000373 Pilgrim's Pride OKs Share Repurchase

Pittsburg, TX - Pilgrim's Pride Corporation announced that its Board of Directors has authorized the Company to repurchase up to $25 million of its outstanding Class A and/or Class B common stock. Based on the weighted average closing price of these securities on March 30, 2000, this would represent approximately 10% of the Company's total shares outstanding. The shares will be purchased on the open market from time-to-time and will be paid for out of operating cash flows or borrowings on existing lines of credit.

“Our Company has continuously out performed the industry over the past three years yet our stocks are trading at one of the lowest price-to-earnings multiples in the industry at approximately 4 times our trailing twelve-months earnings and only 80% of book value. We share all of our stockholder's concern regarding the lack of interest and attention our stocks are currently attracting in today's markets, which are focused on the high-technology sector, and believe that repurchasing the stocks is an exceptional value and long-term benefit to our remaining stockholders. Further, we remain disappointed that the marketplace continues to value our Class A common stock at a 30% discount to our Class B common stock when such securities are equal in virtually all aspects except for voting rights,” stated David Van Hoose, Chief Executive Officer, President and Chief Operating Officer of the Company.

The Board of Directors of Pilgrim's Pride Corporation also declared a quarterly dividend of 1-1/2 cents per share on both its Class A and Class B common stock. The quarterly dividend is payable on June 30, 2000 to stockholders of record at the close of business on June 9, 2000.

Pilgrim's Pride Corporation is the fifth largest chicken company in the United States and second largest in Mexico. Pilgrim's Pride employs more than 15,500 persons and operates processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, Oklahoma and Mexico.

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