Meat + Poultry - December 2007 - 156

BUSINESS NEWS & NOTES

Pilgrim's Pride flies on improved exports in fiscal 2007
Improved export demand and low
cold storage inventories helped fuel
Pittsburg, Texas-based Pilgrim's Pride's
Corp.'s shift from the red to the black
during fiscal 2007. For the fiscal year
ended Sept. 29, the company posted
net income of $47,017,000, equal to 71c
per share on the common stock. The
results compared favorably to a loss of
$34,232,000 during fiscal 2006.
Sales for fiscal 2007 were a record
$7,598,599,000, which compared with
$5,235,565,000 for fiscal 2006. The
fiscal 2007 results also included a
charge of $26.5 million, or 24c per
share, due to the early extinguishment
of debt incurred when the company
acquired Gold Kist, Inc., Atlanta.

For the fourth quarter of fiscal
2007, Pilgrim's Pride had net income
of $33,187,000, or 50c per share, which
compared with a loss of $7,483,000 for
the same period last year. Sales for the
quarter were $2,149,116,000, up from
$1,338,398,000 during the same period
during 2006.
"Industry fundamentals remained
solid in the fourth quarter as strong
export demand and low cold-storage
inventories helped sustain positive
market pricing trends," said O.B.
Goolsby, president and CEO. "Our
improved profitability compared to the
prior-year period resulted from higher
market pricing for chicken products
and an improved product mix as we

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margin, value-added products."
Goolsby did acknowledge the
fourth-quarter results were below
expectations. He said operational
inefficiencies and higher fuel costs
resulted in higher production and
freight costs during the quarter.
"Automation will be a key focus
of our capital investment program
in 2008," he said. "We believe this
investment, which includes laborreducing technology, will enable us to
move more products through our plants
efficiently and help alleviate some of
the recent issues related to a tight labor
market and higher input costs."

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Meat + Poultry - December 2007

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