(IBP) - Get Report

reported fourth-quarter earnings Tuesday that fell below Wall Street's expectations and came in at nearly half its year-ago figures.

For its fourth-quarter ending Dec. 30, IBP earned $35 million, or 33 cents a share, excluding one-time charges, down from $88 million, or 82 cents a share, in the same period one year ago. Four analysts surveyed by

First Call/Thomson Financial

were expecting the company to earn 40 cents a share.

IBP posted fourth-quarter revenue of $4.4 billion, up from $4.1 billion in the year-ago period.

With the earnings release, the beef and pork processor said a

Securities and Exchange Commission

review of accounting issues related to its DFG Foods subsidiary has come to a close. The review, which IBP said uncovered potential manipulation of financial records and product theft, had delayed IBP's acquisition by

Tyson Foods

(TSN) - Get Report

, which was announced in January.

"Today's earnings release brings this matter to a close and we not look forward to proceeding with the Tyson transaction," IBP said in a statement.

Tyson, which

reduced its own earnings forecast on Tuesday, had offered $30 a share in cash and stock for IBP, but the offer is likely to be adjusted.

IBP took a fourth-quarter pre-tax charge of $60.4 million to DFG's good will. Previously, the company warned the charge could be as high as $108 million.

IBP reiterated

last week's 2001 full-year earnings forecast of $1.80 and $2.20 a share, well above the $1.54-a-share consensus of four analysts.

In recent

New York Stock Exchange

trading, shares of IBP gained $1.31, or 5.8%, to $23.76, while shares of Tyson fell 47 cents, or 3.5%, to $13.