Printer Friendly

PILGRIM'S PRIDE REPORTS 1991 FISCAL YEAR EARNINGS

 PILGRIM'S PRIDE REPORTS 1991 FISCAL YEAR EARNINGS
 PITTSBURG, Texas, Nov. 20 /PRNewswire/ -- Pilgrim's Pride


Corporation (NYSE: CHX), an East-Texas based poultry firm, today reported net sales of $787 million for the fiscal year ended Sept. 28, 1991, an increase of 9.2 percent over net sales of $721 million for the previous year. Net income for the year totaled $12.3 million, or $.54 per share compared with net income of $15.6 million, or $.69 per share for fiscal 1990.
 For the quarter ended Sept. 28, 1991, the company reported net sales of $206 million, an increase of 7.9 percent over net sales of $191 million for the comparable period in 1990. Net income for the quarter totaled $3.0 million, or $.13 per share, compared with net income of $3.6 million, or $.16 per share for the same period last year.
 According to Lonnie A. "Bo" Pilgrim, chairman and chief executive officer, "The company's historic growth and improved performance in the prepared foods-further processing operation helped generate the record production volumes and revenues this year. Lower earnings were caused by lower poultry prices offset by improved earnings from the company's prepared foods-further processing operation. Our emphasis for the next two years will be fine-tuning our operations to maximize profits and minimize leverage."
 Pilgrim's Pride Corporation is the fifth largest producer of poultry products and the 18th 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, fast food chains and food service customers. The company's primary domestic distribution is through retailers and fast food outlets in Central, Southwestern and Western United States and through the food service industry nationally.
 PILGRIM'S PRIDE CORPORATION
 FINANCIAL RESULTS
 (Unaudited)
 Fourth Quarter
 13 Weeks ended Sept. 28, 1991 Sept. 29, 1990
 Net sales $206,351,000 $191,349,000
 Net income $ 3,005,000 $ 3,598,000(A)
 Net income per share $ .13 $ .16
 Average shares outstanding 22,589,250 22, 589,250
 Twelve Months
 52 Weeks ended Sept. 28, 1991 Sept 29, 1990
 Net sales $786,651,000 $720,555,000
 Net income $ 12,294,000(B) $ 15,637,000(A)
 Net income per share $ .54 $ .69
 Average shares outstanding 22,589,250 22,589,250
 (A) -- Net income for the quarter and fiscal year ended Sept. 29, 1990 includes a benefit of $2.1 million resulting from the company's reversal of deferred federal income taxes previously provided on earnings of the company's Mexican subsidiaries.
 (B) -- Net income for the fiscal year ended Sept. 28, 1991 includes a benefit of $2.6 million from the reversal of deferred foreign income taxes previously provided on earnings of the company's Mexican subsidiaries resulting from a change in Mexican tax laws.
 -0- 11/20/91
 /CONTACT: Cliff Butler, chief financial officer of Pilgrim's Pride, 903-856-7901/
 (CHX) CO: Pilgrim's Pride Corporation ST: Texas IN: FOD SU: ERN


JT -- NY056 -- 5454 11/20/91 12:55 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1991
Words:532
Previous Article:BIG B, INC. REPORTS RESULTS
Next Article:MARTIN MARIETTA TO PROVIDE WATER FOR CREATION OF CHATFIELD PARK WETLANDS
Topics:


Related Articles
PILGRIM'S PRIDE CORPORATION REPORTS FIRST QUARTER RESULTS
PILGRIM'S PRIDE SIGNS STOCK PURCHASE AGREEMENT WITH ARCHER DANIELS MIDLAND COMPANY AND ANNOUNCES FINANCIAL RESULTS
PILGRIM'S PRIDE CORPORATION ANNOUNCES RESULTS
PILGRIM ANNOUNCES IMPROVED OPERATING RESULTS AMID DISCUSSIONS WITH LENDERS
PILGRIM'S PRIDE ANNOUNCES RECORD FISCAL 1993 RESULTS
PILGRIM'S PRIDE CORPORATION REPORTS RECORD FIRST QUARTER NET SALES
PILGRIM'S PRIDE CORPORATION REPORTS FISCAL 1995 RESULTS
PILGRIM'S PRIDE CORPORATION REPORTS RECORD SECOND QUARTER SALES
Pilgrim's Pride Corporation Reports Record First Quarter Results
Pilgrim's Pride Corporation Reports Second Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters