Smithfield Profits Decline

NEW YORK - Nov 30/05 - SNS -- Smithfield Foods, Inc. reported net income of U.S. $51.6 million on sales of $2,901 million for the second quarter ending October 30, compared to a net of $58.4 million on sales of $2,719 million a year ago.

This lifted net income for the first half of the current fiscal year to $100.6 million on sales of $5,856 million, compared to a net of $113.3 million on sales of $5,371 million during the comparable six month period the previous fiscal year.

Smithfield Foods said current quarter results include pretax charges totaling $16.3 million in connection with the restructuring of east coast pork processing operations. Last year's second quarter included pretax charges of $8.3 million related to operating losses and shutdown costs of the Showcase Foods plant and the settlement of a civil suit.

The company said, "The strong second quarter results reflect the combination of solid profitability in fresh pork, processed meats and hog production."

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