SFD FY 2005 Earnings Report — Smithfield Foods, Inc. Revenue & Financial Results | Market Cap Arena

Smithfield Foods, Inc.SFD

FY 2005 Earnings

Reported June 30, 2006

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2005	Prior Q	FY 2004	QoQ Change	YoY Change
Revenue	$8.8B	—	$11.2B	—	-21.5%
Op. Income	$423M	—	$569M	—	-25.6%
Gross Margin	11.8%	—	10.8%	—	1.1pp
Net Margin	2.0%	—	2.6%	—	-0.7pp
EPS (Diluted)	$1.54	—	$2.64	—	-41.7%
Free Cash Flow	$96M	—	-$111M	—	186.4%

Revenue Flow

Item	Amount
REVENUE	$8.8B
Cost of Revenue	$7.8B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$621M
Other Expenses	$0
Operating Expenses	$621M
Cost & Expenses	$8.4B
OPERATING INCOME	$423M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$110M
INCOME BEFORE TAX	$313M
Income Tax Expense	$107M
Net Income from Continuing Ops	$206M
Net Income from Discontinued Ops	-$34M
Other Adjustments	$4M
NET INCOME	$173M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$173M
D&A	$207M
EBIT	$423M
EBITDA	$631M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$8.8B
Cost of Revenue	$7.8B
GROSS PROFIT	$1.0B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$621M
Other Expenses	$0
Operating Expenses	$621M
Cost & Expenses	$8.4B
OPERATING INCOME	$423M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	-$110M
INCOME BEFORE TAX	$313M
Income Tax Expense	$107M
Net Income from Continuing Ops	$206M
Net Income from Discontinued Ops	-$34M
Other Adjustments	$4M
NET INCOME	$173M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$173M
D&A	$207M
EBIT	$423M
EBITDA	$631M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$173M
Depreciation & Amortization	$207M
Stock-Based Compensation	$0
Deferred Income Tax	-$41M
Other Non-Cash Items	$6M
Change in Working Capital	$133M
OPERATING CASH FLOW	$478M
Capital Expenditure	-$382M
Acquisitions (Net)	-$312M
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$113M
NET CASH FROM INVESTING	-$807M
Net Debt Issuance	$305M
Common Stock Repurchased	-$7M
Common Dividends Paid	$0
Other Financing Activities	$32M
NET CASH FROM FINANCING	$334M
FREE CASH FLOW	$96M
Net Change in Cash	$5M

Balance Sheet

Item	Amount
Cash & Equivalents	$89M
Short-Term Investments	$0
Net Receivables	$650M
Inventory	$1.6B
Other Current Assets	$88M
TOTAL CURRENT ASSETS	$2.5B
PP&E (Net)	$2.0B
Goodwill	$721M
Intangible Assets	$216M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$724M
TOTAL NON-CURRENT ASSETS	$3.7B
TOTAL ASSETS	$6.2B
Account Payables	$516M
Short-Term Debt	$259M
Deferred Revenue	$0
Other Current Liabilities	$128M
TOTAL CURRENT LIABILITIES	$1.3B
Long-Term Debt	$2.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$229M
Other Non-Current Liabilities	$289M
TOTAL NON-CURRENT LIABILITIES	$2.8B
TOTAL LIABILITIES	$4.1B
Common Stock	$56M
Additional Paid-In Capital	$494M
Retained Earnings	$1.6B
Treasury Stock	$0
Accum. Other Comp. Income	-$80M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.0B
Minority Interest	$18M
TOTAL EQUITY	$2.0B
TOTAL LIABILITIES & EQUITY	$6.2B
Total Debt	$2.6B
Net Debt	$2.5B