SFD FY 2004 Earnings Report — Smithfield Foods, Inc. Revenue & Financial Results | Market Cap Arena

Smithfield Foods, Inc.SFD

FY 2004 Earnings

Reported July 11, 2005

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2004	Prior Q	FY 2003	QoQ Change	YoY Change
Revenue	$11.2B	—	$9.2B	—	22.6%
Op. Income	$569M	—	$374M	—	52.3%
Gross Margin	10.8%	—	10.2%	—	0.6pp
Net Margin	2.6%	—	2.5%	—	0.2pp
EPS (Diluted)	$2.64	—	$2.03	—	30.0%
Free Cash Flow	-$111M	—	$213M	—	-152.2%

Revenue Flow

Item	Amount
REVENUE	$11.2B
Cost of Revenue	$10.0B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$644M
Other Expenses	$0
Operating Expenses	$644M
Cost & Expenses	$10.7B
OPERATING INCOME	$569M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$115M
INCOME BEFORE TAX	$454M
Income Tax Expense	$153M
Net Income from Continuing Ops	$301M
Net Income from Discontinued Ops	-$5M
Other Adjustments	$0
NET INCOME	$296M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$296M
D&A	$196M
EBIT	$569M
EBITDA	$765M
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$11.2B
Cost of Revenue	$10.0B
GROSS PROFIT	$1.2B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$644M
Other Expenses	$0
Operating Expenses	$644M
Cost & Expenses	$10.7B
OPERATING INCOME	$569M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$115M
INCOME BEFORE TAX	$454M
Income Tax Expense	$153M
Net Income from Continuing Ops	$301M
Net Income from Discontinued Ops	-$5M
Other Adjustments	$0
NET INCOME	$296M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$296M
D&A	$196M
EBIT	$569M
EBITDA	$765M
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$296M
Depreciation & Amortization	$196M
Stock-Based Compensation	$0
Deferred Income Tax	$800.0K
Other Non-Cash Items	-$19M
Change in Working Capital	-$392M
OPERATING CASH FLOW	$82M
Capital Expenditure	-$193M
Acquisitions (Net)	-$220M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$94M
NET CASH FROM INVESTING	-$507M
Net Debt Issuance	$410M
Common Stock Repurchased	-$3M
Common Dividends Paid	$0
Other Financing Activities	$20M
NET CASH FROM FINANCING	$432M
FREE CASH FLOW	-$111M
Net Change in Cash	$11M

Balance Sheet

Item	Amount
Cash & Equivalents	$95M
Short-Term Investments	$0
Net Receivables	$693M
Inventory	$1.6B
Other Current Assets	$0
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$1.9B
Goodwill	$0
Intangible Assets	$605M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$598M
TOTAL NON-CURRENT ASSETS	$3.1B
TOTAL ASSETS	$5.6B
Account Payables	$568M
Short-Term Debt	$142M
Deferred Revenue	$0
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$1.2B
Long-Term Debt	$2.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$498M
TOTAL NON-CURRENT LIABILITIES	$2.6B
TOTAL LIABILITIES	$3.8B
Common Stock	$56M
Additional Paid-In Capital	$496M
Retained Earnings	$1.3B
Treasury Stock	$0
Accum. Other Comp. Income	-$35M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.8B
Minority Interest	$28M
TOTAL EQUITY	$1.8B
TOTAL LIABILITIES & EQUITY	$5.6B
Total Debt	$2.3B
Net Debt	$2.2B