SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K/A

CURRENT REPORT AMENDMENT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)    February 24, 2001

HORMEL FOODS CORPORATION
(Exact name of registrant as specified in charter)

DELAWARE
(State or other jurisdiction of incorporation)

Registrant's telephone number, including area code: (507) 437-5737

    The undersigned registrant hereby amends the following items, financial statements, exhibits or other portions of its Form 8-K, Current Report, dated March 9, 2001:

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized.

ITEM 7 (a)

JEROME FOODS, INC. (d/b/a The Turkey Store Company) AND SUBSIDIARIES

Consolidated Statements of Operations

(In Thousands)

(Unaudited)

ITEM 7(a)

JEROME FOODS, INC. (d/b/a The Turkey Store Company) AND SUBSIDIARIES

Consolidated Balance Sheets

(In Thousands, Except Share Information)

(Unaudited)

ITEM 7(a)

JEROME FOODS, INC. (d/b/a The Turkey Store Company) AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

ITEM 7(a)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

Jerome Foods, Inc. (d/b/a The Turkey Store)
And Subsidiaries

NOTE A

    In the opinion of the Company, the accompanying unaudited financial statements contain all adjustments (consisting of only recurring accruals) necessary for a fair presentation.

    The accounting policies followed by the Company are set forth in the Notes to Consolidated Financial Statements, February 26, 2000 and February 27, 1999 filed by Hormel Foods Corporation as Item 7(a) on Form 8-K dated March 9, 2001.

NOTE B

    The results of operations for the nine month periods ended November 4, 2000 and November 6, 1999 are not necessarily indicative of the results to be expected for the full year.

Item 7(b)

Unaudited Pro Forma Condensed Combined Financial Information

    The unaudited pro forma condensed combined financial statements give effect to the transaction between Hormel Foods Corporation and Jerome Foods, Inc. (d/b/a The Turkey Store Company). The Turkey Store Company pro forma financial statements have been adjusted to exclude operations and assets not acquired by Hormel Foods Corporation. The unaudited pro forma condensed combined financial statements have been prepared on the basis of assumptions described in the notes to the unaudited pro forma combined financial statements and include assumptions relating to the allocation of the consideration paid by Hormel Foods Corporation for the common stock of The Turkey Store Company, based on preliminary estimates of the respective fair values. The actual allocation of such consideration may differ from that reflected in the pro forma combined financial statements after an appropriate review of the fair values of the assets and liabilities of The Turkey Store Company has been completed. Amounts allocated will be based upon the estimated fair values at the time of the transaction which could vary significantly from the amounts reflected in the unaudited pro forma condensed combined financial statements. The transaction will be accounted for using the purchase method of accounting.

Pro Forma Condensed Combined Statements of Operations (Unaudited)

    The unaudited pro forma condensed combined statement of operations for the year ended October 28, 2000 has been prepared by combining the fiscal year ended October 28, 2000 audited statement of operations of Hormel Foods Corporation with the 52 weeks ended November 4, 2000 unaudited statement of operations for The Turkey Store Company, adjusted to give effect to the transaction as if it had occurred on October 31, 1999. The unaudited pro forma condensed combined statements do not reflect actual results of operations of the combined companies which would have resulted had the transaction occurred as of the date presented. The pro forma condensed combined statement of operations attempts to reflect the impact of interest on debt and amortization of intangibles for the first year of operations. The pro forma condensed combined statement of operations does not attempt to reflect any anticipated synergy advantages or expenses incurred with the merger of Jennie-O Foods, a wholly owned subsidiary of Hormel Foods Corporation, and The Turkey Store Company.

    Synergies from the acquisition are expected to include:

•

Formation of the industry's most complete supplier of high-quality, branded turkey products, enjoying the broadest distribution across the retail, foodservice and deli channels;



•

Opportunity to extend the Jennie-O and The Turkey Store brands into new distribution channels;



•

Cost synergies in live production through improved egg, poult and tom production;



•

Increased manufacturing scale and improved capacity utilization;



•

Complementary use of raw materials resulting in less commodity product and by-product per pound of processed turkey. The Jennie-O Foods portfolio utilizes more breast meat and The Turkey Store Company utilizes more dark meat;



•

Improved manufacturing efficiency through the exchange of patented and proprietary equipment and systems;



•

Improved administrative efficiency;



•

Accelerated new product introductions through combined research and development programs, and



•

Geographically proximate operations facilitating the efficient combination of management and production.

    Costs not reflected in the pro forma condensed combined statement of operations include expenses for advisor fees, relocation and severance.

Pro Forma Condensed Combined Balance Sheet (Unaudited)

    The unaudited pro forma condensed combined balance sheet as of October 28, 2000 has been prepared by combining the Hormel Foods Corporation audited balance sheet as of October 28, 2000 with The Turkey Store Company unaudited balance sheet as of November 4, 2000, adjusted to give effect to the transaction as if it had occurred on October 28, 2000. The unaudited pro forma condensed combined statements do not necessarily reflect the actual financial position of Hormel Foods Corporation that would have resulted had the transaction occurred as of the date presented. The pro forma information is not necessarily indicative of the future financial position for the combined companies.

Item 7(b)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS
(UNAUDITED)

Fiscal Year Ending 10/28/00

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

See notes to pro forma condensed combined financial statements.

Item 7(b)

PRO FORMA CONDENSED COMBINED STATEMENT OF FINANCIAL POSITION

(UNAUDITED)

Year Ended October 28, 2000

(IN THOUSANDS)

See notes to pro forma condensed combined financial statements.

Item 7(b)

NOTES TO PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Footnotes for Pro Forma adjustments:

(a)

To record the acquisition including cash paid, debt borrowings, estimated fair value adjustments for property plant and equipment, and intangible assets, book/tax differences on certain assets and accrual for transaction related costs. The actual purchase price and allocation may vary from the amounts reflected in the unaudited pro forma condensed combined financial statements.

(b)

To amortize intangible assets acquired, including goodwill. The life used to amortize the assets was twenty years except for the work force value, which used a life of ten years.

(c)

To record interest incurred on debt to finance the acquisition.

(d)

To reflect the incremental tax impact of the pro forma adjustments.

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