Meat Industry INSIGHTS Newsletter

981257 Smithfield Projects Higher 3rd Quarter Earnings

December 19, 1998

Smithfield, VA - Joseph W. Luter, III, chairman and chief executive of Smithfield Foods, Inc. issued the following statement: “Smithfield Foods is having an extremely strong third quarter. If present trends continue, the Company should more than double last years third quarter earnings despite some sizeable losses at the Company's Hog Production Group.”

Smithfield Foods reported record third quarter earnings in fiscal 1998. In that quarter, the Company reported net income of $23.7 million, or $.60 per diluted share.

Smithfield Foods is the largest vertically integrated producer and marketer of fresh pork and processed meats in the United States. The Company's brands include Smithfield Lean Generation Pork, Smithfield Premium, Gwaltney, Patrick Cudahy, John Morrell, Lykes, Esskay, Kretschmar, Valleydale, Jamestown, Dinner Bell, Realean, Patrick's Pride, Great, Tobin's First Prize, Peyton's and others.

This news release may contain “forward-looking” information within the meaning of the federal securities laws. The forward-looking information may include, among other information, statements concerning Smithfield Foods' outlook for the future. There may also be other statements of beliefs, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking information and statements in this news release are subject to risks and uncertainties, including availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, access to capital and actions of governments, that could cause actual results to differ materially from those expressed in or implied by the information or statements.

This Article Compliments of...

Iotron Technology Inc.

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