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PILGRIM'S PRIDE CORPORATION ANNOUNCES RESULTS

 PILGRIM'S PRIDE CORPORATION ANNOUNCES RESULTS
 PITTSBURG, Texas, Aug. 3 /PRNewswire/ -- Pilgrim's Pride Corporation


(NYSE: CHX) today reported net sales of $205.8 million for the quarter ended June 27, 1992, a 6.5 percent increase over the $193.3 million during the same period in 1991. The company reports a net loss of $4.2 million or $.19 per share for the third quarter of 1992 compared to a net profit of $3.0 million or $.13 per share for the same quarter in 1991.
 For the nine months ended June 27, 1992, the company reports net sales of $606.9 million, a 4.6 percent increase when compared to $580.3 million for the same period in 1991. The company reports a net loss of $17.1 million or $.76 per share for the first nine months of 1992 compared to net profit of $9.3 million or $.41 per share for the same period in 1991.
 According to Lonnie A. "Bo" Pilgrim, the losses during the third quarter and first nine months were caused mainly by declines in poultry prices and increased production costs when compared to the same periods in 1991. Both poultry prices and production costs have stabilized with margins returning to profitable levels in the later part of the quarter.
 During the quarter, on June 25, 1992, Pilgrim's Pride Corporation completed the sale of 5 million shares of common stock for $6 per share to Archer Daniels Midland Company adding approximately $30 million in equity to its balance sheet.
 Pilgrim's Pride Corporation is the fifth largest producer of poultry products and the 22nd largest egg producer in the United States, producing more than 1.1 billion pounds of dressed poultry and 41 million dozen table eggs annually. Pilgrim's Pride employs more than 10,500 persons internationally and operates processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, Oklahoma and Mexico.
 Products are sold under the "Pilgrim's Pride" label to supermarkets, wholesale clubs and food service customers. The company's primary domestic distribution is through retailers and restaurants in Central, Southwestern and Western United States and through the food service industry nationally.
 PILGRIM'S PRIDE CORPORATION
 Consolidated Statements of Income
 (In thousands, except share and per share amounts - Unaudited)
 Three months ended 6/27/92 6/29/91
 Net Sales $205,837 $193,266
 Costs And Expenses:
 Cost of sales 195,620 178,166
 Selling, general and
 administrative 11,831 9,690
 Total 207,451 187,856
 Operating income (loss) (1,614) 5,410
 Other Expense (Income):
 Interest expense, net 5,764 5,024
 Miscellaneous (1,174) (153)
 Total other expense, net 4,590 4,871
 Income (loss) before
 income taxes (6,204) 539
 Income tax (benefit) (1,990) (2,441)
 Net income (loss) $(4,214) $2,980
 Net income (loss) per share $(.19) $.13
 Dividends per share $.015 $.015
 Weighted average shares
 outstanding 22,754,085 22,589,250
 Nine months ended 6/27/92 6/29/91
 Net Sales $606,868 $580,300
 Costs And Expenses:
 Cost of sales 579,962 523,520
 Selling, general and
 administrative 34,021 33,550
 Total 613,983 557,070
 Operating income (loss) (7,115) 23,230
 Other Expense (Income):
 Interest expense, net 16,551 14,740
 Miscellaneous (1,349) (812)
 Total other expense, net 15,202 13,928
 Income (loss) before
 income taxes (22,317) 9,302
 Income tax expense (benefit) (5,213) 13
 Net income (loss) $(17,104) $9,289
 Net income (loss) per share $(.76) $.41
 Dividends per share $.045 $.045
 Weighted average shares
 outstanding 22,644,195 22,589,250
 PILGRIM'S PRIDE CORPORATION
 Condensed Consolidated Balance Sheets
 (Unaudited -- In thousands)
 6/27/92 9/28/91
 Assets
 Total Current assets $168,814 $147,833
 Other assets 10,150 10,165
 Property plant and equipment, net 266,653 270,092
 Total assets $445,617 $428,090
 Liabilities And Shareholders' Equity
 Total current liabilities $147,807 $102,951
 Long term debt-Less Current Portion 142,011 175,776
 Deferred income taxes 31,642 37,010
 Total shareholders' equity 124,157 112,353
 Total Liabilities and Shareholders'
 equity $445,617 $428,090
 PILGRIM'S PRIDE CORPORATION
 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
 (Unaudited -- In thousands)
 Nine months ended 6/27/92 6/29/91
 Operations:
 Net cash flow provided by (used in)
 operating activities $(15,501) $7,143
 Cash flows from investing activities:
 Acquisitions of property and equipment (14,701) (49,135)
 Other 1,231 2,492
 Net cash flows used in investing activities (13,470) (46,643)
 Cash Flows From Financing Activities:
 Net increase in notes payable 7,000 36,500
 Net (payments on) proceeds from
 long term debt (7,762) 884
 Proceeds from sale of common stock 29,923 --
 Cash dividends (1,017) (1,015)
 Net cash provided by financing activities 28,144 36,369
 Net decrease in cash and cash equivalents $(827) $(3,131)
 -0- 8/3/92
 /CONTACT: Cliff Butler of Pilgrim's Pride, 903-856-7901/
 (CHX) CO: Pilgrim Pride Corportation ST: Texas IN: FOD SU: ERN


SM -- NY095 -- 6410 08/03/92 19:13 EDT
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Publication:PR Newswire
Date:Aug 3, 1992
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