Tyson Foods Q2 net loss widens to $104m
Published:07-May-2009
By Datamonitor staff writer
Sales of $6.31 billion
Tyson Foods has reported a net loss of $104m, or $0.28 per diluted share, for the second quarter ended March 28, 2009, compared to a net loss of $5m, or $0.02 per diluted share, in the same quarter of fiscal 2008.
Sales for the second quarter of fiscal 2009 stood at $6.31 billion, compared to $6.34 billion in the same period of fiscal 2008.
For the first six months of fiscal 2009, net loss was $216m, or $0.58 per diluted share, compared to a net income of $29m, or $0.08 per diluted share, in the comparable period of fiscal 2008. Sales were $12.83 billion, compared to $12.81 billion in the same period of fiscal 2008.
Leland Tollett, interim president and chief executive officer of Tyson Foods, said: "Our loss of $0.24 per share from continuing operations in the second quarter includes $0.17 from a change in the method we used to recognize interim income taxes and $0.02 from a one-time charge for a prepared foods plant closure. Our tax rate for the remainder of the fiscal year should be closer to normal, and we believe the operational recovery we are experiencing will be reflected in our results for the third and fourth quarters."
