Pilgrim's Pride reports loss in Q3

Jul 31, 2008 (Datamonitor via COMTEX) -- CHX | Quote | Chart | News | PowerRating -- Chicken company Pilgrim's Pride has reported a net loss from continuing operations of $48.34 million, or $0.69 per share, on net sales of $2.21 billion for the third fiscal quarter ended June 28, 2008, compared to a net profit from continuing operations of $63.28 million, $0.95 per share, on net sales of $2.1 billion reported for the third quarter ended June 30, 2007.

The third quarter of 2008 results exclude charges of $4.4 million, or $0.06 per share, related to discontinued operations.

For the first nine months of fiscal 2008, Pilgrim's Pride reported a net loss from continuing operations of $193 million, or $2.85 per share, on net sales of $6.4 billion, compared to a pro forma net loss from continuing operations of $20.4 million, or $0.31 per share, on pro forma net sales of $5.9 billion in the same period of 2007.

The results for the first nine months of fiscal 2008 include a non-recurring income tax charge of approximately $13 million, or $0.19 per share, related to an adjustment in deferred taxes as a result of a newly enacted tax law in Mexico, and asset impairment and restructuring charges of approximately $21.1 million, $13.2 million net of tax, or $0.19 per share, related to the closing of one processing plant, one administrative office and six distribution centers.

Additionally, these results exclude net losses of $3.5 million, or $0.05 per share, related to discontinued operations. The results for the first nine months of fiscal 2007 include charges of $14.5 million, or $0.14 per share, related to the early extinguishment of debt incurred by the company in connection with the financing of the Gold Kist acquisition.

Clint Rivers, president and CEO of Pilgrim's Pride, said: "Our financial results in the third quarter of fiscal 2008 reflect the significant headwinds facing our company and industry from high feed costs."

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