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Form 8-K PILGRIMS PRIDE CORP For: Apr 27

April 28, 2016 6:02 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 27, 2016
PILGRIM'S PRIDE CORPORATION
(Exact Name of registrant as specified in its charter)
 
Delaware
1-9273
75-1285071
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
 
 
1770 Promontory Circle
Greeley, CO
80634-9038
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (970) 506-8000
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02. Results of Operations and Financial Condition.
On April 27, 2016 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1    Press release dated April 27, 2016






SIGNATURE  
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
PILGRIM’S PRIDE CORPORATION
 
 
 
 
Date:
April 27, 2016
 
/s/ Fabio Sandri
 
 
 
Fabio Sandri
 
 
 
Chief Financial Officer






Exhibit Index
Exhibit 99.1    Press release dated April 27, 2016






Pilgrim’s Pride Reports Operating Income of $189 Million with a Margin of 9.6% for the First Quarter of 2016

GREELEY, Colo., April 27, 2016 (GLOBE NEWSWIRE) - Pilgrim’s Pride Corporation (NASDAQ: PPC) reports first quarter 2016 financial results.

First Quarter Highlights
Net Sales of $1.96 billion.
Net Income of $118.4 million, GAAP EPS of $0.46.
EBIT margins of 10.5% in U.S. and 4.8% in Mexico operations, respectively.
Adjusted EBITDA of $233.5 million (or an 11.9% margin).
Free Cash Flow of $141.3 million.
Conversion of a production facility to USDA-certified organic chicken, enhancing PPC leadership in emerging consumer trends and leveraging partnerships with key customers to support their growth.

Unaudited, In Millions, Except Per Share and Percentages
 
Thirteen Weeks Ended
 
March 27, 2016
 
March 29, 2015
 
Change
Net Sales
$1,962.9
 
$2,052.9
 
-4.3%
GAAP EPS
$0.46
 
$0.79
 
-42%
Operating Income
$188.8
 
$327.6
 
-42.4%
Adjusted EBITDA (1)
$233.5
 
$363.5
 
-35.8%
Adjusted EBITDA Margin
11.9%
 
17.8%
 
-5.9pts
 
 
 
 
 
 
(1)
Reconciliations for non-GAAP measures are provided in subsequent sections within this release.

“Our U.S. and Mexican businesses improved sequentially in Q1 following a challenging Q4, putting us in a strong position for Q2. While market conditions contributed to the improvement, our well-balanced portfolio played a key factor in delivering the improved Q1 performance since we were able to leverage the strength in specific market segments while minimizing the impact of the others,” stated Bill Lovette, Chief Executive Officer of Pilgrim's.

“Leveraging our leadership in the ABF market and our partnership with Key customers, we are excited to announce that we have begun work on converting one of our facilities to produce USDA-certified organic chicken. We are committed to deploy valuable resources, when necessary, to accelerate our growth by offering creative solutions to fulfill emerging consumer demand preference trends for more natural products such as ABF and organic chicken. We continue to believe our portfolio strategy, combined with our approach of being a valued partner with key customers and pursuing operational excellence while strategically growing value-added exports, will allow us to deliver less volatility and higher earnings to our shareholders over time.”

1




“In Mexico, we continue to see improvements in market conditions year to date, and we are on target in integrating the new assets and realizing announced synergies. We will continue to seek new opportunities to position us to be a much stronger player in all geographies, meet future demand growth in the region, and give us the best portfolio to serve the Mexican consumers.”

“Within Prepared Foods, our vision of sustainable growth remains intact. With the well-regarded Pierce brand playing a central role and the addition of a new fully-cooked line at our Moorefield, WV complex scheduled for completion late this year, we are on track to expand margins and increase our footprint to new accounts where we did not have prior presence.”

Conference Call Information
A conference call to discuss Pilgrim’s quarterly results will be held tomorrow, April 28, at 7:00 a.m. MT (9 a.m. ET). Participants are encouraged to pre-register for the conference call using the link below. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To pre-register, go to: http://services.choruscall.com/links/ppc160428

You may also reach the pre-registration link by logging in through the investor section of our website at www.pilgrims.com and clicking on the link under “Upcoming Events.”

For those who would like to join the call but have not pre-registered, access is available by dialing +1 (866) 777-2509 within the US, or +1 (412) 317-5413, and requesting the “Pilgrim’s Pride Conference.” Please note that to submit a question to management during the call, you must be logged in via telephone.

Replays of the conference call will be available on Pilgrim’s website approximately two hours after the call concludes and can be accessed through the “Investor” section of www.pilgrims.com. The webcast will be available for replay through July 28, 2016.

About Pilgrim’s Pride

Pilgrim’s employs approximately 37,900 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.

Forward-Looking Statements

Statements contained in this press release that state the intentions, plans, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim’s Pride Corporation and its management are considered forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: matters affecting the poultry industry generally; the ability to execute the Company’s business plan to achieve desired cost savings and profitability; future pricing for feed ingredients and the Company’s products; outbreaks of avian influenza or other diseases, either in Pilgrim’s Pride’s flocks or elsewhere, affecting its ability to conduct its operations and/or demand for its poultry products; contamination of Pilgrim’s Pride’s products, which has previously and can in the future lead to product liability claims and product recalls; exposure to risks related to product liability, product recalls, property damage and injuries to persons, for which insurance coverage is expensive, limited and potentially inadequate; management of cash resources; restrictions imposed by, and as a result of, Pilgrim’s Pride’s leverage; changes in laws or regulations affecting Pilgrim’s Pride’s operations or the application thereof; new immigration legislation or increased enforcement efforts in connection with existing immigration legislation that cause the costs of doing business to increase, cause

2



Pilgrim’s Pride to change the way in which it does business, or otherwise disrupt its operations; competitive factors and pricing pressures or the loss of one or more of Pilgrim’s Pride’s largest customers; currency exchange rate fluctuations, trade barriers, exchange controls, expropriation and other risks associated with foreign operations; disruptions in international markets and distribution channel, including anti-dumping proceedings and countervailing duty proceedings; and the impact of uncertainties of litigation as well as other risks described under “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Pilgrim’s Pride Corporation undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.








Contact:
Dunham Winoto
 
Director, Investor Relations
 
 
(970) 506-8192
 
www.pilgrims.com


3




PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
March 27, 2016
 
December 27, 2015
 
 
(Unaudited)
 
 
 
 
(In thousands)
Cash and cash equivalents
 
$
574,888

 
$
439,638

Trade accounts and other receivables, less allowance for doubtful accounts
 
347,401

 
348,994

Account receivable from related parties
 
6,155

 
2,668

Inventories
 
778,528

 
801,357

Income taxes receivable
 
24,105

 
71,410

Prepaid expenses and other current assets
 
76,210

 
75,602

Assets held for sale
 
6,555

 
6,555

Total current assets
 
1,813,842

 
1,746,224

Other long-lived assets
 
15,982

 
15,672

Identified intangible assets, net
 
44,458

 
47,453

Goodwill
 
161,578

 
156,565

Property, plant and equipment, net
 
1,350,890

 
1,352,529

Total assets
 
$
3,386,750

 
$
3,318,443

 
 
 
 
 
Notes payable to banks
 
$
21,577

 
$
28,726

Accounts payable
 
471,952

 
482,954

Account payable to related parties
 
1,654

 
7,000

Accrued expenses and other current liabilities
 
279,249

 
314,966

Income taxes payable
 
20,810

 
13,228

Current maturities of long-term debt
 
88

 
86

Total current liabilities
 
795,330

 
846,960

Long-term debt, less current maturities
 
986,400

 
985,509

Deferred tax liabilities
 
132,755

 
131,882

Other long-term liabilities
 
101,076

 
92,282

Total liabilities
 
2,015,561

 
2,056,633

Common stock
 
2,597

 
2,597

Treasury stock
 
(101,890
)
 
(99,233
)
Additional paid-in capital
 
1,676,554

 
1,675,674

Retained earnings (accumulated deficit)
 
(142,881
)
 
(261,252
)
Accumulated other comprehensive loss
 
(65,785
)
 
(58,930
)
Total Pilgrim’s Pride Corporation stockholders’ equity
 
1,368,595

 
1,258,856

Noncontrolling interest
 
2,594

 
2,954

Total stockholders’ equity
 
1,371,189

 
1,261,810

Total liabilities and stockholders’ equity
 
$
3,386,750

 
$
3,318,443



4




PILGRIM’S PRIDE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
 
Thirteen Weeks Ended
 
 
 
March 27, 2016
 
March 29, 2015
 
 
 
(In thousands, except per share data)
Net sales
 
$
1,962,937

 
$
2,052,919

 
Cost of sales
 
1,725,375

 
1,675,799

 
Gross profit
 
237,562

 
377,120

 
Selling, general and administrative expense
 
48,788

 
49,507

 
Operating income
 
188,774

 
327,613

 
Interest expense, net of capitalized interest
 
12,033

 
4,855

 
Interest income
 
(693
)
 
(1,490
)
 
Foreign currency transaction loss (gain)
 
(235
)
 
8,974

 
Miscellaneous, net
 
(2,946
)
 
(413
)
 
Income before income taxes
 
180,615

 
315,687

 
Income tax expense
 
62,604

 
111,494

 
Net income
 
118,011

 
204,193

 
Less: Net income (loss) attributable to noncontrolling interests
 
(360
)
 
(22
)
 
Net income attributable to Pilgrim’s Pride Corporation
 
$
118,371

 
$
204,215

 
 
 
 
 
 
 
Weighted average shares of common stock outstanding:
 
 
 
 
 
Basic
 
254,807

 
259,653

 
Effect of dilutive common stock equivalents
 
340

 
276

 
Diluted
 
255,147

 
259,929

 
 
 
 
 
 
 
Net income attributable to Pilgrim's Pride Corporation per share of
     common stock outstanding:
 
 
 
 
 
Basic
 
$
0.46

 
$
0.79

 
Diluted
 
$
0.46

 
$
0.79

 


5



PILGRIM’S PRIDE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
 
Thirteen Weeks Ended
 
 
March 27, 2016
 
March 29, 2015
 
 
(In thousands)
Cash flows from operating activities:
 
 
 
 
Net income
 
$
118,011

 
$
204,193

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
42,391

 
36,152

Foreign currency transaction losses
 

 
12,074

Loss (gain) on property disposals
 
(129
)
 
(881
)
Share-based compensation
 
880

 
797

Deferred income tax benefit
 
(215
)
 
(2,408
)
Changes in operating assets and liabilities:
 
 
 
 
Trade accounts and other receivables
 
(1,894
)
 
13,289

Inventories
 
22,829

 
(2,313
)
Prepaid expenses and other current assets
 
(608
)
 
9,294

Accounts payable, accrued expenses and other current liabilities
 
(55,990
)
 
(28,702
)
Income taxes
 
55,261

 
50,639

Long-term pension and other postretirement obligations
 
(2,311
)
 
1,617

Other operating assets and liabilities
 
(362
)
 
2,335

Cash provided by operating activities
 
177,863

 
296,086

Cash flows from investing activities:
 
 
 
 
Acquisitions of property, plant and equipment
 
(37,074
)
 
(32,591
)
Proceeds from property disposals
 
610

 
867

Cash provided by (used in) investing activities
 
(36,464
)
 
(31,724
)
Cash flows from financing activities:
 
 
 
 
Proceeds from note payable to bank
 
8,885

 

Payments on note payable to bank
 
(16,034
)
 

Proceeds from revolving line of credit
 

 
1,680,000

Payments on revolving line of credit, long-term borrowings and capital lease obligations
 
(21
)
 
(533,669
)
Proceeds from equity contribution under Tax Sharing Agreement between JBS USA Food Company Holdings and Pilgrim's Pride Corporation
 
3,691

 

Tax benefit related to share-based compensation
 

 
7,834

Payment of capitalized loan costs
 
(13
)
 
(8,862
)
Purchase of treasury stock
 
(2,657
)
 

Cash dividends
 

 
(1,498,470
)
Cash used in financing activities
 
(6,149
)
 
(353,167
)
Effect of exchange rate changes on cash and cash equivalents
 

 
(9,301
)
Increase (decrease) in cash and cash equivalents
 
135,250

 
(98,106
)
Cash and cash equivalents, beginning of period
 
439,638

 
576,143

Cash and cash equivalents, end of period
 
$
574,888

 
$
478,037


6



PILGRIM’S PRIDE CORPORATION
Selected Financial Information
(Unaudited)

“EBITDA” is defined as the sum of net income (loss) plus interest, taxes, depreciation and amortization. “Adjusted EBITDA” is calculated by adding to EBITDA certain items of expense and deducting from EBITDA certain items of income that we believe are not indicative of our ongoing operating performance consisting of: (i) income (loss) attributable to non-controlling interests, (ii) restructuring charges, (iii) reorganization items, (iv) losses on early extinguishment of debt and (v) foreign currency transaction losses (gains). EBITDA is presented because it is used by management and we believe it is frequently used by securities analysts, investors and other interested parties, in addition to and not in lieu of results prepared in conformity with accounting principles generally accepted in the US (“GAAP”), to compare the performance of companies. We believe investors would be interested in our Adjusted EBITDA because this is how our management analyzes EBITDA. The Company also believes that Adjusted EBITDA, in combination with the Company’s financial results calculated in accordance with GAAP, provides investors with additional perspective regarding the impact of certain significant items on EBITDA and facilitates a more direct comparison of its performance with its competitors. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP. They should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measures of performance derived in accordance with GAAP.

PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted EBITDA
 
 
 
 
 
(Unaudited)
Thirteen Weeks Ended
 
 
March 27, 2016
 
March 29, 2015
 
 
(In thousands)
Net income
$
118,011

 
$
204,193

 
Add:
 
 
 
 
Interest expense, net
11,340

 
3,365

 
Income tax expense (benefit)
62,604

 
111,494

 
Depreciation and amortization
42,391

 
36,152

 
Minus:
 
 
 
 
Amortization of capitalized financing costs
928

 
725

 
EBITDA
233,418

 
354,479

 
Add:
 
 
 
 
Foreign currency transaction losses (gains)
(235
)
 
8,974

 
Restructuring charges

 

 
Minus:
 
 
 
 
   Net income (loss) attributable to noncontrolling interest
(360
)
 
(22
)
 
Adjusted EBITDA
$
233,543

 
$
363,475

 


7



The summary unaudited consolidated income statement data for the twelve months ended March 27, 2016 (the LTM Period) have been calculated by subtracting the applicable unaudited consolidated income statement data for the three months ended March 29, 2015 from the sum of (1) the applicable audited consolidated income statement data for the year ended December 27, 2015 and (2) the applicable audited consolidated income statement data for the three months ended March 27, 2016.

PILGRIM'S PRIDE CORPORATION
Reconciliation of LTM Adjusted EBITDA
 
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
LTM Ended
 
 
June 28,
2015
 
September 27,
2015
 
December 27,
2015
 
March 27,
2016
 
March 27,
2016
 
(In thousands)
Net income
 
$
241,624

 
$
137,095

 
$
63,050

 
$
118,011

 
$
559,780

Add:
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
10,237

 
10,182

 
10,091

 
11,340

 
41,850

Income tax expense (benefit)
 
129,104

 
73,153

 
33,045

 
62,604

 
297,906

Depreciation and amortization
 
38,918

 
41,415

 
42,490

 
42,391

 
165,214

Minus:
 
 
 
 
 
 
 
 
 
 
Amortization of capitalized financing costs
 
864

 
1,119

 
930

 
928

 
3,841

EBITDA
 
419,019

 
260,726

 
147,746

 
233,418

 
1,060,909

Add:
 
 
 
 
 
 
 
 
 
 
Foreign currency transaction losses (gains)
 
2,059

 
12,773

 
2,134

 
(235
)
 
16,731

Restructuring charges
 
4,813

 
792

 

 

 
5,605

Minus:
 
 
 
 
 
 
 
 
 
 
   Net income (loss) attributable to noncontrolling interest
 
135

 
33

 
(98
)
 
(360
)
 
(290
)
Adjusted EBITDA
 
$
425,756

 
$
274,258

 
$
149,978

 
$
233,543

 
$
1,083,535



8



EBITDA margins have been calculated using by taking the unaudited EBITDA figures and income statement components, then dividing by Net Revenue for the applicable period.

PILGRIM'S PRIDE CORPORATION
Reconciliation of EBITDA Margin
 
 
 
 
 
 
 
 
 
 
(Unaudited)
 
Thirteen Weeks Ended
 
Thirteen Weeks Ended
 
 
 
March 27, 2016
 
March 29, 2015
 
March 27, 2016
 
March 29, 2015
 
 
(In thousands)
Net income from continuing operations
 
$
118,011

 
$
204,193

 
6.01
 %
 
9.95
 %
 
Add:
 
 
 
 
 
 
 
 
 
Interest expense, net
 
11,340

 
3,365

 
0.58
 %
 
0.16
 %
 
Income tax expense (benefit)
 
62,604

 
111,494

 
3.19
 %
 
5.43
 %
 
Depreciation and amortization
 
42,391

 
36,152

 
2.16
 %
 
1.76
 %
 
Minus:
 
 
 
 
 

 

 
Amortization of capitalized financing costs
 
928

 
725

 
0.05
 %
 
0.04
 %
 
EBITDA
 
233,418

 
354,479

 
11.89
 %
 
17.27
 %
 
Add:
 
 
 
 
 
 
 
 
 
Foreign currency transaction losses (gains)
 
(235
)
 
8,974

 
(0.01
)%
 
0.44
 %
 
Restructuring charges
 

 

 
 %
 
 %
 
Minus:
 
 
 
 
 
 
 
 
 
   Net income (loss) attributable to noncontrolling interest
 
(360
)
 
(22
)
 
(0.02
)%
 
 %
 
Adjusted EBITDA
 
$
233,543

 
$
363,475

 
11.90
 %
 
17.71
 %
 
 
 
 
 
 
 
 
 
 
 
Net Revenue:
 
$
1,962,937

 
$
2,052,919

 
$
1,962,937

 
$
2,052,919

 


9



A reconciliation of net income (loss) attributable to Pilgrim's Pride Corporation per common diluted share to adjusted net income (loss) attributable to Pilgrim's Pride Corporation per common diluted share is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of Adjusted Earnings
(Unaudited)
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
 
March 27,
2016
 
March 29,
2015
 
 
 
(In thousands, except per share data)
 
Net income (loss) attributable to Pilgrim's Pride Corporation
 
$
118,371

 
$
204,215

 
Loss on early extinguishment of debt
 

 
68

 
Foreign currency transaction losses (gains)
 
(235
)
 
8,974

 
Income (loss) before loss on early extinguishment of debt and foreign currency transaction losses (gains)
 
118,136

 
213,257

 
Weighted average diluted shares of common stock outstanding
 
255,147

 
259,929

 
Income (loss) before loss on early extinguishment of debt and foreign currency transaction losses (gains)
     per common diluted share
 
$
0.46

 
$
0.82

 


10



A reconciliation of GAAP earnings per share (EPS) to adjusted earnings per share (EPS) is as follows:

PILGRIM'S PRIDE CORPORATION
Reconciliation of GAAP EPS to Adjusted EPS
(Unaudited)
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
March 27, 2016
 
March 29, 2015
 
 
(In thousands, except per share data)
GAAP EPS
$
0.46

 
$
0.79

 
Loss on early extinguishment of debt

 

 
Foreign currency transaction losses (gains)

 
0.03

 
Adjusted EPS
$
0.46

 
$
0.82

 
 
 
 
 
 
Weighted average diluted shares of common stock outstanding
255,147

 
259,929

 


11



Net debt is defined as total long term debt less current maturities, plus current maturities of long term debt and notes payable, minus cash, cash equivalents and investments in available-for-sale securities.  Net debt is presented because it is used by management, and we believe it is frequently used by securities analysts, investors and other parties, in addition to and not in lieu of debt as presented under GAAP, to compare the indebtedness of companies.  A reconciliation of net debt is as follows:
PILGRIM'S PRIDE CORPORATION
Reconciliation of Net Debt
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
December 29,
2013
 
December 28,
2014
 
December 27,
2015
 
March 29,
2015
 
March 27,
2016
 
(In thousands)
Long term debt, less current maturities
$
501,999

 
$
3,980

 
$
985,509

 
$
1,150,441

 
$
986,400

Add:  Current maturities of long term debt and notes payable
410,234

 
262

 
28,812

 
133

 
21,665

Minus:  Cash and cash equivalents
508,206

 
576,143

 
439,638

 
478,037

 
574,888

Minus:  Available-for-sale securities
96,902

 

 

 

 

Net debt (cash position)
$
307,125

 
$
(571,901
)
 
$
574,683

 
$
672,537

 
$
433,177



12



PILGRIM'S PRIDE CORPORATION
Supplementary Selected Segment and Geographic Data
 
 
 
 
 
 
 
 
Thirteen Weeks Ended
 
 
 
March 27, 2016
 
March 29, 2015
 
 
 
(Unaudited)
 
 
 
 
 
(In thousands)
Sources of net sales by country of origin:
 
 
 
 
 
US:
 
$
1,670,281

 
$
1,842,758

 
Mexico:
 
292,656

 
210,161

 
Total net sales:
 
$
1,962,937

 
$
2,052,919

 
 
 
 
 
 
 
Sources of cost of sales by country of origin:
 
 
 
 
 
US:
 
$
1,453,955

 
$
1,504,207

 
Mexico:
 
271,444

 
171,616

 
Elimination:
 
(24
)
 
(24
)
 
Total cost of sales:
 
$
1,725,375

 
$
1,675,799

 
 
 
 
 
 
 
Sources of gross profit by country of origin:
 
 
 
 
 
US:
 
$
216,326

 
$
338,551

 
Mexico:
 
21,212

 
38,545

 
Elimination:
 
24

 
24

 
Total gross profit:
 
$
237,562

 
$
377,120

 



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