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Smithfield says industry must recognize reality.

Publication: Feedstuffs
Publication Date: 22-JUN-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Smithfield says industry must recognize reality.(Business)(Smithfield Foods Inc.)(Financial report)

Article Excerpt
CALLING the last 12 months "one of the company's most challenging years in three decades," Smithfield Foods Inc. last week reported horrendous losses for its 2009 fourth quarter and full year, citing grain costs, industrywide overproduction and effects of the recession.

The company said the A/ H1N1 influenza outbreak had no significant impact on fourth-quarter results, although the quarter included just one week in which markets were being crushed by the outbreak.

The company reported that it is acting immediately to decrease its sow herd by another 3%--after reducing the breeding herd 10% in fiscal 2009--and urged "additional cuts by fellow producers" to bring production in line with demand.

Smithfield said it also is in talks with its lenders to restructure financial obligations and is making "significant progress." Analysts covering the company said they do not anticipate that it will need to move to court protection as Pilgrim's Pride Corp. did last year.

Smithfield took a loss of $78.8 million for the quarter and $190.3 million for the year, recording its first full-year loss since...

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