Tyson Foods, Inc. (NYSE: TSN), today reported $0.22 diluted earnings per share for the fourth fiscal quarter ended September 29, 2001, compared to $0.08 diluted earnings per share in the same quarter last year. Diluted earnings per share for the twelve months of fiscal 2001 were $0.40 compared to $0.67 last year. On August 3, 2001, the Company acquired 50.1% ownership of IBP, inc. (IBP) and acquired the remaining 49.9% on September 28, 2001. Accordingly, fourth quarter and twelve months results include 50.1% of IBP's results for the nine weeks ended September 29, 2001. Results for Tyson excluding the IBP results and related transaction financing cost can be found in table one following the consolidated condensed statements of cash flows.

The IBP acquisition has been accounted for as a purchase in accordance with Statement of Financial Accounting Standards (SFAS) No. 141, Business Combinations. Accordingly, the tangible and identifiable intangible assets and liabilities have been adjusted to fair values with the remainder of the purchase price recorded as goodwill. SFAS No. 142, Goodwill and Other Intangible Assets, which requires annual testing for goodwill impairment instead of traditional goodwill amortization, has been applied to the IBP transaction. Additionally, the Company adopted new accounting guidance related to shipping and handling fees and costs (EITF 00-10) and certain other costs were reclassified from selling expenses to cost of sales to conform classification policies of IBP and the Company. The current and prior year periods have been restated to include in cost of sales costs that previously were classified as either a reduction of sales or as selling expenses. The total costs reclassified to cost of sales reduced gross margin by approximately 260 basis points for all periods presented.

Fourth quarter sales were $5.09 billion compared to $1.84 billion last year, an increase of 175.9 percent with a 121.8 percent increase in volume. Gross profits for the fourth quarter were $453.1 million compared to $196.7 million in the same quarter last year with gross margin at 8.9 percent compared to 10.7 percent last year. Operating income was $166.8 million compared to $46.5 million last year. Earnings for the fourth quarter of fiscal 2001 were $47.5 million compared to $18.0 million for the same period last year.

Sales for the twelve months of fiscal 2001 were $10.75 billion compared to $7.41 billion last year, an increase of 45.1 percent. Gross profits for the twelve months were $1.09 billion compared to $956.8 million in the same period last year with gross margin at 10.1 percent compared to 12.9 percent last year. Operating income was $315.3 million compared to $348.5 million last year. Earnings for the twelve months of fiscal 2001 were $87.8 million compared to $151.2 million for the same period last year.

John Tyson, chairman and CEO, said, "We accomplished many things in a difficult year and made improvements in our chicken product mix to position us well for the future. We successfully completed the acquisition of IBP that has transformed us into the world's leading protein company, and the integration is proceeding smoothly. I would like to take this opportunity to officially welcome all the new shareholders, team members and customers from IBP. I am very excited about the prospects for the new Tyson Foods as we move into 2002, and we will work hard to increase shareholder value." Mr. Tyson also used the occasion to raise awareness of an issue of growing concern. "We are reminded by the events of the past 60 days that there will always be others who are less fortunate than ourselves. Food banks, hunger relief providers and local community agencies are experiencing record demands and shortages. We'll continue our commitment to partner with Share Our Strength, the United Way and local organizations to address these challenges, and would encourage others to join us in this endeavor."

At this time, the Company expects fiscal first quarter 2002 diluted earnings per share to be in the range of $0.22 to $0.27, and fiscal 2002 diluted earnings per share to be in the range of $0.95 to $1.05. The Company's earnings for fiscal 2002 will include 100 percent of the operations for IBP.

With the acquisition of IBP, the Company became the world's leading protein company. As a result, the composition of its reportable segments changed. The Company operates in five business segments: Beef, Chicken, Pork, Prepared Foods and Other. The Beef segment includes the slaughter and fabrication of dressed beef into primals and sub-primal meat cuts together with beef related subsidiaries. The Beef segment channels consist primarily of fresh meats and case ready. The Chicken segment includes all aspects of chicken related operations, including customer channels previously reported as foodservice, consumer products and international as well as by-products and the breeding stock subsidiary, which were previously reported as other. The Pork segment represents the Company's previously reported live swine group and IBP's hog slaughter and fabrication together with related allied product processing activities. The Pork segment channels primarily consists of fresh meats, case ready and live swine. The Prepared Foods segment includes IBP's previously reported Foodbrands America segment along with the Company's prepared foods group. The Other segment includes the logistics group and other corporate groups not identified with specific protein groups. Products sold internationally are grouped by proteins within appropriate segments. The Company measures segment profit as operating income. The segment information includes nine weeks results for the period ending September 29, 2001 related to the IBP acquisition stated prior to adjustment for minority interest. Information on segments is as follows with prior periods restated to conform to the Company's new segment reporting (in millions):

     Fourth Quarter Segment Review

                              Sales by Segment    Operating Income by Segment
                             Three Months Ended         Three Months Ended
                          Sept. 29,      Sept. 30,     Sept. 29,    Sept. 30,
                             2001          2000          2001          2000
    Beef                  $2,027.1          $---        $31.8          $---
    Chicken                1,905.6       1,723.7         97.3          36.6
    Pork                     508.7          38.9         23.2           7.5
    Prepared Foods           633.4          70.7          7.0           1.0
    Other                     13.1          10.6          7.5           1.4
    Total                 $5,087.9      $1,843.9       $166.8         $46.5

Beef segment fourth quarter sales for the nine weeks ended September 29, 2001 were $2.03 billion. Beef case ready sales during the same nine weeks totaled $115.9 million. Beef segment operating income totaled $31.8 million. The Beef segment resulted from the acquisition of IBP.

Chicken segment fourth quarter sales totaling $1.91 billion compared to $1.72 billion for the same period last year, increased 10.6 percent with a 5.7 percent increase in volume and a 4.6 percent increase in average sales prices. Foodservice chicken sales increased 5.6 percent, retail chicken sales increased 2.4 percent and international including Tyson de Mexico increased 57.4 percent. Chicken segment operating income increased $60.7 million primarily due to price increases in certain products, including frozen bulk leg quarters, along with an increase in volume.

Pork segment fourth quarter sales totaled $508.7 million compared to $38.9 million in the same period last year. Pork case ready sales totaled $42.6 million. Pork segment operating income increased $15.7 million from the same period last year. The increase in both sales and operating income is primarily due to the inclusion of nine weeks results for the IBP pork group.

Prepared Foods segment fourth quarter sales totaled $633.4 million compared to $70.7 million in the same period last year. The increase in sales is primarily due to the inclusion of nine weeks results for IBP. The Prepared Foods segment operating income increased $6.0 million from the same period last year.

     Twelve Months Segment Review

                              Sales by Segment            Operating Income
                                                         (Loss) by Segment
                             Twelve Months Ended        Twelve Months Ended
                          Sept. 29,     Sept. 30,     Sept. 29,     Sept. 30,
                            2001          2000           2001          2000
    Beef                  $2,027.1          $---        $31.8          $---
    Chicken                7,217.3       6,907.0        249.1         314.7
    Pork                     618.7         157.2         27.0          22.6
    Prepared Foods           845.7         294.3         15.3           7.4
    Other                     42.1          51.4         (7.9)          3.8
    Total                $10,750.9      $7,409.9       $315.3        $348.5

Beef segment twelve months sales are the same as the fourth quarter results, reflecting the nine weeks ending September 29, 2001. Beef segment sales for the same nine weeks were $2.03 billion. Beef case ready sales for the nine weeks period totaled $115.9 million. Beef segment operating income totaled $31.8 million.

Chicken segment twelve months sales were $7.22 billion compared to $6.91 billion for the same period last year. Chicken segment sales increased 4.5 percent with a 3.4 percent increase in average sales prices and a 1.0 percent increase in volume. Foodservice Chicken segment sales increased 1.8 percent, retail Chicken segment sales increased 1.2 percent and international Chicken segment sales including Tyson de Mexico increased 25.8 percent. Chicken segment operating income decreased $65.6 million primarily due to increased production costs and sales promotional expenses which more than offset increases in bulk leg quarter prices and certain other products.

Pork segment twelve months sales totaled $618.7 million compared to $157.2 million last year. Pork case ready sales totaled $42.6 million. Pork segment operating profit increased $4.4 million from the same period last year. The increase in both Pork segment sales and operating income is primarily due to the inclusion of nine weeks results for the IBP pork group.

Prepared Foods segment twelve months sales totaled $845.7 million compared to $294.3 million last year. The Prepared Foods segment operating income increased $7.9 million from the same period last year. The increase in both the Prepared Foods segment sales and segment operating income is primarily due to the inclusion of nine weeks results related to IBP.

                            CONSOLIDATED CONDENSED
                             STATEMENTS OF INCOME
                     (In millions except per share data)
                                 (Unaudited)

                            Three Months Ended         Twelve Months Ended
                          Sept. 29,      Sept. 30,    Sept. 29,     Sept. 30,
                             2001          2000         2001          2000
    Sales                 $5,087.9      $1,843.9    $10,750.9      $7,409.9
    Cost of Sales          4,634.8       1,647.2      9,660.7       6,453.1
    Gross Profit             453.1         196.7      1,090.2         956.8

    Selling, General
     and Administrative      286.3         150.2        774.9         608.3
    Operating Income         166.8          46.5        315.3         348.5

    Miscellaneous
     Expense (Income)          3.0          (8.1)         6.7          (1.1)
    Interest Expense          62.6          27.7        143.7         115.0
    Income Before Income
     Taxes And Minority
     Interest                101.2          26.9        164.9         234.6

    Provision for
     Income Taxes             36.0           9.3         58.3          83.5
    Minority Interest         17.7          (0.4)        18.8          (0.1)

    Net Income               $47.5         $18.0        $87.8        $151.2

    Diluted Earnings
     Per Share               $0.22         $0.08        $0.40         $0.67
    Diluted Average
     Shares Outstanding      220.5         224.9        221.9         226.0
    Dividends Per Share:
      Class A               $0.040        $0.040       $0.160        $0.160
      Class B               $0.036        $0.036       $0.144        $0.144

    Sales Growth (Decline)  175.9%         (1.7%)       45.1%         (2.8%)
    Margins:
     (Percent of Sales)
      Gross Profit            8.9%         10.7%        10.1%         12.9%

      Operating Income        3.3%          2.5%         2.9%          4.7%

      Net Income              0.9%          1.0%         0.8%          2.0%

    Effective Tax Rate       35.6%         34.6%        35.4%         35.6%


                            CONSOLIDATED CONDENSED
                                BALANCE SHEETS
                                (In millions)
                                 (Unaudited)

     Assets                                    September 29,    September 30,
                                                   2001               2000

    Current Assets:
      Cash and cash equivalents                    $70.0              $42.9
      Accounts receivable, net of allowance      1,199.0              508.0
      Inventories                                1,910.5              965.1
      Other current assets                         110.9               47.3
    Total Current Assets                         3,290.4            1,563.3

    Property, Plant and Equipment, net           4,085.2            2,140.9
    Goodwill                                     2,719.9              936.8
    Investments and Other Assets                   500.3              200.0

    Total Assets                               $10,595.8           $4,841.0

     Liabilities and Shareholders' Equity

    Current Liabilities:
      Notes payable                                $18.1              $61.6
      Current portion of long-term debt            742.5              122.7
      Trade accounts payable                       813.4              333.3
      Accrued compensation and benefits            222.3              106.3
      Other accrued liabilities                    619.8              248.9
    Total Current Liabilities                    2,416.1              872.8

    Long-Term Debt                               4,016.2            1,356.8
    Deferred Income Taxes                          572.6              384.8
    Other Liabilities                              237.0               51.1
    Shareholders' Equity                         3,353.9            2,175.5

    Total Liabilities and
     Shareholders' Equity                      $10,595.8           $4,841.0


                            CONSOLIDATED CONDENSED
                           STATEMENTS OF CASH FLOWS
                            For the Periods Ended
                                (In millions)
                                 (Unaudited)

                                Three Months Ended       Twelve Months Ended
                               Sept. 29,   Sept. 30,    Sept. 29,   Sept. 30,
                                 2001        2000         2001         2000
    Cash Flows Provided by
     Operating Activities:
      Net income                $47.5       $18.0         $87.8      $151.2
      Net changes in
       working capital           84.0        40.2         115.7        65.6
      Depreciation               96.8        64.9         293.6       257.0
      Amortization               10.4         8.2          35.7        33.7
      Deferred taxes            (22.3)       14.5         (47.0)       47.1
      Other                      18.6         2.9          24.6        32.3

    Cash Provided by
     Operating Activities       235.0       148.7         510.4       586.9

    Cash Flows Used in
     Investing Activities:
      Additions to property,
       plant and equipment     (103.2)      (55.2)       (260.7)     (196.5)
      Proceeds from
       dispositions of assets     5.7         1.2          33.2         4.2
      Net cash paid for IBP,
       inc. acquisition      (1,591.0)        ---      (1,670.4)        ---
      Purchase of
       Tyson de Mexico
       minority interest         (4.5)        ---         (19.0)        ---
      Net changes in other
       assets and liabilities   (32.0)        7.4        (100.9)      (13.9)

    Cash Used in
     Investing Activities    (1,725.0)      (46.6)     (2,017.8)     (206.2)

    Cash Flows from
     Financing Activities:
      Net change in debt      1,464.8       (65.8)      1,584.1      (262.8)
      Purchases of
       treasury shares           (2.2)       (7.5)        (47.8)      (69.8)
      Proceeds from exercise
       of stock options          33.6         ---          33.6         ---
      Dividends and other        (9.0)       (8.7)        (34.6)      (33.6)

    Cash Provided by
     (Used in) Financing
     Activities               1,487.2       (82.0)      1,535.3      (366.2)

    Effect of Exchange Rate
     Change on Cash               1.6        (0.1)         (0.8)       (1.9)

    Increase (Decrease)
     in Cash and
     Cash Equivalents            (1.2)       20.0          27.1        12.6

    Cash and Cash Equivalents
     at Beginning of Period      71.2        22.9          42.9        30.3

    Cash and Cash Equivalents
     at End of Period           $70.0       $42.9         $70.0       $42.9


                                  Table One

                      (In millions except per share data)
                                 (Unaudited)

                              Three Months Ended        Twelve Months Ended
                             Sept. 29,    Sept. 30,    Sept. 29,    Sept. 30,
                               2001          2000         2001        2000

    Sales                   $2,024.5     $1,843.9      $7,687.5    $7,409.9

    Gross Profit               285.2        196.7         922.4       956.8

    Operating Income            96.5         46.5         245.0       348.5

    Net Income                  43.6         18.0          83.9       151.2

    Diluted Earnings Per Share  0.20         0.08          0.38        0.67

    Sales Growth (Decline)      9.8%        (1.7%)         3.7%       (2.8%)
    Margins: (Percent of Sales)
      Gross Profit             14.1%        10.7%         12.0%       12.9%
      Operating Income          4.8%         2.5%          3.2%        4.7%
      Net Income                2.2%         1.0%          1.1%        2.0%

    Effective Tax Rate         36.6%        34.6%         35.8%       35.6%

Table One excludes the results of IBP and transactions related to financing the acquisition of IBP. Additionally, prior year amounts have been adjusted to reflect amounts in cost of sales that were previously classified as a reduction of sales or as selling expenses.

Tyson Foods, Inc. (NYSE: TSN), founded in 1935 and headquartered in Springdale, Arkansas, is the world's largest processor and marketer of chicken, beef and pork products, and produces a wide variety of brand name, processed food products. Tyson is the recognized market leader in almost every retail and foodservice market it serves. The Company has approximately 120,000 team members in over 130 processing locations in 35 states and five international locations, and exports to over 75 countries worldwide.

Forward-Looking Statements.

Certain statements contained in this communication are "forward-looking statements" such as statements relating to expected earnings. These forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Among the factors that may cause actual results to differ materially from those expressed in, or implied by, the statements are the following: (i) fluctuations in the cost and availability of raw materials, such as live cattle, live swine or feed grains; (ii) changes in the availability and relative costs of labor and contract growers; (iii) operating efficiencies of facilities; (iv) market conditions for finished products, including the supply and pricing of alternative proteins; (v) effectiveness of advertising and marketing programs; (vi) the ability of the Company to make effective acquisitions and successfully integrate newly acquired businesses into existing operations; (vii) risks associated with leverage, including cost increases due to rising interest rates; (viii) risks associated with effectively evaluating derivatives and hedging activities; (ix) changes in regulations and laws (both domestic and foreign), including changes in accounting standards, environmental laws, occupational, health and safety laws; (x) issues related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation; (xi) adverse results from ongoing litigation; (xii) access to foreign markets together with foreign economic conditions, including currency fluctuations; and (xiii) the effect of, or changes in, general economic conditions. The Company wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Tyson undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial information, such as this news release, as well as other historical data and current Company information can now be accessed from the Company's web site on the internet at http://www.tyson.com.