Tyson Foods 2011 Annual Report Download - page 75

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75
NOTE 20: QUARTERLY FINANCIAL DATA (UNAUDITED)
in millions, except per share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2011
Sales
$7,615
$8,000
$8,247
$8,404
Gross profit
744
533
531
391
Operating income
498
303
312
172
Net income
294
156
188
95
Net income attributable to Tyson
298
159
196
97
Net income per share attributable to Tyson:
Class A Basic
$0.81
$0.43
$0.53
$0.27
Class B Basic
$0.73
$0.39
$0.48
$0.24
Diluted
$0.78
$0.42
$0.51
$0.26
2010
Sales
$6,635
$6,916
$7,438
$7,441
Gross profit
529
564
752
669
Operating income
314
344
507
391
Net income
159
156
242
208
Net income attributable to Tyson
160
159
248
213
Net income per share attributable to Tyson:
Class A Basic
$0.44
$0.43
$0.68
$0.58
Class B Basic
$0.39
$0.39
$0.61
$0.52
Diluted
$0.42
$0.42
$0.65
$0.57
First quarter fiscal 2011 net income included $11 million gain related to a sale of interests in an equity method investment. Third
quarter fiscal 2011 net income included $21 million reduction to income tax expense related to a reversal of reserves for foreign
uncertain tax positions.
Second quarter fiscal 2010 net income included $24 million of pretax charges related to losses on notes repurchased during the
quarter. Third quarter fiscal 2010 operating income included $38 million of insurance proceeds received during the quarter and net
income included $34 million of pretax charges related to losses on notes repurchased during the quarter and a $12 million charge
related to an equity method investment impairment. Fourth quarter fiscal 2010 operating income included a $29 million non-cash
charge related to the full impairment of an immaterial Chicken segment reporting unit’s goodwill.
NOTE 21: CONDENSED CONSOLIDATING FINANCIAL STATEMENTS
Tyson Fresh Meats, Inc. (TFM Parent), our wholly-owned subsidiary, has fully and unconditionally guaranteed the 2016 Notes. TFM
Parent and substantially all of our wholly-owned domestic subsidiaries have fully and unconditionally guaranteed the 2014 Notes. The
following financial information presents condensed consolidating financial statements, which include Tyson Foods, Inc. (TFI Parent);
TFM Parent; the other 2014 Notes' guarantor subsidiaries (Guarantors) on a combined basis; the elimination entries necessary to
reflect TFM Parent and the Guarantors, which collectively represent the 2014 Notes' total guarantor subsidiaries (2014 Guarantors), on
a combined basis; the 2014 Notes' non-guarantor subsidiaries (Non-Guarantors) on a combined basis; the elimination entries necessary
to consolidate TFI Parent, the 2014 Guarantors and the Non-Guarantors; and Tyson Foods, Inc. on a consolidated basis, and is
provided as an alternative to providing separate financial statements for the guarantor(s).