**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

[X]        QUARTERLY REPORTPURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended November 30, 2002

or

[  ]        TRANSITIONREPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________ 

Commission File Number:   001-11629

**FARMLAND INDUSTRIES, INC.**

Debtor-in-Possession as of May 31, 2002

(Exact name of registrant as specified in its charter)

| Kansas
44-0209330
(State of incorporation)
(I.R.S. Employer    Identification No.)
12200 North Ambassador Drive
Kansas City, Missouri
64163-1244
(Address of principal    executive offices)
(Zip Code)
Registrant's telephone number, including area code: 816-713-7000

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements forthe past90 days.  Yes [X]       No [ ]

Indicate by check mark whether registrant is an accelerated filer (asdefined in Rule 12b-2 of the Act).  Yes[  ]  No [X]
**-   **PART I - FINANCIAL INFORMATION**     **Item 1.     FINANCIAL STATEMENTS**        FARMLAND INDUSTRIES, INC. AND SUBSIDIARIES    (Debtors-in-Possession)  **CONDENSEDCONSOLIDATED BALANCE SHEETS****(UNAUDITED)**  ASSETS     
August 31
November 30
2002
2002
(Amounts in Thousands)
Current Assets:
   Accounts        receivable - trade (net of allowance for               doubtful accounts of $23,934 at August 31, 2002              and $23,748 at November 30, 2002)   
        $
        288,931        $
        327,925
   Inventories        (Note 2)   
337,222
333,169
   Deferred income        taxes   
51,495
52,053
   Other current        assets   
64,633
87,816
   Current assets        from discontinued operations (Note 12)   
57,164
47,173
      Total        Current Assets   
$
799,445$
848,136
Investments and Long-term        Receivables (Note 3)   
$
347,008$
314,465
Property, Plant and Equipment:
   Property, plant        and equipment, at cost   
$
1,900,047$
1,491,560
      Less        accumulated depreciation and
      amortization   
994,288
1,013,745
   Net Property,        Plant and Equipment   
$
905,759$
477,815
Other Assets:
   Goodwill (Note        4)   
$
28,942$
28,740
   Intangible        assets (Note 4)   
38,876
26,251
   Other long-term        assets   
59,561
60,587
   Long-term        assets from discontinued operations (Note 12)   
2,052
872
      Total        Other Assets   
$
129,431$
116,450
Total        Assets      
$
2,181,643$
1,756,866
   

See accompanying Notes to Condensed Consolidated Financial Statements

****

FARMLAND INDUSTRIES, INC. AND SUBSIDIARIES    (Debtors-in-Possession)

**CONDENSEDCONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

LIABILITIES AND EQUITIES

August 31
November 30
2002
2002
(Amounts in Thousands)
Current Liabilities: 
   Current        maturities of long-term debt    $
323,300 $
322,118 
   Accounts        payable - trade   
75,418 
71,261 
   Other current        liabilities   
139,127 
162,217 
             Current liabilities from discontinued operations (Note 12)   
35,120 
23,652 
      Total        Current Liabilities   $
572,965 $
579,248 
Liabilities Subject to Compromise        (Note 5)$
912,887 $
885,559 
Long-Term Liabilities:
   Long-term        borrowings (excluding current maturities)   $
139,869 $
148,779 
   Other long-term        liabilities   
24,637 
20,628 
      Total        Long-Term Liabilities   $
164,506 $
169,407 
Deferred Income        Taxes   $
59,422 $
62,666 
Minority Owners' Equity in        Subsidiaries   $
42,553 $
47,347 
Net Loss (Note        1)   $
-0-$
(417,079)
Capital Shares and Equities:
   Preferred        shares, authorized 8,000,000 shares, 8% Series A cumulative redeemable preferred shares,        stated 
   at redemption        value, $50 per share   $
100,000 $
100,000 
   Common shares        authorized
      50,000,000        shares, $25 par value   
524,006 
524,009 
   Accumulated        other comprehensive income (net of 
      deferred        tax expense of $558 at August 31, 2002 and $0 at              November 30, 2002) (Notes 6 and 7)   
        3,907 
        4,312 
   Earned surplus        and other equities   
(198,603)
(198,603)
      Total        Capital Shares and Equities   $
429,310 $
429,718 
Commitments and Contingent        Liabilities (Note 8)
Total Liabilities and        Equities   $
2,181,643 $
1,756,866 
   

 

See accompanying Notes to Condensed Consolidated Financial Statements

****

**FARMLAND INDUSTRIES, INC. AND SUBSIDIARIES    (Debtors-in-Possession)**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS    (UNAUDITED)**

 
Three Months EndedNovember 30November 30
20012002
(Amounts in        Thousands)Sales   $1,848,193$1,654,755Cost of sales  1,760,272 1,577,220 Gross income   $87,921 $77,535 Selling, general and administrative        expenses   (79,839)(59,762)Restructuring and other (charges)        credits (Note 9)   
6,340 
1,736 Interest expense (excluding        approximately $11.7 million of interest not  accrued during 2003 on unsecured        pre-petition borrowings)   
(24,283)
 

(8,290)
Interest        income   
760 
647 
Other (Note        10)   
18,759 
8,467 
Equity in net income        of investees (Note 3)    
1,957 
943 
Minority owners'        interest in net income 
   of        subsidiaries   
(4,737)
(4,795)
Reorganization        expense (Note 11)   
-0-
(433,854)
Income (loss) from        continuing operations before income tax expense   
$
6,878 $
(417,373)Income tax expense 
(768)
-0-
Income (loss) from        continuing operations   
$
6,110 
$
(417,373)
Discontinued        operations (Note 12):           Loss from operations of discontinued international               grain division (net of applicable income tax benefit        of $0 at              November 2001)   
        (2,861)
        -0-
   Gain        on disposal of international grain division (net of                 applicable income tax benefit of $144 at November        2002)   income tax benefit of $144 at November 2002   
        -0-
        294 
Total discontinued        operations   
$
(2,861)
$
294 
Net income        (loss)   
$
3,249 
$
(417,079)
   

See accompanying Notes to Condensed Consolidated Financial Statements

****

**FARMLAND INDUSTRIES, INC. AND SUBSIDIARIES    (Debtors-in-Possession)**

**CONDENSEDCONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

Three Months Ended
November 30        2001
November 30        2002
(Amounts in Thousands)
CASH FLOWS FROM OPERATING        ACTIVITIES:
Net income        (loss)   
$
3,249 
$
(417,079)
Reorganization expense (Note        11)   
-0-
433,854 
Adjustments to reconcile net        income to net cash provided by           (used in) operating activities:
   Depreciation        and amortization   
29,059 
27,970 
   Equity in net        (income) of investees (Note 3)   
(1,957)
(943)
   Other   
(16,733)
9,153 
   Changes in        assets and liabilities:
      Accounts        receivable   
20,013 
(31,414)
      Inventories   
81,432 
4,039 
      Other        assets   
(5,778)
(5,544)
      Accounts        payable   
(48,451)
(8,557)
      Other        liabilities   
20,650 
(20,628)
Net cash provided by (used in)        operating activities

   before reorganization items   
        $
        81,484 
        $
        (9,149)
REORGANIZATION ITEMS:
   Reorganization        expense (Note 11)   
$
-0-
$
(433,854)
   Adjustments for        non-cash items:
      Asset        impairment charges   
-0-
424,517 
      Gain        on settlement with vendors   
-0-
(289)
      Gain        on sale of fixed assets and investments   
-0-
(181)
Net cash used in reorganization        items   
$
-0-
$
(9,807)
Net cash provided by (used in)        operating activities   
$
81,484 
$
(18,956)
CASH FLOWS FROM INVESTING        ACTIVITIES:
Capital        expenditures   
$
(10,629)
$
(16,054)
Distributions from joint        ventures   
2,062 
4,143 
Additions to investments and        notes receivable   
(5,397)
(309)
Acquisition of other long-term        assets   
(2,724)
(2,370)
Proceeds from disposal of        investments and            collection of notes receivable   
        30,450 
        1,259 
Proceeds from sale of fixed        assets   
7,010 
7,697 
Net cash provided by (used in)        investing activities   $
20,772 $
(5,634) 
CASH FLOWS FROM FINANCING        ACTIVITIES:
Payments of        dividends   $
(2,000)$
-0-
Proceeds from bank loans and        notes payable   
846,272 
230,428 
Payments on bank loans and notes        payable   
(864,987)
(223,237)
Payments for redemption of        subordinated debt certificates   
(12,732)
-0-
Net increase (decrease) in checks        and drafts outstanding   
(68,896)
17,102 
Other increase        (decrease)   
87 
297
Net cash provided by (used in)        financing activities   $
(102,256)$
24,590 
Net decrease in cash and cash        equivalents   $
-0-$
-0-
Cash and cash equivalents at        beginning of period   
-0-
-0-
Cash and cash equivalents at end        of period   $
-0-$
-0-
   

See accompanying Notes to Condensed Consolidated Financial Statements

 

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

 

**(1)     Interim Financial Statements**

 

     **(A)     The Company and Basis    of Presentation**

 

Unless the context suggests otherwise, (i) "Farmland",    "we", "us" or "our" refers to Farmland Industries, Inc. and    its consolidated subsidiaries, (ii) all references to "year" or    "years" are to fiscal years ended August 31, and (iii) the term    "member" means (a) any voting member, (b) any associate member, or (c) any other    non-member individuals, cooperatives or other entities doing business with Farmland under    an agreement to accept qualified patronage refunds as taxable income in the year    received.  Patronage refund is the term we use to refer to the distribution of income    from transactions done on a cooperative basis with or for our patrons.

 

In view of the seasonality of Farmland's businesses, it must be emphasized    that the results of operations for the periods presented are not necessarily indicative of    the results for a full fiscal year.

 

The accompanying unaudited Condensed Consolidated Financial Statements    have been prepared in accordance with accounting principles generally accepted in the    United States of America ("GAAP") for interim financial information; therefore,    they do not include all of the information and footnotes required by GAAP for complete    financial statements.  In the opinion of management, all adjustments considered    necessary for a fair presentation have been included.  For further information, refer    to the Consolidated Financial Statements and Notes to Consolidated Financial Statements    thereto included in Farmland's Annual Report on Form 10-K for the year ended August 31,    2002.

 

Certain amounts pertaining to the three month period ended November 30,    2001 have been reclassified to conform with the current year presentation.

 

The unaudited Condensed Consolidated Balance Sheets and Statements of    Operations have been restated to present our international grain trading subsidiaries    (collectively referred to as "Tradigrain") as a discontinued operation.     The international grain sales and related cost of sales and operating expenses have been    reclassified as discontinued operations for all periods presented.

 

Our revenues, margins, net income or loss and cash flow depend, to a large    extent, on conditions in agriculture and may be volatile due to factors beyond our    control, such as weather, crop failures, federal agricultural programs, currency    fluctuations, tariffs, concerns over food safety, and other factors affecting United    States imports and exports.  In addition, various federal and state regulations    intended to protect the environment encourage farmers to reduce the use of fertilizers and    other chemicals.  Global variables, such as general economic conditions, conditions    in financial markets, embargoes, political instabilities, terrorist activities, local    conflicts and other incidents affect, among other things, the supply, demand and price of    crude oil, refined fuels, natural gas and other commodities and may unfavorably impact    Farmland's operations.  Historically, changes in the costs of raw materials have not    necessarily resulted in corresponding changes in the prices at which finished products    have been sold by Farmland.  For example, at times during the last few years, the    results of our crop production business have been adversely affected by a combination of    high natural gas prices and competition from imports.  Also, for example changes in    the prices of crude oil and refined fuels have caused, and will continue to cause,    significant variations in the results of our petroleum business.  Management cannot    determine the extent to which these factors may impact our future operations.  

 

In accordance with the bylaws of Farmland, we determine annually the    members' portion of income or loss before income taxes.  From this amount, patronage    refunds, if any, are distributed or losses are allocated to our members or charged to    retained earnings.

 

Farmland does not provide for patronage refunds in our interim financial    statements as: 
- we determine the amount of members' income and the amount of members'        loss only after the end of the fiscal year;  
- after consideration of member losses (if any), the Board of Directors,        subject to Court approval, then determines the amount of patronage refund to be paid in        cash and the portion to be paid in Farmland equity (common shares, associate member common        shares and capital credits); and 
- the amount of income appropriated to earned surplus is dependent on the        amount of patronage refunds and the handling of members' losses (if any). 

 

Therefore, the amount of net income for the interim period presented is    reflected as a separate item in the accompanying unaudited Condensed Consolidated Balance    Sheet as of November 30, 2002.     

 

Effective September 1, 2002, Farmland adopted Statement of Financial    Accounting Standards ("SFAS") SFAS No. 143 "Accounting for Asset Retirement    Obligations."  This statement addresses financial accounting and reporting for    obligations associated with the retirement of tangible long-lived assets and the    associated retirement costs.  The standard applies to legal obligations associated    with the retirement of long-lived assets that result from the acquisition, construction,    development and (or) normal use of the asset.

 

SFAS No. 143 requires that the fair value of a liability for an asset    retirement obligation be recognized in the period in which it is incurred if a reasonable    estimate of fair value can be made.  The fair value of the liability is added to the    carrying amount of the associated asset and this additional carrying amount is depreciated    over the life of the asset.  The liability is accreted at the end of each period    through charges to operating expense.  If the obligation is settled for other than    the carrying amount of the liability, Farmland will recognize a gain or loss on    settlement.  Adoption of this statement did not have a material effect on Farmland's    reported financial position or our results of operations.

 

Effective September 1, 2002, Farmland adopted SFAS No. 144    "Accounting for the Impairment or Disposal of Long-Lived Assets".  This    statement addressed financial accounting and reporting for the impairment or disposal of    long-lived assets.  

 

In our plan of reorganization, filed November 27, 2002, we stated our    intent to dispose of our crop production and petroleum assets.  Despite this stated    intent, these assets are not classified as held for sale as, ultimately, any disposition    must be approved by the Court and, to date, the Court has not approved such disposition.    As a result, as of November 30, 2002, our crop production and petroleum assets were    classified as held for operations.  Since during the first quarter we determined that    it was more likely than not that our crop production and petroleum assets would be    disposed of, those assets were tested for impairment at November 30, 2002 pursuant to SFAS    No. 144 using projected undiscounted cash flows based on management's best assumptions    regarding the use and eventual disposition of these assets.  Based on these tests and    our assumptions and determinations as of November 30, 2002, these assets were impaired at    November 30, 2002.  Using managements' best estimate as of November 30, 2002, it    appears that the estimated fair value we will receive on disposition of these assets    exceeds the carrying value of these assets by approximately $424.5 million.  Since    the ultimate proceeds from disposition of these assets will result from a bidding and    auction process conducted in our bankruptcy proceedings, the ultimate loss may differ from    the amount recognized at November 30, 2002.  This estimated loss is included in    reorganization expense in these unaudited Condensed Consolidated Statements of    Operations.  This estimated loss is comprised of $275.9 million related to our crop    production segment, $147.7 million related to our petroleum segment, and $0.9 million    related to unallocated corporate assets.

 

SFAS No. 144 also supersedes the accounting and reporting provisions of    Accounting Principles Board ("APB") Opinion No. 30, "Reporting the Results    of Operations - Reporting the Effects of Disposal of a Segment of a Business, and    Extraordinary, Unusual and Infrequently Occurring Events and Transactions,", for the    disposal of a segment of a business.  However, it retains the requirement in APB    Opinion No. 30 to report separately discontinued operations and extends that reporting to    a component of an entity that either has been disposed of (by sale, abandonment, or in a    distribution to owners) or is classified as held for sale.  As we continue our    strategy of repositioning and selling assets, additional businesses may be reported as    discontinued operations pursuant to SFAS No. 144.  

 

     **(B)     Bankruptcy    Proceedings**

 

On May 31, 2002 (the "Petition Date"), Farmland Industries, Inc.    and four of its subsidiaries, Farmland Foods, Inc., Farmland Pipe Line Company, Farmland    Transportation, Inc., and SFA, Inc., (collectively, the "Debtors") filed    voluntary petitions for protection under Chapter 11 of the United States Bankruptcy Code    (the "Bankruptcy Code") in the United States Bankruptcy Court, Western District    of Missouri (the "Court") (Joint Case Number 02-50557-JWV).  The filings    were made in order to facilitate the restructuring of the Debtors' trade liabilities,    debt, and other obligations.  We continue to manage the business, as    debtors-in-possession, but may not engage in transactions outside the ordinary course of    business without the approval of the Court.

 

On June 4, 2002, the Court appointed a committee to represent the    interests of unsecured creditors (the "Creditors' Committee") and a committee to    represent the interests of unsecured bondholders (the "Bondholders'    Committee").  The Creditors' Committee and the Bondholders' Committee are    comprised of representatives of the Debtors' unsecured creditors and unsecured    bondholders, respectively.  Both committees review and gather information about the    Debtors' financial condition and restructuring activities.  We are required to    reimburse certain fees and expenses of each committee, including fees for attorneys and    other professionals, to the extent allowed by the Court.

 

Subsequent to the Petition Date, the Court approved the Debtors' request    to enter into a new credit facility with a syndicate of banks to provide up to $306.0    million of debtors-in-possession financing ("the DIP Credit Facility").     The DIP Credit Facility partially replaced a five-year $500 million credit facility    entered into with a syndicate of banks on February 7, 2002 (the "Pre-petition Credit    Facility").

 

As a result of the filing on May 31, 2002 of petitions under Chapter 11 of    the Bankruptcy Code by the Debtors, Farmland's unaudited Condensed Consolidated Financial    Statements have been prepared in accordance with AICPA Statement of Position    ("SOP") 90-7, "Financial Reporting by Entities in Reorganization under the    Bankruptcy Code" and generally accepted accounting principles applicable to a going    concern which, unless otherwise noted, assumes the realization of assets and the payment    of liabilities in the ordinary course of business.  

 

SOP 90-7 requires (a) that pre-petition liabilities that are subject to    compromise be segregated in Farmland's unaudited Condensed Consolidated Balance Sheets as    Liabilities Subject to Compromise and (b) that revenues, expenses, realized gains and    losses, and provisions for losses resulting from the reorganization and restructuring of    the Debtors be reported separately as Reorganization expense in the unaudited Condensed    Consolidated Statements of Operations.  As a result of the reorganization proceedings    under Chapter 11, the Debtors may be required to take actions that may cause assets to be    realized, or liabilities to be liquidated, for amounts other than those reflected in the    unaudited Condensed Consolidated Financial Statements.

 

As debtors-in-possession, the Debtors, subject to any required Court    approval, may elect to assume or reject real estate leases, employment contracts, personal    property leases, service contracts, and other unexpired executory pre-petition contracts    prior to the confirmation of a plan of reorganization.  Damages related to rejected    contracts are a pre-petition claim.  We have estimated and accrued our liability    resulting from contracts rejected through November 30, 2002 and this estimated liability,    in the amount of $14.2 million, is included in our unaudited Condensed Consolidated    Balance Sheets as Liabilities Subject to Compromise.

 

As a result of the Chapter 11 proceedings, virtually all liabilities,    litigation and other claims against the Debtors that were in existence as of the Petition    Date are stayed unless the stay is modified or lifted or payment is authorized by the    Court.  As part of the reorganization process, the Debtors have attempted to notify    all known or potential creditors of the Chapter 11 filings for the purpose of identifying    all pre-petition claims against the Debtors.  The Court  set January 10, 2003    (the "Bar Date"), as the date by  which creditors were required to     file proof of claims against the Debtors.  At this time, the ultimate amount of    claims that will be allowed by the Court is not determinable.    

 

Pursuant to the provisions of the Bankruptcy Code, on November 27, 2002,    the Debtors filed with the Court a plan of reorganization under which the Debtors'    liabilities and equity interests would be restructured.  This plan of reorganization    identifies various classes of creditors and equity interests.  Classes that will be    paid in full or whose rights are not altered are considered unimpaired and do not have a    right to vote on the plan of reorganization.  Classes that will not be paid in full    are considered impaired.  Impaired classes include holders of unsecured demand loan    certificates and holders of unsecured subordinated debenture bonds, as well as general    unsecured creditors of the Debtors.  The equity interests in Farmland, including its    preferred stock interests, are also impaired.  As a general matter, each impaired    class is entitled to vote as a class to accept or reject the plan of reorganization.     Although management filed a plan of reorganization, there can be no assurance at this time    whether it will be contested by any impaired class or whether it will be approved or    confirmed by the Court.  

 

As a part of the bankruptcy process, we are required to file a disclosure    statement with the Court.  The disclosure statement will provide all creditor classes    with information regarding our proposed reorganization including identification of assets    we intend to sell and estimated cash proceeds from those sales.  Currently, the Court    is considering our motion to postpone the date by which we must file our disclosure    statement from January 15, 2003 to March 31, 2003.  Once the disclosure statement is    deemed adequate by the Court, the disclosure statement will be submitted to the various    impaired classes, and the plan of reorganization will be voted on by those classes.

 

The plan of reorganization, as filed, in effect contemplates either that    the Debtors will reorganize around our pork and beef marketing businesses, with other    assets being sold, or that the Debtors will sell all or substantially all of their    assets.  The plan of reorganization also provides for the payment of obligations    under the DIP Credit Facility and certain pre-petition liabilities under a prior bank    credit agreement in full in cash on the effective date of the plan of    reorganization.  As to various impaired classes, including the classes pertaining to    the holders of our demand loan certificates and our subordinated debenture bonds, as well    as our general unsecured creditors, the plan provides that these classes will receive cash    and/or securities of the reorganized entity.  The amounts to be received by any    particular class are subject to further negotiation and will depend, in part, on the    amounts we realize from potential sales of assets.  As a result, we will need to    amend the plan of reorganization before it is confirmed.  The plan of reorganization,    if accepted and confirmed, will substantially change the amounts and characterization of    liabilities currently disclosed in the accompanying unaudited Condensed Consolidated    Financial Statements.

 

As provided in the DIP Credit Facility under certain circumstances it is    an event of default if the Debtors fail to file a plan of reorganization approved by all    lenders under the DIP Credit Facility (the "DIP Lenders") (such approval not to    be unreasonably withheld) by November 27, 2002.  Farmland believes, based on    consultation with counsel, that the plan of reorganization, as filed on November 27, 2002,    satisfies the requirements of the DIP Credit Facility.  Subsequent to November 30,    2002, the DIP Lenders asserted that the plan of reorganization, as filed, did not satisfy    the requirements of the DIP Credit Facility.  Concurrent with this assertion, the DIP    Lenders notified Farmland that the DIP Lenders were terminating the $25.0 million Tranche    A loan commitment under the DIP Credit Facility and were increasing, by 200 basis points,    the interest rate charged to Farmland on borrowings outstanding under the DIP Credit    Facility.  As a result of the DIP Lenders' assertion that the plan of reorganization    did not satisfy the requirements of the DIP Credit Facility, the DIP lenders also might    have sought, but to date have not done so, to take additional action including seeking to    declare all unpaid loans under the DIP Credit Facility, and accrued interest on those    loans, to be due and payable and seeking to terminate their obligation to make future    loans under the DIP Credit Facility.  The right of the DIP Lenders to charge this    higher rate is unresolved and may be contested by Farmland.  

 

On January 8, 2003, the DIP Lenders and Farmland entered into a proposed    amendment to the DIP Credit Facility (the "DIP Amendment") in order to resolve    issues surrounding the alleged event of default described in the preceding paragraph and    to modify certain other terms of the agreement.  Among other things, the proposed    amendment would waive the alleged event of default, would confirm the termination of    Tranche A, and would limit the 200 basis point increase in the interest rate charged to    the period from December 9, 2002 until the effectiveness of the DIP Amendment.  The    effectiveness of the amendment requires approval of the Court, which Farmland is in the    process of seeking.  

The DIP Amendment, if approved by the Court requires Farmland to, among    other things:
- eliminate the Tranche A commitment as of December 9, 2002; 
- reduce the Tranche B commitment by $20 million to $256.5 million upon        the effectiveness of the DIP Amendment 
- require prepayment of at least $40 million by February 28, 2003 and an        additional $10 million by March 31, 2003 of loans under the DIP Credit Facility or the        Pre-petition Credit Facility; 
- establish milestones relating to the progress of the sales of our crop        produciton and beef marketing businesses; 
- permit us to issue new letters of credit under the Tranche B commitment; 
- waive the alleged event of default relating to our plan of        reorganization; and 
- limit the default interest charge based on the alleged event of default        to the period from December 9, 2002 until the effectiveness of the DIP Amendment. 

The DIP Amendment, if approved by the Court, eliminates the requirement by    Farmland to file a plan of reorganization approved by all DIP Lenders and eliminates the    requirement that the auditors' report covering Farmland's Consolidate Financial Statements    express no doubts about the ability of Farmland and its subsidiaries to continue as a    going concern.

If the Court does not approve the DIP Amendment, Farmland continues to    believe that the plan of reorganization satisfies the requirements of the DIP Credit    Facility as the plan of reorganization, among other things, provides that the DIP Lenders    will be paid in full in cash on or before the effective date of the plan of    reorganization, which will be prior to the termination date of the DIP Credit    Facility.  Since, as described in the plan of reorganization, the DIP Lenders are    unimpaired, the DIP Lenders will not be offered the opportunity to vote on the plan of    reorganization.  Based on consultation with counsel, Farmland believes that, absent    Court approval of the DIP Amendment, if the DIP Lenders were to attempt to declare all    unpaid loans and accrued interest under the DIP Credit Facility to be due and payable, or    if the DIP Lenders were to seek to terminate their obligation to make future loans under    Tranche B of the DIP Credit Facility, the Court, if presented with the issue, should not    permit the DIP Lenders, in the present circumstances, to do so.

 

The ability of Farmland to continue as a going concern is dependent upon,    but not limited to, the confirmation of the plan of reorganization, continued access to    adequate sources of capital, the continued compliance with all covenants under the DIP    Credit Facility, as proposed to be amended, the ability to secure new financing adequate    to support our remaining businesses if and when we emerge from our Chapter 11 proceedings,    retention of key suppliers, customers and employees, and the ability to sustain positive    cash flows sufficient to fund operations and repay debt.  No assurance can be given    that the Debtors will be successful in reorganizing their affairs within the Chapter 11    proceedings.  Because of the ongoing nature of the reorganization process, the    outcome of which is not determinable until a plan of reorganization is confirmed and    consummated, these unaudited Condensed Consolidated Financial Statements are subject to    material uncertainties, and we cannot assure you that Farmland will successfully emerge    from bankruptcy proceedings.

 

**(2)     Inventories**

 

Major components of inventories are as follows:

 

 
August 31
November 30
2002
2002
(Amounts in Thousands)Finished and in-process products$
234,056$
226,494Materials
60,003
61,100Supplies
43,163
45,575$
337,222$
333,169
 

The above table does not include inventories from discontinued operations with a value    of $0.1 million at both August 31, 2002 and November 30, 2002.

 

At November 30, 2002, the carrying value of crude oil and refined    petroleum inventories, stated at LIFO cost, was $63.1 million, which is approximately $7.5    million lower than the market value of such inventories.

 

**(3)     Summarized Financial Information of Investees    Accounted for by the Equity Method**

 

Summarized financial information of investees accounted for by the equity method is as    follows:

 

Three Months Ended
November 30        2001
November 30        2002
(Amounts in Thousands)
Net sales     
$
1,391,816 
$
1,610,066 
Net income        (loss)     
$
(2,955)
$
(2,385)
Farmland's equity in net        income     
$
1,957 
$
943 
 

Our investments accounted for by the equity method consist principally of    :

.         50% equity interests in    three manufacturers of crop nutrient products, Farmland Hydro, L.P. (Farmland Hydro sold    substantially all of its operating assets during November, 2002), SF Phosphates    Limited Company and Farmland MissChem Limited;

.         an approximate 50%    equity interest in UCB LLC, which in turn holds a 50% equity interest in Agriliance LLC,    an agronomy distribution and marketing venture; and

.         an equity interest in    Land O'Lakes Farmland Feed, LLC, a manufacturer and marketer of feed products.

 

At  November 30, 2002, our share of the undistributed earnings of all    ventures accounted for by the equity method totaled $84.1 million.

 

**(4)     Goodwill and Other Intangible Assets**

 

Effective September 1, 2002, Farmland adopted SFAS No. 142 "Goodwill and Other    Intangible Assets" as it relates to business combinations with    non-cooperatives.  With adoption of this standard, goodwill and certain other    intangible assets resulting from business combinations with non-cooperatives are no longer    being amortized; however, both goodwill and certain other intangible assets are tested    annually for impairment.  We did not incur any impairment of goodwill as a result of    adoption of SFAS No. 142 for business combinations with non-cooperative companies.     The carrying value of goodwill resulting from business combinations with non-cooperatives    was $18.7 million at both August 31, 2002 and November 30, 2002, respectively.  Had    this statement been adopted for the three-month period ended November 30, 2001, our net    income would have been $3.5 million (excluding $0.3 million amortized for goodwill    resulting from business combinations with non-cooperatives).

 

For goodwill and other intangible assets arising out of business combinations with    cooperatives, implementation of SFAS No. 142 is delayed pending additional interpretive    guidance from the FASB.  The carrying value of goodwill resulting from business    combinations with cooperatives was $10.2 million and $10.0 million at August 31, 2002 and    November 30, 2002, respectively.  Goodwill amortization related to these combinations    totaled $0.6 million and $0.2 million during the three-month periods ended November 30,    2001 and 2002, respectively.  

 

The following table displays the carrying values of other intangible assets at August    31, 2002 and November 30, 2002:

 

August 31, 2002
November 30, 2002
Gross Carrying Amount
Accumulated Amortization
Gross Carrying Amount
Accumulated Amortization
(Amounts in Thousands)Amortized intangible assets:   Software   $
72,417$
33,601$
43,020$
16,784   Other   
180
120
180
165$
72,597$
33,721$
43,200$
16,949
 

Amortization of other intangible assets totaled $1.0 million and $0.6 million during    the three-month periods ended November 30, 2001 and 2002, respectively.

 

During the three month period ended November 30, 2002, we recorded an $11.3 million    charge to write-off a portion of our enterprise-wide integrated software system associated    with businesses which we intend to sell as part of our bankruptcy proceedings.  This    charge is included as part of reorganization expense in our unaudited Condensed    Consolidated Statements of Operations ($6.9 million for the crop production segment, $3.5    million for the petroleum segment and $0.9 million for the unallocated corporate segment).

 

Estimated amortization expense for future fiscal years ending August 31 is:

 

(Amounts in Thousands)2003 (remaining 9 months)   $
3,9222004   
4,9802005   
4,9402006   
4,7442007   
2,5512008 and after   
5,114$
26,251
 

 

**(5)     Liabilities Subject to Compromise**

 

As a result of the Chapter 11 filings, substantially all pre-petition    indebtedness of the Debtors is subject to compromise or other treatment under the plan of    reorganization.  Generally, actions to enforce or otherwise effect payment of    pre-Chapter 11 liabilities are stayed.  These claims are reflected in the    accompanying unaudited Condensed Consolidated Balance Sheets as Liabilities Subject to    Compromise.  Pre-petition claims secured by the Debtors' assets are also stayed,    although the holders of such claims have the right to move the Court for relief from the    stay.  Pre-petition secured claims (primarily representing amounts borrowed under the    Debtors' Pre-petition Credit Facility) are secured by a substantial portion of our    accounts receivable, inventories, property, plant and equipment and intangible    assets.  These secured claims have not been reflected as Liabilities Subject to    Compromise.  The Debtors are paying undisputed post-petition claims of all vendors    and suppliers in the ordinary course of business.

 

As of November 30, 2002, the Debtors have Liabilities Subject to Compromise of    approximately $885.6 million which include the following:

 

(Amounts in Thousands)   Accounts payable -- trade     $
230,929 Other current liabilities      
50,332 Subordinated debt      
474,674 Demand loan certificates      
12,035 Accrued and accumulated interest on subordinated debt and           demand loan securities      
        81,072 Other borrowings      
16,616 Other long-term liabilities      
28,781 Less liabilities due to subsidiaries not in        reorganization      
(8,880)  
 Liabilities Subject to        Compromise     $
885,559 
 

 

Condensed Consolidating Balance Sheet 

As of August 31, 2002

 
 
Farmland and Subsidiaries        in        Reorganization 
        Subsidiaries        not in        Reorganization 
        Eliminations 
        Consolidated 
(Amounts in Thousands)            Current assets     $
554,725  $
295,095  $
(50,375) $
799,445Property, plant and equipment,        net      
748,024   
157,735   
-0-  
905,759Other long-term assets      
559,274   
20,070   
(102,905)  
476,439  
   
   
   
      Total        assets     $
1,862,023  $
472,900  $
(153,280) $
2,181,643  
   
   
   
 Current liabilities     $
418,182  $
197,331  $
(42,548) $
572,965Liabilities subject to        compromise      
921,518   
-0-  
(8,631)  
912,887Long-term liabilities      
45,720   
119,476   
(690)  
164,506Deferred income taxes      
59,424   
(2)  
-0-  
59,422Minority owners' equity in        subsidiaries      
-0-  
336   
42,217   
42,553Capital shares and equities      
417,179   
155,759   
(143,628)  
429,310  
   
   
   
      Total liabilities and        equity     $
1,862,023  $
472,900  $
(153,280) $
2,181,643                
 

 

Condensed Consolidating Balance Sheet

As of November 30, 2002

 
 
Farmland and Subsidiaries        in        Reorganization 
        Subsidiaries        not in        Reorganization 
        Eliminations 
        Consolidated 
(Amounts in Thousands)            Current assets     $
602,230  $
307,445  $
(61,539) $
848,136 Property, plant and equipment,        net      
315,481   
162,334   
-0-  
477,815 Other long-term assets      
505,541   
18,818   
(93,444)  
430,915   
   
   
   
      Total        assets     $
1,423,252  $
488,597  $
(154,983) $
1,756,866   
   
   
   
 Current liabilities     $
434,910  $
187,625  $
(43,287) $
579,248 Liabilities subject to        compromise      
894,439   
-0-  
(8,880)  
885,559 Long-term liabilities      
42,178   
127,819   
(590)  
169,407 Deferred income taxes      
62,671   
(5)  
-0-  
62,666 Minority owners' equity in        subsidiaries      
-0-  
347   
47,000   
47,347 Net income (loss)      
(429,367)  
12,510   
(222)  
(417,079)Capital shares and equities      
418,421   
160,301   
(149,004)  
429,718   
   
   
   
      Total liabilities and        equity     $
1,423,252  $
488,597  $
(154,983) $
1,756,866                
 

 

****

**Condensed Consolidating Statement of Operations****For the Three Months Ended November 30, 2002**

 

 
Farmland and Subsidiaries        in        Reorganization 
        Subsidiaries        not in        Reorganization 
        Eliminations 
        Consolidated 
(Amounts in Thousands)            Total sales     $
807,308  $
866,299  $
(18,852) $
1,654,755 Total cost of sales      
756,527   
839,545   
(18,852)  
1,577,220      Gross        income     $
50,781  $
26,754  $
-0- $
77,535   
   
   
   
 Restructuring and other credits     $
1,736 $
-0- $
-0- $
1,736Reorganization expense      
(433,854)  
-0-  
-0-  
(433,854)Other operating, non-operating and tax              expenses      
        (48,030)  
        (14,538)  
        (222)  
        (62,790)  
   
   
   
 Income (loss) from continuing operations$
(429,367) $
12,216 $
(222) $
(417,373)  
   
   
   
 
Gain on disposal of international              grain divisiongrain division 
        -0-  
        294   
        -0-  
        294   
   
   
   
 Net income (loss)$
(429,367) $
12,510  $
(222) $
(417,079)               
 

 

Condensed Consolidating Statement of Cash Flows    For the Three Months Ended November 30, 2002

 

 
 
Farmland and Subsidiaries        in        Reorganization 
        Subsidiaries        not in        Reorganization  
        Eliminations  
        Consolidated 
(Amounts in Thousands)  
   
   
   
 Cash flows from operating activities: 
   
   
   
 Net income (loss)$
(429,367) $
12,510  $
(222) $
(417,079)
Adjustments to reconcile net income            (loss) to net cash provided by  (used            in) operating activities: 
   
   
   
    Non-cash items, net 
411,774   
48,453   
-0-  
460,227    Changes in other assets and liabilities 
(9,661)  
(52,443)  
-0-  
(62,104)
Net cash provided by (used in) operating            activities        $
        (27,254)         $
        8,520          $
        (222)         $
        (18,956)  
   
   
   
 Net cash provided by (used in) investing           activities
        3,910  
        (9,544) 
        -0- 
        (5,634)  
   
   
   
 Net cash provided by (used in) financing           activities
        (1) 
        24,591  
        -0- 
-

        24,590   
   
   
   
 Net increase (decrease) in cash$
(23,345) $
23,567  $
(222) $
-0-
 

**(6)     Comprehensive Income**

 

Changes in accumulated other comprehensive income (AOCI) during the three    months ended November 30, 2001 were as follows:

 

Cash Flow
Foreign Currency
Total
Hedges
Translation
AOCI
(Amounts in Thousands)Balance at August 31, 2001
$
 (21,436)
$
94
$
(21,342)Foreign currency translation adjustment
-0-
6
6Net (loss) on cash flow hedges, net of tax
(202)
-0-
(202)Reclassification adjustments, net of tax
9,158
0-
9,158Balance at November 30, 2001$
(12,480)$
100$
(12,380)
 

 

Changes in accumulated other comprehensive income (AOCI) during the three months ended    November 30, 2002 were as follows:

 

Cash Flow
Foreign Currency
Total
Hedges
Translation
AOCI
(Amounts in Thousands)Balance at August 31, 2002
$
3,803 
$
104 
$
3,907Foreign currency translation adjustment
-0-
5 
5Net gain on cash flow hedges, net of tax
203 
-0-
203Reclassification adjustments, net of tax
197 
-0-
197Balance at November 30, 2002$
4,203 $
109 $
4,312
 

 

Comprehensive income for the three months ended November 30, 2001 and 2002 is as    follows:

 

Three Months Ended
November 30        2001
November 30        2002
(Amounts in Thousands)
Net income (loss)
$
3,249 $
(417,079)
Net gains (losses) arising during the period
   Cash flow hedges:
      Net        derivative gains (losses) during period   
$
(239)$
203 
      Reclassification        adjustment   
10,785 
(361)
   Foreign currency        translation adjustment   
6 
5 
Other comprehensive income before        tax   
$
10,552 
$
(153)
Income tax benefit (expense) related to items        of
   other comprehensive        income   
(1,590)
558 
Other comprehensive income   
$
8,962 $
405 
Comprehensive income (loss)   
$
12,211 $
(416,674)
 

 

**(7)     Derivative Financial Instruments**

 

Farmland is exposed to market risk, such as changes in commodity prices,    currency exchange rates and interest rates.  In Farmland's various production    processes, we are subject to raw material price fluctuations caused by supply conditions,    weather, economic conditions and other factors.  To manage volatility associated with    these exposures, Farmland may enter into various derivative transactions pursuant to our    established policies.  Generally, these contracts expire within twelve months,    although we may enter into longer term contracts if deemed appropriate.

 

We account for derivative instruments in accordance with SFAS No. 133,    "Accounting for Derivative Instruments and Hedging Activities," as    amended.  This standard imposes extensive recordkeeping requirements in order to    designate a derivative financial instrument as a hedge.  As a result, certain of our    segments may hold derivative instruments, such as exchange traded grain, crude oil and    live hog and cattle futures, certain natural gas contracts and foreign currency forward    positions that we believe provide an economic hedge of future transactions but have not    been designated as a hedge.  Gains or losses related to the change in fair value of    these derivative instruments are classified as a component of other income    (expense).  At November 30, 2002, we recorded receivables of $0.3 million and $7.0    million in other current assets and other long-term assets, respectively, related to    unrealized gains on derivative instruments, and we recorded payables of $2.4 million in    other current liabilities related to unrealized losses on derivative instruments.

 

Farmland also uses derivative commodity instruments to manage our    commodity price risk in the procurement of natural gas, the primary input necessary for    the production of the various nitrogen-based crop production products we    manufacture.  These instruments have been designated as cash flow hedges for    accounting purposes with gains and losses deferred in accumulated other comprehensive    income ("AOCI"), to the extent the hedge is effective.  These amounts are    recognized within cost of goods sold in the period during which the hedged transaction    affects earnings.  Any hedge gain or loss resulting from ineffectiveness are    immediately recognized to earnings as a component of other income (expense).

 

In this hedging activity, our objective is to use derivative commodity    instruments to fix the price of a portion of our forecasted purchases of natural gas used    to manufacture crop production products.  To meet this objective, we enter into    various types of derivative instruments to manage fluctuations in cash flows resulting    from commodity price risk.  The instruments we use may include exchange traded    futures contracts, over the counter (OTC) swap contracts and OTC option or exchange traded    option contracts.  The changes in the market value of such contracts have    historically been, and are expected to continue to be, highly effective at offsetting    changes in price movements of the hedged item.  The amount of hedge ineffectiveness,    which is recognized as a component of other income (expense), was immaterial for the three    months ended November 30, 2001 and 2002.

 

Based on management's assessment of our price risk exposure, we may use    derivatives to reduce our exposure to the variability in future cash flows associated with    natural gas.  Gains and losses on closed contracts were recorded in AOCI and will be    reclassified, on a first-in, first-out basis, as a component of cost of sales when the    related crop production product is sold.  We have closed contracts related to each    month through December 2003.  As a result, we anticipate that approximately $3.9    million of gains in AOCI as of November 30, 2002 will be reclassified into earnings within    the next twelve months.

 

**(8)     Commitments and Contingencies**

 

Farmland has been designated by the Environmental Protection Agency    ("EPA") as a potentially responsible party ("PRP") under the    Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"),    at various National Priority List ("NPL") sites.  In addition, we are aware    of possible obligations associated with environmental matters at other sites, including    sites where no claim or assessment has been made.  Our accrued liability for probable    and reasonably estimable obligations for resolution of environmental matters at NPL and    other sites was $14.2 million and $20.0 million at November 30, 2002 and August 31, 2002,    respectively.  We periodically review and, as appropriate, revise our environmental    accruals.  Based on current information and regulator requirements, we believe that    the accruals established for environmental expenditures are adequate.

 

The ultimate costs of resolving certain environmental matters are not    quantifiable because many such matters are in preliminary stages and the timing and extent    of actions which governmental authorities may ultimately require are unknown.  It is    possible that the costs of such resolution may be greater than the liabilities which, in    the opinion of management, are probable and which can be reasonably estimated at November    30, 2002.  In the opinion of management, it is reasonably possible for such    additional costs to approximate an additional $8.5 million.

 

Under the Resource Conservation Recovery Act of 1976 ("RCRA")    and under state regulations, Farmland has four closure and six post-closure plans in place    for five locations.  Such closure and post-closure costs are estimated to be $10.0    million at November 30, 2002, of which $6.2 million has been accrued (and are in addition    to the $14.2 million accrual and the $8.5 million discussed in the prior    paragraphs).  Certain environmental claims may be discharged by the Court, including    certain amounts accrued at November 30, 2002.

 

The EPA has issued rules limiting sulfur in gasoline to 30 parts per    million and in diesel fuel to 15 parts per million.  The rules affecting gasoline    have a January 1, 2004 compliance date.  The EPA has issued Farmland a regulatory    extension of the gasoline deadline until January 1, 2008.  Furthermore, Congress is    considering legislation which may result in classification of Farmland as a small    refiner.  Classification as a small refiner may provide Farmland with greater    flexibility in meeting the low sulfur requirements.  The rules affecting diesel fuel    have a June 1, 2006 compliance date.  Based on information currently available, we    anticipate that, at our Coffeyville, Kansas petroleum refinery, expenditures in the range    of approximately $75 million to $85 million will be required to achieve compliance with    these rules.  Our ability to make these expenditures is contingent on our ability to    successfully implement a plan of reorganization and arrange adequate financing.     There can be no assurance that we will be able to successfully implement a plan of    reorganization or, if a plan of reorganization is successfully implemented, that we can    arrange adequate financing to fund the capital expenditures necessary to bring the    refinery into compliance with the EPA's low sulfur rules.  As set forth in our plan    of reorganization filed November 27, 2002, we intend to dispose of our petroleum assets,    which consist principally of our Coffeyville, Kansas refinery.  If we are unable to    sell the refinery, we will explore all viable options, including additional discussions    with the EPA to delay the required implementation date, but ultimately we may determine    that we should cease refining operations and close the refinery.

 

During 2002, Agriliance offset approximately $15 to $20 million of    payables due from Agriliance to Farmland against receivables due to Agriliance from    Farmland.  We have initiated a legal proceeding to challenge this offset on the    grounds that Agriliance:

 

.         overstated the amounts    due from Farmland;

.         did not have the legal    right to offset certain amounts due from Farmland against payables due to Farmland; and

.         offset amounts that are    in dispute.

 

Accordingly, we have not recorded the offset in our unaudited Condensed    Consolidated Financial Statements, and the unpaid amounts due from and to Agriliance are    included in our unaudited Condensed Consolidated Balance Sheets as of November 30, 2002    and August 31, 2002.

 

As more fully described in Note 1(B) to these unaudited Condensed    Consolidated Financial Statements, the Debtors have filed voluntary petitions for    protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy    Court.  On November 27, 2002, the Debtors filed a joint plan of reorganization with    the Court.

 

The Debtors are currently operating as debtors-in-possession under the    supervision of the Court.  As debtors-in-possession, the Debtors, subject to any    required court approval, may elect to assume or reject real estate leases, employment    contracts, personal property leases, service contracts, and other unexpired executory    pre-petition contracts prior to the confirmation of a plan of reorganization.  We    have estimated and accrued our liability resulting from contracts rejected through    November 30, 2002 and this estimated liability, in the amount of $14.2 million, is    included in our unaudited Condensed Consolidated Balance Sheets as Liabilities Subject to    Compromise.  

 

Under the Bankruptcy Code, the rights and treatment of pre-petition    creditors and equity holders will be substantially altered.  As a result of the    Chapter 11 proceedings, virtually all liabilities, litigation and other claims against the    Debtors that were in existence as of the Petition Date are stayed unless the stay is    modified or lifted or payment is authorized by the Court.  The bankruptcy proceedings    may substantially change the amount and characterization of liabilities currently    presented in our unaudited Condensed Consolidated Financial Statements.  The ultimate    amount of the allowed claims against the Debtors and the manner in which those claims    might be resolved are not presently determinable.

 

Because of the ongoing nature of the Debtors' Chapter 11 cases, the    outcome of which is not determinable until a plan of reorganization is confirmed and    consummated our unaudited Condensed Consolidated Financial Statements are subject to    material uncertainties.

 

Farmland is involved in various lawsuits arising in the normal course of    business.  In the opinion of management, the ultimate resolution of these litigation    issues is not expected to have a material adverse effect on our unaudited Condensed    Consolidated Financial Statements.

 

**(9)     Restructuring and Other Charges**

 

During fiscal year 2001, Farmland recognized a restructuring reserve as a result of    restructuring activities.  During the three months ended November 30, 2002, no    additions or adjustments were made to the reserve.  Deductions to the reserve in the    amount of $0.4 million relate to a reduction in the accrual for catalyst maintenance at    our fertilizer plant in Pollock, Louisiana.  During the three months ended November    30, 2001, adjustments to the reserve reduced the balance by $2.8 million.  The major    component of this adjustment resulted from the sale, during October 2001, of the assets of    Heartland Wheat Growers, our wheat gluten plant in Russell, Kansas.  The sale    released us from future plant maintenance, property taxes, and all other obligations    associated with maintaining idle plant and property.  Deductions to the reserve in    the amount of $0.4 million represented severance payments and ongoing maintenance costs    associated with the closure of the wheat gluten plant and our Mexico City office.  

 

During the three months ended November 30, 2002, restructuring income of    $1.7 million was recorded as a result of the recovery of precious metals contained in our    catalyst when equipment was dismantled at our Lawrence, Kansas plant.

 

As part of the restructuring costs incurred in 2001, we recorded an asset    impairment related to the closure of our wheat gluten plant to its estimated net    realizable value.  During October 2001, the assets of the plant were sold and a gain    in the amount of $3.5 million was recorded, representing the excess of the net proceeds    over the plant's estimated net realizable value.

 

The following table displays the activity and balances of the    restructuring reserve account from August 31, 2001 to November 30, 2001:

 

 

        Type of Cost
Aug 31, 2001        Balance
        Additions
        Adjustments
        Deductions
Nov 30, 2001        Balance
(Amounts in Thousands)
Employee separations
$
1,602
$
16 
$
(228)
$
(324)
$
1,066
Facility closings
3,830
-0-
(2,598)
(114)
1,118
Other
2,500
-0-
-0-
-0-
2,500
Total
$
7,932
$
16 
$
(2,826)
$
(438)
$
4,684
 

 

The following table displays the activity and balances of the    restructuring reserve account from August 31, 2002 to November 30, 2002:

 

 

 

        Type of Cost
Aug 31, 2002        Balance
        Additions
        Adjustments
        Deductions
Nov 30, 2002        Balance
(Amounts in Thousands)
Employee separations
$
-0-
$
-0-
$
-0-
$
-0-
$
-0-
Facility closings
1,238 
-0-
-0-
(419)
819 
Other
2,150 
-0-
-0-
-0-
2,150 
Total
$
3,388 
$
-0-
$
-0-
$
(419)
$
2,969 
 

 

**(10)     Other Income**

 

Other income for the three months ended November 30, 2002 included $7.4    million in proceeds received from a settlement related to vitamin supplements and $2.3    million as a result of a refund of improperly assessed ad valorem tax related to natural    gas purchases made in prior years.  

 

Other income for the three months ended November 30, 2001 included a gain    of $18.0 million recognized on the sale of our equity interest in Country Energy to Cenex    Harvest States. 

 

**(11)     Reorganization Expense**

 

Costs directly related to our reorganization under Chapter 11 of the Bankruptcy Code    are reflected as Reorganization expense in our unaudited Condensed Consolidated Statements    of Operations.  Reorganization expense for the three months ended November 30, 2002    was as follows:

 

(Amounts in Thousands)
Impairment of property, plant and equipment,        and            other assets   
        $
        424,517 
Legal and professional fees   
8,848 
Financing fees   
35 
Severance and employee        retention   
900 
Bankruptcy trustee fees   
24 
Gain on settlement with customers and        vendors   
(289)
Gain on sale of property, plant and        equipment   
(531)
Loss on sale of investments   
350 
$
433,854 
 

 

**(12)     Discontinued Operations**

 

During February 2002 (the "measurement date"), a decision was made to    liquidate our international grain trading subsidiaries, Tradigrain.  Tradigrain was    acquired in 1993 and provided international grain marketing and brokerage services to our    customers.  The formation of ADM/Farmland, our domestic grain relationship, the    changing environment which limited the availability of bank credit for trading businesses,    and our continuing focus on core businesses were the primary reasons for exiting this    business.

 

The disposal plan consists primarily of the termination of normal activity, the sale of    existing inventories, the collection of receivables and other claims, and the settlement    of trade and financing liabilities.  For the three months ended November 30, 2001,    the accompanying unaudited Condensed Consolidated Statements of Operations have been    reclassified to reflect Tradigrain as discontinued operations.  For business segment    reporting purposes, Tradigrain business results are reported as discontinued operations    within the "World Grain" segment.  Proceeds from the liquidation of    Tradigrain are being used to pay Tradigrain's operating expenses and to repay Tradigrain's    debt obligations.

 

As of November 30, 2002, management estimates that Tradigrain's liquidation will not    result in a loss in a future period.  However, Tradigrain's remaining assets    primarily consist of trade and insurance receivables.  Such trade receivables may be    difficult to fully collect during the windup of operations.  As a part of our    accounting process we have established reserves to reduce these receivables to our best    estimate of net realizable value.  The insurance receivables result from soybeans    Tradigrain owned which were stored in a warehouse owned by a third party.  These    soybeans were misappropriated.  The soybeans were insured and Tradigrain is currently    involved in litigation to recover from the insurer the value of the soybeans.  Based    on information provided by our legal counsel, we believe Tradigrain has a meritorious case    and is more likely than not to recover much of the value of the misappropriated soybeans    and/or trading losses.  Furthermore, the length of time required to liquidate our    operations could vary from our estimate, which would affect total general and    administrative expenses incurred during the liquidation.  If actual events differ    from our estimates, there could be a material impact on our results of operations and    financial position.

 

The following tables summarize financial information for Farmland's discontinued    operations.  

Balance sheet of discontinued operations:

 

August 31
November 30
2002
2002
(Amounts in Thousands)AssetsAccounts receivable - trade$
20,756$
13,179Inventories
104
118Other current assets
36,304
33,876     Total current assets$
57,164$
47,173Property, plant and equipment, net$
1,197$
145Other long-term assets
855
727     Total long-term assets$
2,052$
872Total assets$
59,216$
48,045LiabilitiesShort-term notes payable$
2,614$
2,180Accounts payable - trade
13,254
8,854
Other current liabilities (less cash netted        against bank            overdrafts of $7.0 million at August 31, 2002 and $6.6        million            

   at November 30, 2002)        ...............................................
        19,252
        12,618     Total current liabilities$
35,120$
23,652Intercompany liabilities due to Farmland
11,540
11,544Total liabilities$
46,660$
35,196Net assets of discontinued operations$
12,556$
12,849
 

 

Net sales and income from discontinued operations:

 

Three Months Ended November 30
2001
2002
(Amounts in Thousands)Net sales$
404,290 $
177
Pretax income (loss) from discontinued            operations           $
        (2,861)        $
        150Income tax benefit   
-0-
144
Net income (loss) from discontinued            operations           $
        (2,861)        $
        294
 

 

Cash flows related to discontinued operations:

 

Three Months Ended November        30
2001
2002
(Amounts in Thousands)
Net cash provided by operating        activities   
$
80,599 
$
4,845 
Net cash provided by investing        activities   
260 
127 
Net cash (used in) financing        activities   
(71,847)
(5,412)
Net increase (decrease) in cash and cash          equivalents   
        $
        9,012 
        $
        (440)
Cash and cash equivalents at           beginning of period   
        8,708 
        7,014 
Cash and cash equivalents at           end of period   
        $
17,720 
        $
        6,574 
 
****(13)     Industry Segment Information**
 
As a result of changing our management structure, effective September 1,    2002, Pork Marketing and Beef Marketing are presented as separate segments rather than as    components of the Refrigerated Foods segment.  Segment results for the three months    ended November 30, 2001 were reclassified to conform to our current operational structure.
 
**Three  months ended****November 30, 2001  (Page 1 of 3)**(Amounts in Thousands) 
**CONSOLIDATED SEGMENTS**
Unallocated
Combined Segments
Corporate Expenses
 

Consolidated
Sales & transfers
$
2,620,222 
$
-0-
$
2,620,222 
Transfers between segments
(772,029)
-0-
(772,029)
Net sales
$
1,848,193 
$
-0-
$
1,848,193 
Income (loss) from            continuing operations
 

$
        21,052 
 

$
        (14,942)
 

$
        6,110 
Loss from discontinued            operations, net of income tax            benefit
        (2,861)
        -0-
        (2,861)
Net income (loss)$   
18,191 
$
(14,942)
$
3,249 
Goodwill
$
30,760
$
21,848
$
52,608
Total assets
$
2,330,451 
$
288,967 
$
2,619,418 
 
**Three months ended****November 30, 2002  (Page 1 of 3)**(Amounts in Thousands) 
**CONSOLIDATED SEGMENTS**
Unallocated
Combined Segments
Corporate Expenses
 

Consolidated
Sales & transfers
$1,884,039 
$
-0-
$
1,884,039 
Transfers between segments
(229,284)
-0-
(229,284)
Net sales
$
1,654,755 
$
-0-
$
1,654,755 
Income (loss) from            continuing operations before            reorganization expense
 

        $
        17,811 
 

        $
        (1,330)
 

        $
        16,481 
Reorganization expense
(422,845)
(11,009)
(433,854)
Income (loss) from continuing            operations
        $
        (405,034)
        $
        (12,339)
        $
        (417,373)
Income from discontinued            operations, net of income tax            benefit  
        294 
        -0-
        294 
Net income (loss)
$
(404,740)
$
(12,339)
$
417,079 
Goodwill
$
28,740
$
-0-
$
28,740
Total assets
$
1,545,747 
$
211,119 
$
1,756,866 
 
**Three months ended****November 30, 2001 (Page 2 of 3)**(Amounts in Thousands)
**INPUT AND OTHER SEGMENTS**
 

Crop Production
 

 

Petroleum
 

 

Feed
Other Operating Units
Total Input and Other Segments
Sales & transfers$169,623 $
387,591 $
-0-$539,173 $
1,096,387 
Transfers between segments(2,822)
(5,251)
-0-(512,702)
(520,775)
Net sales
$166,801 $
382,340 $-0-$26,471 $
575,612 
Income (loss) from continuing            operations        $        (42,061)        $
        35,237         $
        614         $        7,270         $
        1,060 
Loss from discontinued           operations, net of           income tax benefit        -0-
        -0-
        -0-        -0- 
        -0-
Net income (loss)$(42,061)$
35,237 $
614 $7,270 $
1,060 
Goodwill$-0-$
-0-$
-0-$-0-$
-0-
Total assets$670,025 $
399,064 $
57,066 $50,010 $
1,176,165 
 

 

 

 
**Three months ended****November 30, 2002 (Page 2 of 3)**(Amounts in Thousands)
**INPUT AND OTHER SEGMENTS**
 

Crop Production
 

 

Petroleum
 

 

Feed
Other Operating Units
Total Input and Other Segments
Sales & transfers
$147,746 $256,839$-0-$5,617$
410,202 
Transfers between segments(1,583)(1,231)-0--0-
(2,814)
Net sales
$146,163 $255,608 $-0-$5,617 $
407,388 
Income (loss) from            continuing operations    before reorganization            expense
        $        (10,657)        $        (1,219)        $        8,082         $        (1,063)        $
        (4,857)
Reorganization (expense)(275,679)(147,754)-0-297
(423,136)
Income (loss) from            continuing operations
        $        (286,336)        $        (148,973)        $        8,082        $        (766)        $
        (427,993)
Income from discontinued           operations, net of            income tax benefit        -0-        -0-        -0-        -0-
        -0-
Net income (loss)
$(286,336)$(148,973)$8,082 $(766)$
(427,993)
Goodwill
$-0-$-0-$-0-$-0-$
-0-
Total assets
$455,348 $119,145 $59,489 $14,580 $
648,562 
 
**Three months ended****November 30, 2001 (Page 3 of 3)**(Amounts in Thousands)
**OUTPUT SEGMENTS**
Total
Pork
Beef
World
Output
Marketing
Marketing
Grain
SegmentsSales and transfers$
690,843 $
830,407 $
2,585 $
1,523,835 Transfers between segments
(235,713)
(15,541)
-0-
(251,254)Net sales$
455,130 $
814,866 $
2,585 $
1,272,581 
Income (loss) from continuing           operations        $
        10,073         $
        11,387         $
        (1,468)        $
        19,992 
Loss from discontinued            operations, net of income tax           benefit
        -0-
        -0-
        (2,861)
        (2,861)Net income (loss)$
10,073 $
11,387 $
(4,329)$
17,131 Goodwill$
2,859$
16,638$
11,263$
30,760Total assets$
434,912 $
388,371 $
331,003$
1,154,286 
 

 
**Three months ended****November 30, 2002 (Page 3 of 3)**(Amounts in Thousands)
**OUTPUT SEGMENTS**
Total
Pork
Beef
World
Output
Marketing
Marketing
Grain
SegmentsSales and transfers$
606,139 $
867,698 $
-0-$
1,473,837 Transfers between segments
(207,620)
(18,850)
-0-
(226,470)Net sales$
398,519 
$
848,848 $
-0-$
1,247,367 
Income (loss) from continuing           operations before            reorganization expense        $
        11,252         $
        11,943         $
        (527)        $
        22,668 Reorganization (expense)
279 
-0-
12 
291 
Income (loss) from continuing            operations        $
        11,531         $
        11,943         $
        (515)        $
        22,959 
Income from discontinued            operations, net of income tax           benefit
        -0-
        -0-
        294 
        294 Net income (loss)$
11,531 $
11,943 $
(221)$
23,253 Goodwill$
2,767$
15,889$
10,084$
28,740Total assets$
387,609 $
416,345 $
93,231 $
897,185 
 

 

**Item 2.       MANAGEMENT'S    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

 

The information contained in this discussion and in the unaudited    Condensed Consolidated Financial Statements and Accompanying Notes presented in this Form    10-Q should be read in conjunction with information set forth in Part II, Items 7 and 8,    in Farmland's Annual Report on Form 10-K for the year ended August 31, 2002.

 

**Recent Developments**

 

     ***Bankruptcy Proceedings***

 

On May 31, 2002 (the "Petition Date"), Farmland Industries, Inc.    and four of its subsidiaries, Farmland Foods, Inc., Farmland Pipe Line Company, Farmland    Transportation, Inc., and SFA, Inc., (collectively, the "Debtors") filed    voluntary petitions for protection under Chapter 11 of the United States Bankruptcy Code    (the "Bankruptcy Code") in the United States Bankruptcy Court, Western District    of Missouri (the "Court") (Joint Case Number 02-50557-JWV).  The filings    were made in order to facilitate the restructuring of the Debtors' trade liabilities,    debt, and other obligations.  We continue to manage the business, as    debtors-in-possession, but may not engage in transactions outside the ordinary course of    business without the approval of the Court.

 

On June 4, 2002, the Court appointed a committee to represent the    interests of unsecured creditors (the "Creditors' Committee") and a committee to    represent the interests of unsecured bondholders (the "Bondholders'    Committee").  The Creditors' Committee and the Bondholders' Committee are    comprised of representatives of the Debtors' unsecured creditors and unsecured    bondholders, respectively.  Both committees review and gather information about the    Debtors' financial condition and restructuring activities.  We are required to    reimburse certain fees and expenses of each committee, including fees for attorneys and    other professionals, to the extent allowed by the Court.

 

Subsequent to the Petition Date, the Court approved the Debtors' request    to enter into a new credit facility with a syndicate of banks to provide up to $306.0    million of debtors-in-possession financing ("the DIP Credit Facility").     The DIP Credit Facility partially replaced a five-year $500 million credit facility    entered into with a syndicate of banks on February 7, 2002 (the "Pre-petition Credit    Facility").

 

As debtors-in-possession, the Debtors, subject to any required Court    approval, may elect to assume or reject real estate leases, employment contracts, personal    property leases, service contracts, and other unexpired executory pre-petition contracts    prior to the confirmation of a plan of reorganization.  Damages related to rejected    contracts are a pre-petition claim.  We have estimated and accrued our liability    resulting from contracts rejected through November 30, 2002  and this estimated    liability, in the amount of $14.2 million, is included in our unaudited Condensed    Consolidated Balance Sheets as Liabilities Subject to Compromise.

 

As a result of the Chapter 11 proceedings, virtually all liabilities,    litigation and other claims against the Debtors that were in existence as of the Petition    Date are stayed unless the stay is modified or lifted or payment is authorized by the    Court.  As part of the reorganization process, the Debtors have attempted to notify    all known or potential creditors of the Chapter 11 filings for the purpose of identifying    all pre-petition claims against the Debtors.  The Court  set January 10, 2003    (the "Bar Date"), as the date by  which creditors were required to     file proof of claims against the Debtors.  At this time, the ultimate amount of    claims that will be allowed by the Court is not determinable.    

 

Pursuant to the provisions of the Bankruptcy Code, on November 27, 2002,    the Debtors filed with the Court a plan of reorganization under which the Debtors'    liabilities and equity interests would be restructured.  This plan of reorganization    identifies various classes of creditors and equity interests.  Classes that will be    paid in full or whose rights are not altered are considered unimpaired and do not have a    right to vote on the plan of reorganization.  Classes that will not be paid in full    are considered impaired.  Impaired classes include holders of unsecured demand loan    certificates and holders of unsecured subordinated debenture bonds, as well as general    unsecured creditors of the Debtors.  The equity interests in Farmland, including its    preferred stock interests, are also impaired.  As a general matter, each impaired    class is entitled to vote as a class to accept or reject the plan of reorganization.     Although management filed a plan of reorganization, there can be no assurance at this time    whether it will be contested by any impaired class or whether it will be approved or    confirmed by the Court.  

 

As a part of the bankruptcy process, we are required to file a disclosure    statement with the Court.  The disclosure statement will provide all creditor classes    with information regarding our proposed reorganization, including identification of assets    we intend to sell and estimated cash proceeds from those sales.  Currently, the Court    is considering our motion to postpone the date by which we must file our disclosure    statement from January 15, 2003 to March 31, 2003.  Once the disclosure statement is    deemed adequate by the Court, the disclosure statement will be submitted to the various    impaired classes, and the plan of reorganization will be voted on by those classes.  

 

The plan of reorganization, as filed, in effect contemplates either that    the Debtors will reorganize around our pork and beef marketing businesses, with other    assets being sold, or that the Debtors will sell all or substantially all of their    assets.  The plan of reorganization also provides for the payment of obligations    under the DIP Credit Facility and certain pre-petition liabilities under a prior bank    credit agreement in full in cash on the effective date of the plan of    reorganization.  As to various impaired classes, including the classes pertaining to    the holders of our demand loan certificates and our subordinated debenture bonds, as well    as our general unsecured creditors, the plan provides that these classes will receive cash    and/or securities of the reorganized entity.  The amounts to be received by any    particular class are subject to further negotiation and will depend, in part, on the    amounts we realize from potential sales of assets.  As a result, we will need to    amend the plan of reorganization before it is confirmed.  The plan of reorganization,    if accepted and confirmed, will substantially change the amounts and characterization of    liabilities currently disclosed in the accompanying unaudited Condensed Consolidated    Financial Statements.

 

As provided in the DIP Credit Facility, under certain circumstances it is    an event of default if the Debtors fail to file a plan of reorganization approved by all    lenders under the DIP Credit Facility (the "DIP Lenders") (such approval not to    be unreasonably withheld) by November 27, 2002.  Farmland believes, based on    consultation with counsel, that the plan of reorganization, as filed on November 27, 2002,    satisfies the requirements of the DIP Credit Facility.  Subsequent to November 30,    2002, the DIP Lenders asserted that the plan of reorganization, as filed, did not satisfy    the requirements of the DIP Credit Facility.  Concurrent with this assertion, the DIP    Lenders notified Farmland that the DIP Lenders were terminating the $25.0 million Tranche    A loan commitment under the DIP Credit Facility and were increasing, by 200 basis points,    the interest rate charged to Farmland on borrowings outstanding under the DIP Credit    Facility.  As a result of the assertion by the DIP Lenders that an event of default    exists as described in the preceding paragraph, Farmland entered into an amendment to the    DIP Credit Facility on January 8, 2003 (the "DIP Amendment") in order to resolve    issues surrounding the alleged event of default by the DIP Lenders and modify certain    other terms of the agreement.  The effectiveness of the amendment requires approval    of the Court, which Farmland is in the process of seeking.  See "Financial    Condition, Liquidity and Capital Resources" for additional discussion regarding the    DIP Amendment.  

 

In the event that the Court does not approve the DIP Amendment, Farmland    continues to believe that the plan of reorganization satisfies the requirements of the DIP    Credit Facility as the plan of reorganization, among other things, provides that the DIP    Lenders will be paid in full in cash on or before the effective date of the plan of    reorganization, which will be prior to the termination date of the DIP Credit    Facility.  Since, as described in the plan of reorganization, the DIP Lenders are    unimpaired, the DIP Lenders will not be offered the opportunity to vote on the plan of    reorganization.  Based on consultation with counsel, Farmland believes that, absent    Court approval of the DIP Amendment, if the DIP Lenders were to attempt to declare all    unpaid loans and accrued interest under the DIP Credit Facility to be due and payable, or    if the DIP Lenders were to seek to terminate their obligation to make future loans under    Tranche B of the DIP Credit Facility, the Court, if presented with the issue, should not    permit the DIP Lenders, in the present circumstances, to do so.

 

The ability of Farmland to continue as a going concern is dependent upon,    but not limited to, the confirmation of the plan of reorganization, continued access to    adequate sources of capital, the continued compliance with all covenants under the DIP    Credit Facility, as proposed to be amended, the ability to secure new financing adequate    to support our remaining businesses if and when we emerge from our Chapter 11 proceedings,    retention of key suppliers, customers and employees, and the ability to sustain positive    cash flows sufficient to fund operations and repay debt.  No assurance can be given    that the Debtors will be successful in reorganizing their affairs within the Chapter 11    proceedings.  Because of the ongoing nature of the reorganization process, the    outcome of which is not determinable until a plan of reorganization is confirmed and    consummated, the accompanying unaudited Condensed Consolidated Financial Statements are    subject to material uncertainties, and we cannot assure you that Farmland will    successfully emerge from bankruptcy proceedings.

 

**     *Disposition of Assets***

 

In conjunction with our reorganization proceedings, we are evaluating the    potential sale or repositioning of a number of assets.   Any sale of significant    assets outside the normal course of business must be reviewed by our creditor committees    and approved by the Court.  If the Board approves the acceptance of a bid, then we    would present the bid to the creditor committees for review, with a view, ultimately, to    presenting the bid to the Court for approval.

 

     ***          Crop Production Nitrogen Assets***

 

Subsequent to August 31, 2002, the Board authorized management to initiate    a bid process for our crop production nitrogen assets, but did not commit to a plan to    sell the assets.   During mid-November 2002, we received various bids to    purchase our crop production nitrogen assets.  Management is currently evaluating the    bids and, following negotiations regarding terms and conditions, will determine which, if    any, bid or bids to recommend to the Board.  The Board will determine whether to:

 - direct management to work with one or more bidders to restructure the        bid or bids; 
- reject the bid or bids; 
- pursue another alternative; or 
- approve the acceptance of a bid or bids and commit to a plan to gain        Court approval to sell our crop production assets. 

 

 

In our plan of reorganization, filed November 27, 2002, we stated our    intent to dispose of our crop production assets.  Despite this stated intent, these    assets are not classified as held for sale as, ultimately, any disposition must be    approved by the Court and, to date, the Court has not approved such disposition. As a    result, as of November 30, 2002, our crop production assets were classified as held for    operations.  Since during the first quarter we determined that it was more likely    than not that our crop production assets would be disposed of,  those assets were    tested for impairment at November 30, 2002 pursuant to SFAS No. 144 using projected    undiscounted cash flows based on management's best assumptions regarding the use and    eventual disposition of these assets.  Based on these tests and our assumptions and    determinations as of November 30, 2002, these assets were impaired at November 30, 2002.      Using management's best estimate as of  November 30, 2002, it appears that the    estimated fair value we will receive on disposition of these assets exceeds the carrying    value of these assets by approximately $275.9 million.  Since the ultimate proceeds    from disposition of these assets will result from a bidding and auction process conducted    in our bankruptcy proceedings, the ultimate loss may differ from the amount recognized at    November 30, 2002.  This estimated loss  is included in reorganization expense    in the accompanying unaudited Condensed Consolidated Statements of Operations.  

 

     ***          Petroleum Assets***

 

Subsequent to August 31, 2002, the Board authorized management to initiate    a bid process for our petroleum assets, but did not commit to a plan to sell the    assets.  Subsequent to August 31, 2002, we received letters of interest to purchase    our petroleum assets.  Management is currently evaluating the bids and, following    negotiations regarding terms and conditions, will determine which, if any, bid or bids to    recommend to the Board.  The Board will determine whether to:

 - direct management to work with one or more bidders to restructure the        bid or bids; 
- reject the bid or bids; 
- pursue another alternative; or 
- approve the acceptance of a bid or bids and commit to a plan to gain        Court approval to sell our petroleum assets. 

 

In our plan of reorganization, filed November 27, 2002, we stated our    intent to dispose of our petroleum assets.  Despite this stated intent, these assets    are not classified as held for sale as, ultimately, any disposition must be approved by    the Court and, to date, the Court has not approved such disposition. As a result, as of    November 30, 2002, our petroleum assets were classified as held for operations.     Since during the first quarter we determined that it was more likely than not that our    petroleum assets would disposed of, those assets were tested for impairment at November    30, 2002 pursuant to SFAS No. 144 using projected undisscounted cash flows based on    management's best assumptions regarding the use and eventual disposition of these assets.      Based on these tests and our assumptions and determinations as of November 30,    2002, these assets were impaired at November 30, 2002.  Using management's best    estimate as of November 30, 2002, it appears that the estimated fair value we will receive    on disposition of these assets exceeds the carrying value of these assets by approximately    $147.7 million.  Since the ultimate proceeds from disposition of these assets will    result from a bidding and auction process conducted in our bankruptcy proceedings, the    ultimate loss may differ from the amount recognized at November 30, 2002.  This    estimated loss is included in reorganization expense in the accompanying unaudited    Condensed Consolidated Statements of Operations.

 

                  ***North America Grain Assets***

 

Our Board of Directors has authorized management to negotiate the possible    sale of substantially all of our North America Grain assets.  These assets are    currently leased to ADM/Farmland, a subsidiary of the Archer Daniels Midland Company    ("ADM").  Farmland receives 50% of the earnings or losses of the    ADM/Farmland unit as a component of the lease

 

As of November 30, 2002, our grain assets were classified as held for    operations.  Consistent with this classification, the assets were tested for    impairment at August 31, 2002 using projected undiscounted cash flows.  Based on this    test, the grain assets were not impaired at August 31, 2002.

 

**     *        Protein Assets***

 

As part of the reorganization process, Farmland has a responsibility to    consider whether it would be in the best interest of the unsecured creditors, unsecured    bondholders, and other stakeholders to retain or to sell part or all of our protein    assets, including Farmland Foods, Inc., Livestock Production and our investment in    Farmland National Beef Packing Company.  To help us determine the course of action    that will provide the most benefit to our unsecured creditors, unsecured bondholders, and    other stakeholders, Farmland requested, and has received, Court approval to enter into a    contract with Trinity Capital to provide strategic and financial advisory and consulting    services in connection with our evaluation of our Farmland Foods and Livestock Production    assets.  We anticipate amending our plan of reorganization to reflect that, in    connection with our DIP Amendment, we have established a process for selling our beef    marketing business, and this process includes certain milestone dates.  See    "Financial Condition, Liquidity and Capital Resources" for additional    information regarding the proposed DIP Amendment.  If we are able to pay, in full,    our DIP Lenders prior to the date we would otherwise be required to sell our beef    marketing business, we will not have any obligation to sell a part or all of our beef    marketing business.

 

****

**Critical Accounting Policies**

 

The unaudited Condensed Consolidated Financial Statements of Farmland are    prepared in conformity with accounting principles generally accepted in the United    States.  The preparation of these financial statements requires the use of estimates,    judgments, and assumptions that affect the reported amounts of assets and liabilities at    the date of the financial statements and the reported amounts of revenues and expenses    during the periods presented.  These critical accounting policies are identified and    described more fully in "Management's Discussion and Analysis of Financial Condition    and Results of Operations - Critical Accounting Policies" included in our Annual    Report on Form 10-K for the year ended August 31, 2002.

 

One of the identified critical accounting policies disclosed our method    for valuing long-lived and intangible assets, including goodwill.  This policy has    been modified as a result of the adoption of SFAS No. 144 "Accounting for the    Impairment or Disposal of Long-Lived Assets", on September 1, 2002.  Application    of SFAS No. 144 requires management to make various estimates, including estimates as to    the fair value of long-lived assets.  While all such estimates by management have    been in good faith, actual results will differ from management's estimates.  See      "Recent Developments - Disposition of Assets" for further information    regarding application of SFAS No. 144.

 

**Contractual Obligations**

 

Farmland's contractual obligations, including commitments for future    payments under non-cancelable lease arrangements and short and long-term debt    arrangements, are summarized below. 

 

 

Payments due by period
        Total
Less than 1 year
1-3         years
4-5         years
After 5 years
(Amounts in millions)
Long-term debt including capital            leases
        $
        471.3
        $
        322.1
        $
        46.3
        $
        71.2
        $
        31.7
Liabilities subject to compromise(1)
885.6
N/A
N/A
N/A
N/A
Operating leases(2)
126.2
24.2
40.6
22.9
38.5
Take or pay contracts
154.8
33.0
59.4
44.5
17.9
Forward purchase obligation (3)
1,671.1
404.5
619.8
476.7
170.1
Purchase option for Enid,            Oklahoma nitrogen facilities
        25.5
        25.5
        -0-
        -0- 
        -0- 
Total contractual obligations
$
3,334.5
$
809.3
$
766.1
$
615.3
$
258.2
 

(1)   As a result of the Chapter 11 filings,    substantially all pre-petition indebtedness of the Debtors is subject to compromise or    other treatment under the plan of reorganization.  Generally, actions to enforce or    otherwise effect payment of pre-Chapter 11 liabilities are stayed pending Court approval    or the confirmation of a plan of reorganization.

 

(2)   Future minimum lease payments may be    reduced as we complete our review of all executory contracts, including operating leases,    and determine which we will assume and which we will reject.  Once we reject an    operating lease, we no longer owe the future minimum lease payments, but we may owe    damages to the other party.

 

(3)   The forward purchase contracts are for a    commodity and have variable pricing.  The contractual obligation was calculated using    a five year historical average price.  We also have contracts to take, at variable    formula prices, the output of our SF Phosphates and Farmland MissChem joint    ventures.  As the output is not controlled by Farmland, we have not included future    purchases from these ventures in this table.  During the year ended August 31, 2002,    we purchased 423,000 tons at a cost of $80.5 million from these ventures.

 

Farmland also has contingent liabilities and commitments that are not    reflected in our unaudited Condensed Consolidated Balance Sheets.  These contingent    liabilities and commitments primarily include the following:

 

 
- letters of credit of $48.4 million (including $22.5 million which is        nonrecourse to Farmland and Farmland's other affiliates) outstanding as of November 30,        2002; 
- Tradigrain has guarantees with banks of $2.2 million as of November 30,        2002, which are nonrecourse to Farmland and Farmland's other affiliates; 
- certain environmental matters that are in preliminary stages and the        timing and extent of actions which governmental authorities may ultimately require are        unknown, but it is reasonably possible that such liabilities could exceed the liability        accrued at November 30, 2002 by approximately $8.5 million;  
-    an estimated $3.8 million of unaccrued costs relating to        closure and post-closure plans in place for five locations; and 
- the total damages related to rejected operating leases will ultimately depend on the        number of operating leases rejected, the total value of future payments related to those        rejected leases, the contract language of each lease and the ability of the lessor to        mitigate damages.

 

 

**Financial Condition, Liquidity and Capital Resources**

 

Farmland's liquidity depends primarily on cash flow from operations and our access to    debt capital.  On May 31, 2002, due to significantly limited liquidity, the Debtors    filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code.     The filings were made in order to facilitate the restructuring of the Debtors' trade    liabilities, debt, and other obligations.  The Debtors are currently operating as    debtors-in-possession under the supervision of the Court.

 

Farmland has historically maintained two primary sources for debt capital:    (1) bank lines of credit and (2) a historically substantially continuous but now suspended    public offering of its subordinated debt and demand loan securities. 

 

On February 7, 2002, Farmland and a syndicate of banks, including Deutsche    Bank Trust Company Americas, Rabobank, and CoBank, entered into the Pre-petition Credit    Facility.  The Chapter 11 petition filings constituted an event of default under the    terms of our Pre-petition Credit Facility.  As of the Petition Date, the Debtors were    indebted under the Pre-petition Credit Facility in the amount of $399.7 million    (consisting of $233.0 million in revolving loans, $31.7 million of letters of credit    obligations and a $135.0 million term loan) plus additional fees, interest and    expenses.  The Pre-petition Credit Facility was collateralized by a substantial    portion of our accounts receivable, inventories, property, plant and equipment and    intangible assets.  

 

Subsequent to the Petition Date, the Debtors and a syndicate of banks,    including Deutsche Bank Trust Company Americas, entered into the DIP Credit Facility,    which was subsequently revised and approved by the Court, to provide up to $306.0 million    in post-petition financing.  The DIP Credit Facility expires on the occurrence of an    event that constitutes a commitment termination date as defined in the agreement or, if no    such event has occurred, on November 30, 2003.  All outstanding borrowings under the    DIP Credit Facility are due and payable on the commitment termination date.  

 

The DIP Credit Facility is collateralized by a first priority priming lien    on all assets of the Debtors, including all real, personal and mixed property, both    tangible and intangible, but excluding rights in respect to avoidance actions approved by    the Court under the Bankruptcy Code.  The DIP Credit Facility also allows for super    priority administrative expense claim status in the Chapter 11 cases with priority over    certain other administrative expenses of the kind specified or ordered pursuant to    provisions of the Bankruptcy Code.  The DIP Credit Facility also includes various    restrictive covenants prohibiting the Debtors from, among other things, incurring    additional indebtedness, permitting any liens or encumbrances to be placed on property or    assets, making investments, or becoming liable for any contingent obligations, all as    defined in the agreement.

 

As of November 30, 2002, the $306.0 million DIP Credit Facility was    comprised of two separate commitments: a $25.0 million Tranche A commitment and a $281.0    million Tranche B commitment.  The Tranche A commitment was intended to be a    "backstop" to be used only if we needed to issue new letters of credit or we had    exhausted our borrowing capacity under Tranche B as determined periodically, as described    below, by a borrowing base calculation based on collateral values.  Since inception    of the DIP Credit Facility, Farmland has not had to utilize Tranche A for any borrowings    under the DIP Credit Facility.  Our ability to borrow under Tranche B of the DIP    Credit Facility is limited by several factors, including:

 
- the amount available under Tranche B is determined periodically through        the use of a borrowing base formula based on the amount and nature of our inventory,        receivables and required reserves;  
- we are subject to three budget covenants contained in the DIP Credit        Facility: (1) a maximum amount of the DIP Credit Facility that can be utilized, (2) a        minimum amount of excess availability determined by a borrowing base formula, and (3) a        minimum level of operating revenues, all as described in the agreement; and 
- we are required to comply with all of the other terms and conditions of        the DIP Credit Facility.  

 

As provided in the DIP Credit Facility  under certain circumstances    it is an event of default if the Debtors fail to file a plan of reorganization approved by    all DIP Lenders (such approval not to be unreasonably withheld) by November 27,    2002.  Farmland believes, based on consultation with counsel, that the plan of    reorganization, as filed on November 27, 2002, satisfies the requirements of the DIP    Credit Facility.  Subsequent to November 30, 2002, the DIP Lenders asserted that the    plan of reorganization, as filed, did not satisfy the requirements of the DIP Credit    Facility.  Concurrent with this assertion, the DIP Lenders notified Farmland that the    DIP Lenders were terminating  the $25.0 million Tranche A loan commitment under the      DIP Credit Facility and were increasing  by 200 basis points, the interest    rate charged on borrowings outstanding under the DIP Credit Facility.  The right of    the DIP Credit Facility to charge this higher rate is unresolved and may be contested by    Farmland.  Farmland entered into an amendment to the DIP Credit Facility on January    8, 2003 (the "DIP Amendment") in order to resolve issues surrounding the alleged    event of default by the DIP Lenders and to modify certain other terms of the    agreement.  The effectiveness of the amendment requires approval of the Court, which    Farmland is in the process of seeking.  

 

The DIP Amendment, if approved by the Court, requires Farmland to, among    other things: 

 - eliminate the Tranche A commitment as of December 9, 2002; 
- reduce the Tranche B commitment by $20 million to $256.5 million upon        the effectiveness of the DIP Amendment; 
- require prepayment of at least $40 million by February 28, 2003 and an        additional $10 million by March 31, 2003 of loans under the DIP Credit Facility or the        Pre-petition Credit Facility; 
- establish milestones relating to the progress of the sales of our crop        production and beef marketing businesses; 
- permit us to issue new letters of credit under the Tranche B commitment; 
- waive the alleged event of default relating to our plan of        reorganization; and 
- limit the default interest charge based on the alleged event of default        to the period from December 9, 2002 until the effectiveness of the DIP Amendment. 

 

The DIP Amendment, if approved by the Court, eliminates the requirement by    Farmland to file a plan of reorganization approved by all DIP Lenders and eliminates the    requirement that the auditors' report covering Farmland's Consolidated Financial    Statements express no doubts about the ability of Farmland and its subsidiaries to    continue as a going concern.  

 

If the Court does not approve the DIP Amendment, Farmland continues to    believe that the plan of reorganization satisfies the requirements of the DIP Credit    Facility as the plan of reorganization, among other things, provides that the DIP Lenders    will be paid in full in cash on or before the effective date of the plan of    reorganization, which will be prior to the termination date of the DIP Credit    Facility.  Since, as described in the plan of reorganization, the DIP Lenders are    unimpaired, the DIP Lenders will not be offered the opportunity to vote on the plan of    reorganization.  Based on consultation with counsel, Farmland believes that, absent    Court approval of the DIP Amendment, if the DIP Lenders were to attempt to declare all    unpaid loans and accrued interest under the DIP Credit Facility to be due and payable, or    if the DIP Lenders were to seek to terminate their obligation to make future loans under    Tranche B of the DIP Credit Facility, the Court, if presented with the issue, should not    permit the DIP Lenders, in the present circumstances, to do so.

 

As discussed above, at November 30, 2002, we believe we were in compliance    with all financial covenants, terms, and conditions of the DIP Credit Facility; although    the DIP Lenders have asserted that the plan of reorganization, as filed, did not satisfy    the requirements of the DIP Credit Facility.  

Interest on the DIP Credit Facility is variable and, through November 30,    2002, was based on a 2.50% spread over the higher of (1) the Prime Rate or (2) the rate    which is 50 basis points in excess of the Federal Funds Effective Rate, as such terms are    defined in the DIP Credit Facility.  As of November 30, 2002, the higher rate, as so    determined, was 6.75%.  Through November 30, 2002, commitment fees of up to 100 basis    points per annum were paid periodically on the unused portion of Tranche A of the DIP    Credit Facility.

 

As of November 30, 2002, Farmland had borrowings under the DIP Credit    Facility of $175.0 million, and $25.9 million of the facility was being utilized to    support letters of credits.  As calculated at November 30, 2002 and January 5, 2003,    additional availability under the DIP Credit Facility was approximately $25.9 million and    $20.9 million, respectively.  Management believes that our borrowing capacity under    the DIP Credit Facility, as proposed to be modified by the DIP Amendment, is adequate to    enable us to continue operations under the supervision of the Court. 

 

As of November 30, 2002, $130.7 million of the pre-petition term loan    remains outstanding and accrues interest at a rate of 4% over the base rate (8.25% at    November 30, 2002).  Farmland does not pay any commitment fees related to the    pre-petition term loan.  All other obligations under the Pre-petition Credit Facility    were paid from the proceeds of the DIP Credit Facility or have otherwise been satisfied.

 

In August 2001, Farmland National Beef Packing Company, L.P.    ("FNBPC") established a five year, $225 million credit facility with a syndicate    of banks.  This facility provides for a line of credit for up to $100 million, and a    term loan of $125 million, both of which are nonrecourse to Farmland.  Borrowings    under the credit facility are collateralized by substantially all the assets of FNBPC and    are subject to certain financial covenants.  FNBPC was in compliance with all    covenants at November 30, 2002.  At November 30, 2002 FNBPC had borrowings of $120.5    million, and $20.0 million of the facility was being utilized to support letters of    credit.  At November 30, 2002, availability under the line of credit was    approximately $68.9 million.  FNBPC is not a Debtor entity and has continued normal    operations.

 

During February 2002, a decision was made to dispose of our international    grain trading subsidiaries (collectively referred to as Tradigrain), through an orderly    liquidation of assets and settlement of liabilities.  The disposal plan consists    primarily of the termination of normal activity, the sale of existing inventories, the    collection of receivables, and the settlement of trade and financing liabilities.     Our Switzerland subsidiary, which held the primary credit facility to fund the operations    of all Tradigrain subsidiaries, filed for creditor protection at that time and all unused    lines of credit were rescinded.  Continuing financing is negotiated with the banks on    an as needed basis.  As of November 30, 2002, Tradigrain had short-term borrowings of    $2.2 million and additionally had $8.7 million of outstanding checks and drafts which will    be funded by the banks.  All obligations of Tradigrain are nonrecourse to Farmland    and Farmland's other affiliates.

 

Farmland maintains other borrowing arrangements with banks and financial    institutions. Under such arrangements, at November 30, 2002, $3.5 million was borrowed and    an additional $2.6 million were being utilized to support letters of credit, which are    nonrecourse to Farmland.

 

Farmland has issued and outstanding 2 million shares of 8% Series A    Cumulative Redeemable Preferred Shares (the "Preferred Shares") with an    aggregate liquidation preference of $100 million ($50 liquidation preference per    share).  The Preferred Shares are not redeemable prior to December 15, 2022.  On    and after December 15, 2022, the Preferred Shares may be redeemed for cash at our option,    in whole or in part, at specified redemption prices declining to $50 per share on and    after December 15, 2027, plus accumulated and unpaid dividends.  The Preferred Shares    do not have any stated maturity, are not subject to any sinking fund or mandatory    redemption provisions and are not convertible into any other security.  Subsequent to    the Petition Date, our Board of Directors has not authorized any payments of dividends on    the Preferred Shares.  The status of the Preferred Shares, including accumulated but    unpaid dividends, will be subject to the final terms established in the Debtors' plan of    reorganization as confirmed by the Court.

 

For the three months ended November 30, 2002, Farmland primary sources of    cash were:

 

.         cash generated from    operations, before reorganization expenses and changes in assets and liabilities, of $43.6    million; and
- an increase in checks and drafts outstanding of $17.1 million. 

 

Cash generated was primarily used to:

 
- support a $31.4 million increase in receivables, primarily related to        our beef marketing business; 
- pay reorganization costs, primarily professional fees, of $9.8 million;        and 
- fund $16.1 million in capital expenditures, primarily related to our        beef marketing business. 

 

 

**Results of Operations**

 

***     General***

 

In view of the seasonality of Farmland's businesses, it must be emphasized    that the results of operations for the periods presented are not necessarily indicative of    the results for a full fiscal year.  

 

Farmland's sales, gross margins and net income or loss depend, to a large    extent, on conditions in agriculture and may be volatile due to factors beyond our    control, such as weather, crop failures, federal agricultural programs, currency    fluctuations, tariffs, concerns over food safety, and other factors affecting United    States imports and exports.  In addition, various federal and state regulations    intended to protect the environment encourage farmers to reduce the use of fertilizers and    other chemicals.  Global variables, such as general economic conditions, conditions    in financial markers, embargoes, political instabilities, terrorist activities, local    conflicts and other incidents affect, among other things, the supply, demand and price of    crude oil, refined fuels, natural gas and other commodities and may unfavorably impact    Farmland's operations.  Historically, charges in the costs of raw materials have not    necessarily resulted in corresponding changes in the prices at which finished products    have been sold by Farmland.  For example, at times during the last few years, the    results of our crop production business have been adversely affected by a combination of    high natural gas prices and competition from imports.  Also, for example changes in    the prices of crude oil and refined fuels have caused, and will continue to cause,    significant variations in the results of our petroleum business.  Management cannot    determine the extent to which these factors may impact our future operations. 

 

The level of operating income in the crop production, petroleum, pork and    beef businesses is, to a significant degree, attributable to the spread between selling    prices and raw material costs (natural gas in the case of nitrogen-based crop nutrients,    crude oil in the case of petroleum products, live hogs in the case of pork products, and    live cattle in the case beef products).  We cannot determine the direction or    magnitude to which these factors will affect our cash flow and net income or loss.

 

 

**Results of Operations for Three Months Ended November 30, 2002 Compared    to Three Months Ended November 30, 2001.**

 

Sales for the three months ended November 30, 2002 decreased approximately    $193.4 million, or 10%, compared with the same period last year.  This decrease is    primarily due to a decrease in sales recorded by our petroleum segment as we no longer    market product to retailers.

 

For the three months ended November 30, 2002, we had a net loss of $417.1    million compared with a net income of $3.2 million for the same period last year.     The decrease is primarily related to reorganization expense of $433.9 million incurred in    the three months ended November 30, 2002, primarily resulting from the impairment of our    crop production and petroleum assets, and a decline in our petroleum segment results    before reorganization expense.  This decrease is partially offset by an improvement    in the crop production segments operating results before the reorganization charge, a    partial settlement of vitamin supplement litigation included in the feed segment results    and a decrease in interest expense primarily as a result of discontinuing interest    accruals on certain unsecured debt. 

 

 

***     Pork Marketing***

 

Sales of the pork marketing segment decreased $56.6 million, or 12%,    during the three months ended November 30, 2002 compared with the same period last    year.  The decrease was primarily due to an approximate 14% decrease in unit selling    price partially offset by an approximate 2% increase in unit sales volume.  Unit    selling prices declined primarily as a result of competing proteins on the domestic market    due to the Russian import ban on poultry products.  

 

Income in the pork marketing segment increased by $1.5 million, or    approximately 14% during the three months ended November 30, 2002 to an income of $11.5    million compared to an income of $10.0 million in the same period last year.     Significant factors which caused the income of the pork marketing segment to increase for    the three months ended November 30, 2002 compared with the prior year included:

 

.         margins increased $0.5    million primarily as a result of an increase in slaughter levels and a decrease in hogs    costs, partly offset by a decrease in per                unit selling price;

.         Selling, general, and    administrative ("SG&A") expenses decreased $0.8 million primarily due to the    reduction in work force in fiscal 2002; and

.         interest expense    decreased $3.1 million primarily due to discontinuing interest on certain pre-petition    debt and lower inventory levels.

 

These factors were partially offset by:

 

.         during the three months    ended November 30, 2002, we realized a loss of $0.4 million on the sale of cull sows in    the livestock production area                 because the    market was lower in 2002 compared to 2001; and

.         during the three months    ended November 30, 2002, we incurred losses from derivative commodity instruments of $1.2    million compared with a gain                of $0.9 million during    the same period last year.

 

 

***     Beef Marketing***

 

Sales of the beef marketing segment increased $34.0 million, or 4%, during    the three months ended November 30, 2002 compared with the same period last year.     The increase was primarily due to an approximate 7% increase in unit sales volume    partially offset by an approximate 3% decrease in unit selling price.  The increase    in unit sales volume was primarily due to an increase in the number of cattle slaughtered    and fabricated as a result of improved operational efficiencies.  Unit selling prices    declined primarily as a result of abundant supplies of competing proteins.

 

Income in the beef marketing segment increased by $0.6 million, or    approximately 5% during the three months ended November 30, 2002 to an income of $11.9    million compared to an income of $11.3 million in the same period last year.  Both    sales dollars per head and variable costs per head during the three months ended November    30, 2002 were comparable to the revenues and costs during the three months ended November    30, 2001, resulting in a consistent gross margin.

 

***     World Grain***

 

Our world grain segment incurred a loss of $0.2 million for the three    months ended November 30, 2002 compared with a loss of $4.3 million in the same period    last year.  This change is primarily attributable to our discontinued international    grain operations which during the three months ended November 30, 2001, incurred a loss    primarily due to low gross margins on barley, sugar and freight combined with an increase    in bad debt expense.  

 

***     Crop Production***

 

Sales of the crop production segment decreased $20.6 million, or 12%,    during the three months ended November 30, 2002 compared with the same period last    year.  The decrease was primarily due to a 9% decrease in unit sales volume combined    with a 4% decrease in average unit selling price.  The decrease in unit sales volume    is primarily due to a 38% decrease in phosphate-based plant food sales resulting from the    sale of our Joplin, Missouri phosphate plant during February 2002 and the sale by Farmland    Hydro of substantially all the assets of Farmland Hydro to Cargill Fertilizer, Inc. during    November 2002.  

 

The crop production segment incurred a loss of $286.3 million for the    three months ended November 30, 2002 compared with a loss of $42.1 million for the same    period last year.  This $244.2 million decrease is primarily attributable to:  

 

.         during the three months    ended November 30, 2002, we incurred reorganization expense of $275.7 million primarily as    a result of the impairment               charge recorded against certain long-lived assets;

.         during the three months    ended November 30, 2001, we were working off relatively high cost inventories at the same    time as average unit selling prices                were declining; as a    result, margins increased $17.4 million in the current period compared with the same    period last year;

.         interest expense    decreased $6.4 million primarily due to discontinuing interest on certain pre-petition    debt and lower inventory levels; and

.         other income increased    $4.7 million primarily as a result of a refund of improperly assessed ad valorem tax    related to natural gas purchases made in               prior years; and

.         during the three months    ended November 30, 2002 we recognized a gain of $1.7 million in restructuring and other    credits from the recovery of                precious metals    contained in our catalyst following the closure of our Lawrence, Kansas plant.

 

     ***Petroleum***

 

Sales of the petroleum segment decreased $126.7 million, or approximately    33%, for the three months ended November 30, 2002 compared with the same period last    year.  The decrease was primarily the result of a 26% decrease in refined fuels units    sold; offset by slightly higher unit selling prices for gasoline, distillates and diesel    fuels; and a 92% decrease in units sold for propane. The increase in unit prices for    refined fuels was a result of a stronger demand for gasoline and distillates compared to    the previous year.  The lower demand last year was primarily a result of the    September 11th terrorist attacks.  The decrease in unit sales is primarily    a result of the sale of our equity interest in Country Energy and the impact it had on our    sales mix.  During the three months ended November 30, 2001, our sales included 41%    of all product sold through our agent, Country Energy.  These sales arranged by    Country Energy were derived from Cenex Harvest States' portion of the output of the NCRA    refinery at McPherson, Kansas, the output of Cenex Harvest States' refinery at Laurel,    Montana, the output of Farmland's refinery at Coffeyville, Kansas, sales of gasoline and    distillates purchased from third parties for resale, and sales of wholesale propane,    lubricants and petroleum equipment.  During the three months ended November 30, 2002,    our petroleum sales consisted of 100% of the output of our Coffeyville, Kansas refinery,    and we no longer participated in sales related to the refineries at McPherson, Kansas or    Laurel, Montana; in the resale of petroleum products to third parties; or in the selling    of wholesale propane, lubricants and petroleum equipment.  

 

The petroleum segment incurred a loss of $149.0 million during the three    months ended November 30, 2002, compared with income of $35.2 million for the same period    last year. This $184.2 million decrease is primarily attributable to:

 

.         during the three months    ended November 30, 2002, we incurred reorganization expense of $147.8 million primarily as    a result of the impairment                charge recorded against    certain long-lived assets;

.         during the three months    ended November 30, 2002 as compared to the same period last year margins decreased by    $24.5 million primarily due to the                narrowing of the spread    between crude oil costs and refined fuel selling prices;  crack spreads for the prior    year were very high in the month of                September 2001 due to    low inventories; and  

.         the results for the    three months ended November 30, 2001 include an $18.0 million gain on the sale of our    interest in Country Energy.  

 

These factors were partly offset by:

 

.         during the three months    ended November 30, 2002 as compared to the same period last year SG&A expenses    decreased $4.8 million primarily as a                result of exiting the    petroleum marketing business.

 

     ***Feed***

 

Income for the feed segment increased from $0.6 million during the three    months ended November 30, 2001 to $8.1 million during the three months ended November 30,    2002.  The increase primarily resulted from $7.4 million in proceeds received during    the three months ended November 30, 2002 from a settlement related to vitamin supplements.

 

     ***Other Operating Units***

 

The other operating units segment incurred a loss of $0.8 million during    the three months ended November 30, 2002, an $8.1 million decrease as compared to income    of $7.3 million in the same period last year.  The decrease in income was primarily    the result of a $6.2 million gain realized on the sale of our wheat gluten production    facility last year.  

 

     ***Selling, General and Administrative    Expenses***

 

Selling, general and administrative ("SG&A") expense    decreased $20.1 million for the three months ended November 30, 2002 compared with the    same period last year.  SG&A expense directly associated with business segments    decreased $11.8 million, primarily as a result of completing the transition of our grain    operations to ADM/Farmland, the sale of Country Energy, and the closing of certain    businesses included in our other operating units segment.  SG&A expense not    directly associated with business segments decreased $8.3 million for the three months    ended November 30, 2002 compared with the same period last year.  This decrease is    primarily related to a reduction in employee related costs, information services costs and    financial advisory fees subsequent to our bankruptcy filing.

 

***     Restructuring and Other Charges***

 

During the three months ended November 30, 2002, we recorded no    adjustments to the reserve created in previous years for restructuring activities.     Deductions to the reserve in the amount of $0.4 million relate to a reduction in the    accrual for catalyst maintenance at our fertilizer plant in Pollock, Louisiana.     During the three months ended November 30, 2001, we recorded adjustments in the amount of    $2.8 million to the reserve created during the prior year for restructuring    activities.  The major component of this adjustment resulted from the sale, during    October 2001, of the assets of Heartland Wheat Growers, our wheat gluten plant in Russell,    Kansas.  This sale released us from future plant maintenance, property taxes, and all    other obligations associated with maintaining idle plant and property.  During the    three months ended November 30, 2002, restructuring income of $1.7 million was recorded as    a result of the recovery of precious metals contained in our catalyst when equipment was    dismantled at our Lawrence, Kansas plant.  As a part of the restructuring costs    incurred in fiscal year 2001, we recorded an asset impairment related to the closure of    our wheat gluten plant to its estimated net realizable value.  During October 2001,    the assets of the plant were sold and a gain in the amount of $3.5 million was recorded    representing the excess of the net proceeds over the plant's estimated net realizable    value.  See Note 9 "Restructuring and Other Charges" in the accompanying    Notes to unaudited Condensed Consolidated Financial Statements.

 

***     Interest Expense***

 

Interest expense from continuing operations decreased $16.0 million during    the three months ended November 30, 2002 compared with the same period last year.     Interest expense directly charged to the business segments decreased $12.9 million.     The decrease in interest expense is primarily a result of the following:

 

.         due to our bankruptcy,    we discontinued accruing interest on certain unsecured debt, primarily subordinated debt    securities, resulting in $13.1 million                decrease in interest    expense; and

.         interest expense from    other borrowings decreased $2.9 million as a result of a decrease in both average    borrowings and our average borrowing rate.

 

***     Other  Income***

 

Other income decreased $10.3 million for the three months ended November    30, 2002 compared with the same period last year.  Other income directly associated    with business segments decreased $9.5 million primarily as the result of an $18.0 million    gain on the sale of Country Energy during the three months ended November 30, 2001, partly    offset by a $7.4 million gain related to a feed vitamin supplement partial settlement    recognized during the three months ended November 30, 2002.  Other income not    directly associated with business segments decreased $0.8 million for the three months    ended November 30, 2002 compared with the same period last year.

 

     ***Reorganization Expense***

 

Reorganization expense of $433.9 million during the three months ended    November 30, 2002 consisted of costs associated with the Chapter 11 proceedings that are    not directly attributable to the on-going operations of Farmland.  Such costs include    $424.5 million from the impairment of certain long-lived assets, $8.8 million for    professional fees, $0.9 million for employee severance and retention, and a $0.4 million    loss on the sale of investments.  These costs are partially offset by a $0.3 million    gain on settlement with vendors and a $0.5 million gain on the disposal of property, plant    and equipment.  See Note 11 "Reorganization expense" in the accompanying    Notes to unaudited Condensed Consolidated Financial Statements.

 

**     *Income Tax Expense***

 

During the year ended August 31, 2002, management concluded that it was    more likely than not that we would be unable to utilize a substantial portion of our net    operating loss carryforward.  Accordingly, we established a valuation allowance to    reduce the income tax asset related to the future benefit to be provided by our net loss    operating carryforward to an amount equal to our future liability related to our net    income tax timing differences  Management estimates that our effective tax rate for    the year ending August 31, 2003 will be 0% as:

 

.         if we have net income    for the  year ending August 31, 2003, any related tax expense will be offset by a    reduction in our valuation allowance; and

.         if we have a net loss    for the year ending August 31, 2003, any related tax benefit will be offset by an increase    in our valuation allowance. 

 

 

**Recent Accounting Pronouncements**

 

SFAS No. 142 "Goodwill and Other Intangible Assets" was issued    during June 2001 by the FASB.  On adoption of this standard, goodwill and other    intangible assets with an indefinite life will no longer be amortized; however, both    goodwill and other intangible assets are tested annually for impairment.  For    goodwill and intangible assets arising out of business combinations with non-cooperative    enterprises, SFAS No. 142 was effective for fiscal years beginning after December 15, 2001    (our fiscal year 2003).  As of September 1, 2002 (the beginning of our fiscal year    2003), Farmland adopted this statement for goodwill resulting from business combinations    with non-cooperatives.  In accordance with SFAS 142, we have tested our goodwill    arising from business combinations with non-cooperatives and determined that no    impairments exist.  For goodwill and other intangible assets arising out of business    combination with cooperatives, implementation of SFAS No. 142 is delayed pending    additional interpretive guidance from the FASB.  At November 30, 2002 the carrying    value of goodwill in our Consolidated Balance Sheets was $28.7 million.  For the    three months ended November 30, 2002, Farmland recognized goodwill amortization of $0.2    million from business combinations with cooperatives.

 

SFAS No. 146 "Accounting for Costs Associated with Exit or Disposal    Activities" was issued during June 2002 by the FASB.  This statement addresses    financial accounting and reporting for costs associated with exit or disposal activities    and nullified Emerging Issues Task Force (EITF) Issue No. 94-3.  Under Issue 94-3, a    liability for an exit cost was recognized at the date of an entity's commitment to an exit    plan.  However, SFAS No. 146 concludes that a commitment to a plan, by itself, does    not create a present obligation to others that meets the definition of a liability.     Therefore, SFAS No. 146 requires that a liability for a cost associated with an exit or    disposal activity be recognized and measured initially at fair value only when the    liability is incurred.  The provisions of this Statement are effective for exit or    disposal activities that are initiated after December 31, 2002.  Previously issued    financial statements may not be restated.  We do not anticipate that adoption of this    statement will have a material impact on our financial position and results of operations.

 

 

 

Item 3.       QUANTITATIVE AND QUALITATIVE    DISCLOSURES ABOUT MARKET RISK

 

Farmland's market exposure to derivative transactions, entered into for    the purpose of managing commodity price risk, foreign currency risk and interest rate    risk, has not materially changed since August 31, 2002.  Quantitative and    qualitative disclosures about market risk are contained in Item 7A of our Annual Report on    Form 10-K for the year ended August 31, 2002.

 

 

 

**Item 4.     CONTROLS AND PROCEDURES**

 

Disclosure controls and procedures are defined by the Securities and    Exchange Commission as those controls and other procedures that are designed to ensure    that information required to be disclosed in our filings under the Securities Exchange Act    of 1934 is recorded, processed, summarized and reported within the time periods specified    in the Securities and Exchange Commission's rules and forms. Our Chief Executive Officer    and Chief Financial Officer have evaluated our disclosure controls and procedures within    90 days prior to the filing of this Quarterly Report on Form 10-Q and have    determined that such disclosure controls and procedures are effective. 

 

Subsequent to our evaluation, there were no significant changes in    internal controls or other factors that could significantly affect internal controls,    including any corrective actions with regard to significant deficiencies and material    weaknesses. 

 

**Cautionary Statement for Purposes of the "Safe Harbor"    Provisions of the Private Securities Litigation Reform Act of 1995**

 

Farmland is including the following cautionary statement in this Form 10-Q    to make applicable and take advantage of the "safe harbor" provisions of the    Private Securities Litigation Reform Act of 1995 for any forward-looking statement made    by, or on behalf of, Farmland.  The factors identified in this cautionary statement    are important factors (but are not necessarily all of the potentially important factors)    that could cause actual results to differ materially from those expressed in any    forward-looking statement made by, or on behalf of, Farmland.  Where any such    forward-looking statement includes a statement of the assumptions or basis underlying such    forward-looking statement, Farmland cautions that, while it believes such assumptions or    basis to be reasonable and makes them in good faith, the assumed facts or basis will    almost always vary from actual results and the differences between the assumed facts or    basis and actual results can be material, depending upon the circumstances.  Where,    in any forward-looking statement, Farmland, or its management, expresses an expectation or    belief as to future results, such expectation or belief is expressed in good faith and    believed to have a reasonable basis, but there can be no assurance that the statement of    expectation or belief will result or be achieved or accomplished.  Such forward    looking statements include, without limitation, statements regarding the seasonal effects    upon the business, the anticipated expenditures for environmental remediation, the    potential capital expenditures required to comply with recently enacted regulations    related to low sulfur gasoline and diesel fuel, the level of capital expenditures and    monetary sanctions which will be required as a result of EPA proceedings, Court approval    of a plan of reorganization, our ability to successfully implement any Court approved plan    of reorganization, the adequacy of the DIP Credit Facility to satisfy our liquidity    requirements, our ability to comply with the covenants contained in the DIP Credit    Facility, our ability to sell our crop production and petroleum assets at their estimated    fair value, our ability to realize our deferred tax assets, and our ability to liquidate    our Tradigrain operation without incurring future losses.  Discussion containing such    forward-looking statements is found in the material set forth under "Management's    Discussion and Analysis of Financial Condition and Results of Operations" and    "Notes to Condensed Consolidated Financial Statements".

 

Taking into account the foregoing, the following are identified as    important factors that could cause actual results to differ materially from those    expressed in any forward-looking statement made by, or on behalf of, Farmland:

 

1.       Weather patterns (flood, drought,    frost, etc.) or crop failure.

 

2.       Federal or state regulations    regarding agricultural programs.

 

3.       Federal or state regulations    regarding the amounts of fertilizer and other chemical applications used by farmers.

 

4.       Factors affecting the export of    United States agricultural produce (including foreign trade and monetary policies, laws    and regulations, political and                governmental changes,    inflation and exchange rates, taxes, operating conditions and world demand).

 

5.       Factors affecting supply, demand    and price of crude oil, refined fuels, natural gas, live hogs and cattle and other    commodities.

 

6.       Regulatory delays and other    unforeseeable obstacles beyond our control that may affect growth strategies through    unification, acquisitions and                 investments in    ventures.

 

7.       Competitors in various segments    which may be larger than Farmland, offer more varied products or possess greater    resources.

 

8.       Technological changes that are more    difficult or expensive to implement than anticipated.

 

9.       Unusual or unexpected events such    as, among other things, litigation settlements, adverse rulings or judgments and    environmental remediation costs in                excess of amounts    accrued.

 

10.   Material adverse changes in financial, banking or capital    markets.

 

11.   Federal or state regulations regarding environmental    matters.

 

12.   The continuing effects of terrorist attacks which    disrupted the financial and credit markets and negatively impacted the United States    economy and          other economies.

 

13.  Public perception of the safety of meat products and the level    of government regulations of meat        safety.

 

14.  The factors identified in "Business and Properties -    Business - Business Risk Factors" included in our           Annual Report on Form 10-K for the year             ended August 31, 2002.

****

**PART II - OTHER INFORMATION**

 

**Item    1.          LEGAL PROCEEDINGS**

 

In November 1999, Farmland commissioned a voluntary audit at its    Coffeyville, Kansas petroleum refinery to verify compliance with the construction    permitting requirements of the state and federal Clean Air Acts.  We submitted a    report detailing the audit findings to Region VII of the United States Environmental    Protection Agency ("EPA") on September 19, 2000.  In order to satisfy    procedural prerequisites to resolve the findings, on January 17, 2002, EPA issued us a    notice of violation.  The notice of violation seeks both injunctive relief in the    form of installation of additional pollution control equipment and monetary    sanctions.  At this point, it is not possible to determine the cost of the control    device installations necessary to satisfy the EPA; however, we believe it is reasonably    possible that the costs may eventually exceed $15 million.  Also, at this stage of    these proceedings it is not possible to predict the final amount of monetary sanctions    that will be necessary to resolve this matter.  Although Farmland believes this    matter will ultimately be resolved for an immaterial amount, it is reasonably possible    that the associated monetary sanctions may exceed $100,000.  See "Management's    Discussion and Analysis of Financial Conditions and Results of Operations - Environmental    Matters" in our Annual Report on Form 10-K, filed November 27, 2002.

 

On May 31, 2002, Farmland and certain of our subsidiaries filed voluntary petitions to    reorganize under Chapter 11 of the Bankruptcy Code.  This action is described in    "Management's Discussion and Analysis of Financial Condition and Results of    Operations - Recent Developments - Bankruptcy Proceedings."

 

On July 30, 2002, J.R. Simplot ("Simplot") filed a complaint for    declaratory judgment against Farmland in the United States Bankruptcy Court, Western    District of Missouri, Adversary Proceeding No. 02-4147.  In this proceeding, Simplot    asserts that, by operation of Utah Revised Limited Liability Company Act (the    "Act"), Farmland's commencement of the Chapter 11 proceeding caused Farmland to    forfeit governance rights in our SF Phosphates venture.  Farmland believes that this    Utah state law is preempted by Federal Bankruptcy Code and, therefore, we maintain our    governance rights in relation to SF Phosphates.  See "Business and Properties -    Crop Production - Production" in our Annual Report on Form 10-K, filed November 27,    2002.

 

During April 2001, we initiated a suit in the English High Court of    Justice, Queen's Bench Division, Commercial Court, Royal Court of Justice against Ace    Insurance SA NV , SIACI & Partners SA, and SIACI SA to recover from our insurers the    value of misappropriated soybeans.

 

On June 27, 2002, we filed a complaint against Agriliance LLC in the    United States Bankruptcy Court, Western District of Missouri, Adversary Proceeding No.    02-4113.  In this proceeding, we assert that Agriliance improperly setoff certain    receivables and other items owed by Agriliance to Farmland against certain payables and    other claims that Agriliance asserted were due to Agriliance from Farmland.  We are    requesting that the Court disallow the setoff and require Agriliance to return to Farmland    the amount improperly setoff.  Also see Note 8 to the unaudited Condensed    Consolidated Financial Statements.

 

 

**Item    6.          EXHIBITS AND REPORTS ON FORM    8-K**

 

***     (a)     Exhibits***

 

The exhibit listed below is filed as part of Form 10-Q for quarter ended    November 30, 2002.

 

Exhibit No
Description of Exhibit
99.1The proposed Debtors' Joint Plan of Reorganization, filed in        the United States Bankruptcy Court, Western District of Missouri on November 27, 2002.
99.2Certification by President and Chief Executive Officer        pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the        Sarbanes-Oxley Act of 2002
99.3Certification by Executive Vice President and Chief Financial        Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the        Sarbanes-Oxley Act of 2002
 

 

***(b)   *Reports on Form 8-K**

 

No reports on Form 8-K were filed during the quarter ended November 30,    2002.

 

**SIGNATURES**

 

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

 

FARMLAND INDUSTRIES, INC.
(Registrant)
By:
/s/  Steven R. Rhodes
Steven R. Rhodes
Executive Vice President
and Chief Financial Officer
Date:  January 14, 2003
 

 

 

I, Robert B. Terry, President and Chief Executive Officer of Farmland    Industries, Inc., certify that:

 

1.  I have reviewed this quarterly report on Form 10-Q of Farmland    Industries, Inc.;

 

2.  Based on my knowledge, this quarterly report does not contain any    untrue statement of a material fact or omit to state a material fact necessary to make the    statements made, in light of the circumstances under which such statements were made, not    misleading with respect to the period covered by this quarterly report;

 

3.  Based on my knowledge, the financial statements, and other    financial information included in this quarterly report, fairly present in all material    respects the financial condition, results of operations and cash flows of the registrant    as of, and for, the periods presented in this quarterly report;

 

4.  The registrant's other certifying officer and I are responsible    for establishing and maintaining disclosure controls and procedures (as defined in    Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

 

a)       designed such disclosure controls    and procedures to ensure that material information relating to the registrant, including    its consolidated subsidiaries, is made known to us by others within those entities,    particularly during the period in which this annual report is being prepared;

 

b)       evaluated the effectiveness of the    registrant's disclosure controls and procedures as of a date within 90 days prior to the    filing date of this quarterly report (the "Evaluation Date"); and

 

 

c)   presented in this quarterly report our conclusions    about the effectiveness of the disclosure controls and procedures based on our evaluation    as of the Evaluation Date;

 

5.  The registrant's other certifying officers and I have disclosed,    based on our most recent evaluation, to the registrant's auditors and the audit committee    of registrant's board of directors (or person performing the equivalent functions):

 

a)       all significant deficiencies in the    design or operation of internal controls which could adversely affect the registrant's    ability to record, process, summarize and report financial data and have identified for    the registrant's auditors any material weaknesses in internal controls; and

 

b)   any fraud, whether or not material, that involves    management or other employees who have a significant role in the registrant's internal    controls; and

 

6.  The registrant's other certifying officers and I have indicated    in this quarterly report whether or not there were significant changes in internal    controls or in other factors that could significantly affect internal controls subsequent    to the date of our most recent evaluation, including any corrective actions with regard to    significant deficiencies and material weaknesses.

 

     Date:  January 14, 2003

/s/ ROBERT B. TERRY

Robert B. Terry

President and     Chief Executive Officer

****

 

 

 

I, Steven R. Rhodes, Executive Vice President and Chief Financial Officer    of Farmland Industries, Inc., certify that:

 

1.  I have reviewed this quarterly report on Form 10-Q of Farmland    Industries, Inc.;

 

2.  Based on my knowledge, this quarterly report does not contain any    untrue statement of a material fact or omit to state a material fact necessary to make the    statements made, in light of the circumstances under which such statements were made, not    misleading with respect to the period covered by this quarterly report;

 

3.  Based on my knowledge, the financial statements, and other    financial information included in this quarterly report, fairly present in all material    respects the financial condition, results of operations and cash flows of the registrant    as of, and for, the periods presented in this quarterly report;

 

4.  The registrant's other certifying officer and I are responsible    for establishing and maintaining disclosure controls and procedures (as defined in    Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

 

a)       designed such disclosure controls    and procedures to ensure that material information relating to the registrant, including    its consolidated subsidiaries, is made known to us by others within those entities,    particularly during the period in which this quarterly report is being prepared;

 

b)       evaluated the effectiveness of the    registrant's disclosure controls and procedures as of a date within 90 days prior to the    filing date of this quarterly report (the "Evaluation Date"); and

 

 

c)       presented in this quarterly report    our conclusions about the effectiveness of the disclosure controls and procedures based on    our evaluation as of the Evaluation Date;

 

 

5.  The registrant's other certifying officers and I have disclosed,    based on our most recent evaluation, to the registrant's auditors and the audit committee    of registrant's board of directors (or person performing the equivalent functions):

 

a)       all significant deficiencies in the    design or operation of internal controls which could adversely affect the registrant's    ability to record, process, summarize and report financial data and have identified for    the registrant's auditors any material weaknesses in internal controls; and

 

b)       any fraud, whether or not material,    that involves management or other employees who have a significant role in the    registrant's internal controls; and

 

 

6.  The registrant's other certifying officers and I have indicated    in this quarterly report whether or not there were significant changes in internal    controls or in other factors that could significantly affect internal controls subsequent    to the date of our most recent evaluation, including any corrective actions with regard to    significant deficiencies and material weaknesses.

 

     Date:  January 14, 2003

/s/ STEVEN R. RHODES

Steven R. Rhodes

Executive Vice President and    Chief Financial Officer

****

 

 

EXHIBIT INDEX

 

Exhibit No
Description of Exhibit
99.1The proposed Debtors' Joint Plan of Reorganization, filed in        the United States Bankruptcy Court, Western District of Missouri on November 27, 2002.
99.2Certification by President and Chief Executive Officer        pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the        Sarbanes-Oxley Act of 2002
99.3Certification by Executive Vice President and Chief Financial        Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the        Sarbanes-Oxley Act of 2002
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