Tyson Foods 2003 Annual Report Download - page 3

Download and view the complete annual report

Please find page 3 of the 2003 Tyson Foods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

Tyson Foods, Inc. 1
the main course is Tyson.
Nearly one fourth of the chicken, beef and pork
in the United States is produced by Tyson Foods.
The people of Tyson Foods, Inc. have made good progress on the goals we
set for ourselves for fiscal 2003. The first half of the year was tough, but we
improved our performance in the last two quarters. We managed outside
factors to the best of our abilities while making decisions based on immediate
goals and long-term strategies. We can and will strive to do better for the long-
term success of the company. Our efforts were noticed this year when our
company was named America’s Most Admired Food Production Company
by Fortune magazine.
Reported diluted earnings per share (EPS) were $0.96 compared to $1.08 last
year. Reported sales were $24.5 billion in 2003 compared to $23.4 billion in
2002. Our strong cash flows have allowed us to pay down debt by $383 million
this year and $1.3 billion since the cash tender offer in August 2001, and we
have met our goal of having debt as a percentage of capital of 50 percent.
Additionally, we met this year’s synergies target of $100 million.
John Tyson
Chairman and
Chief Executive Officer