Printer Friendly

HUDSON FOODS, INC. ANNOUNCES SECOND-QUARTER RESULTS

 ROGERS, Ark., April 26 /PRNewswire/ -- Hudson Foods, Inc. (NYSE: HFI), a Fortune 500 company and one of the nation's largest poultry producers and food processors headquartered in Rogers, today announced results for the period ended April 3, 1993.
 Net income for the second quarter rose to $1.9 million or 12 cents in primary and 13 cents in fully diluted earnings per share. This compares with last year's second quarter net loss of $2.7 million or 19 cents in primary and fully diluted loss per share.
 Sales for the quarter increased 15.8 percent to $220.1 million from $190.1 million one year ago.
 For the first six months of fiscal 1993, net income was $6.1 million or 41 cents in primary and 43 cents in fully diluted earnings per share, compared with the year-earlier loss of $2.6 million or 18 cents in primary and fully diluted loss per share.
 Sales climbed to a first-half record of $451.8 million from $403.5 million one year ago, a gain of 12.0 percent.
 James T. Hudson, chairman and chief executive officer, said: "Even through our second quarter numbers are much better than they were last year, we're not satisfied. We were prevented from even stronger results because of higher-than-expected costs associated with our expanded operations in Albertville, Ala., and with our new Caryville, Tenn., plant. Additionally, we had extra expenses resulting from the introduction of new products this year.
 We're confident that our efforts at the Alabama and Tennessee plants, and the advertising and promotion expenses for our new products, will pay off in the long run."
 He concluded by saying: "Also during the quarter, we decided to call our 14 percent convertible subordinated debentures, which represented $32.6 million in long-term debt. Approximately 75 percent of the bondholders decided to convert their debentures into class A common stock, with the remainder choosing cash with a 4.8 percent premium over par. This substantial decrease in debt and resulting increase in equity gives us the strongest balance sheet in the company's history, and allows us many opportunities to grow."
 Hudson Foods, Inc. sells a variety of chicken and turkey products under the "Hudson" and "Hudson Deli-Meister" brand names, as well as poultry, beef and pork products under the "Ohse", "Schweigert", "Pierre" and "Roegelein" brand names.
 HUDSON FOODS, INC.
 Financial Highlights
 (In thousands, except per share data; unaudited)
 Three months ended 4/3/93 4/4/92
 Sales $220,148 $190,063
 Net income (loss) 1,861 (2,712)
 Earnings (loss) per share:
 Primary $0.12 $(0.19)
 Fully diluted 0.13 (0.19)
 Shares used in earnings
 per share computations:
 Primary 15,745,411 14,392,725
 Fully diluted 16,549,439 14,392,725
 Six months ended 4/3/93 4/4/92
 Sales $451,839 $403,479
 Net income (loss) 6,134 (2,631)
 Earnings (loss) per share:
 Primary $0.41 $(0.18)
 Fully diluted 0.43 (0.18)
 Shares used in earnings
 per share computations:
 Primary 15,036,161 14,389,986
 Fully diluted 16,430,536 14,389,986
 -0- 4/26/93
 /CONTACT: Tom Reynolds, secretary/treasurer of Hudson Foods, Inc., 501-631-5177/
 (HFI)


CO: Hudson Foods, Inc. ST: Arkansas IN: FOD SU: ERN

CK -- NY066 -- 0648 04/26/93 11:42 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 26, 1993
Words:551
Previous Article:BANCTEC SELLS DOCUMENT PROCESSING WORKSTATIONS VALUED AT $5.7 MILLION
Next Article:COASTAL COMPLETES PREFERRED STOCK OFFERING
Topics:


Related Articles
HUDSON FOODS ANNOUNCES FIRST-QUARTER RESULTS
HUDSON FOODS, INC. COMPLETES ACQUISITION
HUDSON FOODS, INC. ANNOUNCES FOURTH-QUARTER AND 1993 FISCAL YEAR-END RESULTS
Hudson's stock soars with rising earnings, expectations.
HUDSON FOODS, INC. ANNOUNCES NEW DIVISION
HUDSON FOODS, INC. ANNOUNCES THIRD QUARTER RESULTS
Tyson offers to buy Hudson after massive recall.
Hudson's third quarter shows hit from beef recall.
Hudson's recall, Tyson's offer cap off turbulent year.
Tyson Foods, Acxiom suffer losses in recent quarters.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters