I know PETA and other organizations make lists available of products that are "vegan" or free or animal testing. If a person spends money on these products only, only buys animal free food, and essentially boycotts anything that’s assciated with animal cruelty can a significant difference be made? How would a person figure out how their smart shopping is making a difference?
We’re making a huge impact just by shifting our diet…
Tyson Foods posts 4Q loss By MARCUS KABEL, AP Business Writer
10 minutes ago
Tyson Foods Inc., the world’s largest meat processor, on Monday reported a wider-than-expected loss in the fiscal fourth quarter, weighed by one-time charges and losses in the chicken and beef sectors.
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The Springdale, Ark.-based company forecast a return to profitability this fiscal year, however, after three straight quarters of losses.
"The best thing I can say about fiscal 2006 is, it’s over," Richard L. Bond, president and chief executive officer, said in a statement.
Tyson said the loss for the quarter ended Sept. 30 was $56 million, or 17 cents per share, compared with a profit of $117 million, or 33 cents per share, during the same period a year earlier.
Results were hurt by charges of 6 cents per share related to tax and accounting changes and 4 cents per share related a previously announced cost-cutting program.
Tyson said in July it would cut $200 million in costs, including slashing 420 mainly managerial jobs and not filling 430 open positions in its total workforce of about 110,000. It also said it would focus on value-added products, international expansion and improving operational efficiencies.
Fourth quarter revenue was flat at about $6.5 billion in both periods.
Analysts polled by Thomson Financial expected a loss of 4 cents per share for the fourth quarter on revenue of $6.47 billion.
"For most of the year, we were plagued by supply and demand imbalance as well as export market disruptions in our chicken and beef segments," Bond said in a statement. "Despite some continuing problems in the protein sector, during the quarter our core business showed improvement and continued to strengthen."
Tyson said it expects fiscal 2007 earnings per share in a range of 50 cents to 80 cents.
Analysts’ consensus estimate for fiscal 2007 earnings is 69 cents per share.
Its shares fell 8 cents to $14.27 in morning trading on the New York Stock Exchange.
Bond said he is "very confident" the company will be profitable again starting in the current quarter.
Tyson saw fourth quarter losses in three of its four segments — beef, chicken and prepared foods. Only the pork business, which accounted for 12 percent of sales, posted an operating profit, thanks to low prices for live animals.
The chicken and beef businesses were hurt by a glut of meat on the market, a problem that producers have faced all year.
Agricultural economists have blamed the issue on a range of factors, including shifting consumer diets, beef and chicken health scares overseas that reduced U.S. exports and overproduction after high market prices for animals in the past two years.
Tyson is the world’s largest chicken producer and also the world’s largest meat processing company. Tyson breeds its own chickens but gets other meat from independent producers.