Skip to content
AnalystLens

Tyson Foods Annual Report (Amendment), Year Ended Sep 28, 2002

Filing Date
Filed January 8, 2004
Period End
September 28, 2002
Security
TSN
In the record · 2016–202610-K1110-Q338-K142

TSN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 142 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jun ’17Jun ’17
  2. Leadership change8-K · May ’19May ’19
  3. Material agreement8-K · Oct ’21Oct ’21
  4. FY2025 annual report10-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K/A filed January 8, 2004. Cited figures are marked; the original filing is the authoritative source.

Tyson Foods, Inc. filed this Amendment No. 1 on Form 10-K/A to amend its annual report for the fiscal year ended September 28, 2002, in response to SEC staff comments.

The amendment presents the full annual report as amended. It does not restate the consolidated financial statements. The changes reclassify intangible assets as a separate balance sheet line, add the tax effects of comprehensive income components to the Statement of Shareholders' Equity, expand market risk disclosures in Item 7A, and add Exhibit 12.1, the Computation of Ratio of Earnings to Fixed Charges.

Fiscal 2002 sales were $23.37 billiona, up 121.2%, driven mainly by the inclusion of IBP, inc. for a full 52 weeks after its acquisition. Net income was $383 million, or $1.08 per diluted share, compared with $88 million, or $0.40 per diluted share, in fiscal 2001. Operating income was $887 million, and cash provided by operations was $1.17 billion.

Total debt fell to $3,987 millionb, a decrease of approximately $789 million, and the company reported $3,662 million in shareholders' equity. Beef sales were $10.49 billion, Chicken $7.22 billion, Pork $2.50 billion and Prepared Foods $3.07 billion. Results were affected by a $26 million live swine restructuring charge, a $27 million write-down related to discontinuing the Thomas E.

Wilson brand, a $22 millionc gain on the sale of Specialty Brands, and a $30 million partial settlement of vitamin antitrust litigation. The filing describes numerous pending lawsuits, including a Department of Labor Fair Labor Standards Act complaint, wage and hour class actions, and a cattle producer class action in which plaintiffs claim damages in excess of $500 million. For each, the company states that the outcome cannot be determined at this time.

02—Key points

Key Highlights

  1. Fiscal 2002 sales of $23,367 million, up 121.2%, with a 98.9% increase in volume and an 11.2% increase in price, largely from including IBP's results.
  2. Net income of $383 million, or $1.08 per diluted share, versus $88 million, or $0.40 per diluted share, in fiscal 2001.
  3. Operating income of $887 million; gross margin of 7.8% and return on sales of 1.6% as stated in the filing.
  4. Cash provided by operating activities of $1,174 million, up from $511 million in fiscal 2001.
  5. Total debt reduced to $3,987 million, a decrease of approximately $789 million, while shareholders' equity rose to $3,662 million.
  6. One-time items include a $26 million live swine restructuring charge, a $27 million Thomas E. Wilson brand write-down, a $22 million gain on the Specialty Brands sale, and a $30 million vitamin antitrust partial settlement.
  7. The amendment reclassifies intangible assets as a separate balance sheet line, adds tax effects to comprehensive income, and does not restate the consolidated financial statements.

03—Questions

Frequently Asked Questions

  1. Did this amendment change Tyson Foods' previously reported financial results?

    No. The filing states that the amended items do not restate the consolidated financial statements previously filed in the original Annual Report. The changes are reclassifications, added disclosures and an added exhibit, made in response to SEC staff comments.

  2. What drove the large increase in fiscal 2002 sales?

    The filing attributes the 121.2% sales increase primarily to the inclusion of IBP's sales in fiscal 2002, after Tyson acquired 50.1% of IBP in August 2001 and the remaining 49.9% in September 2001. Fiscal 2001 included only nine weeks of IBP results.

  3. How much debt did Tyson have and how did it change?

    Total debt was $3,987 million at September 28, 2002, a decrease of approximately $789 million from September 29, 2001. The company also had $1.5 billion in borrowing capacity, including $806 million available under its $1 billion unsecured revolving credit agreements.

  4. What significant legal matters does the filing disclose?

    The filing discloses a Department of Labor civil complaint alleging overtime violations at a Blountsville, Alabama facility, several wage and hour class actions, and a cattle producer class action against IBP in which plaintiffs claim damages in excess of $500,000,000. For these matters, the company states that neither the likelihood of an unfavorable outcome nor the amount of ultimate liability can be determined at this time.

04—Continue

← View all 10-K filings