Pilgrim's Pride Corporation
Selected Financial Data
for quarters ended:
Our selected financial data is derived from our financial statements.
Historical results should not be taken as necessarily indicative of the
results that may be expected for any future period. You should read this
financial data in conjunction with the appropriate period financial
statements and the related notes and "Management's Discussion and Analysis
of Results of Operations and Financial Condition" included in our SEC
filings.
(in thousands except per share data) 03/30/02 12/29/01
Income Statement Data:
Net sales $600,753 $656,030
Gross margin 28,631 57,865
Operating income (loss) (4,371) 23,330
Income (loss) before income taxes and
extraordinary charge (11,055) 15,679
Interest expense, net 7,261 8,573
Income tax expense (benefit) (13,399) 2,688
Income (loss) before extraordinary charge 1,252 12,991
Extraordinary charge - net of tax - -
Net income (loss) $1,252 $12,991
Per Common Share Data: (c)
Income (loss) before extraordinary charge $0.03 $0.32
Extraordinary charge - early repayment of debt - -
Net Income (loss) $0.03 $0.32
Cash dividends $0.015 $0.015
Book value $9.57 $9.53
Balance Sheet Summary:
Working capital $149,869 $143,360
Total assets $1,195,552 $1,153,438
Notes payable and current
maturities of long-term debt $5,126 $5,177
Long-term debt, less current maturities $410,628 $396,975
Total stockholders' equity $393,641 $391,644
Cash Flow Summary:
Operating cash flow $(58,711) $81,773
Depreciation & amortization (d) $17,647 $17,399
Capital expenditures $14,898 $17,333
Business acquisitions $- $-
Financing activities, net $68,015 $(6,518)
Cashflow Ratios:
EBITDA (e) $13,507 $41,305
EBITDA (last four qtrs.) $163,887 $157,231
EBITDA (last four qtrs.)/interest expense,
net (last four qtrs.) 3.12 4.47
Senior secured debt/EBITDA (last four qtrs.) 1.29 1.29
Total debt/EBITDA (last four qtrs.) 2.51 2.56
Key Indicators (as a percentage of net sales):
Gross margin 4.8% 8.8%
Selling, general and administrative expenses 5.5% 5.3%
Operating income (loss) -0.7% 3.6%
Interest expense, net 1.2% 1.3%
Net income (loss) 0.2% 2.0%
09/29/01 06/30/01 03/31/01(a) 12/30/00
(in thousands except per share data)
Income Statement Data:
Net sales $641,251 $645,836 $541,593 $386,032
Gross margin 61,943 75,625 29,216 47,166
Operating income (loss) 31,117 45,486 (5,272) 23,211
Income (loss) before income taxes
and extraordinary charge 22,017 34,323 (12,118) 19,072
Interest expense, net 9,536 10,014 7,085 4,140
Income tax expense (benefit) 8,188 9,056 (2,316) 6,335
Income (loss) before
extraordinary charge 13,829 25,267 (9,802) 12,737
Extraordinary charge - net of tax 894 - - -
Net income (loss) $12,935 $25,267 $(9,802) $12,737
Per Common Share Data: (c)
Income (loss) before
extraordinary charge $0.34 $0.61 $(0.24) $0.31
Extraordinary charge
- early repayment of debt $(0.02) $- $- $-
Net Income (loss) $0.32 $0.61 $(0.24) $0.31
Cash dividends $0.015 $0.015 $0.015 $0.015
Book value $9.27 $8.96 $8.37 $8.63
Balance Sheet Summary:
Working capital $203,350 $177,194 $166,456 $107,508
Total assets $1,215,695 1,204,820 $1,176,261 $714,340
Notes payable and current
maturities of long-term debt $5,099 $59,022 $63,947 $14,242
Long-term debt,
less current maturities $467,242 $444,125 $460,346 $156,546
Total stockholders' equity $380,932 $368,479 $344,261 $354,676
Cash Flow Summary:
Operating cash flow $70,581 $48,738 $(47,486) $16,000
Depreciation & amortization (d) $15,962 $18,608 $12,152 $8,668
Capital expenditures $(7,615) $59,847 $27,793 $32,607
Business acquisitions $- $- $239,539 $-
Financing activities, net $(31,646) $(21,804) $307,193 $436
Cashflow Ratios:
EBITDA (e) $46,410 $62,664 $6,851 $31,673
EBITDA (last four qtrs.) $147,599 $126,096 $97,663 $113,257
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 4.80 4.95 4.79 6.29
Senior secured debt/EBITDA
(last four qtrs.) 1.85 2.67 3.25 0.71
Total debt/EBITDA (last four qtrs.) 3.20 3.99 5.37 1.51
Key Indicators (as a percentage of net sales):
Gross margin 9.7% 11.7% 5.4% 12.2%
Selling, general and
administrative expenses 4.8% 4.7% 6.4% 6.2%
Operating income (loss) 4.9% 7.0% -1.0% 6.0%
Interest expense, net 1.5% 1.6% 1.3% 1.1%
Net income (loss) 2.0% 3.9% -1.8% 3.3%
09/30/00 07/01/00 04/01/00 01/01/00
(in thousands except per share data)
Income Statement Data:
Net sales $379,375 $391,979 $373,260 $354,825
Gross margin 39,657 46,665 34,029 45,477
Operating income (loss) 15,635 26,349 13,282 25,222
Income (loss) before income taxes
and extraordinary charge 11,782 20,319 9,178 21,507
Interest expense, net 4,210 4,967 4,699 3,903
Income tax expense (benefit) 463 3,175 155 6,649
Income (loss) before
extraordinary cha 11,319 17,144 9,023 14,858
Extraordinary charge - net of tax - - - -
Net income (loss) $11,319 $17,144 $9,023 $14,858
Per Common Share Data: (c)
Income (loss) before
extraordinary charge $0.28 $0.41 $0.22 $0.36
Extraordinary charge
- early repayment of debt $- $- $- $-
Net Income (loss) $0.28 $0.41 $0.22 $0.36
Cash dividends $0.015 $0.015 $0.015 $0.015
Book value $8.33 $8.05 $7.66 $7.45
Balance Sheet Summary:
Working capital $124,531 142,915 $139,465 $148,659
Total assets $705,420 $686,450 $665,158 $652,970
Notes payable and current
maturities of long-term debt $4,657 $4,729 $5,041 $4,103
Long-term debt,
less current maturities $165,037 $172,686 $175,350 $163,230
Total stockholders' equity $342,559 $332,110 $316,898 $308,496
Cash Flow Summary:
Operating cash flow $69,097 $18,298 $11,588 $31,820
Depreciation & amortization (d) $9,279 $9,284 $8,878 $8,586
Capital expenditures $35,195 $21,565 $20,956 $14,412
Business acquisitions $- $- $- $-
Financing activities, net $(8,628) $(4,957) $(30,465) $21,430
Cashflow Ratios:
EBITDA (e) $24,907 $34,232 $22,445 $33,772
EBITDA (last four qtrs.) $115,356 $125,841 $129,812 $141,288
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 6.49 6.95 7.44 8.39
Senior secured debt/EBITDA
(last four qtrs.) 0.69 0.69 0.68 0.52
Total debt/EBITDA (last four qtrs.) 1.47 1.41 1.39 1.18
Key Indicators (as a percentage of net sales):
Gross margin 10.5% 11.9% 9.1% 12.8%
Selling, general and administrative
expenses 6.3% 5.2% 5.6% 5.7%
Operating income (loss) 4.1% 6.7% 3.6% 7.1%
Interest expense, net 1.1% 1.3% 1.3% 1.1%
Net income (loss) 3.0% 4.4% 2.4% 4.2%
10/02/99 07/03/99 04/03/99 01/02/99
(in thousands except per share data)
Income Statement Data:
Net sales $317,261 $344,160 $329,894 $366,088
Gross margin 46,130 49,415 46,262 43,901
Operating income (loss) 28,814 29,212 25,292 26,186
Income (loss) before income
taxes and extraordinary charge 22,549 25,274 21,624 21,457
Interest expense, net 4,535 4,308 4,090 4,733
Income tax expense (benefit) 6,113 6,957 7,044 5,537
Income (loss) before
extraordinary charge 16,436 18,317 14,580 15,920
Extraordinary charge - net of tax - - - -
Net income (loss) 16,436 $18,317 $14,580 $15,920
Per Common Share Data: (c)
Income (loss) before
extraordinary charge $0.41 $0.44 $0.35 $0.38
Extraordinary charge -
early repayment of debt $- $- $- $-
Net Income (loss) $0.41 $0.44 $0.35 $0.38
Cash dividends $0.015 $0.010 $0.010 $0.010
Book value $7.11 $6.73 $6.30 $5.95
Balance Sheet Summary:
Working capital $154,242 $158,858 $150,686 $144,981
Total assets $655,762 $657,974 $626,745 $607,365
Notes payable and current
maturities of long-term debt $4,353 $7,928 $6,338 $4,629
Long-term debt,
less current maturities $183,753 $195,283 $197,971 $185,358
Total stockholders' equity $294,259 $278,447 $260,543 $246,377
Cash Flow Summary:
Operating cash flow $44,926 $7,086 $(8,009) $37,449
Depreciation & amortization (d) $8,546 $8,869 $8,468 $8,653
Capital expenditures $17,479 $13,402 $25,935 $12,833
Business acquisitions - - - -
Financing activities, net $(15,766) $(1,548) $10,618 $(12,938)
Cashflow Ratios:
EBITDA (e) $35,392 $38,203 $33,921 $34,526
EBITDA (last four qtrs.) $142,043 $145,368 $134,513 $119,673
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 8.04 8.10 7.14 6.03
Senior secured debt/EBITDA
(last four qtrs.) 0.67 0.76 0.83 0.81
Total debt/EBITDA (last four qtrs.) 1.32 1.40 1.52 1.59
Key Indicators (as a percentage of net sales):
Gross margin 14.5% 14.4% 14.0% 12.0%
Selling, general and
administrative expenses 5.5% 5.9% 6.4% 4.8%
Operating income (loss) 9.1% 8.5% 7.7% 7.2%
Interest expense, net 1.4% 1.3% 1.2% 1.3%
Net income (loss) 5.2% 5.3% 4.4% 4.3%
09/26/98 06/27/98 03/28/98 12/27/97
(in thousands except per share data)
Income Statement Data:
Net sales $340,712 $328,500 $324,446 $337,887
Gross margin 47,126 32,736 26,861 29,380
Operating income (loss) 31,444 19,043 11,398 15,371
Income (loss) before income
taxes and extraordinary charge 26,063 13,970 6,219 10,270
Interest expense, net 4,824 5,195 5,093 5,036
Income tax expense (benefit) 5,773 2,135 (549) (847)
Income (loss) before
extraordinary charge 20,290 11,835 6,219 11,117
Extraordinary charge - net of tax - - - -
Net income (loss) $20,290 $11,835 $6,768 $11,117
Per Common Share Data: (c)
Income (loss) before
extraordinary charge $0.49 $0.29 $0.16 $0.27
Extraordinary charge
- early repayment of debt $- $- $- $-
Net Income (loss) $0.49 $0.29 $0.16 $0.27
Cash dividends $0.010 $0.010 $0.010 $0.010
Book value $5.58 $5.08 $4.82 $4.67
Balance Sheet Summary:
Working capital $147,040 $139,713 $132,518 $114,948
Total assets $601,439 $578,541 $574,805 $564,611
Notes payable and current
maturities of long-term debt $5,889 $11,638 $11,589 $8,708
Long-term debt,
less current maturities $199,784 $216,741 $219,394 $204,890
Total stockholders' equity $230,871 $210,369 $199,573 $193,220
Cash Flow Summary:
Operating cash flow $52,784 $13,487 $(13,684) $32,429
Depreciation & amortization (d) $8,098 $8,427 $8,014 $8,052
Capital expenditures $14,084 $13,633 $10,449 $15,352
Business acquisitions - - - -
Financing activities, net $(23,186) $(15,570) $29,450 $(23,192)
Cashflow Ratios:
EBITDA (e) $38,718 $27,347 $19,082 $23,121
EBITDA (last four qtrs.) $108,268 $102,211 $94,702 $92,438
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 5.37 4.85 4.41 4.27
Senior secured debt/EBITDA
(last four qtrs.) 1.04 1.26 1.39 1.24
Total debt/EBITDA (last four qtrs.) 1.90 2.23 2.44 2.31
Key Indicators (as a percentage of net sales):
Gross margin 13.8% 10.0% 8.3% 8.7%
Selling, general and
administrative expenses 4.6% 4.2% 4.8% 4.1%
Operating income (loss) 9.2% 5.8% 3.5% 4.5%
Interest expense, net 1.4% 1.6% 1.6% 1.5%
Net income (loss) 6.0% 3.6% 2.1% 3.3%
09/27/97 6/28/97 03/29/97 12/28/96
(in thousands except per share data)
Income Statement Data:
Net sales $341,274 $335,168 $303,401 $297,806
Gross margin 33,860 27,285 23,085 30,267
Operating income (loss) 25,293 12,627 9,660 16,314
Income (loss) before income taxes
and extraordinary charge 19,142 7,071 4,674 12,937
Interest expense, net 5,770 5,572 5,284 5,449
Income tax expense (benefit) 451 (215) (280) 2,832
Income (loss) before
extraordinary charge 18,691 7,286 4,954 10,105
Extraordinary charge - net of tax - - - -
Net income (loss) $18,691 $7,286 $4,954 $10,105
Per Common Share Data: (c)
Income (loss) before
extraordinary charge $0.45 $0.18 $0.12 $0.24
Extraordinary charge
- early repayment of debt $- $- $- $-
Net Income (loss) $0.45 $0.18 $0.12 $0.24
Cash dividends $0.010 $0.010 $0.010 $0.010
Book value $4.41 $3.97 $3.80 $3.69
Balance Sheet Summary:
Working capital $133,542 $99,829 $98,526 $100,925
Total assets $579,124 $566,725 $531,579 $525,628
Notes payable and current
maturities of long-term debt $11,596 $30,884 $33,645 $25,564
Long-term debt,
less current maturities $224,743 $210,358 $193,546 $195,957
Total stockholders' equity $182,516 $164,239 $157,366 $152,826
Cash Flow Summary:
Operating cash flow $24,710 $15,233 $(6,983) $16,655
Depreciation & amortization (d) $8,050 $7,517 $7,094 $7,135
Capital expenditures $9,456 $28,613 $7,967 $4,195
Business acquisitions - - - -
Financing activities, net $(5,356) $13,600 $5,220 $(13,116)
Cashflow Ratios:
EBITDA (e) $32,661 $19,838 $16,818 $25,287
EBITDA (last four qtrs.) $94,604 $71,163 $64,373 $58,750
EBITDA (last four qtrs.)/interest
expense, net (last four qtrs.) 4.29 3.24 2.93 2.69
Senior secured debt/EBITDA
(last four qtrs.) 1.45 2.00 1.99 2.09
Total debt/EBITDA (last four qtrs.) 2.50 3.39 3.53 3.77
Key Indicators (as a percentage of net sales):
Gross margin 9.9% 8.1% 7.6% 10.2%
Selling, general and
administrative expenses 2.5% 4.4% 4.4% 4.7%
Operating income (loss) 7.4% 3.8% 3.2% 5.5%
Interest expense, net 1.7% 1.7% 1.7% 1.8%
Net income (loss) 5.5% 2.2% 1.6% 3.4%
(a) The Company acquired WLR Foods on January 27, 2001 for $239.5 million
and the assumption of $45.5 million of indebtedness. The acquisition has
been accounted for as a purchase, and the results of operations for this
acquisition have been included in our consolidated results of operations
since the acquisition date.
(b) Fiscal quarter ended January 1, 1999 had 14 weeks.
(c) Historical per share amounts represent both basic and diluted and have
been restated to give effect to a stock dividend issued on July 30, 1999.
See Note F of the Consolidated Financial Statements of the Company included
in our Annual Report on Form 10-K filed in year 2001.
(d) Includes amortization of capitalized financing costs of approximately
$346
(e) "EBITDA" is defined as the sum of net income (loss) before
extraordinary charges, interest, taxes, depreciation and amortization.
EBITDA is presented because we believe it is frequently used by securities
analysts, investors and other interested parties in the evaluation of
companies. EBITDA is not a measurement of financial performance under
generally accepted accounting principles and should not be considered as an
alternative to cash flow from operating activities or as a measure of
liquidity or an alternative to net income as indicators of our operating
performance or any other measures of performance derived in accordance with
generally accepted accounting principles.