Pilgrim's Pride reports $67.33 million of 2009 operating income

By Caroline Salls

Pittsburgh, Nov. 23 - Pilgrim's Pride Corp. reported $67.33 million of total operating income for the year ended Sept. 26 on $7.088 billion in total net sales, according to a 10-K filed with the Securities and Exchange Commission.

In comparison, the company posted a $1.058 billion operating loss for the year ended Sept. 27, 2008 on $8.519 billion in net sales.

The 2009 net loss was $151.58 million, narrowing from a $998.58 million net loss reported for 2008.

Pilgrim's Pride had $220.03 million of cash and cash equivalents at Sept. 26, up from $61.55 million at Sept. 27, 2008.

According to the 10-K, market prices for feed ingredients decreased in the first nine months of 2009 after reaching unprecedented levels in the last half of 2008, and market prices for chicken products have stabilized since the end of 2008 but remain below levels sufficient to offset the generally higher costs of feed ingredients.

Pilgrim's Pride said it will continue to review and evaluate restructuring and other alternatives to streamline its operations, improve efficiencies and reduce costs, including selling assets, idling facilities, consolidating operations and functions, relocating or reducing production and voluntary and involuntary employee separation programs.

Pilgrim's Pride, a Pittsburg, Texas-based poultry processor, filed for bankruptcy on Dec. 1, 2008 in the U.S. Bankruptcy Court for the Northern District of Texas. Its Chapter 11 case number is 08-45664.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.