Pittsburg, Texas-based Pilgrim's Pride Corp. lost nearly $1 billion in fiscal year 2008, according to its annual report.

Pilgrim's Pride posted the report with the Securities and Exchange Commission Thursday, just 10 days after the processor filed for Chapter 11 bankruptcy (see Pilgrim's Pride files for bankruptcy , Meatingplace.com, Dec. 1, 2008.

In the filing, Pilgrim's reported a loss of $998.6 million, or $14.40 a share, in the fiscal year ended Sept. 27, compared to earnings of $47 million, or 71 cents a share for the previous fiscal year. Sales for fiscal year 2008 totaled $8.52 billion, a 13.7 percent increase from $7.5 billion in 2007.

The company's losses were affected by the declining value of Gold Kist Inc., which it purchased in 2007 for $1.3 billion, as well as the rising cost of feed ingredients.

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