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PILGRIM'S PRIDE ANNOUNCES RECORD FISCAL 1993 RESULTS

 PITTSBURG, Texas, Nov. 17 /PRNewswire/ -- Pilgrim's Pride Corporation (NYSE: CHX) today reported record net income and sales for its fiscal year ending Oct. 2, 1993. The Company reports record net income of $21.0 million or $.76 per share ($22.3 million or $.81 per share before extraordinary charge related to the early repayment of debt) compared to a net loss of $29.7 million or $1.24 per share for the same period last year. Net income in fiscal 1993 was reduced by $1.2 million or $.04 per share as a result of the tax rate increases contained in the Omnibus Budget Reconciliation Act of 1993. Net sales for the year ended Oct. 2, 1993 increased 8.6 percent to a record $887.8 million from $817.4 million in fiscal year 1992. Approximately 1.9 percent of the net sales increase reported in fiscal 1993 was attributable to the reporting of an additional week of operations in such period.
 According to Lonnie A. "Bo" Pilgrim, chairman and chief executive officer, "The 1993 record results reflect improved 1993 production efficiencies and lower feed costs experienced by the Company. These factors coupled with strong market demand in the United States and Mexico have caused our record net income and record sales."
 Pilgrim's Pride produces chicken products sold under the "Pilgrim's Pride" label and is a major supplier of foodservice, retail and club store industries. Prepared foods products are marketed nationally while fresh products are marketed throughout Texas and other states west of the Mississippi.
 PILGRIM'S PRIDE CORPORATION
 Consolidated Statements of Income (Loss)
 (In thousands, except share and per share amounts)
 Year Months Ended October 2, September 26,
 1993 1992
 53-weeks 52-weeks
 Unaudited
 Net sales $ 887,843 $ 817,361
 Business Interruption Insurance 2,225
 Costs and expenses:
 Cost of sales 777,630 784,940
 Selling, general and administrative 54,111 48,121
 Total 831,741 833,061
 Operating income (loss) 56,102 (13,475)
 Other expense (income):
 Interest expense, net 25,719 22,502
 Miscellaneous (2,456) (2,265)
 Total other expense, net 23,263 20,237
 Income (loss) before income taxes
 and extraordinary charge 32,839 (33,712)
 Income tax expense (benefit) 10,543 (4,048)
 Net income (loss) before
 extraordinary charge $ 22,296 $ (29,664)
 Extraordinary charge-early
 repayment of debt, net of tax $ (1,287) $ --
 Net income (loss) $ 21,009 $ (29,664)
 Net income (loss) per share
 before extraordinary charge $ .81 $ (1.24)
 Extraordinary charge per share $ (.05) $ --
 Net income (loss) per share $ .76 $ (1.24)
 Dividends declared per share $ .03 $ .06
 Weighted average shares outstanding 27,589,250 23,880,459
 PILGRIM'S PRIDE CORPORATION
 Condensed Consolidated
 Balance Sheets (In thousands)
 October 2,
 1993 September 26,
 (Unaudited) 1992
 ASSETS
 Total current assets $ 167,031 $ 170,519
 Other assets 13,114 10,031
 Property plant and equipment, net 242,701 254 016
 Total assets $ 422,846 $ 434,566
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Total current liabilities $ 94,343 $ 159,292
 Long term debt-less current portion 159,554 131,534
 Deferred income taxes 36,656 31,628
 Total shareholders' equity 132,293 112,112
 Total liabilities and shareholders'
 equity $ 422,846 $ 434,566
 PILGRIM'S PRIDE CORPORATION
 Condensed Consolidated Statements Of Cash Flow
 (In thousands)
 Year Months Ended October 2,
 1993 September 26,
 (Unaudited) 1992
 Operations:
 Net cash flow provided by (used in)
 operating activities $ 43,782 $ (1,573)
 Cash flows used in investing activities:
 Acquisitions of property and equipment (15,201) (18,043)
 Other 3,690 3,230
 Net cash flows used in investing activities (11,511) (14,813)
 Cash flows from financing activities:
 Net (payments) proceeds from notes
 payable (52,979) 7,479
 Net proceeds from (payments on)
 long term debt 20,166 (11,502)
 Cost of refinancing debt (5,511) --
 Net proceeds from sale of common stock -- 29,923
 Cash dividends paid (828) (1,355)
 Other (143) 516
 Net cash (used in) provided
 by financing activities (39,295) 25,061
 Net decrease in cash and cash equivalents $ (7,024) $ 8,675
 -0- 11/17/93
 /CONTACT: Cliff Butler of Pilgrim's Pride Corporation, 903-856-7901/
 (CHX)


CO: Pilgrim's Pride Corporation ST: Texas IN: FOD SU: ERN

WB -- NY110 -- 5745 11/17/93 17:46 EST
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Date:Nov 17, 1993
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