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FOR IMMEDIATE RELEASE
Smithfield Foods, Inc.
Smithfield Foods Reports Fourth Quarter Results
Names New Chief Financial Officer
Smithfield, Virginia (June 7, 2007)Smithfield Foods, Inc. (NYSE: SFD) announced today that income from continuing operations for the fourth quarter was $39.9 million, or $.35 per diluted share, versus income from continuing operations last year of $6.3 million, or $.06 per diluted share. Sales were $3.1 billion versus $2.7 billion a year ago.
In the current quarter, Smithfield incurred a pretax charge of $8.2 million, or $.04 per diluted share, to impair the value of certain assets within the beef segment. Also in the current quarter, certain foreign tax benefits resulted in a decrease in the companys annual tax rate, which reduced income taxes for the quarter by $5.7 million, or $.05 per diluted share. Last years fourth quarter included pretax charges of $10.0 million, or $.05 per diluted share, related to the ongoing restructuring of the companys east coast pork processing operations.
Net income for the quarter, including Quik-to-Fix Foods and Smithfield Bioenergy, which are classified as discontinued operations, was $37.0 million, or $.33 per diluted share, versus $1.1 million, or $.01 per diluted share, in the previous year. During the fourth quarter, the company decided to sell its bioenergy operations and assets. In addition, the company recognized a loss of $1.8 million, net of tax, on the post-closing settlement of the sale of Quik-to-Fix.
The following information was filed by Smithfield Foods Inc (SFD) on Thursday, June 7, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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