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Tyson Foods, Inc. Reports Third Quarter and
Nine Months Results
Springdale, Arkansas--Tyson Foods, Inc. (Nasdaq:TYSNA), today announced
record sales for the third quarter and first nine months of fiscal 1996
for the period ended June 29, 1996.
Earnings per share for the third quarter of fiscal 1996 were $.10 compared
to $.40 (down 75 percent) in the same quarter last year. Gross profits were
$229.3 million, compared to last year's $267.8 million (down 14.4 percent)
and gross margin was 14.1 percent, compared to 19.7 percent.
Sales for the quarter were $1.63 billion, up 19.5 percent compared to last
year's $1.36 billion, with poultry sales up 23.1 percent. Overall unit volume
was up 19.7 percent, with poultry unit volume up 27 percent.
Earnings per share for the first nine months of fiscal 1996 was $.50 compared
to last year's $1.11 (down 55 percent). Gross profits were $725.7 million,
compared to last year's $806.7 million, and gross margin was 15.2 percent,
down from 20 percent last year. Sales were $4.76 billion, up 18.1 percent
compared to last year's $4.03 billion.
"Our earnings for the quarter and nine months were impacted by record
high grain prices," said Leland Tollett, Chairman and Chief Executive
Officer. "Although we believe we will continue to feel the impact of
high grain costs and excess meat supply for the next couple of quarters,
it is encouraging to have seen significant declines in the price of grain
during the past two to three weeks. It now appears that the 1996 crop will
probably be average or better," said Tollett. "There are also
indications of beef herd liquidation which should continue into the fall,
eventually reducing competing meat supplies."
Tyson Foods, Inc. is today activating its web site on the internet. Financial
information, such as this news release, as well as other historical data
and current Company information can now be accessed at http://www.tyson.com.
Tyson Foods, Inc. is the world's largest fully-integrated producer, processor
and marketer of chicken and poultry-based food products.
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