**UNITEDSTATES SECURITIES AND EXCHANGE COMMISSION****Washington****, D.C. 20549**

**FORM 10-Q**

**(Mark one)**

| þ |        | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES EXCHANGE ACT OF 1934**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              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|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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|   |   | **For the quarterly period  ended November 25, 2006**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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|   |   | **OR**         o   **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF  THE SECURITIES EXCHANGE ACT OF 1934**               **For the transition  period from                      to                   .**
**Commissionfile number 333-115164**

**U.S. PREMIUM BEEF, LLC***(Exact name of registrant as specified in its charter)*

**DELAWARE**

**20-1576986**

**(State  or other jurisdiction of	incorporation  or organization)**

**(I.R.S.  Employer	Identification  No.)**

**12200  North Ambassador Drive****Kansas  City****, MO 64163********(Addressof principal executive offices)**

**Telephone:(866) 877-2525(Registrant'stelephone number, including area code)**

Indicate by checkmark whether the registrant (1) has filed all reports required to be filedby Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes þNo o

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer,or a non-accelerated filer.  See definition of "accelerated filer and largeaccelerated filer" in Rule 12b-2 of the Exchange Act. 

LargeAccelerated Filer o  Accelerated Filer o     Non-AcceleratedFiler þ

Indicateby check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act). Yes o No þ

The registrant's equityis not traded on an exchange or in any public market.  As of December 30 , 2006, there were 735,505 Class A units and 735,505 Class B unitsoutstanding.     

 

 

**TABLE OF CONTENTS**

 

**PART I.**

**FINANCIAL INFORMATION**

**Page No.**
   
Item 1.

Financial Statements

1
   
Item 2.

Management's  Discussion and Analysis of Financial Condition 	and Results of Operations

9
   
Item 3.

Quantitative and Qualitative Disclosures About Market Risk

13
   
Item 4.

Controls and Procedures

14
      
**PART II.**

**OTHER INFORMATION**
   
Item 1.

Legal Proceedings

15
   
Item 1A.

Risk Factors

15
   
Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

15
   
Item 3.

Defaults Upon Senior Securities

15
   
Item 4.

Submission of Matters to a Vote of Security Holders

15
     
Item 5.

Other Information

16
   
Item 6.

Exhibits  

16
   
Signatures

17

Unless the context indicates orotherwise requires, the terms "the Company", "we", "our" and "us" refer to U.S.Premium Beef, LLC (formerly known as U.S. Premium Beef, Ltd.) and itsconsolidated subsidiaries. As used in this report, the term "NBP" refers toNational Beef Packing Company, LLC (formerly known as Farmland National BeefPacking Company, LP), a Delaware limited liability company, and "USPB" refersto U.S. Premium Beef, LLC (formerly known U.S. Premium Beef, Ltd.) prior toconsolidation. 

**                                                                                               **

 

 

ii

**PART I.  FINANCIAL INFORMATION**

**Item 1.  Financial Statements**

 

 

 

 

 

 

 

 

** **

 

1

**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES****Consolidated Balance Sheets**(in thousands)
            **November 25,**  **August 26,** 
**Assets**   **2006**  **2006**     
**(unaudited)**   Current assets:            Cash and cash equivalents  $61,182  $58,434      Accounts receivable, less allowance for returns and doubtful accounts      of $2,517 and $2,412 in fiscal years 2007 and 2006, respectively 164,232   173,233      Due from affiliates   2,599   3,391      Other receivables   5,924   5,943      Inventory   138,711   145,009      Other current assets   22,351   20,171  Total current assets   394,999   406,181 Property, plant and equipment, at cost   340,029   331,500      Less accumulated depreciation   (76,834)  (69,490) Net property, plant and equipment  263,195   262,010 Goodwill   79,542   79,411 Other intangible assets, net of accumulated amortization           of $5,761 and $5,276 in fiscal years 2007 and 2006, respectively 29,925   30,562 Other assets   6,013   6,594  Total assets  $773,674  $784,758            
**Liabilities and Capital Shares and Equities**     Current liabilities:            Current installments of long-term debt $3,404  $3,400      Cattle purchases payable   74,137   58,320      Accounts payable   53,487   54,449      Due to affiliates   386   878      Accrued compensation and benefits  14,770   27,894      Accrued insurance   17,760   17,651      Other accrued expenses and liabilities  14,400   12,086      Distributions payable   254   4,880  Total current liabilities   178,598   179,558 Long-term liabilities:            Long-term debt, excluding current installments  394,947   380,496      Other liabilities   2,911   2,961  Total long-term liabilities   397,858   383,457  Total liabilities   576,456   563,015 Minority interest in National Beef Packing Company and Kansas City Steak, LLC 63,165   72,956 Capital shares and equities:            Members' capital, 735,505 Class A units and 735,505 Class B units      authorized, issued and outstanding  83,350   98,092      Patronage notices   50,642   50,642      Accumulated other comprehensive income  61   53  Total capital shares and equities  134,053   148,787  Total liabilities and capital shares and equities $773,674  $784,758          See accompanying notes to consolidated financial statements.     
2

**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES****Consolidated Statements of Operations**(in thousands, except per unit data) 
 **13 weeks ended** **13 weeks ended** **November 25, 2006** **November 26, 2005** **(unaudited)** **(unaudited)**    Net sales$1,273,025  $1,095,738        Costs and expenses:        Cost of sales 1,270,083   1,084,545    Selling, general and administrative expenses 10,434   9,390    Depreciation and amortization 7,868   6,595              Total costs and expenses 1,288,385   1,100,530                 Operating loss (15,360)  (4,792)       Other income (expense):        Interest income 557   258    Interest expense (9,349)  (7,373)   Minority owners' interest in net loss           of National Beef Packing Co., LLC 11,097   5,606    Minority owners' interest in net income           of Kansas City Steak, LLC (52)  (14)   Equity in loss of aLF Ventures, LLC (29)  (47)   Other, net 289   504                 Loss before taxes (12,847)  (5,858)       Income tax expense (228)  (543)                Net loss$(13,075) $(6,401)              Net loss per Class A and Class B linked unit:        Basic$(17.78) $(9.25)   Diluted$(17.78) $(9.25)       Outstanding weighted-average Class A and Class B linked units:        Basic 735,505   691,845    Diluted 735,505   691,845       See accompanying notes to consolidated financial statements.     
3

**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES****Consolidated Statements of Cash Flows**(in thousands) 
 **13 weeks ended** **13 weeks ended** **November 25, 2006** **November 26, 2005** **(unaudited)** **(unaudited)**Cash flows from operating activities:        Net loss$(13,075) $(6,401)   Adjustments to reconcile net loss to net cash used in operating activities:           Depreciation and amortization 7,868   6,595       Loss (gain) on disposal of property, plant and equipment 27   (83)      Minority interest (11,045)  (5,592)      Changes in assets and liabilities:              Accounts receivable 9,001   813          Due from affiliates 792   412          Other receivables 1,321   (192)         Inventories 6,298   (13,265)         Other assets (1,599)  (232)         Accounts payable (2,933)  2,766          Due to affiliates (492)  (917)         Accrued compensation and benefits (13,124)  (4,781)         Accrued insurance 109   (1,478)         Other accrued expenses and liabilities 2,264   3,773          Cattle purchases payable 4,604   6,197             Net cash used in operating activities (9,984)  (12,385)Cash flows from investing activities:        Capital expenditures, including interest capitalized (9,931)  (4,988)   Proceeds from sale of property, plant and equipment 55   250       Net cash used in investing activities (9,876)  (4,738)Cash flows from financing activities:        Net receipts under revolving credit lines 15,536   8,800    Payments of term notes payable (258)  (257)   Repayments of other indebtedness / capital leases (823)  (209)   Change in overdraft balances 13,184   5,306    Distributions to minority interest owners in National Beef Packing Co. (5,039)  (1,865)   Member distributions -   (1,197)            Net cash provided by financing activities 22,600   10,578    Effect of exchange rate changes on cash 8   1             Net increase (decrease) in cash 2,748   (6,544)Cash and cash equivalents at beginning of the period 58,434   54,428 Cash and cash equivalents at end of the period$61,182  $47,884 Supplemental cash disclosures:        Cash paid during the period for interest$7,123  $2,746    Cash paid during the period for taxes, net$53  $81 Supplemental non-cash disclosure:        Assets acquired through capital lease$-  $4,342    Receivable for final Brawley purchase price adjustment$1,302  $-        See accompanying notes to consolidated financial statements.     
 

4

**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(1)Interim Financial Statements**

**Basisof Presentation**

The accompanying unaudited Consolidated FinancialStatements have been prepared in accordance with U.S. generally acceptedaccounting principles (GAAP) for interim financial information; therefore, theydo not include all of the information and footnotes required by GAAP forcomplete financial statements. In the opinion of management, all adjustmentsconsidered necessary for a fair presentation have been included usingmanagement's best estimates and judgments where appropriate.  These estimatesand judgments affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements.  The estimates and judgments will also affect the reported amountsfor certain revenues and expenses during the reporting period.  Actual resultscould differ materially from these estimates and judgments.  For furtherinformation, refer to the audited Consolidated Financial Statements and Notesto Consolidated Financial Statements, which are included in USPB's AnnualReport on Form 10-K on file with the Securities and Exchange Commission (SEC)for the fiscal year ended August 26, 2006.  The results of operations for theinterim periods presented are not necessarily indicative of the results for afull fiscal year.  

In December 2004, Statement of Financial Accounting Standard(SFAS) No. 123 (revised 2004), Shared-Based Payment, was issued. SFAS 123Rrequires an entity to recognize, in the statement of operations, the grant-datefair-value of stock options and other equity-based compensation issued toemployees.  The Company was required to adopt SFAS 123R on August 28, 2005. The adoption of SFAS 123R had no effect on the Company'sconsolidated financial statements.

NB Finance Corp., a wholly-owned finance subsidiary ofNBP, is a co-issuer on a joint and several basis with NBP of the Senior Notes,which are NBP's senior unsecured obligations, ranking equal in right of paymentwith all of its other senior unsecured obligations.  NB Finance Corp. hasnominal assets and conducts no business or operations. There are no significantrestrictions on the ability of subsidiaries to transfer funds to NBP.

**(2)New Accounting Pronouncements**

In June 2006, the Financial Accounting Standards Board(FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertaintyin Income Taxes", to address uncertainty in income taxes recognized in anenterprise's financial statements.  Specifically, FIN 48 prescribes (a) a consistentrecognition threshold and (b) a measurement attribute for the financialstatement recognition and measurement of a tax position taken or expected to betaken in a tax return, and provides related guidance on derecognition,classification, interest and penalties, accounting in interim periods,disclosure, and transition.  FIN 48 will apply to fiscal years beginning after December 15, 2006, with earlier adoption permitted.  The Company is in the initial stageof evaluating the impact FIN 48 may have, if any, on its Consolidated FinancialStatements.

5

In September 2006, the SEC staff issued StaffAccounting Bulletin No. 108 (SAB 108), "Considering the Effects of Prior YearMisstatements when Quantifying Misstatements in Current Year FinancialStatements."  Traditionally there have been two widely recognized methods forquantifying the effects of financial statement misstatements:  the "roll-over"method and the "iron curtain" method.  The roll-over method focuses primarilyon the impact of a misstatement on the income statement, including thereversing effect of prior year misstatements.  The iron-curtain method focusesprimarily on the effect of correcting the period-end balance sheet with lessemphasis on the reversing effects of prior year errors on the incomestatement.  In SAB 108, the SEC staff established an approach that is commonlyreferred to as a "dual approach" as the SEC now requires quantification oferrors under both the iron curtain and the roll-over methods.  SAB 108 wasadopted by the Company during the first quarter of fiscal year 2007.  Theadoption of SAB 108 did not have any effect on the Company's financial position, netearnings or prior year financial statements.

In September 2006, the FASB issued Statement ofFinancial Accounting Standard No. 157 (SFAS 157), "Fair Value Measurements". This statement establishes a single authoritative definition of fair value,sets out a framework for measuring fair value, and requires additionaldisclosures about fair-value measurements.  SFAS 157 defines fair value as "theprice that would be received to sell an asset or paid to transfer a liabilityin an orderly transaction between market participants at the measurementdate".  SFAS 157 will apply to fiscal years beginning after November 15, 2007, and interim periods within those fiscal years.  The Company is currentlyevaluating the impact SFAS 157 may have, if any, on its Consolidated FinancialStatements.

**(3)Inventories**

Inventories at November 25, 2006 and  August 26, 2006 consisted of the following (in thousands):
 **November 25,** **August 26,**  **2006** **2006**      Dressed and boxed meat products$110,275 $117,712 Beef by-products 16,064  15,180 Supplies 12,372  12,117      Total inventory$138,711 $145,009 
** (4)Comprehensive Loss**

Comprehensive loss, which consists of net loss andforeign currency translation adjustments, was as follows for the periodsindicated (in thousands): 
  **13 weeks ended**  **13 weeks ended**   **November 25, 2006**  **November 26, 2005** Net loss$(13,075) $(6,401) 
Other comprehensive income:
           Foreign currency translation adjustments 8   1             Comprehensive loss$(13,067) $(6,400) 
**(5)Minority Interest **

At any time after certain dates, the earliest beingJuly 31, 2008, the latest being July 31, 2011, certain members of NBP managementand/or NBPCo Holdings, LLC have the right to request that NBP repurchase theirinterests, the value of which is to be determined by a mutually agreedappraisal process. If NBP is unable to effect the repurchase within a specifiedtime, the requesting member(s) have the right to cause a sale process tocommence.  NBP accounts for changes in the redemption value of these interestsby accreting the change in value over the current period through the earliestredemption date of the respective interests. At November 25, 2006, the minority interest in National Beef was revalued by an independent appraisal process,and the value was determined to be $77.5 million, which was in excess of itscarrying value.  Accordingly, the carrying value of the minority interest inNational Beef increased by approximately $1.7 million through accretion duringthe thirteen weeks ended November 25, 2006, resulting in a carrying value of $62.3million which is reflected in the accompanying Consolidated Balance Sheet as of November 25, 2006.  

 6

**(6)Contingencies**

*Schumacher v. Tyson Foods, et al. *On July 1, 2002, a lawsuit was filed against FarmlandNational Beef Packing Company, L.P. (FNBPC or the predecessor to NBP), ConAgraBeef Company, Tyson Foods, Inc. and Excel Corporation in the United StatesDistrict Court for the District of South Dakota seeking certification of aclass of all persons who sold cattle to the defendants for cash, or on a basisaffected by the cash price for cattle, during the period from April 2, 2001through May 11, 2001 and for some period up to two weeks thereafter. The casewas filed by three named plaintiffs on behalf of a putative nationwide classthat plaintiffs estimate is comprised of hundreds or thousands of members. Thecomplaint alleged that the defendants, in violation of the Packers andStockyards Act of 1921, knowingly used, without correction or disclosure,incorrect and misleading boxed beef price information generated by the USDA topurchase cattle offered for sale by the plaintiffs at a price substantiallylower than was justified by the actual and correct price of boxed beef duringthis period. Plaintiffs also sought recovery against all defendants under atheory of unjust enrichment.  The case was certified as a class-action matterin June of 2004. The plaintiffs claimed damages against FNBPC in the amount ofapproximately $4.5 million plus prejudgment interest, attorneys' fees and courtcosts.  The claim is subject to reduction in an unknown amount by the number ofclass members who have opted out of the class.  Trial began March 31, 2006.  On April 13, 2006, the jury returned a verdict in favor of FNBPC but against theother defendants.  The defendants found liable filed post-trial motions forjudgment as a matter of law, which were denied.  The plaintiffs did not file apost-trial motion seeking to set aside the jury's verdict for FNBPC.  The courthas not yet entered a final judgment or appealable order and, until it does,the time for an appeal does not begin to run. 

 NBP's wholly owned subsidiary, NationalCarriers, Inc., has various independent contractor drivers who are involved inaccidents from time to time, which in the aggregate could result in a materialliability for the Company.

The Company is also a party to a numberof other lawsuits and claims arising out of the operation of its business.Management believes the ultimate resolution of such matters should not have amaterial adverse effect on the Company's financial condition, results ofoperations, or liquidity.

**(7)  United States BSE Outbreak**

On December 23, 2003, it was announced by the UnitedStates Department of Agriculture (USDA) that a single Holstein dairy cow wasdiscovered in the state of Washington to have tested positive for bovinespongiform encephalopathy (BSE).  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business,closed their borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries.  Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headrealized by the U.S. beef packing industry.

The reopening of U.S. export markets was furtherhampered by discovery in 2005 of a second case of BSE in the U.S. as well as additional precautions required by some other importing countries.  InDecember 2005, Japan opened their border to U.S. beef but subsequently closed ashort time later as a result of a U.S. packer erroneously shipping a productnot approved for export to Japan.  On July 26, 2006, Japan agreed to reopen its market to U.S. beef aged 20 months and younger after aninspection of U.S. beef processing plants.  Shipments of U.S. beef to Japan commenced in August 2006.  In September 2006, Korea announced aprovisional opening of their border to U.S. beef, but restrictions imposed withthe reopening have created uncertainty regarding amounts of beef that mayqualify.

Neither USPB nor NBP can presentlyassess the full economic impact of the consequences of BSE on the U.S. beef packing industry or on its operations.  Existing or new import restrictions oradditional regulatory restrictions or disruptions in domestic consumer demandfor beef may continue to have a material adverse affect on the Company'srevenues and net income.

7

**(8)Earnings Per Unit**

Basic EPU excludesdilution and is computed by dividing income available to unitholders by theweighted-average number of linked Class A and Class B units outstanding for theperiod.  Class A units and Class B units shall be issued, redeemed, andtransferred together on a one for one basis until the Board of Directorsdetermines the extent and conditions under which Class A units and Class Bunits may be issued, redeemed, and transferred separately.

Diluted EPU reflects the potential dilution that couldoccur if potential unit purchase rights were exercised or contractualappreciation rights were converted into units.   Upon termination of the CEOemployment agreement, at the election of the CEO, or upon mutual agreement ofthe Board of the Company and the CEO, the CEO may purchase up to 20,000 Class Aand Class B units, or upon agreement of the CEO and the Board of the Company,the CEO may convert the contractual unit appreciation rights to up to 20,000Class A and Class B units.  The diluted EPU reflects the circumstances oftermination of the CEO employment agreement, and the election of CEO oragreement by the Board of the Company and the CEO for the CEO to purchase orconvert contractual rights to the maximum 20,000 units at $55 per linked ClassA and Class B unit for the periods as provided in the CEO employment agreement.

The diluted loss per linked unit calculation in thefollowing table excludes the effect of the 20,000 unit purchase rights notedabove for the thirteen week periods ending November 25, 2006 and November 26,2005 as the effect of including them would have been anti-dilutive to the lossper linked unit calculation. 
**Loss Per Linked Unit Calculation**           (In thousands, except unit and per unit data)13 Weeks Ended November 25, 2006 November 26, 2005 (unaudited) (unaudited)**Basic loss per unit**     Loss available to unitholders (numerator)$(13,075) $(6,401)       Outstanding units (denominator) 735,505   691,845           Per unit amount$(17.78) $(9.25)      **Diluted loss per unit**     Loss available to unitholders (numerator)$(13,075) $(6,401)       Outstanding units 735,505   691,845 Effect of dilutive securities - unit options -   -    Units (demoninator) 735,505   691,845           Per unit amount$(17.78) $(9.25)
 8

**Item 2.  Management'sDiscussion and Analysis of Financial Condition and Results of Operations**

**DisclosureRegarding Forward-Looking Statements**

This report contains"forward-looking statements," which are subject to a number of risks anduncertainties, many of which are beyond our control. Forward-looking statementsare typically identified by the words "believe," "expect," "anticipate,""intend," "estimate" and similar expressions. Actual results could differmaterially from those contemplated by these forward-looking statements as aresult of many factors, including economic conditions generally and in ourprincipal markets, the availability and prices of live cattle and commodities,food safety, livestock disease, including the identification of cattle withBSE, competitive practices and consolidation in the cattle production andprocessing industries, actions of domestic or foreign governments, hedgingrisk, changes in interest rates and foreign currency exchange rates, consumerdemand and preferences, the cost of compliance with environmental and healthlaws, loss of key customers, loss of key employees, labor relations,consolidation among our customers and the potential inability to receive theanticipated benefits from the acquisition of the processing facility inBrawley, CA.  

In light of these risks anduncertainties, there can be no assurance that the results and eventscontemplated by the forward-looking information contained in this report willin fact transpire. Readers are cautioned not to place undue reliance on theseforward-looking statements. We do not undertake any obligation to update orrevise any forward-looking statements. All subsequent written or oralforward-looking statements attributable to us or persons acting on our behalfare expressly qualified in their entirety by these factors.  Please review the *RiskFactors* in Item 1*. Business* of the Company's Annual Report forthe year ended August 26, 2006 on Form 10-K filed with the Securities andExchange Commission for other important factors that could cause actual resultsto differ materially from those in any such forward-looking statements, andwhich should be read in conjunction with this report.

**Industry Outlook**

Continued relatively high fedcattle prices, along with limited access to key export markets, has resulted ina difficult environment for beef industry participants.  In general, domesticcattle supplies have been anticipated to improve over the next two to threeyears, however, recent increases in feeding costs have threatened the speed andmagnitude at which the cattle supply is expected to grow.  With uncertaintyregarding international market access and the realization of improved cattlesupplies, the timing of margin improvements remains uncertain.

**Recent Developments**

On December 23, 2003, it was announced by the UnitedStates Department of Agriculture (USDA) that a single Holstein dairy cow wasdiscovered in the state of Washington to have tested positive for bovinespongiform encephalopathy (BSE).  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business,closed their borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries.  Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headrealized by the U.S. beef packing industry.

9

The reopening of U.S. export markets was furtherhampered by discovery in 2005 of a second case of BSE in the U.S. as well as additional precautions required by some other importing countries.  InDecember 2005, Japan opened their border to U.S. beef but subsequently closed ashort time later as a result of a U.S. packer erroneously shipping a productnot approved for export to Japan.  On July 26, 2006, Japan agreed to reopen its market to U.S. beef aged 20 months and younger after an inspectionof U.S. beef processing plants.  Shipments of U.S. beef to Japan commenced in August 2006.  In September 2006, Korea announced a provisional openingof their border to U.S. beef, but restrictions imposed with the reopening havecreated uncertainty regarding amounts of beef that may qualify.

Neither USPB nor NBP can presentlyassess the full economic impact of the consequences of BSE on the U.S. beef packing industry or on its operations.  Existing or new import restrictions oradditional regulatory restrictions or disruptions in domestic consumer demandfor beef may continue to have a material adverse affect on the Company'srevenues and net income.

**Resultsof Operations**

***Thirteen weeks ended November 25, 2006 compared to thirteen weeks ended November 26, 2005***

General.  Net loss for the thirteen weeks ended November 25, 2006 was $13.1 million compared to net loss of $6.4 million for the thirteenweeks ended November 26, 2005, a change of $6.7 million.  Sales and cost ofsales were both higher in the thirteen weeks ended November 25, 2006 than those of the prior year period primarily due to an approximate 12.4% increase in thenumber of cattle processed, primarily due to the acquisition of Brawley Beef,LLC, higher live cattle prices, which were approximately 2.4% higher andheavier cattle at average weights, which were 1.5% higher, than the same periodof fiscal year 2006.

Although sales increased by approximately 16.2%compared to the same period in the prior year, cost of sales increased at ahigher rate, resulting in an increase in operating loss of $10.6 million.  Theincrease in cost of sales was primarily due to an increase in cattle processedat live cattle prices that were approximately 2.4% higher and cattle weighingan average of 1.5% more than the same period in the prior year.  Total costsand expenses of $1,288.4 million and $1,100.5 million for the thirteen weeksended November 25, 2006 and November 26, 2005, respectively, were 101.2% as apercent of sales for the thirteen weeks ended November 25, 2006 compared to 100.4% for the thirteen weeks ended November 26, 2005. 

Net Sales.  Net sales were $1,273.0 million for thethirteen weeks ended November 25, 2006 compared to $1,095.7 million for thethirteen weeks ended November 26, 2005, an increase of $177.3 million, or16.2%.  The increase in net sales principally resulted primarily from anapproximate 12.4% increase in the number of cattle processed during thethirteen weeks ended November 25, 2006, primarily due to the acquisition ofBrawley Beef, LLC during the fourth quarter of fiscal year 2006.  In addition,the increase in net sales was impacted by a 3.3% increase in sales prices forthe current period as compared to the same period of last year.

Cost of Sales.  Cost of sales was $1,270.1 million forthe thirteen weeks ended November 25, 2006 compared to $1,084.5 million for thethirteen weeks ended November 26, 2005, an increase of $185.6 million, or17.1%.  The increase was a result of the combination of increased cattleprocessing of approximately 12.4%, primarily due to the acquisition of BrawleyBeef, LLC, higher live cattle prices that were approximately 2.4% more andheavier cattle at average weights 1.5% more than the same period of fiscal year2006.  The 2.4% increase in cattle prices for this period resulted from acontinued tight supply of market-ready cattle.

Selling, General and Administrative Expenses. Selling, general and administrative expenses were $10.4 million for thethirteen weeks ended November 25, 2006 compared to $9.4 million for thethirteen weeks ended November 26, 2005, an increase of $1.0 million, or 10.6%. The increase reflects an increase in payroll and related expenses of approximately$0.6 million, an increase in bad debt expense of approximately $0.2 million, anincrease in travel and related expenses of approximately $0.2 million, anincrease in advertising expense of approximately $0.2 million, and an increase insupplies expense of approximately $0.2 million.

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Depreciation and Amortization Expense.  Depreciationand amortization expenses were $7.9 million for the thirteen weeks ended November 25, 2006 compared to $6.6 million for the thirteen weeks ended November 26, 2005, an increase of $1.3 million, or 19.7%.  Depreciation expense increasedapproximately $0.6 million as a result of the acquisition of Brawley Beef, LLC duringthe fourth quarter of fiscal year 2006.  Also contributing to the increase indepreciation expense for this period were assets being placed into service,primarily at the Dodge City and Liberal beef plants, during fiscal year 2006.

Operating Loss.  Operating loss was $15.4 million forthe thirteen weeks ended November 25, 2006 compared to $4.8 million for thethirteen weeks ended November 26, 2005, an increased loss of $10.6 million.  Theincreased loss resulted primarily from a tightened supply of market-readycattle.  

Interest Expense.  Interest expense was $9.3 millionfor the thirteen weeks ended November 25, 2006 compared to $7.4 million for thethirteen weeks ended November 26, 2005, an increase of $1.9 million, or 25.7%. The increase in interest expense during the thirteen weeks ended November 25, 2006 as compared to the same period in fiscal year 2005 was due primarily toan increase in the weighted average of variable rate debt of approximately$64.1 million resulting primarily from the acquisition of Brawley Beef, LLC. Interest expense also increased due to higher interest rates on our variablerate debt, an increase of approximately 40 basis points, in the thirteen weeksended November 25, 2006 as compared to the same period in fiscal year 2006.

Income Tax Expense.  Income tax expense was $0.2million for the thirteen weeks ended November 25, 2006 compared to $0.5 million for the thirteen weeks ended November 26, 2005.  Income tax expense is recordedon income from National Carriers, Inc., which is organized as a C Corporation.

**Liquidityand Capital Resources**

As of November 25, 2006, we had net working capital of$216.4 million, which included $0.3 million in distributions payable, and cashand cash equivalents of $61.2 million, including $4.1 million restricted to IRBapproved expenditures. As of August 26, 2006 we had net working capital of $226.6 million, which included $4.9 millionin distributions payable, and cash and cash equivalents of $58.4 million,including $4.0 million restricted to IRB approved expenditures.  NBP's primarysources of liquidity are cash flow from operations and available borrowingsunder its amended and restated credit facility.

As of November 25, 2006, we had $398.4 million oflong-term debt, of which $3.4 million was classified as a current liability. Asof November 25, 2006, NBP's amended and restated credit facility consisted of a$170.0 million term loan, all of which was outstanding, and a $160.0 millionrevolving line of credit loan, which had outstanding borrowings of $34.4 million,outstanding letters of credit of $48.4 million and available borrowings of $49.2million, based on the most restrictive financial covenant calculations.  Cashflow from operations and borrowings under NBP's amended and restated creditfacility have funded its working capital requirements, acquisitions, capitalexpenditures and other general corporate purposes.  NBP was in compliance withall of the financial covenants under its amended and restated credit facilityas of November 25, 2006.

In addition to outstanding borrowings under theamended and restated credit facility, the Company had outstanding senior notesof $160.0 million, borrowings under industrial revenue bonds of $20.7 million, aterm loan with CoBank, of which $4.9 million was outstanding, and capital leasesof $8.4 million as of November 25, 2006.  

*Operating Activities*

Net cash used in operating activities in the thirteenweeks ended November 25, 2006 was $10.0 million compared to net cash used inoperating activities of $12.4 million in the thirteen weeks ended November 26, 2005. The $2.4 million change was due to a net decrease in working capitalrequirements in the current period resulting primarily from the decreased beefinventory levels and increased accounts receivable collections which were offsetby an increased net loss and decreased accrued compensation and benefits fromthe same period of the prior year.**

* *

 11

*Investing Activities*

Net cash used in investing activities was $9.9 millionin the thirteen weeks ended November 25, 2006 compared to $4.7 million in thethirteen weeks ended November 26, 2005.  This increase in cash used wasprimarily attributable to an increase in expenditures for property, plant andequipment in the current year.

*Financing Activities*

Net cash provided by financing activities was $22.6million in the thirteen weeks ended November 25, 2006 compared to net cash provided by financing activities of $10.6 million in the thirteen weeks ended November 26, 2005.  The change was primarily attributed to a $6.7 million increase in thenet receipts in revolving credit borrowings, combined with a $7.9 millionincrease in the overdraft balance and offset by an increase in distributions tothe Company's members and minority interest owners in NBP of $2.0 million.

*Amended and Restated Senior Credit Facilities*

Effective June 1, 2006, NBP amended and restated its existing senior credit facility with a consortium of banks.  The facility nowconsists of a $170.0 million term loan that matures in May 2016 and a $160.0million revolving line of credit loan that matures in May 2011 that is subjectto certain borrowing base limitations.  

The borrowings under the revolving loan are availablefor NBP's working capital requirements, acquisitions, capital expenditures andother general corporate purposes.  NBP's amended and restated credit facilityis secured by a first priority lien on substantially all of NBP's assets.  Theprincipal amount outstanding under the term loan is payable in semi-annualinstallments on the last business day of each June and December commencing June 30, 2011 in equal installments of approximately $2.8 million, with any and allremaining principal outstanding being due and payable on the maturity date. Prepayment is allowed at any time.

NBP's amended and restated credit facility containscovenants that limit NBP's ability to incur additional indebtedness, sell ordispose of assets, pay certain dividends and prepay or amend certainindebtedness among other matters.  NBP's amended and restated credit facilityalso contains a provision for a conversion to more favorable interest rates andmore restrictive financial covenants on the earlier of (a) August 25, 2007 or (b) NBP's election (Conversion Date).  Currently, the interestrate for the term loan is (a) the Base Rate (as defined in the creditagreement) plus 75 basis points or (b) the LIBOR Rate (as defined in the creditagreement) plus 275 basis points, or a combination of these rates at NBP'selection.  As of November 25, 2006, the interest rate for the term loan wasequal to 8.125%.  Currently, the interest rate for the revolving loan is (a)the Base Rate plus 50 basis points or (b) the LIBOR Rate plus 250 basis points,or a combination of these rates at NBP's election.  As of November 25, 2006, the interest rate for the revolving loan was equal to 7.936%.  After theConversion Date, the interest rate for the term loan and revolving loan will bedetermined by reference to a matrix of rates keyed to NBP's funded debt toEBITDA (as defined in the credit agreement) ratio.

NBP's amended and restated credit facility imposescertain financial covenants.  From May 30, 2006 until the earlier of February28, 2007 or the Conversion Date, NBP is required to (i) have as of the endof each fiscal quarter a minimum four-quarter rolling EBITDA of $50.0 millionand (ii) maintain at all times a minimum Borrowing Base Availability (asdefined in the credit agreement) of at least $25.0 million.  After February 28,2007 until the Conversion Date, NBP is required to (i) have as of the end ofeach fiscal quarter a minimum four-quarter rolling EBITDA of $60.0 million and(ii) maintain at all times a minimum Borrowing Base Availability of atleast $25.0 million.  After the Conversion Date, NBP is required to maintain atall times a specified maximum funded debt to EBITDA ratio, a maximum seniorsecured funded debt to EBITDA ratio, a minimum four-quarter rolling EBITDA anda minimum four-quarter rolling debt service coverage ratio.  In addition, NBP'sannual net capital expenditures are limited to $50 million in each fiscal year.

12

NBP's amended and restated credit facility containscustomary affirmative covenants, including furnishing financial statements, maintenanceof insurance, conduct of business, maintenance of properties, and compliancewith laws.  The facility also contains customary negative covenants, includingcovenants restricting NBP's ability to pay certain distributions, incuradditional indebtedness, merge with another entity, sell or dispose assets, andmake investments or acquire assets, among other restrictions.

The Company believes that available borrowings underNBP's fifth amended and restated credit facility and cash provided by operatingactivities will be sufficient to support its working capital, capitalexpenditures and debt service requirements for the foreseeable future.  NBP'sability to generate sufficient cash, however, is subject to certain generaleconomic, financial, industry, legislative, regulatory and other factors beyondtheir control.  For a review of the Company's obligations that affectliquidity, please see the "Cash Payment Obligations" table in "Item 7.Management's Discussion and Analysis of Financial Condition and Results ofOperations" of our Annual Report on Form 10-K for the year ended August 26, 2006. 

**Item3. Quantitative and Qualitative Disclosures About Market Risk**

The principal market risks affecting our business areexposure to changes in prices for commodities, such as livestock and boxedbeef, and interest rate risk.

*Commodities.*NBPuses various raw materials, many of which are commodities. Raw materials aregenerally available from several different sources, and NBP presently believesthat it can obtain them as needed.  Commodities are subject to pricefluctuations that may create price risk. When appropriate, NBP may hedgecommodities in order to mitigate this price risk. While this may tend to limit NBP'sability to participate in gains from commodity price fluctuations, it alsotends to reduce the risk of loss from changes in commodity prices. NBP reflectscommodity contract gains and losses as adjustments to the basis of underlyingcommodities purchased; gains or losses are recognized in the statement of operationsas a component of costs of goods sold.

NBP purchases cattle for use in its processingbusinesses. When appropriate, NBP enters into forward purchase contracts atprices determined prior to the delivery of the cattle. The commodity price riskassociated with these activities can be hedged by selling (or buying) theunderlying commodity, or by using an appropriate commodity derivativeinstrument. The particular hedging instrument NBP uses depends on a number offactors, including availability of appropriate derivative instruments.

NBP sells commodity beef products in its business.Commodity beef products are subject to price fluctuations that may create pricerisk. When appropriate, NBP enters into forward sales contracts at pricesdetermined prior to shipment. We may hedge the commodity price risk associatedwith these activities in order to mitigate this price risk. While this may tendto limit NBP's ability to participate in gains from commodity pricefluctuations, it also tends to reduce the risk of loss from changes incommodity beef prices. NBP reflects commodity contract gains and losses asadjustments to the basis of underlying commodities sold; gains or losses arerecognized in the statement of operations as a component of net sales.

13

NBP may use futures contracts in order to reduceexposure associated with entering into firm commitments to purchase live cattleat prices determined prior to delivery of the cattle as well as firmcommitments to sell certain beef products at sales prices determined prior toshipment. In accordance with SFAS No. 133, Accounting for DerivativeInstruments and Hedging Activities, as amended, NBP accounts for futurescontracts and their related firm purchase commitments at fair value. Certainfirm commitments for live cattle purchases and all firm commitments for boxedbeef sales are treated as "normal purchases and sales" and not marked tomarket.  SFAS No. 133 imposes extensive recordkeeping requirements in order totreat a derivative instrument as a hedge for accounting purposes. Derivativesqualify for treatment as hedges when there is a high correlation between thechange in fair value of the instrument and the related change in fair value ofthe underlying commitment. For derivatives that qualify as effective hedges,the change in fair value has no net effect on earnings until the hedgedtransaction affects earnings. For derivatives that are not designated ashedging instruments, or for the ineffective portion of a hedging instrument,the change in fair value does affect current period net earnings.

While management believes each of these instrumentshelp mitigate various market risks, they are not designated and accounted foras hedges under SFAS No. 133 as a result of the extensive recordkeepingrequirements of this statement. Accordingly, the gains and losses associatedwith the change in fair value of the instrument and the offsetting gains andlosses associated with changes in the market value of certain of the firmcommitments related to the futures contracts are recorded to income and expensein the period of change.

NBP uses a sensitivity analysis to evaluate the effectthat changes in the market value of commodities will have on these commodityderivative instruments.  As of November 25, 2006, the potential change in fairvalue of applicable commodity prices, assuming a hypothetical 10% decrease inthe underlying commodity price, was $1.2 million.  As of August 26, 2006, the potential change in fair value of applicable commodity prices, assuming ahypothetical 10% decrease in the underlying commodity price, was $1.4 million.

Foreign Operations.  Transactions denominated in acurrency other than an entity's functional currency may expose that entity tocurrency risk.  Although NBP operates in international markets including Japan and South Korea, product sales are predominately made in United States dollars, andtherefore, currency risks are limited.

Interest Rates. As a result of the Company's normalborrowing and leasing activities, our operating results are exposed tofluctuations in interest rates, which we manage primarily through our regularfinancing activities. We generally maintain limited investments in cash andcash equivalents.  

We have long-term debt with variable interest rates.Short-term debt is primarily comprised of the current portion of long-term debtmaturing twelve months from the balance sheet date.  Our variable interestexpense is sensitive to changes in the general level of interest rates. 

Our exposure to interest rate risk has not materiallychanged since August 26, 2006.

** **

**Item 4.  Controls and Procedures**

We maintain asystem of controls and procedures designed to provide reasonable assurance asto the reliability of the Consolidated Financial Statements and otherdisclosures included in this report, as well as to safeguard assets fromunauthorized use or disposition. We evaluated the effectiveness of the designand operation of our disclosure controls and procedures as defined in theSecurities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e) undersupervision and with the participation of management, including our ChiefExecutive Officer and Chief Reporting and Compliance Officer. Based upon thatevaluation, as of the end of the period covered by this Quarterly Report onForm 10-Q, our Chief Executive Officer and Chief Reporting and ComplianceOfficer concluded that our disclosure controls and procedures were effective inalerting them, in a timely manner, to material information required to beincluded in our periodic Securities and Exchange Commission filings.  Therehave been no changes in our internal controls over financial reporting duringthe thirteen weeks ended November 26, 2006 that have materially affected, orare reasonably likely to materially affect, our internal control over financialreporting.  The design of any system of controls and procedures is based inpart upon certain assumptions about the likelihood of future events. 

** **

** **

 14

** **

**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings**

For informationregarding legal proceedings, see Note 5. *Contingencies* to our ConsolidatedFinancial Statements included in Part I- *Item 1* of this Form 10-Q.

**Item 1A. Risk Factors**

The risk factorsset forth in our Annual Report on Form 10-K for the fiscal year ended August 26, 2006 have not materially changed.  Please refer to the Company's report on Form10-K for the fiscal year ended August 26, 2006 to consider those risk factors.

**Item 2. Unregistered Sales of EquitySecurities and Use of Proceeds**

None.

**Item 3. Defaults Upon Senior Securities**

None. 

**Item 4. Submission of Matters to a Vote ofSecurity Holders**

TheAnnual Meeting of members of USPB was held on November 29, 2006. Other than approval of the minutes from the previous annual meeting, the only proposalpresented for member consideration at the Annual Meeting was the election of two(2) directors to serve for three-year terms expiring after the 2009 fiscalyear.  The three nominees who stood for election to the Board of Directors wereincumbent directors Terry Ryan and John Fairleigh and new candidate DuaneRamsey.  Biographical information regarding Mr. Ryan and Mr. Fairleigh haspreviously been included in the Company's filings with the Securities andExchange Commission, while information regarding Mr. Ramsey is presented in thefollowing paragraph.  

Duane Ramsey isChairman of Security Bancshares Inc., a $270 million multi-bank holdingcompany. In addition, he has held an ownership interest in a commercial feedlotin southwest Kansas and a cow calf operation.  He has spent 44 years in bankingin Scott County, KS, and was involved in the organization and development ofUSPB as a founding unitholder through his feedlot and through commercial bankswas involved in financing numerous USPB stockholders.

At the AnnualMeeting, under procedures established by the Company's nominating committee,Mr. Ryan, Mr. Fairleigh, and Mr. Ramsey stood for election for the two openseats on the USPB Board of Directors.  USPB's members elected John Fairleigh and Duane Ramsey to serve as directors on the Board of Directors for a term thatwill expire after fiscal year 2009.  The election of the nominees was by amajority of the members present and voting at the Annual Meeting, expressed bya written ballot.  In the election, out of 89 valid ballots, Mr. Ryan receiveda total of 50 votes, Mr. Fairleigh received a total of 59 votes, and Mr. Ramseyreceived a total of 60 votes.  The other members of the Board of Directors, Mr.Gardiner, Ms. Keiser, Mr. McCloy, Mr. Laue and Mr. Bohn continued in service asmembers of the USPB Board of Directors following the Annual Meeting.

 15

**Item 5. Other Information**

NBP may purchasea portion of its outstanding Senior Notes from time to time in accordance withthe limits imposed under the amended and restated senior credit facility. 

**Item 6. Exhibits**
(A)Exhibits            
31.1 

Certification of the Chief  Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of  2002.
           
31.2 

Certification of the  Principal Financial and Accounting Officer pursuant to Section 302 of  the Sarbanes-Oxley Act of 2002.
           
32.1 

Certification of the Chief  Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
           
32.2 

Certification of the  Principal Financial and Accounting Officer pursuant to 18 U.S.C.  Section 1350, as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002.

 

 

 

 

 
16
**SIGNATURES**

Pursuant to the requirements of the SecuritiesExchange Act of 1934, the registrant has duly caused this report to be signedon its behalf by the undersigned thereunto duly authorized.

                                                                                                               
   U.S. Premium Beef, LLC     
 
By:
/s/ Steven D. Hunt

Steven D. Hunt*Chief Executive Officer**(Principal Executive Officer)*
     
 
By:
/s/ Scott J. Miller

Scott J. Miller* Chief Reporting and Compliance Officer**(Principal Financial and Accounting Officer)*

Date: January 5, 2007 

 

 

 

 

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