My finance view

Bankrupt U.S. chicken producer Pilgrim’s Pride Corp reported a $56.71 million profit for the fiscal fourth quarter that ended September 26 and the company said on Wednesday that, upon exiting bankruptcy, it will be a “stronger, leaner company.”

The financial report was filed late on Tuesday as required by the bankruptcy court. It is not comparable with quarterly earnings reports filed with the U.S. Securities and Exchange Commission because the data may be incomplete. But it does give an indication of the company’s financial health.

The earnings of $56.71 million were on revenue of $1.63 billion.

Pilgrim’s Pride entered bankruptcy in December 2008 and did not file a fiscal 2008 fourth quarter earnings report, but at that time it had forecast a fourth quarter loss of $802 million on sales of $2.17 billion.

It filed a reorganization plan in September and expects to exit bankruptcy by the end of this year 24 hour payday loan.

As part of its reorganization plan, Pilgrim’s Pride agreed in September to sell a majority stake to Brazilian meat company JBS SA. Earlier this month, U.S. regulators approved that deal, but bankruptcy court approval is still needed.

In addition, while under bankruptcy protection, Pilgrim’s Pride has closed and sold plants and reduced production.

“Our financial position has improved significantly this year,” Pilgrim’s Pride spokesman Gary Rhodes said in an email on Wednesday. “We have returned to profitability, the quality of our asset base has improved significantly and we are gaining additional business.”

Pilgrim’s Pride shares were down 1 cent at $6.39 in midday Pink Sheet trading.

(Reporting by Bob Burgdorfer, editing by Gerald E. McCormick)

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