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                                                                    EXHIBIT 99.1
                                  RISK FACTORS

SUBSTANTIAL LEVERAGE; INSUFFICIENT CASH FLOW FROM OPERATIONS

         At March 4, 2000 the Company had approximately $115.5 million of
indebtedness, representing 70.1% of its total capitalization. The ability of the
Company to satisfy its debt obligations depends largely on the Company's
operating performance, which is affected by prevailing economic conditions and
financial, business and other factors, many of which are beyond the Company's
control.

         The degree to which the Company is leveraged has important consequences
to the Company, including the following: (i) the Company's ability to obtain
additional financing is limited; (ii) substantial portions of the Company's cash
flows from operations must be dedicated to the debt service, thereby reducing
the funds available to the Company for its operations; (iii) the Company's debt
instruments contain financial and other restrictive covenants, including
covenants restricting the incurrence and restructuring of debt, the creation of
liens, the payment of dividends and sales of assets; (iv) the Company's
borrowings under its $25 million revolving credit facility are at variable rates
of interest, resulting in adverse effects on the Company's financial condition
and results of operations when the relevant market interest rates increase; (v)
the debt outstanding under the $25 million revolving credit facility is secured
by substantially all of the Company's accounts receivable and inventory; (vi)
the Company is more leveraged than many of its competitors, placing the Company
at a relative competitive disadvantage; and (vii) the Company's high degree of
indebtedness makes it more vulnerable in the event of a downturn in its
business. As a result of the Company's level of indebtedness, its financial
capacity to respond to market conditions, extraordinary capital needs and other
factors is limited.

         Fiscal 2000 operating cash flows were not sufficient to provide
necessary working capital and to service existing debt. These cash requirements
were instead satisfied with proceeds from asset sales. To be certain of making
its $6.2 million semi-annual Note interest payment due June 1, 2000, on May 24,
2000, the Company obtained its new $25 million revolving credit facility, with
availability subject to the satisfaction of certain routine closing conditions.
The Company anticipates that its fiscal 2001 cash requirements for working
capital and debt service will be met through a combination of funds provided by
operations and borrowings under the $25 million revolving credit facility.
Significant assumptions underlie this belief, including, among other things,
that the Company will succeed in implementing its business strategy and that
there will be no material adverse developments in the business, liquidity or
significant capital requirements of the Company.

         The Company has budgeted approximately $3.0 million for capital
expenditures in fiscal 2001. These expenditures are devoted to routine food
processing capital improvement projects and other miscellaneous expenditures and
should be sufficient to maintain current operating capacity. The Company
believes that funds from operations and funds from the $25 million revolving
credit facility, as well as the Company's ability to enter into capital or
operating leases, will be adequate to finance these routine capital
expenditures. If Pierre continues its historical revenue growth trend as
expected, then the Company will be required to raise and invest additional
capital for various plant expansion projects to provide operating capacity to
satisfy increased demand. The Company believes that future cash requirements for
these plant expansion projects would need to be met through other long-term
financing sources, such as an increase in borrowing availability under the $25
million credit facility, the issuance of industrial revenue bonds or equity
investment. The incurrence of additional debt is governed and restricted by the
Company's existing debt instruments. Furthermore, there can be no assurance that
additional long-term financing will be available on advantageous terms (or any
terms) when needed by the Company.

         The Company anticipates continued sales growth in key market areas. As
noted above, however, this growth will require capital expansion projects to
increase existing plant capacity to satisfy increased demand. Sales growth,
improved operating performance and expanded plant capacity -- none of which is
assured -- will be necessary for the Company to continue to service existing
debt. If the Company is unable to continue servicing its debt, then it will need
to adopt alternative strategies, which may include actions such as reducing or
delaying capital expenditures, selling assets, restructuring or refinancing its
indebtedness or seeking additional equity capital. There can be no assurance
that any of these strategies could be effected on satisfactory terms or that the
chose strategy enable the Company to avoid defaults under its existing debt
instruments.

RESTRICTIONS IMPOSED BY THE COMPANY'S DEBT INSTRUMENTS

         The Company's debt instruments include covenants that, among other
things, limit or restrict the ability of the Company to dispose of assets, incur
additional indebtedness, repay other indebtedness, pay dividends, enter into
certain investments or acquisitions, repurchase or redeem capital stock, engage
in mergers or consolidations or engage in certain transactions with subsidiaries
and affiliates and otherwise restrict corporate activities. There can be no
assurance that such limitations and restrictions will not adversely affect the
Company's ability to finance its future operations or capital needs or engage in
other business activities that may be in the interest of the Company. The
Company's $25 million revolving credit facility also requires the Company to
maintain compliance with certain financial covenants. The ability of the Company
to comply with such financial covenants may be affected by events beyond the
Company's control. A breach of any of these covenants or the inability of the
Company to comply with the required financial covenants could result in a
default under the $25 million revolving credit facility. In the event of any
such default, the lender under the revolving credit facility could elect to
declare all borrowings outstanding
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under such facility, together with accrued interest and other fees, to be due
and payable. If the Company were unable to repay any such borrowings when due,
then the lender could proceed against its collateral, with material adverse
effects on the Company's business, financial condition and results of
operations.

MANAGEMENT CONTROL

         At May 5, 2000, the Company's directors and executive officers (12
persons) beneficially owned, in the aggregate, 2,639,509 shares (or
approximately 45.7%) of the Company's outstanding common stock (including as
"outstanding" all shares underlying options exercisable by June 30, 2000). This
degree of share ownership might be sufficient to enable the Company's directors
and executive officers, acting as a group, to influence decisively the outcome
of matters requiring shareholder approval, including the election of directors
and significant corporate transactions. The voting power of the Company's
directors and executive officers under certain circumstances could have the
effect of preventing or delaying a change in control of the Company.

FACTORS INHIBITING TAKEOVER

         The Company's Restated Articles of Incorporation, as amended (the
"Articles"), the Company's Bylaws, as amended (the "Bylaws"), and the Company's
Preferred Stock Purchase Rights (the "Rights") contain various provisions that
may hinder, delay or prevent the acquisition of control of the Company without
the approval of the Board of Directors of the Company (the "Board"). Certain
provisions of the Articles and the Bylaws, among other things, (i) authorize the
issuance of "blank check" preferred stock, (ii) divide the members of the Board
into three classes, the members of which serve for three-year terms and can be
removed only by supermajority shareholder vote, and (iii) require a
supermajority shareholder vote to approve any of certain business combinations
requiring shareholder approval. In addition, the Company has entered into a
Rights Agreement with American Stock Transfer & Trust Company, as Rights Agent,
pursuant to which one Right is attached to each share of common stock and
initially trades with such share. The Rights would cause substantial dilution to
a person or group that attempted to acquire the Company on terms not approved in
advance by the Board.

SHARES AVAILABLE FOR SALE; LIMITED SECONDARY MARKET FOR THE COMMON STOCK

         At May 5, 2000, there were 5,781,150 shares of the Company's common
stock outstanding. Of such amount, at least 2,883,098 shares were then freely
tradable without restriction in the public market, the remaining shares being
eligible for sale in the time, manner and volumes permitted by Rule 144 under
the Securities Act of 1933. The holders of such remaining shares have not agreed
to further limitations on the sale of their shares. In addition, at May 5, 2000
there were options to purchase 485,800 shares of common stock outstanding at an
average exercise price of $8.08 per share. Of such amount, options to purchase
338,898 shares are either exercisable presently or will become exercisable by
June 30, 2000; and all of the underlying shares have been registered with the
SEC. The Company also has registered for public sale an additional 2,273,602
shares of unissued common stock; such shares are reserved for future grants
under the Company's stock option plans. Sales of substantial amounts of common
stock in the public market, or the perception that such sales might occur, could
have a material adverse effect on the market price of the stock, particularly in
view of the limited secondary market for the stock that exists.

PRICE VOLATILITY

         The market price of the Company's common stock is volatile and may be
affected by a number of factors, including the announcement of new products or
services by the Company or its competitors, quarterly variations in the
Company's or its competitors' results of operations, changes in earnings
estimates or recommendations by securities analysts, the initiation or
termination of coverage by analysts, developments in the food processing
industry, general market conditions and other factors, including factors
unrelated to the operating performance of the Company or its competitors. Such
factors, as well as general economic, political and market conditions, such as
recessions, may materially and adversely affect the market price of the stock.

NO DIVIDENDS


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         The Company's debt instruments restrict its ability to pay dividends.
Regardless of the scope of such restrictions, the Company does not anticipate
paying dividends on the common stock in the foreseeable future.

COMPETITION

         The food production business is highly competitive and is often
affected by changes in tastes and eating habits of the public, economic
conditions affecting spending habits and other demographic factors. In sales of
meat products, the Company faces strong price competition from a variety of
large meat processing concerns and from smaller local and regional operations.
In sales of biscuit and yeast roll products, the Company competes with a number
of large bakeries in various parts of the country. The sandwich industry is
extremely fragmented, with few large direct competitors but low barriers to
entry and indirect competition in the form of numerous other products.

GOVERNMENT REGULATION

         The food production industry is subject to extensive federal, state and
local government regulation.

         The Company's food processing facilities and food products are subject
to frequent inspection by the United States Department of Agriculture (the
"USDA"), the Food and Drug Administration (the "FDA") and other government
authorities. In July 1996, the USDA issued strict new policies against
contamination by food-borne pathogens such as E. coli and Salmonella and
established the Hazard Analysis and Critical Control Points ("HACCP") system.
The HACCP standards require the implementation of a seven step system for
preventing hazards that could cause food-borne illnesses and became effective on
January 25, 2000 for all food manufacturers with over ten employees and $25
million in sales. The Company is in full compliance with all FDA and USDA
regulations, including HACCP standards, but there can be no assurance that the
Company will be able to remain in compliance. The Company's failure to comply
with applicable laws and regulations could subject it to civil remedies,
including fines, injunctions, recalls and seizures, or even criminal sanctions,
any of which could have material adverse effects on the Company.

         The Company's operations are also governed by laws and regulations
relating to workplace safety and worker health that, among other things,
establish noise standards and regulate the use of hazardous chemicals in the
workplace. The Company also is subject to numerous federal, state and local
environmental laws. Under applicable environmental laws, the Company may be
responsible for remediation of environmental conditions and may be subject to
associated liabilities relating to its facilities and the land on which its
facilities are or had been situated, regardless of whether the Company leases or
owns the facilities or land in question and regardless of whether such
environmental conditions were created by the Company or by a prior owner or
tenant. There can be no assurance that any failure to comply, or compliance in
the future, with environmental laws, or that liabilities arising thereunder,
will have no material adverse effect on the Company's business, financial
condition or results of operations.

         The Company's operations are subject to licensing and regulation by a
number of state and local governmental authorities, which include health,
safety, sanitation, building and fire agencies. Operating costs are affected by
increases in costs of providing health care benefits, the minimum hourly wage,
unemployment tax rates, sales taxes and other similar matters over which the
Company has no control. The Company is subject to laws governing relationships
with employees, including minimum wage, overtime, working condition and
citizenship requirements.

GENERAL RISKS OF THE FOOD INDUSTRY

         The food processing industry is generally subject to various risks,
including adverse changes in general economic conditions, evolving consumer
preferences, nutritional and health-related concerns, federal, state and local
food inspection and processing controls and litigation-oriented risks in the
nature of consumer product liability claims, product tampering problems and the
availability and expense of liability insurance. There has recently been
increasing scrutiny due to the association of meat products with recent
outbreaks of illness, and even death, caused by pathogens which can be found in
raw and improperly cooked meat. Incidents of contamination experienced by other
food processors have materially and adversely affected their businesses and
could adversely affect the Company's business. Product recalls are sometimes
required in the meat industry to withdraw contaminated or mislabeled products
from the market.


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ADVERSE CHANGES IN FOOD COSTS; AVAILABILITY OF SUPPLIES

         The profitability of the Company is dependent on its ability to
anticipate and react to changes in food prices in general and to changes in meat
prices in particular. While the Company has historically been able to anticipate
and react to changing prices through purchasing practices and price adjustments
so as to avoid any material adverse effect on profitability, there can be no
assurance that the Company will be able to do so in the future. In particular,
no assurance can be given that the Company will be able to pass any cost
increases on to its customers. The Company does not engage in hedging
transactions with respect to raw material purchases. Failure to engage in such
transactions may result in increased price volatility, with resulting adverse
effects on results of operations. In addition, the Company's dependency upon
regular deliveries of supplies from particular suppliers means that
interruptions or stoppages in such deliveries could adversely affect the Company
until arrangements with alternate suppliers could be made.

DEPENDENCE ON KEY PERSONNEL

         The Company believes that its continued success will largely depend
upon the abilities and experience of its senior management team such that loss
of the services of one or more senior managers could adversely affect the
Company's results of operations. The Company has employment agreements with its
senior-most managers.

POTENTIAL LABOR DISRUPTION

         None of the Company's employees is covered by a collective bargaining
agreement. To the extent the Company experiences a labor disruption in the
future, there could be material adverse effects on the Company's business,
financial condition and results of operations.

"YEAR 2000" ISSUES

         The "Year 2000" problem arose because many existing computer programs
use only the last two digits to refer to a year. If not addressed, computer
programs that are date-sensitive may not have the ability to properly recognize
dates in the year 2000 and beyond. The result could be a temporary disruption of
operations and the processing of transactions.

         The Company developed a four-phase approach to addressing this problem.
Phase 1 was an analysis to identify the impact and costs relating to year 2000,
both in computer information systems and other equipment. Phase 2 was the
creation of a comprehensive plan to address and fix any problems identified.
Phase 3 was the implementation of the comprehensive plan. In Phase 4, the
Company was to address any unforeseen complications or issues not previously
addressed. The costs to implement the plan were $300,525 and were expensed as
incurred. The Company completed all four phases of its four-phase approach prior
to January 1, 2000. As of May 26, 2000, the Company has not encountered any
unforeseen complications or issues not previously addressed in Phase 4 of the
comprehensive plan.