##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended: September 24, 2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For
the transition period from       to
 Commission
file number: 333-64180
 Premium Standard Farms, Inc.
  Delaware
    
    43-1755411State or other jurisdiction of
    
    (I.R.S. Employer Identification No.)incorporation or organization
 805 Pennsylvania, Suite 200, Kansas City, Missouri
    
    64105(Address of principal executive office)
    
    (Zip Code)
  Not Applicable
 
 
 þ o
 o þ
 o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Qualitative and Quantitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 2. Changes in SecuritiesItem 3. Defaults Upon Senior SecuritiesItem 4. Submission of Matters to a Vote of Security HoldersItem 5. Other InformationItem 6. ExhibitsSIGNATURESEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATIONEX-32.2: CERTIFICATION    Table of Contents  
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 Premium Standard Farms, Inc. and Subsidiaries
 Condensed Consolidated Balance Sheets
September 24, 2005 and March 26, 2005
(in 000s)
(Unaudited)
 September 24,
    
    March 26,2005
    
    2005ASSETSCURRENT ASSETS:Cash and cash equivalents
    
    $
    3,589
    
    
    $
    10,054Accounts receivable, net
    
    
    34,321
    
    
    
    33,871Inventories
    
    
    176,445
    
    
    
    165,363Deferred income taxes
    
    
    6,874
    
    
    
    8,116Prepaid expenses and other
    
    
    4,864
    
    
    
    5,270Total current assets
    
    
    226,093
    
    
    
    222,674PROPERTY, PLANT, EQUIPMENT AND BREEDING STOCK:Land and improvements
    
    
    101,610
    
    
    
    101,469Buildings
    
    
    297,004
    
    
    
    296,569Machinery and equipment
    
    
    287,489
    
    
    
    284,554Breeding stock
    
    
    43,306
    
    
    
    39,570Construction in progress
    
    
    18,839
    
    
    
    12,193748,248
    
    
    
    734,355Less- accumulated depreciation
    
    
    331,453
    
    
    
    307,979Total property, plant, equipment and breeding stock
    
    
    416,795
    
    
    
    426,376GOODWILL
    
    
    75,998
    
    
    
    75,998OTHER LONG-TERM ASSETS:Deferred financing costs, net
    
    
    2,319
    
    
    
    4,542Other
    
    
    7,949
    
    
    
    7,376Total other long-term assets
    
    
    10,268
    
    
    
    11,918Total assets
    
    $
    729,154
    
    
    $
    736,966LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES:Checks issued against future deposits
    
    $
    10,716
    
    
    $
    Accounts payable
    
    
    7,615
    
    
    
    6,133Accrued expenses
    
    
    41,975
    
    
    
    49,913Dividends payable
    
    
    893
    
    
    
    Due to related party (including dividends payable of $986
and $0)
    
    
    1,470
    
    
    
    29Federal income tax payable
    
    
    355
    
    
    
    975Accrued interest
    
    
    1,064
    
    
    
    4,861Current maturities of long-term debt and capital leases
    
    
    841
    
    
    
    801Total current liabilities
    
    
    64,929
    
    
    
    62,712LONG-TERM LIABILITIES:Long-term debt and capital leases, less current maturities
    
    
    139,793
    
    
    
    175,287Other long-term liabilities
    
    
    6,276
    
    
    
    8,151Deferred income taxes
    
    
    84,229
    
    
    
    83,092Total long-term liabilities
    
    
    230,298
    
    
    
    266,530Total liabilities
    
    
    295,227
    
    
    
    329,242SHAREHOLDERS EQUITY:Common stock
    
    
    313
    
    
    
    309Additional paid-in capital
    
    
    378,214
    
    
    
    373,401Unearned compensation
    
    
    (2,671
    )
    
    
    Accumulated other comprehensive income, net of tax
    
    
    212
    
    
    
    Retained earnings
    
    
    57,859
    
    
    
    34,014Total shareholders equity
    
    
    433,927
    
    
    
    407,724Total liabilities and shareholders equity
    
    $
    729,154
    
    
    $
    736,966
 The accompanying notes are an integral part of the condensed consolidated financial
statements.
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Premium Standard Farms, Inc. and Subsidiaries
 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
13 and 26 weeks ended September 24, 2005 and September 25, 2004
(in 000s except share and per share data)
(Unaudited)
 13 Weeks Ended
    
    
    26 Weeks EndedSeptember 24,
    
    
    September 25,
    
    
    September 24,
    
    
    September 25,2005
    
    
    2004
    
    
    2005
    
    
    2004Net sales
    
    $
    213,231
    
    
    $
    218,831
    
    
    $
    458,538
    
    
    $
    430,966Cost of goods sold
    
    
    186,350
    
    
    
    188,851
    
    
    
    374,590
    
    
    
    376,710Gross profit
    
    
    26,881
    
    
    
    29,980
    
    
    
    83,948
    
    
    
    54,256Selling, general and administrative expenses
    
    
    5,686
    
    
    
    5,319
    
    
    
    13,119
    
    
    
    9,112Loss on early extinguishment of debt
    
    
    
    
    
    
    
    
    
    
    21,707
    
    
    
    Other income
    
    
    (72
    )
    
    
    (143
    )
    
    
    (356
    )
    
    
    (662
    )Operating income
    
    
    21,267
    
    
    
    24,804
    
    
    
    49,478
    
    
    
    45,806Interest expense (income):Interest expense
    
    
    2,096
    
    
    
    5,352
    
    
    
    5,291
    
    
    
    11,019Interest income
    
    
    (21
    )
    
    
    (14
    )
    
    
    (152
    )
    
    
    (44
    )Interest expense, net
    
    
    2,075
    
    
    
    5,338
    
    
    
    5,139
    
    
    
    10,975Income before income taxes
    
    
    19,192
    
    
    
    19,466
    
    
    
    44,339
    
    
    
    34,831Income tax expense
    
    
    6,962
    
    
    
    7,572
    
    
    
    16,737
    
    
    
    13,549Net income
    
    $
    12,230
    
    
    $
    11,894
    
    
    $
    27,602
    
    
    $
    21,282Unrealized gain on interest rate swap, net of tax
    
    
    1,822
    
    
    
    14
    
    
    
    212
    
    
    
    54Comprehensive income
    
    $
    14,052
    
    
    $
    11,908
    
    
    $
    27,814
    
    
    $
    21,336Earnings per share:Basic
    
    $
    0.40
    
    
    $
    0.38
    
    
    $
    0.89
    
    
    $
    0.69Diluted
    
    $
    0.39
    
    
    $
    0.38
    
    
    $
    0.88
    
    
    $
    0.69Weighted average number of common shares outstanding:Basic
    
    
    30,928,524
    
    
    
    30,928,593
    
    
    
    30,928,524
    
    
    
    30,928,593Diluted
    
    
    31,332,313
    
    
    
    31,067,134
    
    
    
    31,236,245
    
    
    
    31,047,288Dividends declared per share
    
    $
    0.06
    
    
    $
    
    
    
    $
    0.12
    
    
    $
    
 The accompanying notes are an integral part of the condensed consolidated financial statements.
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Premium Standard Farms, Inc. and Subsidiaries
 Condensed Consolidated Statements of Cash Flows
26 Weeks ended September 24, 2005 and September 25, 2004
(in 000s)
(Unaudited)
 September 24,
    
    September 25,2005
    
    2004OPERATING ACTIVITIES:Net income
    
    $
    27,602
    
    
    $
    21,282Adjustments to reconcile net income
to net cash provided by (used in) operating activities:Depreciation
    
    
    30,030
    
    
    
    30,099Amortization of unearned compensation
    
    
    319
    
    
    
    Amortization of deferred financing costs
    
    
    270
    
    
    
    544Write-off of deferred financing costs
    
    
    3,945
    
    
    
    Deferred income taxes
    
    
    2,243
    
    
    
    13,298Net gain on sale of property, plant, equipment and breeding stock
    
    
    (3,923
    )
    
    
    (4,109
    )Changes in operating assets and liabilities, net:Accounts receivable
    
    
    (450
    )
    
    
    (7,215
    )Inventories
    
    
    (11,082
    )
    
    
    (12,858
    )Prepaid expenses and other assets
    
    
    571
    
    
    
    1,122Accounts payable, accrued expenses and other liabilities
    
    
    (10,855
    )
    
    
    1,989Net cash provided by operating activities
    
    
    38,670
    
    
    
    44,152INVESTING ACTIVITIES:Purchases of property, plant, equipment and breeding stock
    
    
    (25,010
    )
    
    
    (21,728
    )Proceeds from disposal of property, plant, equipment and breeding stock
    
    
    8,484
    
    
    
    9,946Net cash used in investing activities
    
    
    (16,526
    )
    
    
    (11,782
    )FINANCING ACTIVITIES:Checks issued against future deposits
    
    
    10,716
    
    
    
    3,498Dividends paid
    
    
    (1,879
    )
    
    
    (Payments on) proceeds from revolving debt, net
    
    
    11,838
    
    
    
    (28,015
    )Proceeds from term loan
    
    
    125,000
    
    
    
    Payments for deferred financing costs
    
    
    (921
    )
    
    
    (1,273
    )Repayments on long-term debt
    
    
    (173,363
    )
    
    
    (6,580
    )Net cash used in financing activities
    
    
    (28,609
    )
    
    
    (32,370
    )Net decrease in cash and cash equivalents
    
    
    (6,465
    )
    
    
    CASH AND CASH EQUIVALENTS, beginning of period
    
    
    10,054
    
    
    
    CASH AND CASH EQUIVALENTS, end of period
    
    $
    3,589
    
    
    $
    SUPPLEMENTAL DISCLOSURES:Interest paid
    
    $
    8,980
    
    
    $
    11,011Income tax paid
    
    
    15,108
    
    
    
    323Noncash operating activities-Fair value of interest rate swap
    
    
    347
    
    
    
    Noncash financing activities-Dividend payable
    
    
    1,879
    
    
    
    Conversion of incentive plan to restricted stock
    
    
    1,829
    
    
    
    
 The accompanying notes are an integral part of the condensed consolidated financial statements.
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Premium Standard Farms, Inc. and Subsidiaries
  Note 1  Basis of presentation
      Note 2  Stock-based compensation
  4




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13 Weeks Ended
    
    
    26 Weeks EndedSeptember 24,
    
    
    September 25,
    
    
    September 24,
    
    
    September 25,2005
    
    
    2004
    
    
    2005
    
    
    2004Net income, as reported
    
    $
    12,230
    
    
    $
    11,894
    
    
    $
    27,602
    
    
    $
    21,282Add: Stock-based compensation expense included in
net income, net of related taxes
    
    
    183
    
    
    
    
    
    
    
    195
    
    
    
    Less: Total stock-based employee compensation expense
determined under fair value based methods for all
awards, net of related taxes
    
    
    260
    
    
    
    
    
    
    
    278
    
    
    
    Pro forma net income
    
    $
    12,153
    
    
    $
    11,894
    
    
    $
    27,519
    
    
    $
    21,282Basic earnings per share, as reported
    
    $
    0.40
    
    
    $
    0.38
    
    
    $
    0.89
    
    
    $
    0.69Basic earnings per share, pro forma
    
    $
    0.39
    
    
    $
    0.38
    
    
    $
    0.89
    
    
    $
    0.69Diluted earnings per share, as reported
    
    $
    0.39
    
    
    $
    0.38
    
    
    $
    0.88
    
    
    $
    0.69Diluted earnings per share, pro forma
    
    $
    0.39
    
    
    $
    0.38
    
    
    $
    0.88
    
    
    $
    0.69
 Note 3  New accounting pronouncements
  5




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Note 4  Earnings per share
  6




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13 Weeks Ended
    
    
    26 Weeks EndedSeptember 24,
    
    
    September 25,
    
    
    September 24,
    
    
    September 25,2005
    
    
    2004
    
    
    2005
    
    
    2004Basic Computation:Net income
    
    $
    12,230
    
    
    $
    11,894
    
    
    $
    27,602
    
    
    $
    21,282Weighted average common
shares outstanding
    
    
    30,928,524
    
    
    
    30,928,593
    
    
    
    30,928,524
    
    
    
    30,928,593Basic earnings per share
    
    $
    0.40
    
    
    $
    0.38
    
    
    $
    0.89
    
    
    $
    0.69Diluted Computation:Net income
    
    $
    12,230
    
    
    $
    11,894
    
    
    $
    27,602
    
    
    $
    21,282Weighted average common
shares outstanding
    
    
    30,928,524
    
    
    
    30,928,593
    
    
    
    30,928,524
    
    
    
    30,928,593Net effect of dilutive stock
options based on the treasury
stock method
    
    
    403,789
    
    
    
    138,541
    
    
    
    307,721
    
    
    
    118,695Outstanding shares for diluted
earnings per share
    
    
    31,332,313
    
    
    
    31,067,134
    
    
    
    31,236,245
    
    
    
    31,047,288Diluted earnings per share
    
    $
    0.39
    
    
    $
    0.38
    
    
    $
    0.88
    
    
    $
    0.69
 Note 5  Derivative instruments and hedging activities
    7




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Note 6  Goodwill and intangible assets
  Note 7  Inventories
  September 24, 2005
    
    
    March 26, 2005Hogs
    
    $
    150,679
    
    
    $
    147,080Processed pork products
    
    
    19,434
    
    
    
    13,458Packaging and supplies
    
    
    2,008
    
    
    
    1,755Grain, feed additives and other
    
    
    4,324
    
    
    
    3,070$
    176,445
    
    
    $
    165,363
 Note 8  Segment information
  8




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Pork
    
    Hog
    
    CorporateProcessing
    
    Production
    
    and Other
    
    TotalFor the 13 weeks ended September 24, 2005-Net sales
    
    $
    195,234
    
    
    $
    144,857
    
    
    $
    (126,860
    )
    
    $
    213,231Intersegment sales
    
    
    (496
    )
    
    
    (126,364
    )
    
    
    
    
    
    
    Operating income (loss)
    
    
    2,300
    
    
    
    23,420
    
    
    
    (4,453
    )
    
    
    21,267For the 13 weeks ended September 25, 2004-Net sales
    
    $
    204,973
    
    
    $
    148,662
    
    
    $
    (134,804
    )
    
    $
    218,831Intersegment sales
    
    
    (566
    )
    
    
    (134,238
    )
    
    
    
    
    
    
    Operating income (loss)
    
    
    6,336
    
    
    
    22,503
    
    
    
    (4,035
    )
    
    
    24,804As of and for the 26 weeks ended September
24, 2005-Net sales
    
    $
    404,434
    
    
    $
    316,549
    
    
    $
    (262,445
    )
    
    $
    458,538Intersegment sales
    
    
    (1,154
    )
    
    
    (261,291
    )
    
    
    
    
    
    
    Operating income (loss)
    
    
    5,868
    
    
    
    75,745
    
    
    
    (32,135
    )
    
    
    49,478Assets
    
    
    199,230
    
    
    
    507,224
    
    
    
    22,700
    
    
    
    729,154Goodwill
    
    
    25,020
    
    
    
    50,978
    
    
    
    
    
    
    
    75,998For the 26 weeks ended September 25, 2004-Net sales
    
    $
    400,882
    
    
    $
    291,131
    
    
    $
    (261,047
    )
    
    $
    430,966Intersegment sales
    
    
    (1,257
    )
    
    
    (259,790
    )
    
    
    
    
    
    
    Operating income (loss)
    
    
    14,122
    
    
    
    38,386
    
    
    
    (6,702
    )
    
    
    45,806Year ending March 26, 2005-Assets
    
    
    196,854
    
    
    
    507,516
    
    
    
    32,596
    
    
    
    736,966Goodwill
    
    
    25,020
    
    
    
    50,978
    
    
    
    
    
    
    
    75,998
 Note 9  Debt Tender and Amendment to Credit Agreement
 1 4 1 4 1 4 1 4 1 4 i.e. 1 4 1 4
 1 4
   9




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Note 10  Litigation
 Environmental matters
  10




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Steven Adwell,
et al. vs. PSF, et al. Michael Adwell, et al. vs. PSF, et al. Fred Torrey, et al. vs.
PSF, et al Doyle Bounds, et al. vs. PSF, et al. Vernon
Hanes et al. v. Premium Standard Farms, Inc. et al. Steve Hanes et al. v. Premium
Standard Farms, Inc., et al William J. Engel, III, et al. vs. PSF, et al
 Daniel Herrold, et al. and Others Similarly Situated v. ContiGroup Companies,
Inc, Premium Standard Farms, Inc., and PSF Group Holdings, Inc.
  Other legal matters
  11




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12




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Overview
     13




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Pork and Hog Prices (September 2002-September 2005)
 
 
 (1)
    
    Average monthly price based on the market price of lean hogs, as
published by the Chicago Mercantile Exchange.(2)
    
    Average monthly price based on the 185# cutout pricing method, a
standard measure for determining current market prices of pork primal
cuts that is published by the USDA. Corn $/Bushel (September 2002-September 2005)
 
 
 (1)
    
    Based on the monthly average of daily close prices of the Nearby Corn
Futures quoted by the Chicago Board of Trade. 14




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Soybean Meal $/Ton (September 2002-September 2005)
 
 
 (1)
    
    Based on the monthly average of daily close prices of the Nearby
Soybean Futures quoted by the Chicago Board of Trade.   Results of Operations
 13 Weeks Ended September 24, 2005 Compared to the 13 Weeks Ended September 25, 2004
  15




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For the 13 Weeks Ended
    
    
    Qtr to Qtr ChangeSeptember 24, 2005
    
    
    September 25, 2004
    
    
    2005 to 2004
    
    
    %(In millions except percentages)Net SalesProcessing
    
    $
    195.2
    
    
    $
    205.0
    
    
    $
    (9.8
    )
    
    
    (4.8
    )%Production
    
    
    144.9
    
    
    
    148.6
    
    
    
    (3.7
    )
    
    
    (2.5
    )%Intersegment
    
    
    (126.9
    )
    
    
    (134.8
    )
    
    
    7.9
    
    
    
    5.9
    %Total Net Sales
    
    $
    213.2
    
    
    $
    218.8
    
    
    $
    (5.6
    )
    
    
    (2.6
    )%Gross ProfitProcessing
    
    $
    3.4
    
    
    $
    7.4
    
    
    $
    (4.0
    )
    
    
    (54.1
    )%Production
    
    
    23.5
    
    
    
    22.6
    
    
    
    0.9
    
    
    
    4.0
    %Total Gross Profit
    
    $
    26.9
    
    
    $
    30.0
    
    
    $
    (3.1
    )
    
    
    (10.3
    )%Operating Income (Loss)Processing
    
    $
    2.3
    
    
    $
    6.3
    
    
    $
    (4.0
    )
    
    
    (63.5
    )%Production
    
    
    23.4
    
    
    
    22.5
    
    
    
    0.9
    
    
    
    4.0
    %Corporate
    
    
    (4.4
    )
    
    
    (4.0
    )
    
    
    (0.4
    )
    
    
    (10.0
    )%Total Operating Income
    
    $
    21.3
    
    
    $
    24.8
    
    
    $
    (3.5
    )
    
    
    (14.1
    )%
 Consolidated
 Net Sales.
 Gross Profit.
 Selling, General and Administrative Expenses.
 Operating Income.
 Interest Expense, net.
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Income Tax Expense.
 Segment Analysis
 Pork Processing
   Hog Production
   26 Weeks Ended September 24, 2005 Compared to the 26 Weeks Ended September 25, 2004
  17




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For the 26 Weeks Ended
    
    
    Year to Year ChangeSeptember 24, 2005
    
    
    September 25, 2004
    
    
    2005 to 2004
    
    
    %(In millions except percentages)Net SalesProcessing
    
    $
    404.4
    
    
    $
    400.9
    
    
    $
    3.5
    
    
    
    0.9
    %Production
    
    
    316.5
    
    
    
    291.1
    
    
    
    25.4
    
    
    
    8.7
    %Intersegment
    
    
    (262.4
    )
    
    
    (261.0
    )
    
    
    (1.4
    )
    
    
    (0.5
    )%Total Net Sales
    
    $
    458.5
    
    
    $
    431.0
    
    
    $
    27.5
    
    
    
    6.4
    %Gross ProfitProcessing
    
    $
    8.1
    
    
    $
    16.1
    
    
    $
    (8.0
    )
    
    
    (49.7
    )%Production
    
    
    75.8
    
    
    
    38.2
    
    
    
    37.6
    
    
    
    98.4
    %Total Gross Profit
    
    $
    83.9
    
    
    $
    54.3
    
    
    $
    29.6
    
    
    
    54.5
    %Operating Income (Loss)Processing
    
    $
    5.9
    
    
    $
    14.1
    
    
    $
    (8.2
    )
    
    
    (58.2
    )%Production
    
    
    75.7
    
    
    
    38.4
    
    
    
    37.3
    
    
    
    97.1
    %$
    81.6
    
    
    $
    52.5
    
    
    $
    29.1
    
    
    
    55.4
    %Corporate
    
    
    (10.4
    )
    
    
    (6.7
    )
    
    
    (3.7
    )
    
    
    (55.2
    )%Loss on early extinguishment of debt
    
    
    (21.7
    )
    
    
    
    
    
    
    (21.7
    )
    
    
    *Total Operating Income
    
    $
    49.5
    
    
    $
    45.8
    
    
    $
    3.7
    
    
    
    8.1
    %
 
 *
    
    Not meaningful Consolidated
 Net Sales.
 Gross Profit.
 Selling, General and Administrative Expenses.
 Operating Income.
 18




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##### Table of Contents



Interest Expense, net.
 Income Tax Benefit / Expense.
 Segment Analysis
 Pork Processing
   Hog Production
   Liquidity and Capital Resources
  19




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##### Table of Contents



1 4 1 4 1 4 1 4 1 4 i.e. 1 4 1 4
    20




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##### Table of Contents




    
    Approximately $17 million in upgrades and improvements in our processing
operations;
    
    Approximately $14 million in upgrades and improvements in our production
operations, and investments to develop and implement new technologies for improved
waste handling; and
    
    Approximately $10 million in net breedstock purchases.
   21




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##### Table of Contents



Contractual Cash Obligations
  Critical Accounting Policies
  Inventory valuation of livestock
 Estimated liabilities,
 Derivative instruments
 Property, plant, equipment and breeding stock
 Impairment of long-lived assets
 22




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##### Table of Contents



Market Risk
    1 4
 
 Item 3. Qualitative and Quantitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
  23




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##### Table of Contents



PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
 Environmental matters
   Steven Adwell, et al. vs. PSF, et al. Michael Adwell, et al. vs. PSF, et
al. Fred Torrey, et al. vs. PSF, et al. Doyle Bounds, et al. vs. PSF, et
al. Vernon Hanes et al. v. Premium Standard Farms, Inc. et al. Steve Hanes et al. v. Premium Standard Farms, Inc., et al William J. Engel, III, et al.
vs. PSF, et al
 Daniel Herrold, et al. and Others Similarly Situated v. ContiGroup
Companies, Inc, Premium Standard Farms, Inc., and PSF Group Holdings, Inc.
 24




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##### Table of Contents



Other legal matters
   
 Item 2. Changes in Securities
  
 Item 3. Defaults Upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
   VotesDirector Nominee
    
    Votes For
    
    WithheldPaul J. Fribourg
    
    
    23,612,149
    
    
    
    4,804,901John M. Meyer
    
    
    28,220,170
    
    
    
    196,880
  Votes
    
    VotesVotes For
    
    Against
    
    Withheld28,414,542
    
    
    708
    
    
    
    1,800
 25




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##### Table of Contents



Item 5. Other Information
  
 Item 6. Exhibits
 Exhibit 31.1
    
    Certification of John M. Meyer, Chief Executive Office, pursuant to
Rule 13a-15(e)/15d-15(e).Exhibit 31.2
    
    Certification of Stephen A. Lightstone, Chief Financial Officer,
pursuant to Rule 13a-15(e)/15d-15(e).Exhibit 32.1
    
    Certification of John M. Meyer, Chief Executive Officer, pursuant to
18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.Exhibit 32.2
    
    Certification of Stephen A. Lightstone, Chief Financial Officer,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
 26




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##### Table of Contents



SIGNATURES
  PSF GROUP HOLDINGS, INC.Date: November 8, 2005
    
    /s/ Stephen A. LightstoneStephen A. LightstoneExecutive Vice President, Chief FinancialOfficer and Treasurer(Principal Financial andAccounting Officer)
 27