Pilgrim's Pride Reports Strong Revenue Growth and Increase of 39% in Net Income for First Quarter 2013

Pilgrim's Pride Reports Strong Revenue Growth and Increase of 39% in Net
Income for First Quarter 2013

GREELEY, Colo., May 2, 2013 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation
(Nasdaq:PPC) reported first quarter 2013 earnings results with net sales of
$2.0 billion, Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA") of $116.9 million and net income of $54.6 million, resulting in
earnings per share of $0.21 for the quarter. This compares to $1.9 billion in
sales, EBITDA of $101.5 and Net Income of $39.2 million, with earnings per
share of $0.18 in the first quarter of 2012.

"Every quarter we see that our strategy and execution is working effectively.
We delivered better results year over year despite $141 million of increased
feed ingredient costs. By focusing on creating value with our key customers,
we have diversified our product mix, honed our execution and are seeing our
portfolio of business become a more profitable model," stated Bill Lovette,
Pilgrim's Chief Executive Officer.

"Our pursuit of operational excellence has resulted in an improved safety
record, significantly better than the industry average. We are reducing our
turnover and measuring quality at every level of the organization. Despite
challenging environmental conditions, Mexico continues to outperform due to
its effective business model and the versatility and value that chicken
provides to consumers."

Mr. Lovette explained, "We made significant steps on our strategy to
strengthen our company and our balance sheet. Even with as much improvement as
we have demonstrated to date, we believe there is still opportunity to stretch
towards our vision of being the best managed and most respected company in the
industry."

Conference Call Information

A conference call to discuss Pilgrim's quarterly results will be held
tomorrow, May 3 at 7:00 a.m. Mountain (9 a.m. Eastern). Participants are
encouraged to pre-register for the conference call using the link below.
Callers who pre-register will be given a unique PIN to gain immediate access
to the call and bypass the live operator. Participants may pre-register at any
time, including up to and after the call start time.

To pre-register, go to: http://services.choruscall.com/links/ppc130503.html

You may also reach the pre-registration link by logging in through the
investor section of our website at www.pilgrims.com and clicking on the link
under "Upcoming Events."

For those who would like to join the call but have not pre-registered, access
is available by dialing +1 (877) 270-2148 within the US or +1 (412) 902-6510
internationally and requesting the "Pilgrim's Pride Conference." Please note
that to submit a question to management during the call, you must be logged in
via telephone.

Replays of the conference call will be available on Pilgrim's website
approximately two hours after the call concludes and can be accessed through
the "Investor" section of www.pilgrims.com. The webcast will be available for
replay through August 1, 2013.

About Pilgrim's Pride

Pilgrim's employs approximately 37,500 people and operates chicken processing
plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The
Company's primary distribution is through retailers and foodservice
distributors.

Forward-Looking Statements

Statements contained in this press release that state the intentions, plans,
hopes, beliefs, anticipations, expectations or predictions of the future of
Pilgrim's Pride Corporation and its management are considered forward-looking
statements. It is important to note that actual results could differ
materially from those projected in such forward-looking statements. Factors
that could cause actual results to differ materially from those projected in
such forward-looking statements include: matters affecting the poultry
industry generally; the ability to execute the Company's business plan to
achieve desired cost savings and profitability; future pricing for feed
ingredients and the Company's products; outbreaks of avian influenza or other
diseases, either in Pilgrim's Pride's flocks or elsewhere, affecting its
ability to conduct its operations and/or demand for its poultry products;
contamination of Pilgrim's Pride's products, which has previously and can in
the future lead to product liability claims and product recalls; exposure to
risks related to product liability, product recalls, property damage and
injuries to persons, for which insurance coverage is expensive, limited and
potentially inadequate; management of cash resources; restrictions imposed by,
and as a result of, Pilgrim's Pride's leverage; changes in laws or regulations
affecting Pilgrim's Pride's operations or the application thereof; new
immigration legislation or increased enforcement efforts in connection with
existing immigration legislation that cause the costs of doing business to
increase, cause Pilgrim's Pride to change the way in which it does business,
or otherwise disrupt its operations; competitive factors and pricing pressures
or the loss of one or more of Pilgrim's Pride's largest customers; currency
exchange rate fluctuations, trade barriers, exchange controls, expropriation
and other risks associated with foreign operations; disruptions in
international markets and distribution channel, including anti-dumping
proceedings and countervailing duty proceedings; and the impact of
uncertainties of litigation as well as other risks described under "Risk
Factors" in the Company's Annual Report on Form 10-K and subsequent filings
with the Securities and Exchange Commission. Pilgrim's Pride Corporation
undertakes no obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise.



PILGRIM'S PRIDE CORPORATION
Condensed Consolidated Balance Sheets
                                                                
                                                   March 31,     December 30
                                                   2013          2012
                                                   (Unaudited)   
                                                   (In thousands)
                                                                
Cash and cash equivalents                           $43,560     $68,180
Trade accounts and other receivables, less          390,421      384,930
allowance for doubtful accounts
Account receivable from JBS USA, LLC                3,814        1,514
Inventories                                         972,358      950,296
Income taxes receivable                             58,321       54,719
Prepaid expenses and other current assets           64,436       56,047
Assets held for sale                                26,832       27,042
                                                                
Total current assets                                1,559,742    1,542,728
                                                                
Deferred tax assets                                 97,455       97,431
Other long-lived assets                             42,789       45,523
Identified intangible assets, net                   36,831       38,266
Property, plant and equipment, net                  1,181,518    1,189,921
                                                                
Total assets                                         $ 2,918,335 $2,913,869
                                                                
Accounts payable                                    $290,533    $312,365
Account payable to JBS USA, LLC                     7,045        13,436
Accrued expenses and other current liabilities      284,641      283,540
Income taxes payable                                --           468
Current deferred tax liabilities                    104,515      104,482
Current maturities of long-term debt                15,888       15,886
                                                                
Total current liabilities                           702,622      730,177
                                                                
Long-term debt, less current maturities             1,126,477    1,148,870
Other long-term liabilities                         115,053      125,825
                                                                
Total liabilities                                   1,944,152    2,004,872
                                                                
Common stock                                        2,590        2,590
Additional paid-in capital                          1,642,551    1,642,003
Accumulated deficit                                 (615,129)    (669,711)
Accumulated other comprehensive loss                (58,101)     (68,511)
                                                                
Total Pilgrim's Pride Corporation stockholders'     971,911      906,371
equity
                                                                
Noncontrolling interest                             2,272        2,626
                                                                
Total stockholders' equity                          974,183      908,997
Total liabilities and stockholders' equity          $ 2,918,335  $2,913,869



PILGRIM'S PRIDE CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
                                                          
                                        Thirteen Weeks Ended
                                        March 31,          March 25,
                                        2013               2012
                                        (In thousands, except per share data)
                                                          
Net sales                                $2,036,929       $1,888,773
Costs and expenses:                                        
Cost of sales                           1,918,495         1,778,708
                                                          
Gross profit (loss)                      118,434           110,065
                                                          
Selling, general and administrative      43,992            45,256
expense
Administrative restructuring charges,    484               2,885
net
Operating income (loss)                  73,958            61,924
                                                          
Interest expense                         24,821            28,245
Interest income                          (216)             (274)
Foreign currency transaction losses      (7,624)           (5,928)
(gains)
Miscellaneous, net                       (5)               (370)
                                                          
Income (loss) before income taxes        56,982            40,251
Income tax expense (benefit)             2,754             653
                                                          
Net income (loss)                        54,228            39,598
Less:Net income (loss) attributable to  (354)             425
noncontrolling interests
                                                          
Net income (loss) attributable to        $54,582          $39,173
Pilgrim's Pride Corporation
                                                          
Weighted average shares of common stock                    
outstanding:
Basic                                    258,823           223,562
Diluted                                  258,953           223,631
                                                          
Net income (loss) per share of common                      
stock outstanding:
Basic                                    $0.21            $0.18
Diluted                                  $0.21            $0.18



PILGRIM'S PRIDE CORPORATION
Condensed Consolidated Statements of Cash Flows
                                                                  
                                                        Thirteen Weeks Ended
                                                        March 31,  March 25,
                                                        2013       2012
                                                        (In thousands)
Cash flows from operating activities:                              
Net income (loss)                                        $54,228  $39,598
Adjustments to reconcile net income (loss) attributable
to Pilgrim's Pride Corporation to cash provided by (used           
in) operating activities:
Depreciation and amortization                            37,790    35,766
Asset impairment                                         --        1,342
Foreign currency transaction losses (gains)              (7,753)   (5,407)
Accretion of bond discount                               114       114
(Loss) Gain on property disposals                        (1,139)   859
Share-based compensation                                 548       149
Changes in operating assets and liabilities:                       
Restricted cash and cash equivalents                     --        7,996
Trade accounts and other receivables                     (5,183)   3,043
Inventories                                              (17,061)  (25,813)
Prepaid expenses and other current assets                (6,819)   13,144
Accounts payable and accrued expenses                    (30,629)  (35,003)
Income taxes                                             (3,381)   (3,421)
Long-term pension and other postretirement obligations   (421)     —
Other                                                    345       (2,985)
Cash provided by (used in) operating activities          20,639    29,382
Cash flows from investing activities:                              
Acquisitions of property, plant and equipment            (25,778)  (16,670)
Purchases of investment securities                       --        (88)
Proceeds from property sales and disposals               1,660     3,066
Cash used in investing activities                        (24,118)  (13,692)
Cash flows from financing activities:                              
Proceeds from revolving line of credit                   288,500   183,200
Payments on revolving line of credit, long-term          (311,005) (341,802)
borrowings and capital lease obligations
Payment of note payable to JBS USA                       --        (50,000)
Proceeds from sale of common stock                       --        198,379
Cash provided by (used in) financing activities          (22,505)  (10,223)
Effect of exchange rate changes on cash and cash         1,364     494
equivalents
Increase (decrease) in cash and cash equivalents         (24,620)  5,961
Cash and cash equivalents, beginning of period           68,180    41,609
Cash and cash equivalents, end of period                 43,560    47,570
                                                                  

                         PILGRIM'S PRIDE CORPORATION
                        Selected Financial Information
                                 (Unaudited)

NOTE:"EBITDA" is defined as the sum of income (loss) from continuing
operations plus interest, taxes, depreciation and amortization."Adjusted
EBITDA" is defined as the sum of EBITDA plus restructuring charges,
reorganization items and loss on early extinguishment of debt less net income
attributable to noncontrolling interests.EBITDA is presented because it is
used by management and we believe it is frequently used by securities
analysts, investors and other interested parties, in addition to and not in
lieu of results prepared in conformity with accounting principles generally
accepted in the US ("GAAP"), to compare the performance of companies.We
believe investors would be interested in our Adjusted EBITDA because this is
how our management analyzes EBITDA from continuing operations.The Company
also believes that Adjusted EBITDA, in combination with the Company's
financial results calculated in accordance with GAAP, provides investors with
additional perspective regarding the impact of certain significant items on
EBITDA and facilitates a more direct comparison of its performance with its
competitors.EBITDA and Adjusted EBITDA are not measurements of financial
performance under GAAP.They should not be considered as an alternative to
cash flow from operating activities or as a measure of liquidity or an
alternative to net income as indicators of our operating performance or any
other measures of performance derived in accordance with GAAP.

                                                   Thirteen Weeks Ended
                                                   March 31,  March 25,
                                                   2013       2012
                                                   (In thousands)
                                                             
Net loss from continuing operations                 $54,228  $39,598
                                                             
Add:                                                          
Income tax expense (benefit)                        2,754     653
Interest expense, net                               24,605    27,971
Depreciation and amortization                       37,790    35,766
Minus:                                                        
Amortization of capitalized loan costs              2,516     2,468
                                                             
EBITDA                                              116,861   101,520
                                                             
Add:                                                          
Restructuring charges                               484       2,885
Minus:                                                        
Net income attributable to noncontrolling interest (354)     425
Adjusted EBITDA                                     $ 117,699 $ 103,980



PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data
                                                         
                                             Thirteen Weeks Ended
                                             March 31,    March 25,
                                             2013         2012
                                             (In thousands)
Net sales to customers by country of origin:             
US:                                           $ 1,808,486 $ 1,684,604
Mexico:                                       228,443     204,169
Total net sales                               $ 2,036,929 $ 1,888,773
                                                         
Cost of sales by country of origin:                      
US:                                           $ 1,729,836 $ 1,600,269
Mexico:                                       188,659     178,439
Total net sales                               $ 1,918,495 $ 1,778,708
                                                         
Components of gross profit                                
US:                                           $78,650    $84,335
Mexico:                                       $39,784    $25,730
Total net sales                               $118,434   $110,065

CONTACT: Rosemary Geelan
         Pilgrim's Pride Corp Investor Relations
         Rosemary.geelan@pilgrims.com
         (970) 506-8192
 
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