020422 Pilgrim's Pride Revises Earnings Guidance

Pittsburg, TX - Pilgrim's Pride Corporation announced that it expects to incur a net loss ranging from $0.13 - $0.17 per share in its second fiscal quarter ending March 30, 2002, before the effects, if any, that might result from reflecting recently enacted tax law changes in Mexico. The quarter was adversely affected by the outbreak of low- pathogenic avian influenza in certain regions of the eastern United States and by the decline in dark meat prices caused by the recent import ban on shipments to Russia. The Company is currently in the process of determining the impact resulting from a change in Mexico tax laws enacted in January 2002 which could result in an additional non-cash charge to earnings during the quarter to reflect deferred taxes in accordance with this new law. The Company had previously given guidance that its earnings for the second fiscal quarter would be in the range of $0.00 - $0.05 per share, before the effects, if any, that might result from reflecting the recently enacted tax law changes in Mexico. The Company is evaluating the effect the anticipated continuing lower dark meat prices and the avian influenza will have on the remaining quarters of fiscal 2002 and intends to provide revised earnings guidance for such periods and for the full fiscal year in its regularly scheduled quarterly conference call set for April 25, 2002.

“The low prices being realized in the U.S. for dark meat chicken products caused by the import ban imposed by Russia caused a significant and unforeseen disruption to this quarter's results and while we are encouraged that arrangements have apparently been made to lift this ban effective April 10th, we anticipate that the resulting recovery in dark meat pricing will be a gradual process. Additionally, on March 12th an outbreak of low- pathogenic avian influenza was discovered in Virginia, a disease contagious to turkeys, chicken and other birds, which will also have a negative effect on our second quarter's results, the amount of which is still being determined,” stated David Van Hoose, Chief Executive Officer, President and Chief Operating Officer of the Company.

Pilgrim's Pride Corporation is the second largest poultry producer in the United States; the third largest in chicken and fifth largest in turkey, and second largest chicken company in Mexico. Pilgrim's Pride employs more than 24,500 persons and operates processing and further processing plants, distribution centers, hatcheries and feed mills in Texas, Arkansas, Arizona, North Carolina, Pennsylvania, Oklahoma, Virginia and West Virginia and Mexico.

Products are sold under the “Pilgrim's Pride” and “Wampler Foods” labels to foodservice, retail and frozen entree customers. The Company's primary distribution is through retailers and restaurants throughout the United States and in the Northern and Central regions of Mexico and to the foodservice industry nation-wide in both countries.

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