In this file:


·         Media Release: Tyson Foods to Hold Q1 Earnings Call and Annual Meeting of Shareholders on Feb. 6

·         Why Tyson's Most Recent Divestiture Matters



Tyson Foods to Hold Q1 Earnings Call and Annual Meeting of Shareholders on Feb. 6


Source: Tyson Foods, Inc.

via Globe Newswire - January 13, 2020


SPRINGDALE, Ark., Jan. 13, 2020 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE: TSN) will hold both its first quarter 2020 earnings call and its Annual Meeting of Shareholders on Thursday, February 6. The earnings call will be at 9 a.m. Eastern (8 a.m. Central). The Annual Meeting of Shareholders will be held at 11 a.m. Eastern (10 a.m. Central) at Tyson Foods, 319 E. Emma Ave., Springdale, Ark., 72762. A ticket, proof of shareholder status or team member badge is required for entry.


Q1’20 Earnings Call Information

Date: Thursday, Feb. 6

Time: 9 a.m. Eastern (8 a.m. Central)


We encourage participants to pre-register for the conference call using the following link:


Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the operator. Participants may pre-register at any time, up to and including after the call has started.


Those without internet access or who are unable to pre-register may dial in by calling:


U.S. Toll Free:             1-844-890-1795

International Toll:        1-412-717-9589


To listen to the live webcast, an archived replay or to view the accompanying slides, go to the company’s investor website at The webcast also can be access by using the direct link


US Toll Free:                           1-877-344-7529

International Toll:                    1-412-317-0088

Canada Toll Free:                   855-669-9658

Replay Access Code:             10138337


A telephone replay of the earnings call will be available until March 6 at:


The earnings call will be webcast (live and replay) at and on the Tyson IR App.


2020 Annual Meeting of Shareholders Information

Date: Thursday, Feb. 6

Time: 11 a.m. Eastern (10 a.m. Central)

U.S. Toll Free:             1-855-656-0922

International Toll:        1-412-317-5219


To listen to the live webcast or an archived replay, go to the company’s investor website at The webcast also can be access by using the direct link


A telephone replay of the shareholders meeting will be available until March 6 at:

US Toll Free:  1-877-344-7529

International Toll:        1-412-317-0088

Canada Toll Free:       1-855-669-9658

Replay Access Code:             10138332


To download Tyson Foods’ free investor relations app, which offers access to SEC filings, news releases, transcripts, webcasts and presentations, please visit the App Store for iPhone and iPad or Google Play for Android mobile devices.


About Tyson Foods

Tyson Foods, Inc. (NYSE: TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp®, and State Fair®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company has 141,000 team members. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it.


Media Contact: Gary Mickelson, 479-290-6111

Investor Contact: Jon Kathol, 479-290-4235

Category: IR

Source: Tyson Foods


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Why Tyson's Most Recent Divestiture Matters

About: Tyson Foods, Inc. (TSN)


Kevin Mackie, Seeking Alpha 

Jan. 13, 2020




·         Tyson recently sold off a beef jerky asset acquired as part of the Hillshire Brands portfolio.


·         The sale of the unit is in spite of strong underlying economics for snack foods in general and beef jerky in particular.


·         Potential impairment of this asset, the likely use of proceeds, and overall implications for Tyson's financial situation.


It was announced on Thursday, January 9th, that Tyson foods (TSN) would be selling their Golden Island Jerky Co. brand to Jack Link's Beef Jerky. The sale was for an undisclosed amount, and the leased facility at which that jerky was processed is to be closed after running for two decades. Operations in fact ceased on December 13th 2019, but employees are being paid through February 10th. The intent of this article is to share my thoughts on why Tyson did this, what the implications are, and how that impacts investors who are considering taking a position in or against Tyson.




Golden Island came with Tyson's acquisition of Hillshire Farms in 2014. You may recall from my past articles that Tyson paid a hefty sum for the company. As I reported in September of last year, of the $8 billion they paid, $4.7 billion was attributed to goodwill. More than half of the purchase price was above and beyond the market quantifiable value of the entity. This tremendous amount was a result of a bidding war with Pilgrim's Pride (PPC) who was after Hillshire (in fact, Tyson had to pay $163 million in breakage costs alone for trumping the other party). Many independent parties thought the price was WAY too high, including Forbes who wrote in June of 2014:


    We believe that in the heat of the bidding war, Tyson Foods has overpriced Hillshire Brands. Even if the company is able to realize anticipated cost synergies from the deal it could still find it difficult to justify the steep valuation in the long run.


    .... according to our estimates, Tyson Foods would also have to grow Hillshire Brands’ sales revenue at an average annual rate of at least 4.5% apart from realizing cost savings in order to justify the price it plans to pay for the company. Just to give some perspective, Hillshire Brands’ average annual sales revenue growth rate has been just around 0.7% for the past 3 years.


I drag all this up again to make the point that all this over-paying for acquisitions is coming back to haunt Tyson by way of impairment. As I explained in my article mentioned above:


    Tyson recently (June 2018) sold their "Sara Lee" holdings as well as "Van's Natural Foods". These brands came along with their 2014 purchase of Hillshire. The impairment charge attributed to goodwill between the two of these upon sale was $101 million. Essentially, they bought high and sold low, the exact opposite of what the ultimate aim of investing is. This begs the question, what other of their acquired brands are similarly impaired? Hillshire also came with brands like Jimmy Dean, Ball Park, Hillshire Farm, State Fair, Chef Pierre pies, as well as artisan brands Aidells, Gallo Salame, and Golden Island premium jerky. Is there impairment there?


More recently in the 2019 10K, Tyson listed a prepared foods unit as "held for sale" with an impairment tag of $41 million.


I floated the idea months ago, even mentioning Golden Island, that impairment may also be in the cards in the future. Are we soon to see it? I most certainly will be looking for impairment charges in the upcoming 10Q. I wouldn't be a bit surprised if Tyson couldn't get a good price for Golden Island, at least not good enough to not have impairment to record.


The Real Head Scratcher....


Conclusion ...


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