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Previous: SHARED MEDICAL SYSTEMS CORP, S-3/A, 1998-04-27 |
Next: SOUTHERN NEW ENGLAND TELEPHONE CO, 8-K, 1998-04-27 |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q/A
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended February 1, 1998
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from...............to.....................
COMMISSION FILE NUMBER 0-2258
SMITHFIELD FOODS, INC.
200 Commerce Street
Smithfield, VA 23430
(757) 365-3000
Virginia 52-0845861
- --------------------------- -------------------------
(State of Incorporation) (I.R.S. Employer
Identification Number)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
Class Shares outstanding at March 13, 1998
- ----------------------------- ---------------------------------------
Common Stock, $.50 par value 37,537,362
<PAGE>
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
This Form 10-Q is amended pursuant to Item 601(c) of Regulation S-K to restate
certain previously submitted Financial Data Schedules. The restatement is
necessary for the retroactive presentation required in Statement of Financial
Accounting Standards No. 128, "Earnings per Share." The restated schedules are
included as Exhibits 27.1 through 27.4 to this amended Form 10-Q. The original
Exhibit 27 - Financial Data Schedule is hereby deleted.
A. Exhibits
Exhibit 27.1 Financial Data Schedule for fiscal year 1998
Exhibit 27.2 Financial Data Schedule for fiscal year 1997
Exhibit 27.3 Financial Data Schedule for fiscal year 1996
Exhibit 27.4 Financial Data Schedule for fiscal year end 1995
B. Reports on Form 8-K
None to add with this amendment.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SMITHFIELD FOODS, INC.
/s/ AARON D. TRUB
---------------------------------------
Aaron D. Trub
Vice President, Secretary and Treasurer
/s/ C. LARRY POPE
---------------------------------
C. Larry Pope
Vice President and Controller
Date: April 27, 1998
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> MAY-03-1998 MAY-03-1998 MAY-03-1998
<PERIOD-END> FEB-01-1998 OCT-26-1997 JUL-27-1997
<CASH> 36,416 35,453 26,439
<SECURITIES> 0 0 0
<RECEIVABLES> 163,126 192,265 183,834
<ALLOWANCES> 1,899 1,661 1,692
<INVENTORY> 252,460 296,220 272,596
<CURRENT-ASSETS> 505,204 577,430 528,453
<PP&E> 687,926 664,926 634,065
<DEPRECIATION> 223,336 212,954 196,404
<TOTAL-ASSETS> 1,062,568 1,118,301 1,057,724
<CURRENT-LIABILITIES> 272,949 319,871 255,500
<BONDS> 386,211 418,762 425,959
0 0 0
0 0 0
<COMMON> 18,769 18,764 9,600
<OTHER-SE> 321,567 297,813 291,428
<TOTAL-LIABILITY-AND-EQUITY> 1,062,568 1,118,301 1,057,724
<SALES> 2,993,661 1,897,662 914,963
<TOTAL-REVENUES> 2,993,661 1,897,662 914,963
<CGS> 2,707,844 1,728,508 839,779
<TOTAL-COSTS> 2,707,844 1,728,508 839,779
<OTHER-EXPENSES> 0 0 0
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 23,827 15,403 7,367
<INCOME-PRETAX> 51,778 18,714 (3,690)
<INCOME-TAX> 19,052 9,707 2,851
<INCOME-CONTINUING> 32,726 9,007 (6,541)
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 32,726 9,007 (6,541)
<EPS-PRIMARY> 0.87 0.24 (0.17)
<EPS-DILUTED> 0.82 0.23 (0.17)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> APR-27-1997 APR-27-1997 APR-27-1997 APR-27-1997
<PERIOD-END> APR-27-1997 JAN-26-1997 OCT-27-1996 JUL-28-1996
<CASH> 25,791 21,562 21,733 22,662
<SECURITIES> 0 0 0 0
<RECEIVABLES> 167,593 194,086 182,522 170,106
<ALLOWANCES> 1,499 1,148 993 1,258
<INVENTORY> 253,276 223,731 279,670 223,439
<CURRENT-ASSETS> 488,378 478,843 526,640 457,724
<PP&E> 614,393 597,882 569,228 553,143
<DEPRECIATION> 187,518 185,514 179,689 172,103
<TOTAL-ASSETS> 995,254 974,846 998,586 911,545
<CURRENT-LIABILITIES> 324,066 352,975 390,641 305,026
<BONDS> 288,486 265,123 266,856 270,805
0 20,000 20,000 20,000
0 0 0 0
<COMMON> 9,598 9,265 9,227 9,227
<OTHER-SE> 297,888 259,006 242,392 233,698
<TOTAL-LIABILITY-AND-EQUITY> 995,254 974,846 998,586 911,545
<SALES> 3,870,611 2,943,075 1,862,096 892,870
<TOTAL-REVENUES> 3,870,611 2,943,075 1,862,096 892,870
<CGS> 3,549,673 2,722,032 1,729,757 834,108
<TOTAL-COSTS> 3,549,673 2,722,032 1,729,757 834,108
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 0
<INTEREST-EXPENSE> 26,211 20,378 13,100 5,990
<INCOME-PRETAX> 67,677 39,228 15,261 1,161
<INCOME-TAX> 22,740 13,731 5,498 415
<INCOME-CONTINUING> 44,937 25,497 9,763 746
<DISCONTINUED> 0 0 0 0
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 44,937 25,497 9,763 746
<EPS-PRIMARY> 1.21 0.68 0.25 0.01
<EPS-DILUTED> 1.17 0.66 0.24 0.01
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> YEAR 9-MOS 6-MOS 3-MOS
<FISCAL-YEAR-END> APR-28-1996 APR-28-1996 APR-28-1996 APR-28-1996
<PERIOD-END> APR-28-1996 JAN-28-1996 OCT-29-1995 JUL-30-1995
<CASH> 28,529 24,165 11,800 11,584
<SECURITIES> 0 0 0 0
<RECEIVABLES> 146,040 145,445 95,345 79,326
<ALLOWANCES> 1,084 1,309 573 553
<INVENTORY> 210,759 187,558 183,563 149,181
<CURRENT-ASSETS> 420,407 379,659 315,407 266,513
<PP&E> 536,589 558,168 457,484 437,812
<DEPRECIATION> 163,866 157,154 151,623 146,410
<TOTAL-ASSETS> 857,619 844,577 671,450 602,619
<CURRENT-LIABILITIES> 332,381 296,415 244,442 208,807
<BONDS> 188,618 198,968 180,637 174,665
20,000 30,000 30,000 10,000
0 0 0 0
<COMMON> 9,227 8,989 8,437 8,417
<OTHER-SE> 233,290 216,705 175,913 171,041
<TOTAL-LIABILITY-AND-EQUITY> 857,619 844,577 671,450 602,619
<SALES> 2,383,893 1,510,127 823,127 367,328
<TOTAL-REVENUES> 2,383,893 1,510,127 823,127 367,328
<CGS> 2,203,626 1,397,373 719,743 323,503
<TOTAL-COSTS> 2,203,626 1,397,373 719,743 323,503
<OTHER-EXPENSES> 0 0 0 0
<LOSS-PROVISION> 0 0 0 13
<INTEREST-EXPENSE> 20,942 14,870 9,541 4,292
<INCOME-PRETAX> 30,251 19,475 3,015 (3,738)
<INCOME-TAX> 10,465 6,667 994 (1,144)
<INCOME-CONTINUING> 19,786 12,808 2,021 (2,594)
<DISCONTINUED> (3,900) (3,900) (1,800) (1,800)
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 15,886 8,908 221 (4,394)
<EPS-PRIMARY> 0.44 0.24 0 (0.13)
<EPS-DILUTED> 0.42 0.23 0 (0.13)
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> APR-30-1995
<CASH> 14,790
<SECURITIES> 0
<RECEIVABLES> 67,267
<ALLOWANCES> 540
<INVENTORY> 120,986
<CURRENT-ASSETS> 233,293
<PP&E> 415,839
<DEPRECIATION> 141,533
<TOTAL-ASSETS> 550,225
<CURRENT-LIABILITIES> 172,382
<BONDS> 155,047
10,000
0
<COMMON> 8,417
<OTHER-SE> 175,598
<TOTAL-LIABILITY-AND-EQUITY> 550,225
<SALES> 1,526,518
<TOTAL-REVENUES> 1,526,518
<CGS> 1,380,586
<TOTAL-COSTS> 1,380,586
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 256
<INTEREST-EXPENSE> 14,054
<INCOME-PRETAX> 50,438
<INCOME-TAX> 18,523
<INCOME-CONTINUING> 31,915
<DISCONTINUED> (4,075)
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 27,840
<EPS-PRIMARY> 0.83
<EPS-DILUTED> 0.80
</TABLE>
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