Attached files
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| EX-99.1 - POWERPOINT PRESENTATION - SMITHFIELD FOODS INC | ex99_1.htm |
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest
event reported): March 26, 2010
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SMITHFIELD FOODS,
INC.
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Virginia
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1-15321
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52-0845861
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(State or other jurisdiction of
incorporation)
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(Commission File
Number)
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(IRS Employer Identification
No.)
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200 Commerce
Street
Smithfield, Virginia
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23430
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(Address of principal
executive offices)
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(Zip
Code)
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Registrant's telephone number,
including area code: (757)
365-3000
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Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2.
below):
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o
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Written communications pursuant to
Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section 2 – Financial
Information
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Item
2.02
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Results
of Operations and Financial
Condition.
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On
March 26, 2010, Robert W. Manly, Executive Vice President and Chief
Financial Officer of Smithfield Foods, Inc. (the “Company”), will
make a presentation discussing the Company at the Barclays Capital 2010 High
Yield Bond and Syndicated Loan Conference. The presentation, which
will be webcast, is scheduled to begin at 12:50 p.m., U.S. Eastern
time. The slides used in the presentation are furnished hereto as
Exhibit 99.1.
The
presentation will contain certain non-GAAP financial information about the
Registrant. The Registrant has produced the following reconciliations of
non-GAAP financial measures to GAAP financial measures:
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Non-GAAP
measure reconciliation (in millions)
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||||||||||||||||||||||||
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TTM
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FY
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FY
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FY
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FY
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FY
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|||||||||||||||||||
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Jan.
2010
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2009
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2008
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2007
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2006
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2005
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Operating
profit-Pork segment
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$ | 538 | $ | 395 | $ | 449 | $ | 219 | $ | 148 | $ | 167 | ||||||||||||
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Add: Pork
restructuring
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17 | 88 | - | - | - | - | ||||||||||||||||||
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Less: Interest expense-Pork
segment
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(53 | ) | (77 | ) | (86 | ) | (73 | ) | (49 | ) | (40 | ) | ||||||||||||
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Less: Fresh pork earnings
before tax (EBT)
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(21 | ) | (71 | ) | (112 | ) | (10 | ) | (2 | ) | (25 | ) | ||||||||||||
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Packaged
meats EBT
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$ | 481 | $ | 335 | $ | 251 | $ | 136 | $ | 97 | $ | 102 | ||||||||||||
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Non-GAAP
measure reconciliation ($ per lb.)
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TTM
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FY
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FY
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FY
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FY
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FY
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Jan.
2010
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2009
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2008
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2007
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2006
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2005
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Operating
profit-Pork segment
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$ | 0.19 | $ | 0.13 | $ | 0.14 | $ | 0.06 | $ | 0.06 | $ | 0.07 | ||||||||||||
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Add: Pork
restructuring
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0.01 | 0.03 | - | - | - | - | ||||||||||||||||||
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Less: Interest expense-Pork
segment
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(0.02 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||
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Less: Fresh pork earnings
before tax (EBT)
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(0.01 | ) | (0.02 | ) | (0.03 | ) | (0.00 | ) | (0.00 | ) | (0.01 | ) | ||||||||||||
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Packaged
meats EBT
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$ | 0.17 | $ | 0.11 | $ | 0.08 | $ | 0.04 | $ | 0.04 | $ | 0.04 | ||||||||||||
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Non-GAAP
measure reconciliation ($ per head)
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TTM
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FY
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FY
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FY
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FY
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Jan.
2010
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2009
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2008
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2007
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2006
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Operating
profit-Pork segment
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$ | 17.15 | $ | 12.24 | $ | 14.32 | $ | 9.34 | $ | 5.71 | ||||||||||||||
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Add: Pork restructuring and
impairment
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0.96 | 2.76 | - | - | - | |||||||||||||||||||
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Adjusted
operating profit-Pork segment
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$ | 18.11 | $ | 15.00 | $ | 14.32 | $ | 9.34 | $ | 5.71 | ||||||||||||||
The
non-GAAP financial measures in the presentation use financial measures computed
in accordance with GAAP as a starting point. The GAAP measures are adjusted by
the impact of certain significant items to arrive at the non-GAAP financial
measures. Management believes that these non-GAAP financial measures reflect an
additional way of viewing aspects of our business that, when viewed together
with our financial results computed in accordance with GAAP, provide a more
complete understanding of factors and trends affecting our historical financial
performance and projected future operating results. This combined view of GAAP
and non-GAAP measures also provides greater transparency of underlying profit
trends and better comparability of results across
periods. Additionally, investors frequently request information from
management regarding significant items and management believes, based on
feedback it has received during earnings calls and discussions with investors,
that these non-GAAP measures enhance investors' ability to assess our historical
performance and to project future financial performance. These non-GAAP
financial measures are not intended to be a substitute for the comparable GAAP
measures and should be read only in conjunction with our consolidated financial
statements prepared in accordance with GAAP. Management also
uses certain of these non-GAAP financial measures, in conjunction with the GAAP
financial measures, to understand, manage and evaluate our businesses and in
planning for and forecasting financial results for future periods.
The
information contained in the presentation, which is attached as Exhibit 99.1 to
this report, is incorporated herein by reference.
Section
9 – Financial Statements and Exhibits
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Item
9.01
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Financial
Statements and Exhibits.
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(d) Exhibits
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99.1
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Slides to be used in the Company’s
presentation at the Barclays Capital 2010 High Yield Bond and Syndicated
Loan Conference on March 26,
2010.
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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.
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SMITHFIELD FOODS,
INC.
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Date: March 26,
2010
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/s/ Michael H.
Cole
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Michael H.
Cole
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Vice President, Chief Legal
Officer and Secretary
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EXHIBIT
INDEX
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Slides to be used in the Company’s
presentation at the Barclays Capital 2010 High Yield Bond and Syndicated
Loan Conference on March 26,
2010.
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