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FOR IMMEDIATE RELEASE
Smithfield Foods, Inc.
Smithfield Foods Reports Fourth Quarter Results
Smithfield, Virginia (June 5, 2008)Smithfield Foods, Inc. (NYSE: SFD) reported income from continuing operations for the fourth quarter of fiscal 2008 of $1.8 million, or $.01 per diluted share, versus income from continuing operations last year of $51.8 million, or $.46 per diluted share.
Net income in the fourth quarter of $2.4 million, or $.02 per diluted share, includes after-tax income from discontinued operations of $0.6 million, or $.01 per diluted share. In the fourth quarter of last year, net income of $37.1 million, or $.33 per diluted share, includes an after-tax loss from discontinued operations of $14.7 million, or $.13 per diluted share. Sales were $2.9 billion versus $2.4 billion a year ago.
As previously disclosed, the company has signed a definitive agreement to sell Smithfield Beef Group, Inc., its beef processing and cattle feeding operation, to JBS S.A. Consequently, the company has classified the results of the beef processing and cattle feeding operations as discontinued operations beginning this quarter. Results for prior years have been restated to reflect the discontinued operations. The sale is subject to regulatory approval and the company expects the transaction to close in its fiscal second quarter.
The following information was filed by Smithfield Foods Inc (SFD) on Thursday, June 5, 2008 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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