J.P. Morgan New York Non-Deal Road Show. New York, New York
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1 J.P. Morgan New York Non-Deal Road Show New York, New York March 2, 2018
2 Forward Looking Statement Warning This presentation contains forward-looking statements about the business, financial condition and prospects of the Company. The actual performance of the Company could differ materially from that indicated by the forward-looking statements because of various risks and uncertainties. These risks and uncertainties are described in our most recent Annual Report on Form 10-K. 1
3 The Company 2
4 We Are a Leading Chicken Producer Organized in 1947 Incorporated in 1955 Who We Are Vertically integrated in 1961 Initial public offering in rd largest poultry processor in the U.S. Current processing capacity of 12.1 MM head/week 3
5 Top 10 Poultry Companies for 2016 All Other 42.6% Tyson 20.0% Source: WATT PoultryUSA Survey March 2017 Pilgrim's 16.3% Sanderson 8.3% Processing Further Processing Million Million Lbs Average Million Lbs % R-T-C Company Plants Operations Head Live Weight Live Weight R-T-C Market Share Tyson Foods 32 10/ % Pilgrim's 24 0/ % Sanderson Farms, Inc. 10 1/ % Perdue Foods 11 3/ % Koch Foods, Inc. 8 4/ % Wayne Farms, LLC 9 0/ % Mountaire Farms, Inc % Peco Foods 6 1/ % House of Raeford Farms, Inc. 5 2/ % Keystone Foods, LLC 3 0/ % Total Top / % All Others 40 27/ % Total / , % Koch 5.7% Perdue 7.2% 4
6 Poultry Plants Big Bird Deboning Full Capacity Live Pounds Processed Pounds Per Week (1) Per Week (2) Per Week (3) Laurel, MS ,000 5,625,000 5,217,250 Collins, MS ,250,000 11,250,000 10,434,500 Waco, TX ,275,000 11,475,000 10,643,000 Palestine, TX ,250,000 11,250,000 10,434,500 Balanced Asset Base Kinston, NC St. Pauls, NC St. Pauls, NC ,250,000 11,250,000 10,434,500 Total 5,650,000 50,850,000 47,163,750 Retail McComb, MS ,300,000 8,775,000 7,853,750 Bryan, TX ,300,000 8,775,000 7,853,750 Moultrie, GA ,300,000 8,775,000 7,853,750 Waco, TX Tyler, TX McComb, MS Jackson, MS Hazlehurst, MS Kinston, NC ,300,000 8,775,000 7,853,750 Tyler, TX 2019(4) 1,300,000 8,775,000 7,853,750 Moultrie, GA Total 6,500,000 43,875,000 39,268,750 Retail Feeder Hazlehurst, MS ,000 4,218,750 3,775,750 Hammond, LA ,000 4,218,750 3,775,750 Total 1,250,000 8,437,500 7,551,500 Expected Capacity 13,400, ,162,500 93,984,000 Bryan, TX Collins, MS Laurel, MS Hammond, LA Palestine, TX Prepared Chicken Plant Jackson, MS 1986 Notes: (1) Capacity measured in head/week. (2) Based on target live weights. (3) Based on historical yields. (4) Expected to open 1st Quarter of Big Bird Deboning Plants Prepared Chicken Plant Retail Tray Pack Plants Retail Feeder Plants 5
7 ,077 1,167 1,308 1,437 1,530 1,580 1,802 2,025 2,441 2,426 2,567 2,805 2,959 3,041 3,058 3,441 3,765 4,291 4,426 4,499 4,887 5,000 4,500 Strong Track Record of Organic Growth Pounds Processed (millions) 2% 3% 14% 9% 4,000 3,500 13% 9% 3,000 9% 5% 3% 1% 2,500 21% -1% 6% 2,000 1,500 1,000 10% 24% 9% 8% 12% 10% 6% 3% 14% 12% *2019*2020* * Estimated. Assumes St. Pauls, NC reaches full production in 1 st Quarter Assumes Tyler, TX opens 1 st Quarter 2019 and reaches full production in 2 nd Quarter Assumes Hammond & Hazlehurst return to Big Bird Debone in
8 Key Strengths Low Cost Producer As one of the industry s most efficient producers, well positioned to capture share Favorable Product Mix All production is focused on the two most profitable market segments in our industry Attractive Growth Profile Track record of generating strong internal growth History of delivering above industry average returns Strong Balance Sheet Managed and maintained appropriate capital structure Strong balance sheet enables growth even during industry downturns 7
9 Prepared Foods Strong Portfolio of Customers 8
10 Strong Portfolio of Customers Big Bird Deboning / Foodservice 9
11 Tray Pack / Retail Strong Portfolio of Customers 10
12 Export Destinations (SAFM) Fiscal 2017 Sales Pounds (million) 17.5% of total Gross Sales Dollars $268.5 (million) 7.9% of total Middle East 14% Other 8% Central Asia 20% Middle East 14% Other 9% Central Asia 20% Mexico 58% Mexico 57% 11
13 3,500 3,000 2,500 2,000 1,500 1,000 U.S. BROILER EXPORTS Volume in Metric Tons, excluding paws (1,000s) TOP U.S. BROILER EXPORT DESTINATIONS Volume in Metric Tons, excluding paws Destination Change Mexico 695, , , , % Cuba 143, , , , % Angola 230, , , , % Taiwan 115, , , , % Canada 162, , , , % Hong Kong 104, , , , % Guatemala 83, , , , % Philippines 85,292 71,710 90, , % South Africa 14, ,892 95, % Kazakhstan 43,379 65,454 82,853 80, % World Total 3,309,954 2,867,002 3,014,455 3,075, % % 12
14 Domestic US Chicken Consumption January thru December in thousands Impact on Change % Change US Cons Source Head Processed 8,768,427 8,915, , % USDA Poultry Slaughter Bird Weight % USDA Poultry Slaughter Total Live Pounds 54,037,067 55,309,576 1,272, % USDA Poultry Slaughter Beg Stocks 853, ,824 (58,158) -6.8% -0.2% USDA Cold Storage Ready to Cook Pounds 40,696,232 41,658, , % 2.9% USDA Poultry Slaughter Exports 7,189,121 7,372, , % -0.5% USDA Chicken Exports End Stocks 795, ,516 85, % -0.3% USDA Cold Storage Domestic Consumption 33,565,269 34,200, , % 1.9% Domestic US Chicken Consumption January thru December in thousands % Change (Est) 2018 (Proj) 16 vs vs 18 Source Beg Stocks Less Paws 832, , , % 9.9% USDA WASDE - Feb 2017 Ready to Cook Pounds 40,261,000 41,213,000 42,144, % 2.3% USDA WASDE - Feb 2017 Imports 131, , , % 3.2% USDA WASDE - Feb 2017 Exports, No Paws 6,644,000 6,780,000 6,950, % 2.5% USDA WASDE - Feb 2017 End Stocks Less Paws 778, , , % -2.9% USDA WASDE - Feb 2017 Domestic Consumption 33,802,000 34,482,000 35,349, % 2.5% USDA WASDE - Feb 2017 Per Capita % 1.8% USDA WASDE - Feb
15 Market Overview 14
16 Current Market Overview Supply Broiler egg sets increased in 2015, 2016 and 2017 Hatch rate lower USDA estimates 2.4% more production in calendar 2018 Cold Storage Cold storage inventories elevated Leg quarter inventories reflect steady export demand Demand Retail grocery demand remains strong; supply steady Casual dining traffic is better in pockets (local chain concepts) and remains challenged in spots (legacy chains) Jobs, consumer confidence and macro economic conditions are the key Competing Meats Wholesale pork and beef prices now lower Retail spread between chicken and red meat still wide Higher production and exports of beef and pork Exports Export market improved Avian influenza Weaker US Dollar Geopolitical environment a question 15
17 Dec 30 Jan 20 Feb 10 Mar 03 Mar 24 Apr 14 May 05 May 26 Jun 16 Jul 07 Jul 28 Aug 18 Sep 08 Sep 29 Oct 20 Nov 10 Dec 01 Dec 22 Broiler-Type Hatching Egg Layers (thousands) Broiler-Type Eggs Set (millions) Pullet Placements Potential Breeder Placements 9,000 72,000 Broiler-Type Pullet Chicks Hatched (thousands) 8,500 8,000 7,500 7,000 6,500 Broiler-Type Cumulative Potential Placements (thousands) 70,000 68,000 66,000 64,000 62,000 60,000 6,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median ,000 Layers 58, Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median Broiler Eggs Set 58, , ,000 52,000 50, ,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 10-Yr High-Low Range 10-Yr Median Yr High-Low Range 10-Yr Median Source: USDA 16
18 Intended Placements: Broiler-Type Pullet Chicks for Hatchery Supply Flocks by Month and Total, Cumulative Potential Placements Month Pullet Chicks Hatched as % of as % of as % of Relative to Current Supply Flocks Months Earlier ,000 1,000 1,000 1,000 Percent Percent Percent 1,000 1,000 1,000 1,000 Jan 6,944 6,726 7,163 7, ,018 65,531 68,802 68,873 Feb 7,892 8,098 7, ,999 66,136 69,669 69,049 Mar 7,160 8,143 8, ,220 66,452 70,129 69,495 Apr 6,995 7,615 7, ,804 68,230 70,194 70,200 May 7,541 8,083 8, ,157 68,149 70,377 70,626 Jun 7,790 8,500 8, ,509 67,487 69,989 70,737 Jul 7,428 7,730 7, ,514 67,871 69,381 70,069 Aug 7,907 7,690 8, ,763 67,602 68,929 70,095 Sep 8,573 7,609 8, ,084 68,159 68,678 Oct 6,863 6,909 7, ,150 68,512 68,440 Nov 7,230 7,710 7, ,933 68,699 67,755 Dec 7,544 7,535 7, ,038 68,875 68,224 Total 89,867 92,348 93, Source: USDA 17
19 USDA Layers in Inventory on First Day of the Month by Month and Total, Month Broiler-Type Hatching Layers as % of as % of as % of ,000 1,000 1,000 1,000 Percent Percent Percent Jan 53,699 54,797 55,058 56, Feb 53,844 54,952 55,504 57, Mar 53,830 55,510 55, Apr 54,913 55,234 55, May 55,011 55,117 55, Jun 55,600 55,063 56, Jul 54,829 54,664 57, Aug 54,754 54,464 56, Sep 54,570 53,905 56, Oct 54,288 53,900 57, Nov 54,434 53,651 56, Dec 54,481 54,032 56, Average 54,521 54,607 56,258 57, Source: USDA 18
20 USDA Broiler-Type* Eggs Set (in thousands), 19 State Total W/E Date H% W/E Date H% Dec , , , , , , , ,140 82% Jun , , , , , , ,270 83% Jan , , , , , , , ,420 82% Jul , , , , , , ,405 83% Jan , , , , , , , ,725 82% Jul , , , , , , ,777 83% Jan , , , , , , , ,468 81% Jul , , , , , , ,288 83% Jan , , , , , , , ,160 82% Jul , , , , , , ,031 83% Feb , , , , , , , ,706 Aug , , , , , , ,351 83% Feb , , , , , , , ,054 Aug , , , , , , ,169 83% Feb , , , , , , , ,485 Aug , , , , , , ,371 83% Feb , , , , , , ,271 Aug , , , , , , ,724 83% Mar , , , , , , ,001 Sep , , , , , , ,672 83% Mar , , , , , , ,193 Sep , , , , , , ,318 83% Mar , , , , , , ,272 Sep , , , , , , ,249 83% Mar , , , , , , ,642 Sep , , , , , , ,481 83% Mar , , , , , , ,180 Sep , , , , , , ,694 83% Apr , , , , , , ,239 Oct , , , , , , ,374 83% Apr , , , , , , ,418 Oct , , , , , , ,056 83% Apr , , , , , , ,055 Oct , , , , , , ,369 83% Apr , , , , , , ,218 Oct , , , , , , ,933 83% May , , , , , , ,925 Nov , , , , , , ,921 83% May , , , , , , ,597 Nov , , , , , , ,105 82% May , , , , , , ,491 Nov , , , , , , ,414 83% May , , , , , , ,169 Nov , , , , , , ,083 83% Jun , , , , , , ,140 Dec , , , , , , ,880 82% Jun , , , , , , ,522 Dec , , , , , , ,697 82% Jun , , , , , , ,487 Dec , , , , , , ,372 82% Jun , , , , , , ,866 Dec , , , , , , ,318 82% Average 216, , , , , , , ,272 * Broiler-Type: Chicks or chickens of meat-type strains for meat or other uses, such as breeding or research. Last 6 wks 2018 vs % Source: USDA 19
21 USDA Broiler-Type* Chicks Placed (in thousands), 19 State Total W/E Date W/E Date Dec , , , , , , , ,728 Jun , , , , , , ,989 Jan , , , , , , , ,997 Jul , , , , , , ,904 Jan , , , , , , , ,679 Jul , , , , , , ,953 Jan , , , , , , , ,153 Jul , , , , , , ,643 Jan , , , , , , , ,468 Jul , , , , , , ,096 Feb , , , , , , , ,457 Aug , , , , , , ,536 Feb , , , , , , , ,495 Aug , , , , , , ,047 Feb , , , , , , , ,357 Aug , , , , , , ,755 Feb , , , , , , ,395 Aug , , , , , , ,388 Mar , , , , , , ,023 Sep , , , , , , ,230 Mar , , , , , , ,203 Sep , , , , , , ,525 Mar , , , , , , ,036 Sep , , , , , , ,605 Mar , , , , , , ,609 Sep , , , , , , ,886 Mar , , , , , , ,463 Sep , , , , , , ,254 Apr , , , , , , ,121 Oct , , , , , , ,638 Apr , , , , , , ,781 Oct , , , , , , ,512 Apr , , , , , , ,282 Oct , , , , , , ,108 Apr , , , , , , ,880 Oct , , , , , , ,305 May , , , , , , ,451 Nov , , , , , , ,810 May , , , , , , ,927 Nov , , , , , , ,076 May , , , , , , ,405 Nov , , , , , , ,736 May , , , , , , ,239 Nov , , , , , , ,742 Jun , , , , , , ,622 Dec , , , , , , ,700 Jun , , , , , , ,441 Dec , , , , , , ,400 Jun , , , , , , ,299 Dec , , , , , , ,099 Jun , , , , , , ,856 Dec , , , , , , ,410 Average 173, , , , , , , ,195 * Broiler-Type: Chicks or chickens of meat-type strains for meat. Last 6 wks 2018 vs % Source: USDA 20
22 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov % -3.5% -2.8% -2.8% -2.0% -2.1% -2.2% -1.8% -1.5% -1.0% -0.9% -1.0% -1.0% -1.0% -1.0% -0.4% -0.6% -0.5% -0.3% -0.3% 0.0% 0.0% 0.2% 0.3% 0.3% 0.3% 0.2% 0.1% 0.3% 0.4% 0.3% 0.3% 0.2% 0.2% 0.7% 1.4% US Hatching Egg Exports to Mexico Hatching Egg Exports to Mexico Impact on US Hatching Egg Supply 5, % 5, % 4, % 4, % 3,500 3,000 2,500 2, % 150% 100% 1,500 50% 1,000 0% % % Dozens of Eggs (thousands) Y/Y Source: USDA 21
23 US Hatching Eggs* Exports Hatch Egg Exports to: Mexico Canada ROW World % of Required % of Total % of Required % of Total % of Required % of Total % of Required % of Total Dozens Prior Layers Layers Dozens Prior Layers Layers Dozens Prior Layers Layers Dozens Prior Layers Layers Dec-15 4,287, % 2, % 871,700 95% % 2,246, % 1, % 7,406, % 4, % Jan-16 3,884, % 2, % 1,085, % % 1,921,837 86% 1, % 6,891, % 4, % Feb-16 3,999, % 2, % 1,038, % % 1,704,524 83% 1, % 6,742, % 4, % Mar-16 4,161, % 2, % 1,052,037 94% % 2,138,697 96% 1, % 7,352, % 4, % Apr-16 3,633, % 2, % 1,176, % % 1,740,812 73% 1, % 6,550,844 97% 4, % May-16 3,994, % 2, % 1,119, % % 1,671,444 72% 1, % 6,784, % 4, % Jun-16 4,036,020 95% 2, % 902,018 98% % 1,391,335 56% % 6,329,373 83% 4, % Jul-16 4,026,090 94% 2, % 941, % % 1,388,265 59% % 6,355,373 84% 4, % Aug-16 5,389, % 3, % 938,187 93% % 1,381,478 69% % 7,709, % 4, % Sep-16 4,568, % 2, % 958,166 87% % 1,820,737 83% 1, % 7,347,634 99% 4, % Oct-16 4,353,913 91% 2, % 918, % % 1,829,379 74% 1, % 7,102,222 88% 4, % Nov-16 4,191, % 2, % 885, % % 1,287,019 61% % 6,364,013 93% 4, % Dec-16 4,287, % 2, % 974, % % 1,349,274 60% % 6,611,114 89% 4, % Jan-17 3,639,153 94% 2, % 1,404, % % 1,667,787 87% 1, % 6,711,710 97% 4, % Feb-17 3,449,619 86% 2, % 1,145, % % 1,263,690 74% % 5,858,621 87% 4, % Mar-17 3,918,063 94% 2, % 1,191, % % 1,557,690 73% % 6,667,230 91% 4, % Apr-17 3,473,047 96% 2, % 1,258, % % 939,785 54% % 5,671,063 87% 3, % May-17 3,882,835 97% 2, % 1,239, % % 1,173,216 70% % 6,295,746 93% 3, % Jun-17 3,788,768 94% 2, % 1,005, % % 1,347,582 97% % 6,142,043 97% 4, % Jul-17 3,738,645 93% 2, % 1,105, % % 1,075,591 77% % 5,919,566 93% 3, % Aug-17 4,025,052 75% 2, % 1,039, % % 1,292,265 94% % 6,356,499 82% 4, % Sep-17 4,280,093 94% 2, % 827,684 86% % 1,503,074 83% % 6,610,851 90% 4, % Oct-17 4,171,710 96% 2, % 886,625 96% % 1,799,521 98% 1, % 6,857,856 97% 4, % Nov-17 4,027,054 96% 2, % 798,336 90% % 1,353, % % 6,179,317 97% 4, % Dec-17 4,331, % 2, % 919,240 94% % 1,182,494 88% % 6,432,905 97% 4, % * Includes all chicken eggs, fertilized for incubation Source: USDA 22
24 USDA Young Chickens Slaughtered by Month and Total, Month Head as % of as % of Live Pounds as % of as % of ,000 1,000 1,000 % % 1,000 Avg Wt 1,000 Avg Wt 1,000 Avg Wt % % Jan 699, , , ,330, ,644, ,829, Feb 699, , ,321, ,185, Mar 760, , ,683, ,756, Apr 707, , ,379, ,267, May 745, , ,601, ,838, Jun 754, , ,632, ,702, Jul 708, , ,313, ,456, Aug 793, , ,829, ,000, Sep 745, , ,584, ,554, Oct 731, , ,535, ,921, Nov 712, , ,429, ,568, Dec 709, , ,395, ,418, Annual 8,768,427 8,916, , ,037, ,314, Source: USDA 23
25 6.35 U.S. Broiler Live Weights (lbs) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: USDA 24
26 Pounds (thousands) Chicken US Cold Storage Stocks, (1,000 pounds) 900,000 Total Chicken 850, , , , , , , ,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: USDA 25
27 Pounds (thousands) Pounds (thousands) Pounds (thousands) 210, , , , , , , , , , , ,000 Chicken US Cold Storage Stocks, (1,000 pounds) Breasts & Breast Meat Wings 110, ,000 Pounds (thousands) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 90,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ,000 Leg Quarters 29,000 Whole Chickens 180,000 27, ,000 25, ,000 23, , , , , , ,000 21,000 19,000 17,000 15,000 13,000 90,000 11,000 80,000 9,000 70,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 7,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: USDA 26
28 Jan 22-Jan 12-Feb 5-Mar 26-Mar 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar 16-Apr 7-May 28-May 1-Jan 22-Jan 12-Feb 5-Mar 26-Mar 16-Apr 7-May 28-May 18-Jun 16-Apr 18-Jun 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 24-Dec 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 24-Dec UB Boneless Skinless Breast (Approx million pounds/week assuming 25.70% yield*) 2/26/ yr UB Breast Tenders (Approx. 2.2 million pounds/week assuming 4.30% yield*) /26/ yr May 28-May 18-Jun 10-Yr High-Low Range 10-Yr Median UB Jumbo Wings (Approx. 4.2 million pounds/week assuming 8.25% yield*) 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 2/26/ yr Dec Jan 22-Jan 12-Feb 5-Mar 26-Mar 16-Apr 7-May 28-May 18-Jun 10-Yr High-Low Range 10-Yr Median UB Leg Quarters (Approx million pounds/week assuming 34.00% yield*) 9-Jul 30-Jul 20-Aug 10-Sep 1-Oct 22-Oct 12-Nov 3-Dec 24-Dec Dark Meat Mix (% of LQs): Leg Qtrs 46% Whole Legs 34% Deboned 20% 2/26/ yr Yr High-Low Range 10-Yr Median Yr High-Low Range 10-Yr Median Source: comtell.com * Estimated pounds for BBDB plants based on target live weights and historical yields. 27
29 Chicken Market History /26/18 GA Dock UB WB Composite Boneless Breast Tender Small Wing Jumbo Wing Leg Quarter Boneless Thigh Thighs Drumsticks Source: comtell.com 28
30 Est 2018 Est Cents/pound Pounds 650 Retail Meat Prices US Per Capita Consumption Choice Beef Pork Composite Broiler Beef Pork Broilers Source: USDA 29
31 Live Cattle Lean Hogs 30
32 Corn Soy 31
33 SAFM Feed Cost, Cents per Processed Pound Corn/Soy Sensitivity Quantity Purchased Hypothetical Price Change Fiscal 2017 Impact on Cash Ultimate Impact on COGS Corn Million Bushels $1.00 / bushel $113.5 million $ / lb processed Soybean Meal 1,031,378 Tons $10.00 / ton $10.3 million $ / lb processed Quantity Purchased 1st Quarter - Fiscal 2018 Hypothetical Price Change Impact on Cash Ultimate Impact on COGS Corn 28.8 Million Bushels $1.00 / bushel $28.8 million $ / lb processed Soybean Meal 264,575 Tons $10.00 / ton $2.6 million $ / lb processed 32
34 Financial Summary 33
35 ($/Share) (in millions) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 Strong Track Record of Financial Performance 2,049 1,809 1,537 1,537 Poultry Pounds Sold 2,956 3,038 3,066 2,800 2,399 2,463 2,581 3,765 3,455 4,248 4, % 20.00% 15.00% 10.00% 5.00% 0.00% -5.00% Margins 1, % (1) % (2) Gross Profit Operating Income Net Income (1.00) (3.00) (5.00) (7.00) Earnings per Share (0.57) (2.13) (5.74) (2) Stock Price $170 $160 $150 $140 $130 $120 $110 $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $ Note: (1) Estimated (2) Through first quarter 34
36 (in millions) $340 $320 $300 $280 $260 $240 $220 Capital Expenditures and Depreciation & Amortization $200 $ $160 $140 $120 $100 $80 $60 $40 $20 $ * Maintenance Depreciation Georgia Complex General Office Prepared Foods Collins Expansion Waco Complex Kinston Complex Palestine Complex St. Pauls Complex Tyler Complex Equipment Upgrades Aircraft * Estimated 35
37
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