Pilgrim's Pride Corporation (NYSE: CHX, CHX.A) yesterday announced record net income of $25.3 million, or $.62 per share, for the third fiscal quarter ended June 30, 2001, an $8.1 million increase when compared to net income in the prior year's third quarter of $17.1 million, or $.41 per share. The Company also announced record net sales for the third fiscal quarter ended June 30, 2001 of $645.8 million, a 64.8% increase when compared to the $392.0 million for the same period last year, with the increase resulting primarily from the acquisition of WLR Foods, Inc., which was effective January 27, 2001.

For the first nine months of fiscal 2001, the Company reported net income of $28.2 million, or $.69 per share, a $12.8 million decrease when compared to the prior fiscal year's first nine months net income of $41.0 million, or $.99 per share. Net sales for the first nine months of fiscal 2001 were $1.6 billion, a 40.5% increase when compared to $1.1 billion for the same period last year, with the increase resulting primarily from the acquisition of WLR Foods, Inc., which was effective January 27, 2001.

"Our third fiscal quarter results were the best quarterly results ever in our Company's history. This quarter was most significantly affected by the increased volumes generated by the WLR acquisition and our Mexico operations, and by higher overall prices for chicken products in the U.S. While the pricing situation in Mexico has improved over this year's second fiscal quarter, pricing levels in Mexico remain below year ago levels. Additionally, we are encouraged that our newly acquired Eastern Division was accretive to earnings this quarter and while our integration of the former WLR operations continues, we are beginning to realize the anticipated synergies contemplated when making this acquisition," stated David Van Hoose, Chief Executive Officer, President and Chief Operating Officer for the Company. Mr. Van Hoose further stated that, "our overall long-term business strategy is consistent and continuing and we anticipate that we will continue to be in position to take advantage of opportunities as they arise in the market place."

Pilgrim's Pride Corporation is currently the second largest poultry company in the United States; the third largest in chicken and the fourth largest in turkey, and second largest chicken company in Mexico. Pilgrim's Pride employs more than 22,500 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.

Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Pilgrim's Pride Corporation and its management are forward-looking statements. It is important to note that the actual results could differ materially from those projected in such forward-looking statements. For example, factors that could cause actual results to differ materially from those projected in such forward-looking statements include: changes in the commodity prices of feed ingredients, chicken and turkey; the Company's indebtedness; risks associated with the Company's foreign operations, including currency exchange rate fluctuations, trade barriers, exchange controls and expropriation; the impact of current and future laws and regulations; risks associated with the Company's integration of WLR Foods, Inc. into the Company; and the other risks described in the Company's SEC filings.

     For further information:
     Richard A. Cogdill
     Chief Financial Officer
     903/855-4205


                         PILGRIM'S PRIDE CORPORATION
                      Consolidated Statements of Income
              [In thousands, except share and per share amounts]

    Three Months Ended                           June 30, 2001   July 1, 2000

    Net Sales                                       $645,836       $391,979
    Costs and Expenses:
      Cost of sales                                  570,211        345,314
      Selling, general and administrative             30,139         20,316
                                                     600,350        365,630
        Operating income                              45,486         26,349

    Other Expenses [Income]:
      Interest expense, net                           10,014          4,967
      Foreign exchange [gain] loss                      [602]           598
      Miscellaneous, net                               1,751            465
        Total other expenses, net                     11,163          6,030

    Income Before Income Taxes                        34,323         20,319
    Income Tax Expense                                 9,056          3,175
    Net Income                                       $25,267        $17,144

    Net Income per Common Share - Basic and Diluted   $ 0.62         $ 0.41
    Dividends Declared per Share                       $.015          $.015
    Weighted Average Shares Outstanding           41,112,679     41,274,680


    Nine Months Ended                            June 30, 2001  July 1, 2000

    Net Sales                                     $1,573,461     $1,120,064
    Costs and Expenses:
      Cost of sales                                1,421,454        993,894
      Selling, general and administrative             88,582         61,317
                                                   1,510,036      1,055,211
        Operating income                              63,425         64,853

    Other Expenses [Income]:
      Interest expense, net                           21,239         13,569
      Foreign exchange[gain] loss                       [439]           532
      Miscellaneous, net                               1,348           [252]
        Total other expenses, net                     22,148         13,849

    Income Before Income Taxes                        41,277         51,004
    Income Tax Expense                                13,075          9,979
    Net Income                                       $28,202        $41,025

    Net Income per Common Share - Basic and Diluted    $0.69          $0.99
    Dividends Declared per Share                       $.045         $ .045
    Weighted Average Shares Outstanding           41,112,679     41,347,413


                           PILGRIM'S PRIDE CORPORATION
                      Condensed Consolidated Balance Sheets
                                  [In thousands]

                                                     June 30,    September 30,
                                                       2001           2000
    ASSETS
    Total Current Assets                            $457,990       $268,970
    Other Assets                                      20,047         18,576
    Property, Plant and Equipment, net               726,783        417,874

    Total Assets                                  $1,204,820       $705,420

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Total Current Liabilities                       $280,796       $144,439
    Long-Term Debt, Less Current Maturities          444,125        165,037
    Deferred Income Taxes                            110,531         52,496
    Minority Interest in Subsidiary                      889            889
    Total Stockholders' Equity                       368,479        342,559

    Total Liabilities and Stockholders' Equity    $1,204,820       $705,420


                           PILGRIM'S PRIDE CORPORATION
                 Condensed Consolidated Statements of Cash Flows
                                  [In thousands]

    Nine Months Ended                             June 30, 2001  July 1, 2000

    Cash Provided by Operating Activities            $17,252        $61,706
    Investing Activities:
      Acquisitions of property, plant and equipment  [87,640]       [56,933]
      Business acquisitions                         [239,539]           ---
      Proceeds from property disposals                 1,622          2,202
      Other, net                                       3,040         [6,996]
    Cash Used in Investing Activities               [322,517]       [61,727]
    Financing Activities:
      Borrowings for acquisition                     285,070            ---
      Repayment of WLR Foods, Inc. debt              [45,531]           ---
      Net borrowings on notes payable                 54,000            ---
      Net payments on long-term debt                  [5,860]       [10,818]
      Purchase of treasury stock                         ---         [1,314]
      Cash dividends paid                             [1,854]        [1,860]
    Cash Provided by Financing Activities            285,825        [13,992]
    Effect of exchange rate changes on cash
     and cash equivalents                                147             12
    Decrease in cash and cash equivalents           $[19,293]      $[14,001]