Tyson Foods 2003 Annual Report Download - page 58

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note 18:
quarterly financial data (unaudited)
in millions, except per share data
First Second Third Fourth
Quarter Quarter Quarter Quarter
2003
Sales $ 5,802 $5,845 $ 6,330 $ 6,572
Gross profit 400 380 438 526
Operating income 145 183 201 308
Net income 39 72 79 147
Basic earnings
per share 0.11 0.21 0.23 0.43
Diluted earnings
per share 0.11 0.20 0.23 0.42
2002
Sales $ 5,865 $5,839 $ 5,902 $ 5,761
Gross profit 510 397 464 446
Operating income 273 179 247 188
Net income 127 65 107 84
Basic earnings
per share 0.36 0.19 0.31 0.24
Diluted earnings
per share 0.36 0.18 0.30 0.24
First quarter 2003 gross profit includes $28 million received
in connection with vitamin antitrust litigation and operating
income includes charges of $47 million related to the clos-
ing of poultry operations. Second quarter 2003 gross profit
includes $94 million received in connection with vitamin
antitrust litigation. Third quarter 2003 gross profit includes
$42 million received in connection with vitamin antitrust
litigation and operating income includes charges of
$19 million related to the closing of poultry operations.
Additionally, net income includes a pretax charge of
$10 million related to the write-down of an equity interest
in a live swine operation. Fourth quarter 2003 gross profit
includes $3 million received in connection with vitamin
antitrust litigation and operating income includes $10 mil-
lion of charges related to the closing of poultry operations.
18
56 Tyson Foods, Inc.
notes to consolidated financial statements
TYSON FOODS, INC. 2003 ANNUAL REPORT
The majority of the Company’s operations are domi-
ciled in the United States. Approximately 95%, 94%
and 97% of sales to external customers for fiscal years
ending 2003, 2002 and 2001, respectively, were sourced
from the United States. Approximately $6.5 billion of
long-lived assets were located in the United States at
fiscal years ending 2003 and 2002, and $6.6 billion at
fiscal year ending 2001. Approximately $185 million,
$193 million and $204 million of long-lived assets
were located in foreign countries, primarily Mexico
and Canada, at fiscal years ended 2003, 2002 and
2001, respectively.
The Company sells certain of its products in foreign
markets, primarily Canada, China, European Union,
Japan, Mexico, Puerto Rico, Russia, Taiwan and South
Korea. The Company’s export sales for 2003, 2002 and
2001 totaled $2.6 billion, $2.0 billion and $1.2 billion,
respectively. Substantially all of the Company’s export
sales are facilitated through unaffiliated brokers, mar-
keting associations and foreign sales staffs. Foreign
sales, which are sales of products produced in a coun-
try other than the United States, were less than 10%
of total consolidated sales for 2003, 2002 and 2001,
respectively. Approximately 15%, 11% and 15% for
2003, 2002 and 2001, respectively, of income before
taxes were from foreign operations.