TYSON FOODS INC - 10-Q Quarterly Report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended April 2, 2005

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from _________to________

001-14704
(Commission File Number)

TYSON FOODS, INC.
(Exact name of registrant as specified in its charter)

Delaware	71-0225165
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)


2210 West Oaklawn Drive, Springdale, Arkansas	72762-6999
(Address of principal executive offices)	(Zip Code)


(479) 290-4000
(Registrant's telephone number, including area code)

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 [ ]

Indicate by a check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act): Yes [X] No [ ].

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of April 2, 2005.

Class	Outstanding Shares
Class A common stock, $0.10 Par Value	251,976,195
Class B common stock, $0.10 Par Value	101,622,048

TYSON FOODS, INC.
INDEX


	PART I. FINANCIAL INFORMATION


Item 1. Financial Statements		PAGE


	Consolidated Condensed Statements of Income for the Three Months and Six Months Ended April 2, 2005, and March 27, 2004	3


	Consolidated Condensed Balance Sheets April 2, 2005, and October 2, 2004	4


	Consolidated Condensed Statements of Cash Flows for the Three Months and Six Months Ended April 2, 2005, and March 27, 2004	5


	Notes to Consolidated Condensed Financial Statements	6


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		35


Item 3. Quantitative and Qualitative Disclosures About Market Risk		44


Item 4. Controls and Procedures		45


	PART II. OTHER INFORMATION


Item 1. Legal Proceedings		47


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		50


Item 3. Defaults Upon Senior Securities		50


Item 4. Submission of Matters to a Vote of Security Holders		50


Item 5. Other Information		51


Item 6. Exhibits		52


SIGNATURES		53

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TYSON FOODS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)
(Unaudited)

	Three Months Ended				Six Months Ended
	April 2, 2005		March 27, 2004		April 2, 2005		March 27, 2004
Sales	$	6,359	$	6,153	$	12,811	$	12,658
Cost of Sales	5,937		5,668		12,026		11,779
	422		485		785		879
Selling, General and Administrative	237		208		468		416
Other Charges	2		14		5		39

Operating Income	183		263		312		424
Other Expense:
Interest	58		72		116		141
Other	5		3		-		6
	63		75		116		147

Income before Income Taxes	120		188		196		277
Provision for Income Taxes	44		69		72		101
Net Income	$	76	$	119	$	124	$	176

Weighted Average Shares Outstanding:
Class A Basic	242		243		242		243
Class B Basic	102		102		102		102
Diluted	357		356		357		356

Earnings Per Share:
Class A Basic	$	0.23	$	0.35	$	0.37	$	0.52
Class B Basic	$	0.20	$	0.32	$	0.33	$	0.47
Diluted	$	0.21	$	0.33	$	0.35	$	0.49

Cash Dividends Per Share:
Class A	$	0.040	$	0.040	$	0.080	$	0.080
Class B	$	0.036	$	0.036	$	0.072	$	0.072

See accompanying Notes to Consolidated Condensed Financial Statements.

Table of Contents

TYSON FOODS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions, except per share data)

	(Unaudited)
	April 2, 2005		October 2, 2004
Assets
Current Assets:
Cash and cash equivalents	$	35	$		33
Accounts receivable, net	1,115		1,240
Inventories	2,085		2,063
Other current assets	147		196
Total Current Assets	3,382		3,532
Net Property, Plant and Equipment	3,936		3,964
Goodwill	2,554		2,558
Intangible Assets	146		149
Other Assets	353		261
Total Assets	$	10,371	$	10,464

Liabilities and Shareholders' Equity
Current Liabilities:
Current debt	$	499	$	338
Trade accounts payable	840		945
Other current liabilities	1,064		1,010
Total Current Liabilities	2,403		2,293
Long-Term Debt	2,703		3,024
Deferred Income Taxes	694		695
Other Liabilities	167		160
Shareholders' Equity:
Common stock ($0.10 par value):
Class A-authorized 900 million shares: issued 268 million shares at April 2, 2005, and October 2, 2004	27		27
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