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     ¨

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Pilgrim's Pride Corporation
Consolidated Balance Sheets
(Unaudited)
		January 1, 2005			October 2, 2004
		(In thousands, except share and per share data)
Assets
Current Assets:
Cash and cash equivalents		$171,098			$38,165
Trade accounts and other receivables, less allowance for doubtful accounts			276,043			324,187
Inventories			558,049			609,997
Current deferred income taxes			6,577			6,577
Other current assets			47,789			38,302
Total Current Assets			1,059,556			1,017,228
Other Assets			50,323			50,086
Property, Plant and Equipment:
Land			52,385			52,980
Buildings, machinery and equipment			1,578,560			1,558,536
Autos and trucks			55,611			55,693
Construction-in-progress			49,682			29,086
			1,736,238			1,696,295
Less accumulated depreciation			(566,281	)		(517,620	)
			1,169,957			1,178,675
		$	2,279,836		$	2,245,989
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable		$	255,954		$	314,565
Accrued expenses			318,616			256,064
Income taxes payable			46,198			54,445
Current maturities of long-term debt			8,454			8,428
Total Current Liabilities			629,222			633,502
Long-Term Debt, Less Current Maturities			525,602			535,866
Deferred Income Taxes			153,286			152,455
Minority Interest in Subsidiary			1,304			1,210
Commitments and Contingencies			--			--
Stockholders’ Equity:
Preferred stock, $.01 par value, 5,000,000 authorized shares; none issued			--			--
Common stock - $.01 par value, 160,000,000 authorized shares; 66,826,833 issued			668			668
Additional paid-in capital			431,662			431,662
Retained earnings			540,052			492,542
Accumulated other comprehensive loss			(392	)		(348	)
Less treasury stock, 271,100 shares			(1,568	)		(1,568	)
Total Stockholders’ Equity			970,422			922,956
		$	2,279,836		$	2,245,989

Pilgrim’s Pride Corporation and Subsidiaries Consolidated Income Statements (Unaudited)
		Three Months Ended
		January 1, 2005 (13 Weeks)			January 3, 2004 (14 Weeks)
		(in thousands, except share and per share data)
Net Sales		$	1,368,247		$	1,044,367
Costs and Expenses:
Cost of sales			1,212,836			967,327
Selling, general and administrative			64,396			46,232
			1,277,232			1,013,559
Operating income			91,015			30,808
Other Expense (Income):
Interest expense, net			12,224			12,444
Foreign exchange (gain) loss			(103	)		78
Miscellaneous, net			(1,015	)		(321	)
			11,106			12,201
Income before income taxes			79,909			18,607
Income tax expense			31,400			8,321
Net income		$	48,509		$	10,286
Net income per common share - basic and diluted		$	0.73		$	0.20
Dividends per common share		$	0.015		$	0.015
Weighted average shares outstanding			66,555,733			51,757,222
See notes to consolidated financial statements.

Index

Pilgrim’s Pride Corporation and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
		Three Months Ended
					January 1, 2005 (13 Weeks)			January 3, 2004 (14 Weeks)
		(in thousands)
Cash Flows From Operating Activities:
Net income					$	48,509		$	10,286
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization						30,065			25,911
Loss on property disposals						1,875			9