-
|
68,054
|
||||||
|
Capital
Expenditures
|
-
|
98
|
||||||
|
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
)
|
||||||||
|
06/29/08
|
|
6/30/07
|
|
|||||
|
U.S.
Chicken
|
||||||||
|
U.S.
Chicken
Sales
(000's)
|
$ |
1,829,163
|
$ |
1,809,318
|
||||
|
U.S.
Chicken
Sales
divided
by
U.S.Chicken
Net
Pounds
Produced
|
$ |
0.8627
|
$ |
0.8420
|
||||
|
U.S.
Chicken
Sales
divided
by
U.S.Chicken
Pounds
Sold
|
$ |
0.9406
|
$ |
0.9325
|
||||
|
U.S.
Chicken
Net
Pounds
Produced
(000's)
|
2,120,304
|
2,148,848
|
||||||
|
U.S.
Chicken
Pounds
Sold
(000's)
|
1,944,591
|
1,940,206
|
||||||
|
U.S.
Chicken
Operating
Income
(000's)
(e)
|
(68,876 | ) |
116,748
|
|||||
|
U.S.
Chicken
Operating
Income
as
a
percent
of
U.S.
Chicken
Sales
|
-3.77 | % | 6.45 | % | ||||
|
U.S.
Other
|
||||||||
|
U.S.
Other
Sales
|
214,135
|
157,793
|
||||||
|
U.S.
Other
Operating
Income
(e)
|
18,366
|
4,874
|
||||||
|
U.S.
Distribution
and
Other
Operating
Income
as
a
percent
of
U.S.
Distribution
Sales
|
8.58 | % | 3.09 | % | ||||
|
U.S.
Summary
|
||||||||
|
U.S.
Sales
(000's)
|
2,043,298
|
1,967,111
|
||||||
|
U.S.
Cost
of
Sales
(000's)
|
2,004,863
|
1,754,584
|
||||||
|
U.S.
Gross
Margin
(000's)
|
38,435
|
212,527
|
||||||
|
U.S.
Gross
Margin
as
a
percent
of
U.S.
Sales
|
1.88 | % | 10.80 | % | ||||
|
U.S.
Selling,
General
and
Administrative
Expenses
(000's)
|
85,494
|
90,905
|
||||||
|
U.S.
Selling,
General
and
Administrative
Expenses
as
a
percent
of
U.S
Sales
|
4.18 | % | 4.62 | % | ||||
|
Restructuring
Charges
|
3,451
|
-
|
||||||
|
Insurance
Proceeds
-
Turkey
|
-
|
-
|
||||||
|
Vitamin
Settlements
(000's)
|
-
|
-
|
||||||
|
U.S.
Operating
Income
(000's)
|
(50,510 | ) |
121,622
|
|||||
|
U.S.
Operating
Income
as
a
percent
of
U.S.
Sales
|
-2.47 | % | 6.18 | % | ||||
|
Mexico
Chicken
|
||||||||
|
Mexico
Chicken
Sales
(000's)
|
154,165
|
131,636
|
||||||
|
Mexico
Chicken Sales
divided
by
Mexico
Chicken
Net
Pounds
Produced
|
$ |
0.8381
|
$ |
0.7749
|
||||
|
Mexico
Chicken Sales
divided
by
Mexico
Chicken
Pounds
Sold
|
$ |
0.8381
|
$ |
0.7749
|
||||
|
Mexico
Net
Pounds
Produced
(000's)
|
183,946
|
169,868
|
||||||
|
Mexico
Net
Pounds
Sold
(000's)
|
183,946
|
169,867
|
||||||
|
Mexico
Other
|
||||||||
|
Mexico
Other
Sales
(000's)
|
10,013
|
5,752
|
||||||
|
Mexico
Summary
|
||||||||
|
Mexico
Sales
(000's)
|
164,178
|
137,388
|
||||||
|
Mexico
Cost
of
Sales
(000's)
|
149,402
|
115,089
|
||||||
|
Mexico
Gross
Margin
(000's)
|
14,776
|
22,299
|
||||||
|
Mexico
Gross
Margin
as
a
percent
of
Mexico
Sales
|
9.0 | % | 16.2 | % | ||||
|
Mexico
Selling,
General
and
Administrative
Expenses
(000's)
|
6,797
|
7,024
|
||||||
|
Mexico
Selling,
General
and
Administrative
Expenses
as
a
percent
of
Mexico
Sales
|
4.1 | % | 5.1 | % | ||||
|
Mexico
Operating
Income
(000's)
|
7,979
|
15,275
|
||||||
|
Mexico
Operating
Income
as
a
percent
of
Mexico
Sales
|
4.9 | % | 11.1 | % | ||||
|
Consolidated
Operations
|
||||||||
|
Chicken
Operations:
|
||||||||
|
Chicken
Sales
from
all
Divisions
(000's)
|
1,983,328
|
1,940,954
|
||||||
|
Chicken
Sales
from
all
divisions
divided
by
Chicken
Net
Pounds
Produced
from
all
Divisions
|
$ |
0.8607
|
$ |
0.8371
|
||||
|
Chicken
Sales
from
all
divisions
divided
by
Chicken
Pounds
Sold
from
all
Divisions
|
$ |
0.9318
|
$ |
0.9199
|
||||
|
Chicken
Net
Pounds
Produced
from
all
Divisions
(000's)
|
2,304,250
|
2,318,716
|
||||||
|
Chicken
Pounds
Sold
from
all
Divisions
(000's)
|
2,128,537
|
2,110,073
|
||||||
|
Other
Operations:
|
||||||||
|
Other
Sales
(000's)
|
224,148
|
163,545
|
||||||
|
Totals
All
Operations:
|
||||||||
|
Total
Net
Sales
(000's)
|
2,207,476
|
2,104,499
|
||||||
|
Total
Cost
of
Sales
(000's)
|
2,154,265
|
1,869,673
|
||||||
|
Gross
Margin
from
all
operations
(000's)
|
53,211
|
234,826
|
||||||
|
Gross
Margin
from
all
operations
as
a
percent
of
Total
Net
Sales
|
2.41 | % | 11.16 | % | ||||
|
Total
Selling,
General
and
Administrative
Expenses
(000's)
|
92,291
|
97,929
|
||||||
|
Total
Selling,
General
and
Administrative
Expenses
as
a
percent
of
Total
Net
Sales
|
4.18 | % | 4.65 | % | ||||
|
Restructuring
Charges
|
3,451
|
-
|
||||||
|
Operating
Income
from
all
operations
(000's)
|
(42,531 | ) |
136,897
|
|||||
|
Operating
Income
from
all
operations
as
a
percent
of
Total
Net
Sales
|
-1.93 | % | 6.50 | % | ||||
|
Avian
Influenza
Reimbursement
(000's)
|
-
|
-
|
||||||
|
Vitamin
Settlements
(000's)
|
-
|
-
|
||||||
|
Total
Adjustments
(000'S)
|
-
|
-
|
||||||
|
Consolidated
Adjusted
Operating
Income
(000's)
|
(42,531 | ) |
136,897
|
|||||
|
Consolidated
Adjusted
Operating
Income
as
a
percent
of
Total
Net
Sales
|
-1.93 | % | 6.50 | % | ||||