SMITHFIELD FOODS REPORTS LOWER FISCAL 1992 EARNINGS
SMITHFIELD FOODS REPORTS LOWER FISCAL 1992 EARNINGS SMITHFIELD, Va., May 20 /PRNewswire/ -- Smithfield Foods, Inc.
(NASDAQ-NMS: SFDS), today announced that net income in the fiscal year ended May 3, 1992, fell to $21,635,000, or $1.37 per share, from $28,658,000, or $1.99 per share, a year ago.
The company had net income of $2,989,000, or 19 cents per share, in the fourth quarter of fiscal 1992, down from $8,567,000, or 58 cents per share, in the same quarter of the prior year. The 1992 fiscal year net income includes a non-recurring after- tax gain of $1,868,000 (12 cents per share) from the sale of marketable securities. The 1991 fourth quarter and fiscal year net income includes a non-recurring after-tax gain of $2,233,000 (16 cents per share) from the sale of marketable securities. The net income per share figures for the fourth quarter and 1992 fiscal year were computed on 6.6 percent and 9.8 percent additional shares outstanding, respectively, than were the net income per share figures in the corresponding periods of the prior fiscal year, mainly reflecting the sale by the company of 1,250,000 shares of common stock in June 1991. Sales in fiscal 1992 were $1,050,558,000, down from $1,071,791,000 a year ago. Sales in the fourth quarter of fiscal 1992 fell to $234,007,000 from $261,455,000 in the same quarter of fiscal 1991. The decrease in sales in both the 1992 fourth quarter and fiscal year were attributable to lower unit selling prices for the company's products due to lower raw material costs which were not completely offset by significant increases in sales tonnage of processed meats. Joseph W. Luter III, chairman, president and chief executive officer of the company, attributed the drop in fiscal 1992's earnings to lower margins on sales of fresh meats as compared to those a year ago, and by a smaller contribution from the company's joint hog production arrangement due to lower live hog prices. SMITHFIELD FOODS, INC. SUMMARY STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data) 13 Weeks 13 Weeks 53 Weeks 52 Weeks Ended Ended Ended Ended 5/3/92 4/28/91 5/3/92 4/28/91 Sales $234,007 $261,455 $1,050,558 $1,071,791 Income Before Income Taxes 4,429 11,964 33,350 43,570 Income Taxes 1,440 3,397 11,715 14,912 Net Income 2,989 8,567(A) 21,635(A) 28,658(A) Net Income Per Share .19 .58(A) 1.37(A) 1.99(A) Average Shares Outstanding 15,716 14,743 15,813 14,402 (A) Includes non-recurring after-tax gains of $1,868,000 (12 cents per share) and $2,233,000 (16 cents per share) in fiscal 1992 and 1991, respectively, related to the sale of marketable securities. -0- 5/20/92 /CONTACT: Aaron D. Trub of Smithfield Foods, 202-223-4224/ (SFDS) CO: Smithfield Foods, Inc. ST: Virginia IN: FOD SU: ERN
DS -- DC028 -- 2424 05/20/92 15:30 EDT
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|Date:||May 20, 1992|
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