John Tyson
John Tyson
beef chicken conditions early entered fiscal foods further knowing market operating pork prepared producing results segment solid struggled
We entered fiscal 2006 knowing market conditions would be difficult, especially early in the year. During the first quarter, our chicken segment generated solid results and prepared foods improved, while pork struggled and beef further deteriorated, producing significant operating losses.
beef chicken foods further operating pork prepared producing results segment solid struggled
Our chicken segment generated solid results and prepared foods improved, while pork struggled and beef further deteriorated, producing significant operating losses.
beef boxed capacity cattle declining effect export high low lower negative prices sales segment suffered worse
The beef segment suffered from low capacity utilization and declining boxed beef prices. The negative effect of high live cattle prices and lower sales was made worse by interruptions in export markets.
challenges coming doubt faced optimistic people seen share strategy strong
Without a doubt, we faced our share of challenges in 2005, but we've also seen strong indicators that show our strategy is working. We're optimistic because we have the right strategy and the right people coming together.
company difficult performance pleased progress quarter
Overall, I am very pleased with the performance of our company in this historically difficult quarter and with the progress we've made on the integration to date,
chicken declines demand domestic expected greater impact performance projected recent supply
Recent declines in international demand for chicken coupled with greater than expected domestic supply will dramatically impact the projected performance of our chicken segment.
ability advantage changing food match meet service services strengths
We will have the ability to take advantage of our strengths to service the consolidating food service marketplace. We can take and match our efficiencies and our services to meet a changing landscape.
quarter second tougher
We said the second quarter would be very tough, and it was even tougher than we anticipated.
benefit bottom clearly execution expense focus fully guidance high improving management money performance previous sales simply
While our performance was at the high end of our previous guidance, we clearly did not perform to our potential, ... Our focus is on improving our operational execution and expense management to more fully benefit from our improving sales mix. We simply have to get more money to the bottom line.
buying cattle continue decision freedom gratified livestock market means practices producers proves supreme
We are gratified by the Supreme Court's decision in this case. This means U. S. cattle producers will continue to have the freedom to market cattle the way they want. It also proves our livestock buying practices are proper.
accounting confidence forward issues management premier protein run satisfied together work
We are satisfied that IBP's accounting issues have been resolved, and have every confidence in (IBP's) management team, ... We look forward to their contribution as we work together to run the world's premier protein provider.
act charts corporate efforts environment explains food importance including land partners precisely provide recognize report safe seek serve team treat
We recognize the importance of being a responsible corporate citizen. This report charts our efforts as we seek to do what's right for all our stakeholders. It describes precisely how we provide safe food to the marketplace, serve as stewards for the animals, land and environment and act as partners in our communities. It also explains how we treat people, including our Team Members, consumers, suppliers and the communities where we live and operate.
case evolution excited monumental ready represents step
We're excited about proceeding with this project, which represents another monumental step in the evolution of our case ready meats business,
accounting cash complete continues determine effect impossible matters offer resolve tender work
Unfortunately, it will be impossible to complete the cash tender offer by the 28th. IBP continues to work with the SEC to resolve their accounting issues. After that work is complete, we will determine what effect these matters will have on our deal.