10-Q/A

                       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









                          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.





                                   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

EX-27

 

<ARTICLE> 5
<MULTIPLIER> 1,000
       
                                                                
<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
<PREFERRED-MANDATORY>                         0                  0                 0
<PREFERRED>                                   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)
        

 

EX-27

 

<ARTICLE> 5
<MULTIPLIER> 1,000
       
                                                                                    
<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
<PREFERRED-MANDATORY>                                0               20,000           20,000         20,000
<PREFERRED>                                          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
        


 

EX-27

 

<ARTICLE> 5
<MULTIPLIER> 1,000
       
                                                                                             
<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
<PREFERRED-MANDATORY>                           20,000               30,000                  30,000           10,000
<PREFERRED>                                          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)
        

 

EX-27

 

<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<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
<PREFERRED-MANDATORY>                           10,000
<PREFERRED>                                          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