Tyson reports losses
20/11/2006
The world's largest processor and marketer of chicken, beef, and pork, US-based Tyson Foods, Inc. has reported an operating loss of $20 million and net loss of $56 million for the fourth quarter of 2006, compared with operating income of $188 million and net income of $117 million, respectively, for the fourth quarter of fiscal 2005. Sales remained static with fourth quarter 2006 sales matching those of the same quarter in 2005 at $6.5 billion.
During the fourth quarter, the company recorded pre-tax charges totalling $23 million associated with its previously announced $200 million cost reduction initiative, plant closing costs and other business consolidation efforts. These charges included severance expenses, product rationalisation costs and other asset impairment related expenses.
Sales for the full-year fiscal 2006 were $25.6 billion compared with $26 billion for last year. Operating loss was $77 million and net loss was $196 million for the 12-month period, compared with operating income of $745 million and net income of $372 million, respectively, for the prior year.
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