Tyson Foods 2008 Annual Report Download - page 31

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29 2008 Annual Report
Management’s Discussion and Analysis (continued)
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING
INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
Certain information in this report constitutes forward-looking state-
ments. Such forward-looking statements include, but are not limited
to, current views and estimates of future economic circumstances,
industry conditions in domestic and international markets, our
performance and fi nancial results, including, without limitation,
debt-levels, return on invested capital, value-added product growth,
capital expenditures, tax rates, access to foreign markets and
dividend policy. These forward-looking statements are subject to
a number of factors and uncertainties that could cause our actual
results and experiences to differ materially from anticipated results
and expectations expressed in such forward-looking statements.
We wish to caution readers not to place undue reliance on any
forward-looking statements, which speak only as of the date made.
We undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Among the factors that may cause actual results and experiences to
differ from anticipated results and expectations expressed in such
forward-looking statements are the following: (i) fl uctuations in the
cost and availability of inputs and raw materials, such as live cattle,
live swine, feed grains (including corn and soybean meal) and energy;
(ii) market conditions for fi nished products, including competition
from other global and domestic food processors, supply and pricing
of competing products and alternative proteins and demand for
alternative proteins; (iii) successful rationalization of existing facilities
and operating effi ciencies of the facilities; (iv) risks associated with
our commodity trading risk management activities; (v) access to
foreign markets together with foreign economic conditions, including
currency fl uctuations, import/export restrictions and foreign politics;
(vi) outbreak of a livestock disease (such as avian infl uenza (AI) or
bovine spongiform encephalopathy (BSE)), which could have an
effect on livestock we own, the availability of livestock we purchase,
consumer perception of certain protein products or our ability to
access certain domestic and foreign markets; (vii) changes in avail-
ability and relative costs of labor and contract growers and our
ability to maintain good relationships with employees, labor unions,
contract growers and independent producers providing us live-
stock; (viii) issues related to food safety, including costs resulting
from product recalls, regulatory compliance and any related claims
or litigation; (ix) changes in consumer preference and diets and our
ability to identify and react to consumer trends; (x) signifi cant mar-
keting plan changes by large customers or loss of one or more large
customers; (xi) adverse results from litigation; (xii) risks associated
with leverage, including cost increases due to rising interest rates or
changes in debt ratings or outlook; (xiii) compliance with and changes
to regulations and laws (both domestic and foreign), including
changes in accounting standards, tax laws, environmental laws and
occupational, health and safety laws; (xiv) our ability to make effec-
tive acquisitions or joint ventures and successfully integrate newly
acquired businesses into existing operations; (xv) effectiveness of
advertising and marketing programs; (xvi) those factors listed under
Item 1A. “Risk Factors” included in our September 27, 2008, Annual
Report fi led on Form 10-K.