Tyson Q4 Profit Sink 55%

NEW YORK - Nov 14/04 - SNS -- Tyson Foods, Inc. reported U.S. $66 million in net income on sales of $7.1 billion during the fourth quarter ending October 2, down sharply from net income of $147 million on sales of $6.6 billion during the same three month period last year.

Sales for the 12 months of fiscal 2004 were $26.4 billion compared to $24.5 billion for the same period last year, an increase of 8%. Operating income for the 12 months of fiscal 2004 was $925 million compared to $837 million and net income was $403 million compared to $337 million for the same period last year.

Pretax earnings for the 12 months of fiscal 2004 include $40 million ($32 million non-cash) of costs, or $0.07 per diluted share, related to plant closings and $61 million of costs, or $0.11 per diluted share of BSE-related charges, incurred in the first nine months.

In addition, $46 million of costs, or $0.08 per diluted share, related to fixed asset write-downs and impairment of various intangible assets, were incurred in the fourth quarter. The combined effect decreased diluted earnings per share by $0.26. Adjusted earnings per share excluding those charges were $1.39, an increase of 72% compared to the same period last year.

Subscribers can read the full text of the article by Clicking here