91388--6/28/2007--SMITHFIELD_FOODS

related topics

{cost, regulation, environmental}

{condition, economic, financial}

{operation, international, foreign}

{cost, operation, labor}

{acquisition, growth, future}

{debt, indebtedness, cash}

{financial, litigation, operation}

Our results of operations are cyclical and could be adversely affected by fluctuations in the commodity prices for hogs, cattle and grains. Any perceived or real health risks related to the food industry or increased regulation could adversely affect our ability to sell our products. Environmental regulation and related litigation and commitments could have a material adverse effect on us. Health risk to livestock could adversely affect production, the supply of raw materials and our business. Governmental authorities may take further action restricting our ability to own livestock or to engage in farming or restricting such operations generally, which could adversely affect our business. Our level of indebtedness and the terms of our indebtedness could adversely affect our business and liquidity position. Our acquisition strategy may prove to be disruptive and divert management resources and may result in financial or other setbacks. We are subject to risks associated with our international sales and operations. Our operations are subject to the general risks of litigation. We depend on availability of, and satisfactory relations with, our employees. We have significant credit exposure to certain customers.

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91388--6/28/2007--SMITHFIELD_FOODS_INC