Smithfield Foods profits tumbled 95% last quarter

EARNINGS

February 24, 1993|By Ross Hetrick | Ross Hetrick,Staff Writer

Smithfield Foods Inc., a large Virginia meatpacking company that makes Esskay meat products, reported yesterday that earnings in its third fiscal quarter dropped 95 percent as it struggled with problems at a new $66 million slaughterhouse in North Carolina and lower profit margins on ham products.

The company's financial difficulties were the reason given this month for Smithfield indefinitely postponing a plan to build a new Esskay plant in East Baltimore. The Esskay plant at 3800 E. Baltimore St., which dates back to the 1920s, was closed at the end of December, and 380 workers were laid off.

But besides the company's current financial problems, one stock analyst said, Smithfield has more than enough production capacity without building another plant in Baltimore. "From a business standpoint, I don't see how that could make a lot of sense for the company," said Michael M. Via, research director for Anderson & Strudwick Inc., a regional stock brokerage firm based in Richmond, Va.

Much of the company's problems in the past quarter were because of its new fresh pork plant in Bladen County, N.C.

These problems were compounded by an overcapacity in slaughterhouses, which has increased demand among meatpackers and pushed up the price of hogs.

Smithfield

Foods Inc... .. .. .. .. Ticker.... .. . ..Yesterday's.. ...

.. .. .. .. .. .. .. .. Symbol.. .. .. .. Cls.. .. .. ...Chg.

. . .. .. .. .. .. .. .. SFDS.. .. .. .. .. 15.. .. .. ..- 3/4

Period ended

Jan. 31 .. .. .. .. .. 3rd qtr.. .. .. .. Year ago.. . ... Chg

Revenue .. .. .. .. .. .$339,425.. .. .. .. $315,599.. .. . +7.5%

Net Income .. .. ... .. .. .$508.. .. .... ..$10,470.. .. ..-95.1%

Primary EPS .. .. .. .. .. $0.02.. .. .. .. .. $0.66 .. .. .-97.0%

.. .. .. .. .. .. .. 39 weeks.. .. .. .. Year ago.. .. .. .. . Chg.

Revenue.. .. .. .. ..$833,279 .. .. .. ..$816,551.. .. ... .. +2.0%

Net Income .. .. .. .$2,315.. .. .. .. ..$18,646 .. .. .. .. -87.6%

Primary EPS.. .. .. $0.14.. .. .. .. .. .. $1.18 .. .. .. ..-88.1%

Figures in thousands (except per share data.)

BioWhittaker Inc.

.. .. .. .. .. ..Ticker.. .. .. .. .. .. ..Yesterday's

.. ..... .. .. ..Symbol.. .. .. .. .. .. .. Cls.. .. .. .Chg.

.. .. .. .. .. ..BWI .. .. .. .. .. .. .. .8 1/4 .. .. .. ..-

Period ended

Jan. 31 .. .. .. 1st qtr... .. .. .. .. .. Year ago.. .. Chg.

Revenue .. .. .. $11,850.. .. .. .. .. .. $12,100.. .. .-2.07%

Net Income.. .. .$535.. .. .. .. .. .. .. $1,078.. .. ..-50.4%

Primary EPS.. .. $0.05.. .. .. .. .. ... . $0.10.. .. .. -50.0%

Figures in thousands (except per share data.)

Allied Research Corp... Ticker.. .. .Yesterday's

.. .. .. .. .. .. .. .. Symbol .. .. Cls.. .. Chg.

. . .. .. .. .. .. .. .. ALR .. .. ..11.. .. ..-1

Period ended

Dec. 31 .. .. .. .. .. .. 4th qtr.. .. .. .. Year ago.. ..Chg.

Revenue .. .. .. .. .. ..$51,844.. .. .. .. $92,819.. ..-44.1%

Net Income .. .. .. .. ..$5,344.. .. .. .. ..$7,143.. .. -25.2%

Primary EPS .. .. .. .. * $1.18.. .. .. .. .. $1.61.. .. -26.7%

.. .. .. .. .. ..Year.. .. .. .. ..Year ago.. .. .. .. Chg.

Revenue .. .. .. $217,300.. .. ... $174,700.. .. .. .. +24.4%

Net Income .. .. $18,000.. .. .. .. $14,200.. .. .. .. +26.8%

Primary EPS*.. .. $3.99.. .. .. .. . $3.21 .. .. .. .. +24.3%

* Figures adjusted to reflect a 5 percent stock dividend declared in 1992.

Figures in thousands (except per share data.)

Westvaco

Corp... .. .. .. Ticker.. .. .. .. .. .. .. Yesterday's

.. .. .. .. .. ..Symbol.. .. .. .. .. .. . Cls.. .. .. .. .Chg

.. .. .. .. .. ..W .. .. .. .. .. .. .. .. 35 7/8 .. .. .. .. ..- 3/8

Period ended

Jan. 31 .. .. .. 1st qtr.. .. .. .. .. .. Year ago.. .. .. ..Chg

Revenue.. .. .. $561,099 .. .. .. .. .. .$539,794.. .. .. ..+3.9%

Net Income.. .. .$20,898.. .. .. .. .. . $27,104.. .. .. ..-22.9%

Primary EPS.. .. ..$0.31.. .. .. .. .. ... $0.41 .. .. .. .-24.4%

Figures in thousands (except per share data.)

Microlog Corp... .. .. .Ticker.. . .. .. .. .. Yesterday's

... .. .. ... .. .. .. SYMBOL.. .. .. .. .. .. Cls. .. Chg

.. .. .. .. .. .. .. .. MLOG.. .. .. .. .. .. 3 1/4 .. .. +7/16

Period ended

Jan.31

.. .. .. .. .. .. 1st qtr.. .. .. ... Year ago.. .. .. .. Chg.

Revenue .. .. .. $5,252.. .. .. .. . $5,159.6.. .. .. .. +1.8%

Net Income .. .. .$310 .. .. .. .. .. $(351).. .. .. .. .--

Primary EPS .. .. .$.08 .. .. .. .. ..$(.09) .. .. .. .. --

Figures in thousands (except per share data.)

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