Slide 1: Financial Results for Second Fiscal Quarter Ended June 26, 2011
pilgrims Pilgrim’s Pride Corporation Financial Results for Second Fiscal Quarter Ended June 26, 2011
Slide 2: Cautionary Notes and Forward-Looking Statements
ge Cautionary Notes and Forward-Looking Statements pilgrims St ents ntained in this ere tation that share our intentions, beliefs, expectations or presictions for the future, denoted by the words “anticipate,” “believe,” “estimate, ‘rojec,” “plan,” “imply,” “intend,” “foresee” ang similar exoression
Slide 3: Second Quarter Financial Review
2. Second Quarter Financial Review pilgrims Net loss of $128.1 million, or $0.60 per diluted share, vs. net profit of $32.9 million, or $0.15 per share for the comparable quarter a year earlier. — Record-high feed costs and oversupply of chicken contributed to loss; combination of inventory reductio
Slide 4: Results of Operations
Results of Operations pilgrims Thirteen Weeks Ended Twenty-six Weeks Ended June 26, June 27, June 26, June 27, 2011 2010 2011 2010 (inmillions, except per share data) Net income loss) attributable to Pilgrim’s Pride Corporation (128,141) 32.918 _$ (248,901) (12,529) Weighted average shares of common
Slide 5: Results of Operations (Continued)
woe pilgrims Net Sales to Customers United States Mexico Net sales Gross (Loss) Profit United States Mexico Gross profit (loss) Gross (Loss) Profit, United States Mexico Operating income (loss) Thirteen Weeks Ended Results of Operations (Continued) June 26, june 27, 2011 2010 YoY Change (in millions
Slide 6: Breast Meat, Wings and Leg Quarters Pricing
Breast Meat 2010 2011 5 Year ave Oo SF PVPS Mg 8 s we Hs Wings —2010 ————— 201 s 5 Yeor ave 050 0.45 0.40 035 0.30 0.25 9.20 os o.10 0.05 9.00 UB Parts Pricing Leg Quarters —2010 2011 Se Ss wes SEEPS S's Le ES Sty Georgia Dock
Slide 7: Results of Operations (Continued)
Results of Operations (Continued) pilgrims Thirteen Weeks Ended June 26, June 27, 2011 2010 YoY Change (in millions, except per share dato) Amount Percentage Net sales Ss 19228 S$ 17077 $2151 12.6% Net income (loss) attributable to Pilgrim’s Pride Corporation (128.4) 32.9 (161.1) -459.3% EBITDA, (47
Slide 8: Capital Expenditures
pilgrims Capital Expenditures = Original capital expenditure budget = $150 million = Revised capital spend target = $120-$130 million $179.3 $103.2 $640 LJ - 10, 2a 2011 YTD 2010 Total The Company has tightened the reins on capital investments and will continue to monitor the necessity of planned ex
Slide 9: Amendment to Bank Loan
2. Amendment to Bank Loan pilgrims = Agreement gives us more financial flexibility to tackle challenges posed by high grain costs and weak pricing - Banks agreed to suspend the fixed-charge and senior secured leverage debt covenants until December 2012 - Amendment also sets covenant terms at levels