Tyson Foods 2009 Annual Report Download - page 18

18
ITEM 6. SELECTED FINANCIAL DATA
FIVE-YEAR FINANCIAL SUMMARY
in millions, except per share and ratio data
2009
2008
2007
2006
2005
Summary of Operations
Sales
$
26,704
$
26,862
$
25,729
$
24,589
$
24,801
Goodwill impairment
560
-
-
-
-
Operating income (loss)
(215
)
331
613
(50
)
655
Net interest expense
293
206
224
238
227
Income (loss) from continuing operations
(536
)
86
268
(174
)
314
Income (loss) from discontinued operation
(1
)
-
-
(17
)
58
Cumulative effect of change in accounting principle
-
-
-
(5
)
-
Net income (loss)
(537
)
86
268
(196
)
372
Diluted earnings (loss) per share:
Income (loss) from continuing operations
(1.44
)
0.24
0.75
(0.51
)
0.88
Income (loss) from discontinued operation
-
-
-
(0.05
)
0.16
Cumulative effect of change in accounting
principle
-
-
-
(0.02
)
-
Net income (loss)
(1.44
)
0.24
0.75
(0.58
)
1.04
Dividends per share:
Class A
0.160
0.160
0.160
0.160
0.160
Class B
0.144
0.144
0.144
0.144
0.144
Balance Sheet Data
Total assets
$
10,595
$
10,850
$
10,227
$
11,121
$
10,504
Total debt
3,552
2,896
2,779
3,979
2,995
Shareholders' equity
4,352
5,014
4,731
4,440
4,671
Other Key Financial Measures
Depreciation and amortization
$
496
$
493
$
514
$
517
$
501
Capital expenditures
368
425
285
531
571
Return on invested capital
(2.7
)%
4.3
%
7.7
%
(0.6
)%
8.6
%
Effective tax rate
(2.7
)%
44.6
%
34.6
%
35.0
%
28.7
%
Total debt to capitalization
44.9
%
36.6
%
37.0
%
47.3
%
39.1
%
Book value per share
$
11.56
$
13.28
$
13.31
$
12.51
$
13.19
Closing stock price high
13.88
19.44
24.08
18.70
19.47
Closing stock price low
4.40
12.14
14.20
12.92
14.12
Notes to Five-Year Financial Summary
a.
Fiscal 2009 was a 53-week year, while the other years presented were 52-week years.
b.
Fiscal 2009 included a $560 million non-tax deductible charge related to Beef segment goodwill impairment and a $15 million pretax charge
related to closing a prepared foods plant.
c.
Fiscal 2008 included $76 million of pretax charges related to: restructuring a beef operation; closing a poultry plant; asset impairments for
packaging equipment, intangible assets, unimproved real property and software; flood damage; and severance charges. Additionally, fiscal
2008 included an $18 million non-operating gain related to the sale of an investment.
d.
Fiscal 2007 included tax expense of $17 million related to a fixed asset tax cost correction, primarily related to a fixed asset system
conversion in 1999.
e.
Fiscal 2006 included $63 million of pretax charges primarily related to closing one poultry plant, two beef plants and two prepared foods
plants.
f.
Fiscal 2005 included $33 million of pretax charges related to a legal settlement involving our live swine operations, a non-recurring income
tax net benefit of $15 million including benefit from the reversal of certain income tax reserves, partially offset by an income tax charge
related to the one-time repatriation of foreign income under the American Jobs Creation Act and $14 million of pretax charges primarily
related to closing two poultry plants and one prepared foods plant. Additionally, the effective tax rate was affected by the federal income tax
effect of the Medicare Part D subsidy in fiscal 2005 of $55 million because this amount was not subject to federal income tax.
g.
Return on invested capital is calculated by dividing operating income (loss) by the sum of the average of beginning and ending total debt
and shareholders’ equity.
h.
The 2006 total debt to capitalization ratio is not adjusted for the $750 million short-term investment we had on deposit at September 30,
2006. When adjusted for the $750 million short-term investment, the debt to capitalization ratio was 42.1%.
i.
In March 2009, we completed the sale of the beef processing, cattle feed yard and fertilizer assets of three of our Alberta, Canada
subsidiaries (collectively, Lakeside). Lakeside was reported as a discontinued operation for all periods presented.