0000916641-01-501366.txt : 20011026
0000916641-01-501366.hdr.sgml : 20011026
ACCESSION NUMBER: 0000916641-01-501366
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20011016
ITEM INFORMATION: Other events
ITEM INFORMATION: Financial statements and exhibits
FILED AS OF DATE: 20011019
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: SMITHFIELD FOODS INC
CENTRAL INDEX KEY: 0000091388
STANDARD INDUSTRIAL CLASSIFICATION: MEAT PACKING PLANTS [2011]
IRS NUMBER: 520845861
STATE OF INCORPORATION: VA
FISCAL YEAR END: 0427
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-15321
FILM NUMBER: 1762776
BUSINESS ADDRESS:
STREET 1: 200 COMMERCE STREET
STREET 2: 999 WATERSIDE DRIVE
CITY: SMITHFIELD
STATE: VA
ZIP: 23430
BUSINESS PHONE: 7573653000
MAIL ADDRESS:
STREET 1: 900 DOMINION TOWER
STREET 2: 999 WATERSIDE DRIVE
CITY: NORFOLK
STATE: VA
ZIP: 23510
FORMER COMPANY:
FORMER CONFORMED NAME: LIBERTY EQUITIES CORP
DATE OF NAME CHANGE: 19710221
FORMER COMPANY:
FORMER CONFORMED NAME: LIBERTY REAL ESTATE TRUST
DATE OF NAME CHANGE: 19661113
8-K
1
d8k.txt
CURRENT REPORT
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 16, 2001
Smithfield Foods, Inc.
____________________________________________________________________
(Exact name of registrant as specified in its charter)
Virginia 0-2258 52-0845861
---------------------------- ----------------------- -------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
200 Commerce Street
Smithfield, Virginia 23430
--------------------------------------- ---------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (757) 365-3000
Item 5. Other Events and Regulation FD Disclosure.
Attached as Exhibit 99.1 is a press release disseminated October 16, 2001
concerning the registrant's earnings estimates for its second fiscal quarter
ending October 28, 2001.
Attached as Exhibit 99.2 is a press release concerning an October 17, 2001
offering of securities by the registrant not registered or required to be
registered under the Securities Act of 1933, as amended.
Attached as Exhibit 99.3 is a press release concerning changes in the
registrant's management that were approved by the Board of Directors on October
17, 2001.
Item 7. Financial Statements and Exhibits.
Exhibit Description
99.1 Smithfield Foods, Inc. Press Release dated October 16, 2001 *
99.2 Smithfield Foods, Inc. Press Release dated October 18, 2001 *
99.3 Smithfield Foods, Inc. Press Release dated October 19, 2001 *
* Exhibit filed herewith.
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 hereunto duly authorized.
SMITHFIELD FOODS, INC.
Date: October 19, 2001 /s/ C. Larry Pope
-------------------------------
Name: C. Larry Pope
Title: Vice President and
Chief Financial Officer
EX-99.1
3
dex991.txt
PRESS RELEASE DATED OCTOBER 16, 2001
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Smithfield Foods Expects Second Quarter Earnings
Above Expectations and Last Year
Smithfield, Virginia (October 16, 2001)--Smithfield Foods, Inc. (NYSE:SFD)
announced today that earnings for the second quarter of fiscal 2002 ending
October 28 are expected to be substantially above analysts' expectations and
results of a year ago. The company said that it expects to report fully diluted
earnings for the second quarter of approximately $.54 per share compared with
$.42 per share in the same quarter of fiscal 2001.
Smithfield Foods said that its Meat Processing Group is maintaining margins
comparable to a year ago, in spite of higher live hog prices. Hog production
earnings, however, are rising considerably as a result of the higher live hog
prices versus last year. The company said that its vertical integration
strategy of combining meat processing and hog production continued to create
sustained earnings growth.
Consensus earnings estimates for the second quarter are for $.47 per diluted
share, according to First Call. Smithfield Foods will announce earnings on
November 20.
Smithfield Foods has delivered a 28 percent average annual compounded rate of
return to investors since 1975. In the last 15 years, the company's share price
has outperformed the S&P 500 Index by more than 350 percent. With annual sales
of $6 billion, Smithfield Foods is the leading processor and marketer of fresh
pork and processed meats in the United States, as well as the largest producer
of hogs. For more information, please visit www.smithfieldfoods.com.
This news release may contain "forward-looking" information within the meaning
of the federal securities laws. The forward-looking information may include
statements concerning the Company's outlook for the future, as well as other
statements of beliefs, future plans and strategies or anticipated events, and
similar expressions concerning matters that are not historical facts. The
forward-looking information and statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied by, the statements. These risks and uncertainties
include availability and prices of live hogs, raw materials and supplies, live
hog production costs, product pricing, the competitive environment and related
market conditions, operating efficiencies, access to capital, the cost of
compliance with environmental and health standards, adverse results from ongoing
litigation and actions of domestic and foreign governments.
####
Contact:
Jerry Hostetter
Smithfield Foods, Inc.
(212) 758-2100
EX-99.2
4
dex992.txt
PRESS RELEASE DATED OCTOBER 18, 2001
EXHIBIT 99.2
FOR IMMEDIATE RELEASE
Smithfield Foods Sells $300 Million in Notes
Smithfield, Virginia (October 18, 2001)--Smithfield Foods, Inc. announced that
it has sold $300 million aggregate principal amount of its senior unsecured
notes due 2009. The offered notes will bear interest at a fixed rate of 8%.
The company is offering the notes in reliance on an exemption from registration
for offers and sales of securities that do not involve a public offering. The
offering and sale of the notes have not been registered under the Securities Act
of 1993, as amended, and the notes may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.
This news release may contain "forward-looking" information within the meaning
of the federal securities laws. The forward-looking information may include
statements concerning the Company's outlook for the future, as well as other
statements of beliefs, future plans and strategies or anticipated events, and
similar expressions concerning matters that are not historical facts. The
forward-looking information and statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied by, the statements. These risks and uncertainties
include availability and prices of live hogs, raw materials and supplies, live
hog production costs, product pricing, the competitive environment and related
market conditions, operating efficiencies, access to capital, the cost of
compliance with environmental and health standards, adverse results from ongoing
litigation and actions of domestic and foreign governments.
####
Contact:
Jerry Hostetter
Smithfield Foods, Inc.
(212) 758-2100
EX-99.3
5
dex993.txt
PRESS RELEASE DATED OCTOBER 19, 2001
EXHIBIT 99.3
FOR IMMEDIATE RELEASE
Smithfield Foods Names C. Larry Pope President and Chief
Operating Officer As Part Of New, Expanded Management Structure
Smithfield, Virginia (October 19, 2001)--Smithfield Foods, Inc. (NYSE: SFD)
today announced a new, expanded management structure to facilitate the company's
rapid growth.
C. Larry Pope was named president and chief operating officer, effective October
29, 2001. Joseph W. Luter, III, chairman and chief executive officer, is
relinquishing the title of president, which he previously held. Richard J.M.
Poulson and Joseph W. Luter, IV, were named executive vice presidents.
"Smithfield Foods has grown in size and complexity as we have vertically
integrated pork processing and hog production, and, more recently, acquired beef
operations," said Mr. Luter. "The company now has annual sales of more than $8
billion and has doubled in size in the last four years. This management team
has the talent and experience to lead our next phase of growth."
All meat processing and hog production operations will report to Mr. Pope, 47
years old, who previously was vice president and chief financial officer. A 21-
year veteran of Smithfield Foods, he has held several financial positions,
including vice president, finance, and corporate controller.
"Larry Pope has been a key member of the management team for over 20 years. The
financial discipline he has brought to our operations has been critical," said
Mr. Luter. "In his new role, Larry will add even more value as the company
works to continue to provide some of the highest returns to shareholders in
American industry."
Mr. Poulson, 63, retains his responsibilities of senior advisor to the chairman
as an executive vice president. Joseph W. Luter, IV, 36, will head a major new
corporate initiative to invoke a closer relationship between the operating
subsidiaries to maximize the available synergies within the Smithfield Foods
family of companies. In this new capacity, he will be responsible for
coordinating corporate sales and marketing programs, as well as transportation,
logistics and information technology affecting the entire organization. He
previously was senior vice president, sales and marketing at Smithfield Packing
Company.
Daniel G. Stevens, 42, formerly vice president and corporate controller,
succeeds Mr. Pope as vice president and chief financial officer. He joined
Smithfield Foods as corporate controller in 1998. Jeffrey A. Deel, 43,
assistant corporate controller, was named corporate controller. He has served
on the financial reporting staff of the company since 1994.
The company said that it would close the acquisition of beef processor
Packerland Holdings, Inc. next week and that Rich Vesta, president and chief
executive of Packerland, would head a new beef division.
Smithfield Foods has delivered a 28 percent average annual compounded rate of
return to investors since 1975. In the last 15 years, the company's share price
has outperformed the S&P 500 Index by more than 350 percent. With annual sales
of $6 billion, Smithfield Foods is the leading processor and marketer of fresh
pork and processed meats in the United States, as well as the largest producer
of hogs. For more information, please visit www.smithfieldfoods.com.
This news release may contain "forward-looking" information within the meaning
of the federal securities laws. The forward-looking information may include
statements concerning the Company's outlook for the future, as well as other
statements of beliefs, future plans and strategies or anticipated events, and
similar expressions concerning matters that are not historical facts. The
forward-looking information and statements are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in, or implied by, the statements. These risks and uncertainties
include availability and prices of live hogs, raw materials and supplies, live
hog production costs, product pricing, the competitive environment and related
market conditions, operating efficiencies, access to capital, the cost of
compliance with environmental and health standards, adverse results from ongoing
litigation and actions of domestic and foreign governments.
####
Contact:
Jerry Hostetter
Smithfield Foods, Inc.
(212) 758-2100