Pilgrim's Pride Reports an Increase in Year Over Year Net Income of 175% for the Second Quarter

Pilgrim's Pride Reports an Increase in Year Over Year Net Income of 175% for
the Second Quarter

GREELEY, Colo., July 31, 2013 (GLOBE NEWSWIRE) -- Pilgrim's Pride Corporation
(Nasdaq:PPC) reports second quarter 2013 financial results with net sales of
$2.2 billion, compared to $2.0 billion reported in the second quarter of 2012.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") of
$264.6 million compared to the $125.1 million generated in the prior year. Net
income of $190.7 million reflected an improvement of 175% compared to the
$69.4 million reported in the same period in 2012, with earnings per share
reaching $0.74 compared to $0.27 in the second quarter of 2012.

"Our second quarter results continue to validate our strategy. Our focus on
our key customers and ability to adapt to changing market conditions has
helped us gain significant business in strategic channels to improve our sales
mix, enabling us to take advantage of strong industry fundamentals. We
continue to reap the benefits of operational excellence in areas of yield
improvements and plant cost and efficiency gains, all of which contributed to
our positive results, while our export and Mexico business continue to operate
more favorably," stated Bill Lovette, Pilgrim's Chief Executive Officer.

"We're also pleased to announce that we have substantially completed an
amendment to our U.S. Credit Facility. With this amendment we will refinance
the Revolver and the Term Loan B-1through 2018 with reduced interest costs and
more favorable covenants.We view this amendment as further confirmation of
the progress we have made in optimizing our capital structure, supported by
strong operations and our effective management of working capital, which
enabled us to reduce our net debt to $834 million at quarter end, a leverage
of 1.5 times our EBITDA of the last twelve months."

Conference Call Information

A conference call to discuss Pilgrim's quarterly results will be held
tomorrow, August 1 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/ppc130801.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 November 1, 2013.

About Pilgrim's Pride

Pilgrim's Pride Corporation 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

Condensed Consolidated Balance Sheets
                                                  June 30      December 30
                                                   2013         2012
                                                  (In thousands)            
Cash and cash equivalents                          $78,231    $68,180
Trade accounts and other receivables, less
allowance                                          390,461     384,930
for doubtful accounts
Account receivable from JBS USA, LLC               3,892       1,514
Inventories                                        952,191     950,296
Income taxes receivable                            60,388      54,719
Prepaid expenses and other current assets          71,166      56,047
Assets held for sale                               28,830      27,042
Total current assets                               1,585,159   1,542,728
Deferred tax assets                                97,434      97,431
Other long-lived assets                            38,941      45,523
Identified intangible assets, net                  35,395      38,266
Property, plant and equipment, net                 1,166,985   1,189,921
Total assets                                       $ 2,923,914 $2,913,869
Accounts payable                                   $327,185   $312,365
Account payable to JBS USA, LLC                    5,793       13,436
Accrued expenses and other current liabilities     285,075     283,540
Income taxes payable                               10,592      468
Current deferred tax liabilities                   104,486     104,482
Current maturities of long-term debt               393         15,886
Total current liabilities                          733,524     730,177
Long-term debt, less current maturities            911,939     1,148,870
Other long-term liabilities                        87,031      125,825
Total liabilities                                  1,732,494   2,004,872
Common stock                                       2,590       2,590
Additional paid-in capital                         1,643,606   1,642,003
Accumulated deficit                                (424,424)   (669,711)
Accumulated other comprehensive loss               (32,710)    (68,511)
Total Pilgrim's Pride Corporation stockholders'    1,189,062   906,371
Noncontrolling interest                            2,358       2,626
Total stockholders' equity                         1,191,420   908,997
Total liabilities and stockholders' equity         $ 2,923,914 $2,913,869

Condensed Consolidated Statements of Operations
                          Thirteen Weeks Ended      Twenty-Six Weeks Ended
                          June 30      June 24      June 30      June 24
                           2013         2012         2013         2012
                          (In thousands, except per (In thousands, except per
                           share data)               share data)
Net sales                  $2,184,119 $1,974,469 $4,221,048 $3,863,242
Costs and expenses:                                            
Cost of sales             1,901,611   1,830,380   3,820,106   3,609,088
Gross profit               282,508     144,089     400,942     254,154
Selling, general and       44,099      44,439      88,091      89,695
administrative expense
Administrative             480         389         964         3,274
restructuring charges, net
Operating income          237,929     99,261      311,887     161,185
Interest expense           22,965      24,925      47,786      53,170
Interest income            (707)       (356)       (923)       (630)
Foreign currency           9,713       8,212       2,089       2,284
transaction losses, net
Miscellaneous, net         (717)       (315)       (722)       (685)
Income before income taxes 206,675     66,795      263,657     107,046
Income tax expense         15,884      (2,358)     18,638      (1,705)
Net income                 190,791     69,153      245,019     108,751
Less:Net income (loss)
attributable to            86          (205)       (268)       220
noncontrolling interests
Net income attributable to
Pilgrim's Pride           $190,705   $69,358    $245,287   $108,531
Weighted average shares of
common stock                                                   
Basic                      258,826     258,726     258,825     241,144
Diluted                    259,158     258,841     259,055     241,236
Net income per share of
stock outstanding:
Basic                      $0.74      $0.27      $0.95      $0.45
Diluted                    $0.74      $0.27      $0.95      $0.45

Condensed Consolidated Statements of Cash Flows
                                                     Twenty-Six Weeks Ended
                                                     June 30     June 24
                                                      2013        2012
                                                     (In thousands)         
Cash flows from operating activities:                            
Net income                                            $245,019  $ 108,751
Adjustments to reconcile net income attributable to
Pilgrim's Pride Corporation to cash provided by                  
operating activities:
Depreciation and amortization                         75,939     71,980
Foreign currency transaction losses (gains)           1,338      1,948
Accretion of bond discount                            228        228
Asset impairment                                      --         1,342
(Gain) loss on property disposals                     (824)      628
Share-based compensation                              1,603      299
Changes in operating assets and liabilities:                     
Restricted cash and cash equivalents                  --         8,013
Trade accounts and other receivables                  (7,654)    (2,123)
Inventories                                           (579)      (109,638)
Prepaid expenses and other current assets             (15,114)   8,763
Accounts payable and accrued expenses and other       7,097      7,403
current liabilities
Income taxes                                          4,687      (14,698)
Deposits                                              480        160
Long-term pension and other postretirement            (2,149)    --
Other operating assets and liabilities                856        (2,734)
Cash provided by operating activities                 310,927    80,322
Cash flows from investing activities:                            
Acquisitions of property, plant and equipment         (48,969)   (37,561)
Purchases of investment securities                    --         (162)
Proceeds from sale or maturity of investment          --         58
Proceeds from property sales and disposals            2,883      12,461
Cash used in investing activities                     (46,086)   (25,204)
Cash flows from financing activities:                            
Proceeds from revolving line of credit                505,600    391,300
Payments on revolving line of credit, long-term       (758,251)  (584,904)
borrowings and capital lease obligations
Payment of note payable to JBS USA                    --         (50,000)
Proceeds from sale of common stock                    --         198,282
Cash used in financing activities                     (252,651)  (45,322)
Effect of exchange rate changes on cash and cash      (2,139)    (2,178)
Increase in cash and cash equivalents                 10,051     7,618
Cash and cash equivalents, beginning of period        68,180     41,609
Cash and cash equivalents, end of period              78,231     49,227

Selected Financial Information
"EBITDA" is defined as the sum of net income (loss) 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 Twenty-Six Weeks Ended
                                  June 30    June 24   June 30     June 24
                                   2013       2012      2013        2012
                                  (In thousands)       (In thousands)
Net income from continuing         $190,791 $69,153 $245,019  $108,751
Income tax expense (benefit)       15,884    (2,358)  18,638     (1,705)
Interest expense, net              22,258    24,569   46,863     52,540
Depreciation and amortization      38,149    36,214   75,939     71,980
Amortization of capitalized loan   2,518     2,469    5,034      4,937
EBITDA                             264,564   125,109  381,425    226,629
Restructuring charges              480       389      964        3,274
Net income (loss) attributable to
noncontrolling                     86        (205)    (268)      220
Adjusted EBITDA                    $264,958 $125,703 $382,657    $229,683

Net debt is defined as total long term debt, less current maturities, plus
current maturities of long term debt minus cash and cash equivalents. Net
debt is presented because it is used by us, and we believe it is frequently
used by securities analysts, investors and other parties, in addition to and
not in lieu of debt as presented under GAAP, to compare the indebtedness of
companies. A reconciliation of net debt is as follows:

PILGRIM'S PRIDE CORPORATION                                               
Reconciliation of Net Debt                                                
                                        Period Ended                   
                      2011      2012      June 24, 2012 June 30, 2013    
                      (in Thousands)                                     
Long term debt, less   1,458,001 1,148,870 1,214,619     911,939          
current maturities
Add: Current
maturities of long     15,611    15,886    15,617        393              
term debt
Minus: Cash and cash  41,609    68,180    49,227        78,231           
Net debt               1,432,003 1,096,576 1,181,009     834,101          

Supplementary Selected Segment and Geographic Data
                          Thirteen Weeks Ended      Twenty-Six Weeks Ended
                          June 30      June 24      June 30      June 24
                           2013         2012         2013         2012
                          (In thousands)            (In thousands)
Net sales to customers by country of                            
US:                        $1,921,872 $ 1,776,740 $3,730,358 $ 3,461,344
Mexico:                    262,247     197,729     490,690     401,898
Total net sales:           $2,184,119 $ 1,974,469 $4,221,048 $ 3,863,242
Cost of sales by country                                       
of origin:
US:                        $1,707,256 $ 1,650,885 $3,437,092 $ 3,251,154
Mexico:                    194,355     179,495     383,014     357,934
Total cost of sales:       $1,901,611 $ 1,830,380 $3,820,106 $ 3,609,088
Components of gross profit                                     
US:                        $214,616   $125,855   $293,266   $210,190
Mexico:                    67,892      18,234      107,676     43,964
Total gross profit:        $282,508   $144,089   $400,942   $254,154

CONTACT: Rosemary Geelan
         Pilgrim's Pride Corp Investor Relations
         (970) 506-8192
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