Printer Friendly

SMITHFIELD FOODS REPORTS LOWER SECOND QUARTER EARNINGS

 SMITHFIELD, Va., Nov. 19 ~PRNewswire~ -- Joseph W. Luter III, chairman, president and chief executive officer of Smithfield Foods, Inc. (NASDAQ-NMS: SFDS), today announced that the company had net income of $261,000, or 2 cents per share, in the second quarter of fiscal 1993, compared to net income of $4,968,000, or 31 cents per share, in the same quarter of fiscal 1992. The fiscal 1993 second quarter results included a non-recurring after-tax charge of $2,087,000 (13 cents per share) related to the previously announced closing of Esskay, Inc.'s Baltimore plant and the related relocation of its operations. The fiscal 1993 second quarter results also included a $2,365,000 pretax operating loss at the company's Bladen County, N.C., fresh pork facility, which began operations on Oct. 1. The fiscal 1992 second quarter net income included a non-recurring after-tax gain of $608,000 (4 cents per share) on the sale of marketable securities.
 In the first six months of fiscal 1993, the company had net income of $1,807,000, or 12 cents per share, down from $8,176,000, or 52 cents per share, in the same six-month period a year ago. The results for the fiscal 1993 six-month period also included the plant closing charge and the operating loss at the Bladen County facility. Net income in the first six months of fiscal 1992 included a non- recurring after-tax gain of $994,000 (6 cents per share) on the sale of marketable securities.
 Sales in this year's second quarter were $265,598,000, up from $259,690,000 in the same quarter of fiscal 1992. Dollar sales in the first six months of fiscal 1993 were $493,854,000, compared to $500,952,000 in the same period a year ago.
 "Before giving effect to non-recurring items and the operating loss at the Bladen County facility, the company's fiscal 1993 second quarter operating results were down 6 percent from the same quarter a year ago," Luter stated. Luter attributed this decline to lower fresh pork margins and 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 Ended 26 Weeks Ended
 Nov. 1, Oct. 27, Nov. 1, Oct. 27,
 1992 1991 1992 1991
 Sales $265,598 $259,690 $493,854 $500,952
 Income Before
 Income Taxes 449 7,748 3,079 12,773
 Income Taxes 188 2,780 1,272 4,597
 Net Income 261(A) 4,968(B) 1,807(A) 8,176(B)
 Net Income
 Per Share $0.02(A) $0.31(B) $0.12(A) $0.52(B)
 Average Shares
 Outstanding 16,380 16,239 16,010 15,819
 (A) Includes a non-recurring, after-tax charge of $2,087,000 (13 cents per share) ($3,598,000 on a pretax basis) related to a plant closing and relocation of its operations.
 (B) Includes non-recurring, after-tax gains of $608,000 (4 cents per share) and $994,000 (6 cents per share) on the sale of marketable securities in the 13 and 26 weeks ended Oct. 27, 1991, respectively.
 -0- 11~19~92
 ~CONTACT: Aaron D. Trub of Smithfield Foods, 202-223-4224~
 (SFDS)


CO: Smithfield Foods, Inc. ST: Virginia IN: FOD SU: ERN

TW -- DC001 -- 2674 11~19~92 08:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1992
Words:560
Previous Article:APPLE COMPUTER DECLARES QUARTERLY DIVIDEND AND ANNOUNCES AUTHORIZATION OF NEW PROGRAM TO REPURCHASE 10,000,000 SHARES
Next Article:PHP HEALTHCARE AWARDED CONTRACT BY GTE
Topics:


Related Articles
SMITHFIELD FOODS REPORTS LOWER SECOND QUARTER EARNINGS
SMITHFIELD FOODS REPORTS LOWER THIRD QUARTER EARNINGS
SMITHFIELD FOODS REPORTS LOWER FIRST QUARTER EARNINGS
/C O R R E C T I O N -- SMITHFIELD FOODS/
Smithfield Foods Reports Record Second Quarter Earnings
Smithfield Foods Reports Record Third Quarter Earnings; Reaches Agreement in Principle to Acquire Carroll's Foods and Affiliates.
Smithfield Foods Reports Record Second Quarter Earnings.
Smithfield Foods Announces Record Second Quarter; Earnings Double Those of Last Year.
Smithfield Foods Expects Second Quarter Earnings Above Expectations and Last Year.
Smithfield Foods Comments on Second Quarter Earnings.

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