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http://biz.yahoo.com/prnews/051114/dam022.html?.v=29

Tyson Foods, Inc. (NYSE: TSN - News), today reported $0.28 diluted earnings per share for the fourth fiscal quarter ended October 1, 2005, compared to $0.19 diluted earnings per share in the same quarter last year. Fourth quarter 2005 sales were $6.5 billion compared to $7.1 billion for the same period last year. Operating income was $190 million compared to $178 million and net income was $98 million compared to $66 million for the same period last year.

The Company's accounting cycle resulted in a 13-week fourth quarter and 52-week year in fiscal 2005, as compared to a 14-week fourth quarter and 53-week year in fiscal 2004.

Earnings for the fourth quarter of fiscal 2005 included a non-recurring income tax net benefit of $15 million. The net benefit includes the reversal of tax reserves, partially offset by an income tax charge related to the repatriation of foreign income. Additionally, the fourth quarter of fiscal 2005 included $8 million of pretax losses related to Hurricane Katrina. Combined, these items increased diluted earnings per share by $0.03. The Company anticipates additional Hurricane Katrina related costs in the first quarter of fiscal 2006.

Pretax earnings for the fourth quarter of fiscal 2004 included costs of $46 million, or $0.08 per diluted share, related to fixed asset write-downs and intangible asset impairments.

Diluted earnings per share for fiscal year 2005 were $0.99 compared to $1.13 in the same period last year. Sales for fiscal year 2005 were $26.0 billion compared to $26.4 billion for the same period last year. Operating income for fiscal year 2005 was $765 million compared to $925 million and net income was $353 million compared to $403 million for the same period last year.

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"I am proud of the way our people executed our business strategy during the challenging circumstances we faced in fiscal 2005," John Tyson, chairman and CEO, said. "Our cash flow remains strong, and our debt-to-capital ratio improved to 39.2%, surpassing our goal of 40% for fiscal 2005. Our chicken business performed well, and our pork business improved in the fourth quarter. However, with export markets closed throughout the year and Canadian import issues, our beef business was difficult.

"We are encouraged by recent developments in export market access, but fiscal 2006 will present only gradual recovery in beef as those markets begin to open and cattle supplies improve. As domestic hog supplies continue to improve, the pork segment should generate more normal returns. We expect our chicken business to remain solid, and our Prepared Foods' segment market share to improve."
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