Tyson Foods 2006 Annual Report Download - page 40

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Condensed Consolidating Statement of Operations for the year ended September 30, 2006
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Net Sales $ – $14,227 $12,067 $(735) $25,559
Cost of Sales 3 14,206 11,157 (735) 24,631
(3) 21 910 – 928
Operating Expenses:
Selling, general and administrative 130 201 604 – 935
Other charges – 51 19 – 70
Operating Income (Loss) (133) (231) 287 – (77)
Other (Income) Expense:
Interest expense, net 192 35 11 – 238
Other, net (3) (3) (16) – (22)
Equity in net earnings of subsidiaries (14) (13) – 27 –
175 19 (5) 27 216
Income (Loss) before Income Taxes (308) (250) 292 (27) (293)
Income Tax Expense (Benefit) (112) (92) 102 – (102)
Net Income (Loss) before Cumulative Effect of Change
in Accounting Principle (196) (158) 190 (27) (191)
Cumulative Effect of Change in Accounting Principle, Net of Tax – (1) (4) – (5)
Net Income (Loss) $(196) $ (159) $ 186 $ (27) $ (196)
Condensed Consolidating Statement of Income for the year ended October 1, 2005
Non-Guarantor
in millions TFI Parent TFM Parent Subsidiaries Eliminations Total
Net Sales $ 429 $14,009 $12,786 $(1,210) $26,014
Cost of Sales 85 13,883 11,536 (1,210) 24,294
344 126 1,250 – 1,720
Operating Expenses:
Selling, general and administrative 119 154 655 – 928
Other charges – – 47 – 47
Operating Income (Loss) 225 (28) 548 – 745
Other (Income) Expense:
Interest expense, net 170 38 19 – 227
Other, net (1) (17) 8 – (10)
Equity in net earnings of subsidiaries (333) (175) – 508 –
(164) (154) 27 508 217
Income (Loss) before Income Taxes 389 126 521 (508) 528
Income Tax Expense (Benefit) 17 (15) 154 – 156
Net Income (Loss) $ 372 $ 141 $ 367 $ (508) $ 372
38 Ty s o n F o o d s , I n c . 2 0 0 6 A n n u a l R e p o r t
Notes to Consolidated Financial Statements continued