**______________**

 **UNITED STATES SECURITIES AND EXCHANGE COMMISSION****Washington, D.C.20549**

**Form 10-Q**

**(Mark one)**

| x |  | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 	THE  SECURITIES EXCHANGE ACT OF 1934** |
|---|--|-----------------------------------------------------------------------------------------------|

|                                             |
|-------------------------------------------------------|
| **For the quarterly period  ended February 26, 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              .** |
| **   **                                                                                                                                                                       |

**Commissionfile number 333-111407**

**NATIONALBEEF PACKING COMPANY, LLC***(Exact name of registrant as specified in its charter)*

| **DELAWARE**                                                         |  | **48-1129505**                                |
|----------------------------------------------------------------------|--|-----------------------------------------------|
| **(State  or other jurisdiction of	incorporation  or organization)** |  | **(I.R.S.  employer	identification  number)** |

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

**Telephone:(800) 449-2333 (Registrant'stelephone number, including area code)**

  Indicateby check mark whether the registrant (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrantwas required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes  x Noo

    Indicate bycheck mark whether the registrant is an accelerated filer (as defined inRule 12b-2 of the Exchange Act). Yes o No  x

                There is no market forthe Registrant's equity.  As of April 4, 2005, there were 121,849,626 Class Aunits and 18,810,045 Class B units outstanding.     

**______________**

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|              | **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. | 11           |
|              |                                                                                     |              |
| Item 3.      | Quantitative and Qualitative Disclosures About Market Risk.                              | 21           |
|              |                                                                                     |              |
| Item 4.      | Controls and Procedures.                                                                 | 22           |
|              |                                                                                     |              |
|              |                                                                                     |              |
| **PART II.** | **OTHER INFORMATION**                                                                    |              |
|              |                                                                                     |              |
| Item 1.      | Legal Proceedings.                                                                       | 22           |
|              |                                                                                     |              |
| Item 2.      | Unregistered Sales of Equity Securities and Use of Proceeds.                             | 22           |
|              |                                                                                     |              |
| Item 3.      | Defaults Upon Senior Securities.                                                         | 22           |
|              |                                                                                     |              |
| Item 4.      | Submission of Matters to a Vote of Security Holders.                                     | 23           |
|              |                                                                                |              |
| Item 5.      | Other Information.                                                                       | 23           |
|              |                                                                                     |              |
| Item 6.      | Exhibits.                                                                 | 23           |
|              |                                                                                |              |
|              | Signatures.                                                                              | 24           |

                                                                               

Unless the context indicates or otherwise requires, theterms "National Beef," "NBP," "Company," "we," "our," and "us" refer toNational Beef Packing Company, LLC and its consolidated subsidiaries.  As usedin this report, the term "U.S. Premium Beef" refers to U.S. Premium Beef, LLC,a Delaware limited liability company.

**                                                                                               **

| ii |
|----|

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**PART I.  FINANCIAL INFORMATION**

** **

**Item 1.  Financial Statements.**

 

 

 

 

1

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**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

** Consolidated Balance Sheets(in thousands)**

| ** **                                                                                                                                                                                                                                                                                                                                                                          | **February 26, 2005**                                                                                                                                           |         |                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------|
| ** **                                                                                                                                                                                                                                                                                                                                                                          | **(unaudited)**                                                                                                                                                 |         | **August 28, 2004** |
| **Assets**                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                 |         |                     |
| Current  assets:                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                 |         |                     |
| Cash  and cash equivalents                                                                                                                                                                                                                                                                                                                                                          | $                                                                                                                                                               | 48,308  |                     | $ | 27,998 |
| Accounts  receivable, less allowance for returns and                        doubtful accounts of $5,767 and                        $5,614, respectively | 153,530                                                                                                                                                         |         | 177,614             |
| Due  from affiliates                                                                                                                                                                                                                                                                                                                                                                | 2,141                                                                                                                                                           |         | 2,873               |
| Other  receivables                                                                                                                                                                                                                                                                                                                                                                  | 3,617                                                                                                                                                           |         | 3,288               |
| Inventories                                                                                                                                                                                                                                                                                                                                                                         | 84,312                                                                                                                                                          |         | 85,962              |
| Other  current assets                                                                                                                                                                                                                                                                                                                                                               | 10,401                                                                                                                                                          |         | 10,782              |
| Total  current assets                                                                                                                                                                                                                                                                                                                                                               | 302,309                                                                                                                                                         |         | 308,517             |
|                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                 |         |                     |
|     Property, plant and  equipment, at cost                                                                                                                                                                                                                                                                                                                          | 251,528                                                                                                                                                         |         | 242,638             |
| Less  accumulated depreciation                                                                                                                                                                                                                                                                                                                                                      | 31,589                                                                                                                                                          |         | 20,633              |
|  Net  property, plant, and equipment                                                                                                                                                                                                                                                                                                                                           | 219,939                                                                                                                                                         |         | 222,005             |
| Goodwill                                                                                                                                                                                                                                                                                                                                                                            | 78,858                                                                                                                                                          |         | 78,858              |
| Other  intangibles, net of accumulated amortization of	               $2,528 and $1,722, respectively                                                                                                                                                                                                              | 29,233                                                                                                                                                          |         | 30,039              |
| Other  assets                                                                                                                                                                                                                                                                                                                                                                       | 6,766                                                                                                                                                           |         | 7,102               |
|                                                                                                                                                                                                                                                                                                                                                                                     | $                                                                                                                                                               | 637,105 |                     | $ | 646,521 |
| **Liabilities and Members' Capital**                                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                 |         |                     |
| Current  liabilities:                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                 |         |                     |
| Current  installments of long-term debt                                                                                                                                                                                                                                                                                                                                             | $                                                                                                                                                               | 21      |                     | $ | 9,453 |
| Cattle  purchases payable                                                                                                                                                                                                                                                                                                                                                           | 53,734                                                                                                                                                          |         | 49,569              |
| Accounts  payable - trade                                                                                                                                                                                                                                                                                                                                                           | 37,327                                                                                                                                                          |         | 39,207              |
| Due  to affiliates                                                                                                                                                                                                                                                                                                                                                                  | 398                                                                                                                                                             |         | 416                 |
| Accrued  compensation and benefits                                                                                                                                                                                                                                                                                                                                                  | 13,798                                                                                                                                                          |         | 17,555              |
| Accrued  insurance                                                                                                                                                                                                                                                                                                                                                                  | 15,754                                                                                                                                                          |         | 13,903              |
| Other  accrued expenses and liabilities                                                                                                                                                                                                                                                                                                                                             | 9,978                                                                                                                                                           |         | 6,860               |
| Distributions  payable                                                                                                                                                                                                                                                                                                                                                              | 1,519                                                                                                                                                           |         | 5,541               |
|          Total current liabilities                                                                                                                                                                                                                                                                                                               | 132,529                                                                                                                                                         |         | 142,504             |
| Long-term  debt, excluding current installments                                                                                                                                                                                                                                                                                                                                     | 346,850                                                                                                                                                         |         | 325,634             |
| Other  liabilities                                                                                                                                                                                                                                                                                                                                                                  | 4,890                                                                                                                                                           |         | 5,237               |
| Total  liabilities                                                                                                                                                                                                                                                                                                                                                                  | 484,269                                                                                                                                                         |         | 473,375             |
| Minority  interest                                                                                                                                                                                                                                                                                                                                                                  | 803                                                                                                                                                             |         | 632                 |
| Capital  subject to redemption                                                                                                                                                                                                                                                                                                                                                      | 52,871                                                                                                                                                          |         | 62,476              |
| Members'  capital:                                                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                 |         |                     |
| Members'  capital                                                                                                                                                                                                                                                                                                                                                                   | 99,124                                                                                                                                                          |         | 110,025             |
| Accumulated  other comprehensive income                                                                                                                                                                                                                                                                                                                                             |                            38 |         | 13                  |
| Total  Members' capital                                                                                                                                                                                                                                                                                                                                                             | 99,162                                                                                                                                                          |         | 110,038             |
| Commitments  and contingencies                                                                                                                                                                                                                                                                                                                                                      | -                                                                                                                                                               |         | -                   |
|                                                                                                                                                                                                                                                                                                                                                                                     | $                                                                                                                                                               | 637,105 |                     | $ | 646,521 |
|                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                 |         |                     |
| See accompanying notes to  consolidated financial statements.                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                 |         |

| 2 |
|---|

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**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

** Consolidated Statements of Operations(in thousands)**

** **

|                                                                                              | **13 weeks ended**    | ** ** | **13 weeks ended**                                                                                                                                                                   | ** ** | **26 weeks ended**                                                                                | ** ** | **26 weeks ended**                                                                      |
|----------------------------------------------------------------------------------------------|-----------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------|
|                                                                                              | **February 26,	2005** | ** ** | **February 28,	2004**                                                                                                                                                                | ** ** | **February 26,	2005**                                                                             | ** ** | **February 28, 2004**                                                              |
|                                                                                              | **(unaudited)**       |            | **(unaudited)**                                                                                                                                                                      |            | **(unaudited)**                                                                                   |            | **(unaudited)**                                                                         |
| Net  sales                                                                                   | $                     | 1,026,727  |                                                                                                                                                                                      | $          | 932,036                                                                                           |            | $                                                                                       | 2,077,447 |  | $ | 1,990,342 |
| Costs  and expenses:                                                                         |                       |       |                                                                                                                                                                                      |            |                                                                                                   |            |                                                                                         |
| Cost  of sales                                                                               | 1,014,598             |            | 912,563                                                                                                                                                                              |            | 2,048,787                                                                                         |            |              1,931,433 |
| Other  income (expense):                                                                     |                       |            |                                                                                                                                                                                      |            |                                                                                                   |            |                                                                                         |
| Interest  income                                                                             |  82              |            |  163                                                                                                                                                                            |            | 166                                                                                               |            |  319                                                                               |
| Interest  expense                                                                            | (6,781)               |            |  (5,950)                                                                                                                                                                        |            | (13,475)                                                                                          |            | (12,194)                                                                                |
| Minority  owners' interest in net	     income of  Kansas City Steak, LLC | (157)                 |            |                               (190) |            | (211)                                                                                             |            | (198)                                                                                   |
| Equity  in loss of aLF Ventures, LLC                                                         | (273)                 |            | (195)                                                                                                                                                                                |            | (395)                                                                                             |            | (507)                                                                                   |
| Other,  net                                                                                  | (2,992)               |            | 1,436                                                                                                                                                                                |            |                (2,519) |            | 1,790                                                                                   |
| (Loss)  income before taxes                                                                  | (12,461)              |            | 2,342                                                                                                                                                                                |            | (16,370)                                                                                          |            | 21,734                                                                                  |

See accompanying notes to  consolidated financial statements. ** **

** **

| 3 |
|---|

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** NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

** Consolidated Statement of Cash Flows(in thousands)**

|                                                                                                                                                                                                                                                                                                             | **26 weeks ended**                                                                                                                                              | ** ** | **26 weeks ended**                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                             | **February 26, 2005**                                                                                                                                           | ** ** | **February 28, 2004**                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                             | **(unaudited)**                                                                                                                                                 |            | **(unaudited)**                                                                                                                                          |
| Cash  flows from operating activities:                                                                                                                                                                                                                                                                      |                                                                                                                                                                 |            |                                                                                                                                                          |
| Net  (loss) income                                                                                                                                                                                                                                                                                          | $                                                                                                                                                               | (17,467)   |                                                                                                                                                          | $ | 20,836 |
| Adjustments  to reconcile net (loss) income to net cash	                      provided by operating activities:                                                                                              |                                                                                                                                                                 |            |                                                                                                                                                          |
| Depreciation  and amortization                                                                                                                                                                                                                                                                              |                     12,069                                       |            |                  11,620                                                  |
| (Gain)  loss on disposal of property, plant, and equipment                                                                                                                                                                                                                                                  |                           (25)     |            |                        32                  |
| Minority  interest                                                                                                                                                                                                                                                                                          |                          171            |            |                         98            |
| Write-off  of debt issuance costs                                                                                                                                                                                                                                                                           |                        3,181                      |            |                      -                               |
| Change  in assets and liabilities:                                                                                                                                                                                                                                                                          |                                                                                                                                                                 |            |                                                                                                                                                          |
| Accounts  receivable                                                                                                                                                                                                                                                                                        |                     24,084                                       |            |                   12,691                                            |
| Due  from affiliates                                                                                                                                                                                                                                                                                        |                          732            |            |                       (892)                     |
| Other  receivables                                                                                                                                                                                                                                                                                          |                         (329)                |            |                        603                 |
| Inventories                                                                                                                                                                                                                                                                                                 |                      1,650                                  |            |                     4,101                                 |
| Other  assets                                                                                                                                                                                                                                                                                               |                      (2,464)                                |            |                       (340)                     |
| Accounts  payable                                                                                                                                                                                                                                                                                           |                      (1,625)                                |            |                    (1,332)                                     |
| Due  to affiliates                                                                                                                                                                                                                                                                                          |                           (18)     |            |                       256                       |
| Accrued  compensation and benefits                                                                                                                                                                                                                                                                          |                      (3,757)                                |            |                  (12,808)                                                |
| Accrued  insurance                                                                                                                                                                                                                                                                                          |                       1,851                            |            |                    (2,972)                                     |
| Accrued  expenses and liabilities                                                                                                                                                                                                                                                                           |                       2,771                            |            |                   (2,382)                                           |
| Cattle  purchases payable                                                                                                                                                                                                                                                                                   |                      (1,853)                                |            |                   (2,543)                                           |
|                                           Net  cash provided by operating activities           | $                                                                                                                                                               | 18,971     |                                                                                                                                                          | $ | 26,968 |
|    Cash flows from investing  activities:                                                                                                                                                                                                                                                         |                                                                                                                                                                 |            |                                                                                                                                                          |
| Capital  expenditures, including interest capitalized                                                                                                                                                                                                                                                       |                      (9,969)                                |            |                  (15,151)                                                |
| Proceeds  from sale of property, plant, and equipment                                                                                                                                                                                                                                                       |                          797            |            |                       519                       |
|                                            Net cash used in investing activities               | $                                                                                                                                                               | (9,172)    |                                                                                                                                                          | $ | (14,632) |
| Cash  flows from financing activities:                                                                                                                                                                                                                                                                      |                                                                                                                                                                 |            |                                                                                                                                                          |
| Net  receipts under revolving credit lines                                                                                                                                                                                                                                                                  |                     10,941                                       |            |                   20,800                                            |
| Repayments  of term note payable                                                                                                                                                                                                                                                                            |                      (2,344)                                |            |                    (3,125)                                     |
| Borrowings  of term note payable                                                                                                                                                                                                                                                                            |                       3,594                            |            |                         -             |
| Net  repayments of other indebtedness                                                                                                                                                                                                                                                                       |                         (407)                |            |                       (409)                     |
| Change  in overdraft balances                                                                                                                                                                                                                                                                               |                       5,763                            |            |                    (4,207)                                     |
| Member  distributions                                                                                                                                                                                                                                                                                       |                      (7,061)                                |            |                  (33,158)                                                |
|                                            Net cash provided by/(used in) financing activities | $                                                                                                                                                               | 10,486     |                                                                                                                                                          | $ | (20,099) |
| Effect  of exchange rate changes on cash                                                                                                                                                                                                                                                                    |                            25 |            |                           9 |
| Net  increase (decrease) in cash                                                                                                                                                                                                                                                                            |                      20,310                                 |            |                    (7,754)                                     |
| Cash  and cash equivalents at beginning of period                                                                                                                                                                                                                                                           |                      27,998                                 |            |                   31,304                                            |
| Cash  and cash equivalents at end of period                                                                                                                                                                                                                                                                 | $                                                                                                                                                               | 48,308     |                                                                                                                                                          | $ | 23,550 |
| Supplemental  information:                                                                                                                                                                                                                                                                             |                                                                                                                                                                 |            |                                                                                                                                                          |
|            Cash paid during the period for interest                                                                                                                                                                                                            | $                                                                                                                                                               | 11,512     |                                                                                                                                                          | $ | 11,143 |
|            Cash paid during the period for taxes, net of refunds                                                                                                                                                                                               | $                                                                                                                                                               | 19         |                                                                                                                                                          | $ | 369 |
|                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                 |            |                                                                                                                                                          |
| See accompanying notes to  consolidated financial statements.                                                                                                                                                                                                                                               |                                                                                                                                                                 |            |                                                                                                                                                          |

| 4 |
|---|

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**NATIONAL BEEF PACKING COMPANY, LLC AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

** (1)Interim Financial Statements**

** Basisof Presentation**

The accompanying unaudited Consolidated FinancialStatements have been prepared in accordance with U.S. generally accepted accountingprinciples (GAAP) for interim financial information; therefore, they do notinclude all of the information and footnotes required by GAAP for completefinancial statements. In the opinion of management, all adjustments considerednecessary for a fair presentation have been included. For further information,refer to the audited Consolidated Financial Statements and Notes to ConsolidatedFinancial Statements, which are included in NBP's Annual Report on Form 10-K on file withthe Securities and Exchange Commission (SEC) for the fiscal year ended August28, 2004.  The results of operations for the interim periods presented are not necessarilyindicative of the results for a full fiscal year.  Certain prior year amountshave been reclassified in order to conform to the current year presentation.

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 our senior unsecured obligations, ranking equal in right of paymentwith all of our 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)Inventories**

Inventories at February 26, 2005 and August 28, 2004consisted of the following (in thousands):

|                                     | **February 26, 2005** | ** **                                                                                                                                                                            | **August 28, 2004** |
|-------------------------------------|-----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|
| Dressed  and boxed beef             | $                     |                               65,807 |                     | $ |                         67,801 |
| Beef  by-products                   |                       | 8,862                                                                                                                                                                                 | ** **          | ** ** | 9,158 |
| Supplies                            |                       | 9,643                                                                                                                                                                                 | ** **          | ** ** | 9,003 |
|      Total inventory | $                     |                              84,312       |                     | $ |                       85,962 |

** (3)Comprehensive (Loss) Income**

Comprehensive (loss) income, which consists of net (loss)income and foreign currency translation adjustments, was as follows for theperiods indicated (in thousands):

| Other comprehensive income:                                   |   |          |   |   |                       |  |   |
|---------------------------------------------------------------|---|----------|---|---|-----------------------|--|---|
| Foreign  currency translation	     adjustments | 9 |          | 2 |   |     25 |  | 9 |
| Comprehensive  (loss) income                                  | $ | (13,011) |   | $ | 1,795                 |  | $ | (17,442) |  | $ | 20,845 |

** **

| 5 |
|---|

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**(4)Contingencies**

On July 1, 2002, alawsuit was filed against Farmland National Beef Packing Company, L.P. (FNBPCor the predecessor to NBP), ConAgra Beef Company, Tyson Foods, Inc. and ExcelCorporation in the United States District Court for the District of SouthDakota seeking certification of a class of all persons who sold cattle to thedefendants for cash, or on a basis affected by the cash price for cattle,during the period from April 2, 2001 through May 11, 2001 and for some periodup to two weeks thereafter. The case was filed by three named plaintiffs onbehalf of a putative nationwide class that plaintiffs estimate is comprised ofhundreds or thousands of members. The complaint alleges that the defendants, inviolation of the Packers and Stockyards Act of 1921, knowingly used, withoutcorrection or disclosure, incorrect and misleading boxed beef price informationgenerated by the USDA to purchase cattle offered for sale by the plaintiffs ata price substantially lower than was justified by the actual and correct priceof boxed beef during this period. Plaintiffs also seek recovery against alldefendants under a theory of unjust enrichment.  The plaintiffs claim damagesagainst FNBPC in the amount of $2.39 million plus prejudgment interest,attorneys' fees and court costs.  The case was certified as a class-actionmatter in June of 2004.  It is now in discovery.  The Court has ordered theparties to be ready for trial on December 15, 2005, but no actual trial datehas been set.  Management believes that FNBPC acted properly and lawfully indealings with cattle producers. Management is currently unable to evaluate theoutcome of this matter or to estimate the amount of potential loss, if any. Inaccordance with SFAS No. 5, *Accounting for Contingencies*, NBP has notestablished a loss accrual associated with this claim. 

NBP is also a party to a number of other lawsuits andclaims arising out of the operation of our business. Management believes theultimate resolution of such matters should not have a material adverse effecton our financial condition, results of operations or liquidity.

**(5)Capital Subject to Redemption  **

At any time after certain dates, the earliest being July31, 2008, the latest being July 31, 2011, certain members of management and/orNBPCo Holdings, LLC have the right to request that NBP repurchase theirinterests, the value of which is to be determined pursuant to 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 February 26, 2005, the "Capitalsubject to redemption" was revalued by an independent appraisal process, andthe value was determined to be $53.4 million, which was in excess of thecarrying value.  Accordingly, the carrying value of the "Capital subject toredemption" increased by approximately $0.03 million through accretion duringthe thirteen weeks ended February 26, 2005, resulting in the $52.9 millioncarrying value, as reflected in the accompanying Consolidated Balance Sheet as ofFebruary 26, 2005.** **

**(6) Segments**

TheCompany's operating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker (CODM). Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. In the fourth quarter of fiscal year 2004, the Company revised its method oftransfer pricing between its two segments related to the price charged fortransportation services.  The effect of restating this change for the thirteenweeks ended and twenty-six weeks ended February 28, 2004 was to increaseoperating income of the Core Beef segment and decrease operating income of theOther segment by approximately $1.1 million and $2.2 million, respectively.  Certain reclassifications have been made to the priorperiods' reporting segment presentation to conform to the current presentation. 

*Core Beef*-the majority of NBP's revenues are generated from thesale of fresh meat, which include chuck cuts, rib cuts, loin cuts, round cuts,thin meats, ground beef, and other products. In addition, we also sell beefby-products to the variety meat, feed processing, fertilizer and pet foodindustries.  Aggregation criteria were applied to determine the constituents ofthe Core Beef segment.

| 6 |
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*Other*-the Other segment of NBP consists of the operationsof National Carriers, Inc., a refrigerated and livestock contract carriercompany, and Kansas City Steak Company, LLC, a portion control steak cuttingoperation. 

*Eliminations*-this line item includes eliminations of inter-segmentand intra-segment activity resulting from the consolidation process.

The following table represents segment results for theperiods indicated (in thousands):

|                                   | **13 weeks ended**                                                                                                                     | ** ** | **13 weeks ended**    | ** ** | **26 weeks ended**                                                                               | ** ** | **26 weeks ended**    |
|-----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------|------------|--------------------------------------------------------------------------------------------------|------------|-----------------------|
|                                   | **February 26, 	2005**                                                                                                            |            | **February 28,	2004** |            | **February 26,	2005**                                                                            |            | **February 28,	2004** |
|                                   |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Net sales                         |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Core  Beef                        | $                                                                                                                                      | 1,029,800  |                       | $          | 947,098                                                                                          |            | $                     | 2,083,337 |  | $ | 2,029,998 |
| Other                             | 48,254                                                                                                                                 |            | 40,323                |            | 93,932                                                                                           |            | 79,890                |
| Eliminations                      | (51,327)                                                                                                                               |            | (55,385)              |            | (99,822)                                                                                         |            | (119,546)             |
|                              |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Total                             | $                                                                                                                                      | 1,026,727  |                       | $          | 932,036                                                                                          |            | $                     | 2,077,447 |  | $ | 1,990,342 |
|                              |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Operating (loss) income           |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Core  Beef                        |                       (4,460) |            | 5,889                 |            | (3,637)                                                                                          |            | 31,396                |
| Other                             | 2,120                                                                                                                                  |            | 1,189                 |            |                 3,701 |            | 1,128                 |
|                              |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Total                             |                     (2,340)             |            | 7,078                 |            | 64                                                                                               |            | 32,524                |
|                              |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Interest income                   | 82                                                                                                                                     |            | 163                   |            |              166                     |            | 319                   |
| Interest expense                  | (6,781)                                                                                                                                |            | (5,950)               |            | (13,475)                                                                                         |            | (12,194)              |
| Other (loss) income               |                      (3,265)       |            | 1,241                 |            | (2,914)                                                                                          |            | 1,283                 |
| Minority interest                 | (157)                                                                                                                                  |            | (190)                 |            | (211)                                                                                            |            | (198)                 |
|                              |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Total (loss) income before  taxes | $                                                                                                                                      | (12,461)   |                       | $          | 2,342                                                                                            |            | $                     | (16,370) |  | $ | 21,734 |
|                              |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
|                                   | **February 26, 2005**                                                                                                                  |            | **February 28, 2004** |            |                                                                                                  |            |                       |
| Total assets                      |                                                                                                                                        |            |                       |            |                                                                                                  |            |                       |
| Core  Beef                        | $                                                                                                                                      | 707,335    |                       | $          | 585,515                                                                                          |            |                       |  |  |
| Other                             |  33,105                                                                                                                           |            | 25,470                |            |                                                                                                  |            |                       |
| Eliminations                      | (103,335)                                                                                                                              |            | (2,101)               |            |                                                                                                  |            |                       |
| Total                             | $                                                                                                                                      | 637,105    |                       | $          | 608,884                                                                                          |            |                       |  |  |

** (7) United States BSE Outbreak**

** **            The closure of U.S. borders to the importation ofCanadian feeder and fattened (ready for slaughter) animals, which occurred inMay 2003 following the discovery of bovine spongiform encephalopathy (BSE) inAlberta that same month, tightened the U.S. cattle supply.  The U.S. beef packingindustry has operated at a price disadvantage during the ban on importation ofCanadian livestock.   This continued closure of the U.S. border to Canadianlivestock has resulted in higher overall feeder and fed cattle prices in theU.S., negatively impacting raw material prices.  Additionally, the opening of theU.S. border to Canadian produced boxed beef in September 2003 has negativelyaffected boxed beef prices.

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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 BSE.  Theorigin of the animal was subsequently traced to a farm in Canada.  Shortlyafter the announcement, several countries, including Japan, representing asubstantial share of NBP's export business, closed their borders to theimportation of edible beef products from the United States.  Certainby-products have been classified as Specified Risk Materials (SRMs), and havebeen banned from use in feedstocks and the human food chain. Some of theseproducts previously enjoyed a market in foreign countries.  In FYE 2004, NBP'stotal export sales were approximately 10% of total net sales.

During the second quarter of FYE 2004, NBP recordedcharges to sales and cost of sales totaling approximately $18.8 milliondue to the market impacts of the closure of international borders as a resultof the BSE discovery in late December 2003.      

On December 29, 2004, the USDA announced it hadestablished conditions under which it will allow imports into the U.S. of livecattle under 30 months of age and certain other commodities from regions witheffective BSE prevention and detection measures.  Prior to being able to importto the U.S., each country must undergo a thorough risk assessment to berecognized as a "minimal-risk region."  Canada will be the first countryrecognized as a minimal-risk region and, as such, will be eligible to export tothe U.S. live cattle under 30 months of age (subject to certain restrictions),as well as certain other animals and products.  The final rule was published inthe January 4, 2005 *Federal Register* and was to become effective March7, 2005 unless delayed by litigation, legislation or other reasons.  

On January 2, 2005, the Canadian Food InspectionAgency confirmed that an older dairy cow from Alberta tested positive for BSE. The infected animal was born in 1996, prior to the introduction of the 1997feed ban.    On January 3, 2005, the USDA issued a statement expressingconfidence in the animal and public health measures that Canada has in place,noting that the risk assessment conducted by the USDA as part of the rulemakingprocess to determine Canada's status as a minimal-risk region includedconsideration of the possibility that Canada could experience additional casesof BSE.

On March 2, 2005, the U.S. District Court in Billings,Montana granted a preliminary injunction to delay the implementation of USDA'sminimal-risk regions rule, temporarily blocking the opening of the Canadianborder to the importation of live cattle under 30 months of age into the U.S.  OnMarch 17, 2005, the U.S. Department ofJustice, on behalf of the USDA, filed a request with the U.S. Court of Appealsfor the Ninth Circuit requesting that the court overturn the decision issued bythe U.S. District Court in Montana, which would re-establish trade with Canada forbeef products and live cattle under 30 months of age.  These actions introducesignificant uncertainty regarding the future timing and nature of trade in livecattle and beef products between the U.S. and Canada. 

Announcements of inconclusive, preliminary test resultsfor BSE can be expected from time to time as a result of the sensitivity of thenew screening regime.  The impact on the market created by such uncertainty isnot possible to predict. 

NBP cannot presently assess the full economic impactof the consequences of BSE on the U.S. beef packing industry or on itsoperations.  The Company's revenues and net income may be materially adverselyaffected in the event existing import restrictions continue indefinitely,additional countries announce similar restrictions, additional regulatoryrestrictions are put into effect or domestic consumer demand for beef declinessubstantially.

**(8) Long-term Debt and Loan Agreements**

*SeniorCredit Facilities*

Effective December 30, 2004, NBP amended and restated itsexisting senior credit facility with a consortium of banks.  The facility now consistsof a $120.0 million term loan that matures in December 2014 and a $140.0million revolving line of credit loan that matures in December 2009 that issubject to certain borrowing base limitations.  The amendment and restatementis within the scope of the Emerging Issues Task Force (EITF) 96-19, *Debtor'sAccounting for a Modification or Exchange of Debt Instruments* as well asEITF 98-14, *Debtor's Accounting for Changes in Line-of-Credit orRevolving-Debt Arrangements*.  In accordance with that guidance, a portionof the unamortized loan costs of approximately $2.6 million from the previouscredit facility as well as additional finance and legal charges associated withthe new amended and restated credit facility of approximately $0.6 million wererecorded in Other, net in the Statement of Operations during the Company'ssecond quarter of fiscal year 2005.  

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The borrowings under the revolving loan are available forthe Company's working capital requirements, capital expenditures and othergeneral corporate purposes.  The amended and restated credit facility issecured by a first priority lien on substantially all of the Company's assets. The principal amount outstanding under the term loan is due and payable in equalquarterly installments of $6.0 million on the last business day of each March, June,September and December commencing on March 31, 2010 and ending on December 29, 2014. Prepayment is allowed at any time.

The Company's amended and restated credit facilitycontains covenants that limit its ability to incur additional indebtedness,sell or dispose of assets, pay certain dividends and prepay or amend certainindebtedness among other matters.  The 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) June 1, 2006 or(b) the election of the Company (the Conversion Date).  At the election ofthe Company, interest may be computed at the Base Rate (as defined in thecredit agreement) plus an applicable margin or a LIBOR rate plus an applicablemargin.  As of February 26, 2005, the interest rate for the term loan was equalto LIBOR plus 275 basis points and the interest rate for the revolving loan wasequal to LIBOR plus 250 basis points.  After the Conversion Date the interestrate for the term loan and revolving loan is determined by reference to amatrix of rates keyed to the Company's funded debt to EBITDA ratio.

The amended and restated credit facility also imposescertain financial covenants.  From December 30, 2004 until the Conversion Date,NBP is required to  (i) have as of the end of each fiscal quarter aminimum four-quarter rolling EBITDA of $50.0 million and (ii) maintain atall times a minimum Borrowing Base Availability (as defined in the credit agreement)of at least $25.0 million.  After the Conversion Date, the Company will besubject to covenants imposing a specified maximum funded debt to EBITDA ratio,a maximum senior secured funded debt to EBITDA ratio, a minimum four-quarterrolling EBITDA and a minimum four-quarter rolling debt service coverage ratio. In addition, NBP's annual net capital expenditures are limited to amountsranging from $32 million in fiscal 2005 to $40 million in fiscal 2008 andfiscal years thereafter.  As defined in the amended credit facility, EBITDAcontains specified adjustments.  On February 26, 2005, the Company was incompliance with all financial covenants.

* IndustrialRevenue Bonds*

In conjunction with the amendment and restatement ofthe Company's credit facility, effective December 30, 2004, the Companyentered into a transaction with the City of Dodge City, Kansas, in order toprovide the Company property tax savings.  Under the transaction, the Citypurchased the Company's Dodge City facility (the "facility") by issuing $102.3million in bonds due in December 2014, and leased the facility to the Companyfor an identical term under a capital lease.  The City's bonds were purchasedby the Company using proceeds of its term loan under the amended and restatedcredit facility.  Because the City has assigned the lease to the bond trusteefor the benefit of the Company as the sole bondholder, the Company, in effect,controls enforcement of the lease against itself.  As a result of the capitallease treatment, the facility will remain a component of property, plant andequipment in the Company's consolidated balance sheet.  As a result of thelegal right of offset, the capital lease obligation and the corresponding bondinvestments will be eliminated in consolidation.  The transaction provides theCompany with property tax exemptions for the leased facility, which, afternetting payments to the City and local school district under payment in lieu oftax agreements, result in an annual property tax savings of approximately 25%. The facility remains subject to a prior mortgage and security interest in favorof the lenders under the senior credit facility.  Additional revenue bonds maybe issued to cover the costs of certain improvements to this facility.  Thetotal amount of revenue bonds authorized for issuance is $120.0 million.

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*UtilitiesCommitment*

Effective December 30, 2004, NBP finalized anagreement with the City of Dodge City, Kansas, whereby in consideration ofcertain improvements made to the City water and wastewater systems, NBP hascommitted to make a series of service charge payments totaling $19.3 millionover a 20 year period.  Payments under the commitment will be $0.8 million infiscal year 2005, $1.2 million in fiscal year 2006, $1.4 million in fiscal year2007, $1.4 million in fiscal year 2008 and $1.4 million in fiscal year 2009,with the balance of $13.1 million to be paid in subsequent years.

* *

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**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, competitive practices and consolidation in thecattle production and processing industries, actions of domestic or foreign governments,hedging risk, changes in interest rates and foreign currency exchange rates,consumer demand and preferences, the cost of compliance with environmental andhealth laws, loss of key customers, loss of key employees, labor relations andconsolidation among our customers. In light of these risks and uncertainties,there can be no assurance that the results and events contemplated by theforward-looking information contained in this report will in fact transpire.Readers are cautioned not to place undue reliance on these forward-lookingstatements. We do not undertake any obligation to update or revise anyforward-looking statements. All subsequent written or oral forward-lookingstatements attributable to us or persons acting on our behalf are expresslyqualified in their entirety by these factors.  Please review the "Risk Factors"in "Item 1. Business" of NBP's Annual Report on Form 10-K filed with theSecurities and Exchange Commission on November 23, 2004 for other importantfactors that could cause actual results to differ materially from those in anysuch forward-looking statements, and which should be read in conjunction withthis report.

**IndustryOutlook**

Recent legal developments have increased theuncertainty of the timing of the border opening for importation of live cattleto the U.S. from Canada.  Also, while there is a framework of an agreement forthe resumption of trade with Japan, it appears trade will not resume for sometime.  Currently live weights of cattle being slaughtered are considerablyhigher than last year, implying supplies of cattle in the near term will be larger;however, until international market access is restored and live cattle arepermitted from Canada, margins in the Core Beef segment can be expected to benegatively impacted.  

**RecentDevelopments  **

Effective December 30, 2004, our amended creditfacility was amended and restated to reflect changes in loan amounts, interestrates and financial covenants.  In conjunction with the amendment andrestatement of our credit facility, the City of Dodge City, Kansas issued$102.3 million of industrial revenue bonds at the same time that effectivelyresults in annual savings of approximately 25% in property taxes on the DodgeCity facility.  These transactions are more fully described in "Liquidity andCapital Resources" below.

The closure of U.S. borders to the importation ofCanadian feeder and fattened (ready for slaughter) animals, which occurred inMay 2003 following the discovery of bovine spongiform encephalopathy (BSE) inAlberta that same month, tightened the U.S. cattle supply.  The U.S. beef packingindustry has operated at a price disadvantage during the ban on importation ofCanadian livestock.   This continued closure of the U.S. border to Canadianlivestock has resulted in higher overall feeder and fed cattle prices in theU.S., negatively impacting raw material prices.  Additionally, the opening ofthe U.S. border to Canadian produced boxed beef in September 2003 hasnegatively affected boxed beef prices.

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 BSE.  Theorigin of the animal was subsequently traced to a farm in Canada.  Shortlyafter the announcement, several countries, including Japan, representing asubstantial share of NBP's export business, closed their borders to theimportation of edible beef products from the United States.  Certainby-products have been classified as Specified Risk Materials (SRMs), and havebeen banned from use in feedstocks and the human food chain. Some of theseproducts previously enjoyed a market in foreign countries.  In FYE 2004, NBP'stotal export sales were approximately 10% of total net sales.

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During the second quarter of FYE 2004, NBP recordedcharges to sales and cost of sales totaling approximately $18.8 milliondue to the market impacts of the closure of international borders as a resultof the BSE discovery in late December 2003.      

On December 29, 2004, the USDA announced it hadestablished conditions under which it will allow imports into the U.S. of livecattle under 30 months of age and certain other commodities from regions witheffective BSE prevention and detection measures.  Prior to being able to importto the U.S., each country must undergo a thorough risk assessment to berecognized as a "minimal-risk region."  Canada will be the first countryrecognized as a minimal-risk region and, as such, will be eligible to export tothe U.S. live cattle under 30 months of age (subject to certain restrictions),as well as certain other animals and products.  The final rule was published inthe January 4, 2005 *Federal Register* and was to become effective March7, 2005 unless delayed by litigation, legislation or other reasons.  

On January 2, 2005, the Canadian Food InspectionAgency confirmed that an older dairy cow from Alberta tested positive for BSE. The infected animal was born in 1996, prior to the introduction of the 1997feed ban.  On January 3, 2005, the USDA issued a statement expressingconfidence in the animal and public health measures that Canada has in place,noting that the risk assessment conducted by the USDA as part of the rulemakingprocess to determine Canada's status as a minimal-risk region includedconsideration of the possibility that Canada could experience additional casesof BSE.

On March 2, 2005, the U.S. District Court in Billings,Montana granted a preliminary injunction to delay the implementation of USDA'sminimal-risk regions rule, temporarily blocking the opening of the Canadianborder to the importation of live cattle under 30 months of age into the U.S. On March 17, 2005, the U.S. Department ofJustice, on behalf of the USDA, filed a request with the U.S. Court of Appealsfor the Ninth Circuit requesting that the court overturn the decision issued bythe U.S. District Court in Montana, which would re-establish trade with Canadafor beef products and live cattle under 30 months of age.  These actionsintroduce significant uncertainty regarding the future timing and nature oftrade in live cattle and beef products between the U.S. and Canada.

Announcements of inconclusive, preliminary test resultsfor BSE can be expected from time to time as a result of the sensitivity of thenew screening regime.  The impact on the market created by such uncertainty isnot possible to predict. 

We cannot presently assess the full economic impact ofthe consequences of BSE on the U.S. beef packing industry or on ouroperations.  Our revenues and net income may be materially adversely affectedin the event existing import restrictions continue indefinitely, additionalcountries announce similar restrictions, additional regulatory restrictions areput into effect or domestic consumer demand for beef declines substantially.** **

**Resultsof Operations**

***Thirteen weeks ended February 26, 2005 compared to thirteen weeks endedFebruary 28, 2004***

*General.* Net loss for the thirteen weeks ended February 26, 2005 was $13.0 millioncompared to net income of $1.8 million for the thirteen weeks ended February28, 2004, a decrease of $14.8 million.  Sales were higher in the thirteen weeksended February 26, 2005 than those of the prior year period due to an increasein the number of cattle processed of approximately 5.5%. The loss of exportmarkets due to BSE, the smaller supplies of cattle as a result of the continuedclosure of the Canadian border to live cattle imports and the on-goingimportation of boxed beef products to the U.S. from Canada continues topressure beef margins.

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Total costs and expenses as a percent of sales were 100.2%for the thirteen weeks ended February 26, 2005 compared to 99.2% for the thirteenweeks ended February 28, 2004.  Costs were higher due to a 5.5% increase in thenumber of cattle processed from 2004, combined with higher live cattle pricesand higher average live weights.  Operating income decreased $9.4 million dueto live cattle costs rising at a higher rate than boxed beef and beef productprices, and to a continuing unfavorable pricing environment for productstraditionally marketed outside the U.S. 

*Net Sales*. Net sales were $1,026.7 million for the thirteen weeks ended February 26, 2005compared to $932.0 million for the thirteen weeks ended February 28, 2004, an increaseof $94.7 million or 10.2%.  The increase resulted primarily from an increase inboxed beef and beef product prices of approximately 3.1% combined with anapproximate 5.5% increase in the number of cattle processed in 2005.  Boxedbeef and beef product prices continued to be pressured by the loss of keyexport markets closed to U.S. beef products due to BSE, as well as thecontinued importation of boxed beef products to the U.S. from Canada.

                *Costof Sales*.  Cost of sales was $1,014.6 million for the thirteen weeks ended February26, 2005 compared to $912.6 million for the thirteen weeks ended February 28,2004, an increase of $102.0 million or 11.2%.  The increase resulted primarilyfrom an increase in the number of cattle processed from 2004 of 5.5%, combinedwith higher average live weights and higher live cattle prices.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $8.4 million for the thirteen weeks ended February 26, 2005compared to $7.4 million for the thirteen weeks ended February 28, 2004, anincrease of $1.0 million or 13.5%.  The current year reflects an increase inconsulting and contract services of approximately $0.4 million (which includesservices required for public reporting), an increase in payroll and relatedexpenses of $0.3 million and an increase in professional services ofapproximately $0.2 million due to additional services required for publicreporting.

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $6.0million for the thirteen weeks ended February 26, 2005 compared to $5.0 millionfor the thirteen weeks ended February 28, 2004, an increase of $1.0 million or 20.0%. Depreciation expense was reduced by approximately $0.9 million in the thirteenweeks ended February 28, 2004 as a result of a catch-up adjustment forestimates that had been utilized in the calculations of depreciation expenseprior to the thirteen weeks ended February 28, 2004 in connection with thestep-up in values of property, plant and equipment relative to assets acquiredwhen U.S. Premium Beef acquired a controlling interest in Farmland NationalBeef Packing Company, L.P. on August 6, 2003 and formed National Beef PackingCompany, LLC.

*Operating Loss/Income*.  Operating loss was $2.3 million for the thirteenweeks ended February 26, 2005 compared to operating income of $7.1 million forthe thirteen weeks ended February 28, 2004, a decrease of $9.4 million.  Thedecrease resulted from higher live cattle prices, which was partially offset byhigher boxed beef and beef product prices.  The continued closure of the U.S.border to Canadian livestock and the corresponding reduction in the number oflive cattle available for processing, along with the loss of key export marketsand the continued importation of boxed beef products to the U.S. from Canada,has resulted in compressed margins in the U.S. beef packing industry.  Operating(loss) income, as a percentage of net sales, was (0.2%) for the thirteen weeksended February 26, 2005 and 0.8% for the thirteen weeks ended February 28, 2004.

                *InterestExpense*.  Interest expense was $6.8 million for the thirteen weeks ended February26, 2005 compared to $6.0 million for the thirteen weeks ended February 28,2004, an increase of $0.8 million or 13.3%.  The increase was due primarily to higherinterest rates in the thirteen weeks ended February 26, 2005 as compared to thesame period in fiscal 2004.

                *Other,net.*  Other, net non-operating expense was $3.0 million for the thirteenweeks ended February 26, 2005 compared to non-operating income of $1.4 millionfor the thirteen weeks ended February 28, 2004, a decrease of $4.4 million. The thirteen weeks ended February 26, 2005 included $3.2 million in expense forthe write-off of unamortized loan costs associated with amending and restatingour existing senior credit facility, and the same period in fiscal 2004included a $1.2 million gain received through the demutualization of a companywhich held annuities for NBP employees.

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                *IncomeTax Expense*.  Income tax expense of $0.6 million for the thirteen weeksended February 26, 2005 compared to $0.5 million for the thirteen weeks ended February28, 2004, an increase of $0.1 million or 20%.  The increase was primarily dueto higher income for the period for National Carriers, Inc. and the associatedincome tax expense on income from that entity, which is organized as a CCorporation.*** ***

***Twenty-six weeks ended February 26, 2005 compared to twenty-six weeksended February 28, 2004**** *

*General.* Net loss for the twenty-six weeks ended February 26, 2005 was $17.5 millioncompared to net income of $20.8 million for the twenty-six weeks ended February28, 2004, a decrease of $38.3 million.  Sales were higher in the twenty-sixweeks ended February 26, 2005 than those of the prior year period due to anincrease in the number of cattle processed of approximately 5.7% combined withhigher average weights. The loss of export markets due to BSE, the smallersupplies of cattle as a result of the continued closure of the Canadian borderto live cattle imports and the on-going importation of boxed beef products tothe U.S. from Canada continues to pressure beef margins. 

Total costs and expenses as a percent of sales were 100.0%for the twenty-six weeks ended February 26, 2005 compared to 98.4% for thetwenty-six weeks ended February 28, 2004.  Costs were higher due to a 5.7 %increase in the number of cattle processed from 2004, combined with higheraverage weights, partially offset by lower average live cattle prices.  Operatingincome decreased $32.5 million due to live cattle costs rising at a higher ratethan boxed beef and beef product prices, and to a continuing unfavorablepricing environment for products traditionally marketed outside the U.S. 

*Net Sales*. Net sales were $2,077.4 million for the twenty-six weeks ended February 26,2005 compared to $1,990.3 million for the twenty-six weeks ended February 28,2004, an increase of $87.1 million or 4.4%.  The increase resulted primarilyfrom an increase in the number of cattle processed from 2004 at higher averageweights, partially offset by a decrease in boxed beef and beef product pricesof approximately 2.9%.  Boxed beef and beef product prices continued to bepressured by the loss of key export markets closed to U.S. beef products due toBSE as well as the continued flow of boxed beef products from Canada to the U.S.

                *Costof Sales*.  Cost of sales was $2,048.8 million for the twenty-six weeksended February 26, 2005 compared to $1,931.4 million for the twenty-six weeksended February 28, 2004, an increase of $117.4 million or 6.1%.  The increaseresulted primarily from an increase in the number of cattle processed from 2004of 5.7%, combined with higher average live weights, partially offset by lower averagelive cattle prices.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $16.5 million for the twenty-six weeks ended February 26, 2005compared to $14.8 million for the twenty-six weeks ended February 28, 2004, anincrease of $1.7 million or 11.5%.  The current year reflects an increase of approximately$0.6 million in payroll and related expenses, an increase of approximately $0.6million in professional services (partially due to additional services requiredfor public reporting) and an expense for state franchise taxes of approximately$0.3 million.

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $12.1million for the twenty-six weeks ended February 26, 2005 compared to $11.6million for the twenty-six weeks ended February 28, 2004, an increase of $0.5 millionor 4.3%.  The increase is attributable to assets being placed into service at ourprocessing plants at the end of fiscal year 2004.

*Operating Income*.  Operating income was approximately breakeven for the twenty-sixweeks ended February 26, 2005 compared to $32.5 million for the twenty-sixweeks ended February 28, 2004, a decrease of $32.5 million.  The decreaseresulted from the lower boxed beef and beef product prices due in part to theloss of key export markets closed to U.S. beef products due to BSE.  Thecontinued closure of the U.S. border to Canadian livestock and thecorresponding reduction in the number of live cattle available for processing,along with the loss of key export markets and continued flow of boxed beefproducts from Canada to the U.S has resulted in compressed margins in the U.S.beef packing industry.  Operating income, as a percentage of net sales, was 0.0%for the twenty-six weeks ended February 26, 2005 and 1.6% for the twenty-sixweeks ended February 28, 2004.

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                *InterestExpense*.  Interest expense was $13.5 million for the twenty-six weeks endedFebruary 26, 2005 compared to $12.2 million for the twenty-six weeks endedFebruary 28, 2004, an increase of $1.3 million or 10.7%.  The increase was dueprimarily to higher interest rates in the twenty-six weeks ended February 26,2005 as compared to the same period in fiscal 2004.

*Other, net.* Other, net non-operating expense was $2.5 million for the twenty-six weeksended February 26, 2005 compared to non-operating income of $1.8 million forthe twenty-six weeks ended February 28, 2004, a decrease of $4.3 million.  Thetwenty-six weeks ended February 26, 2005 included $3.2 million in expense forthe write-off of unamortized loan costs associated with amending and restatingour existing senior credit facility, and the same period in fiscal 2004included a $1.2 million gain received through the demutualization of a companywhich held annuities for NBP employees.

                *IncomeTax Expense*.  Income tax expense of $1.1 million for the twenty-six weeksended February 26, 2005 compared to $0.9 million for the twenty-six weeks endedFebruary 28, 2004, an increase of $0.2 million or 22.2%.  The increase wasprimarily due to higher income for the period for National Carriers, Inc. andthe associated income tax expense on income from that entity, which isorganized as a C Corporation.

** SegmentResults **

TheCompany's operating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker(CODM).  Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. In the fourth quarter of fiscal year 2004, the Company revised its method oftransfer pricing between its two segments related to the price charged fortransportation services.  The effect of restating this change for the thirteenweeks ended and the twenty-six weeks ended February 28, 2004 was to increaseoperating income of the Core Beef segment and decrease operating income of theOther segment by approximately $1.1 million and $2.2 million, respectively.  Certain reclassifications have been made to the priorperiods' reporting segment presentation to conform to the current presentation. 

*Core Beef*-the majority of NBP's revenues are generated from thesale of fresh meat, which include chuck cuts, rib cuts, loin cuts, round cuts,thin meats, ground beef, and other products. In addition, we also sell beefby-products to the variety meat, feed processing, fertilizer and pet foodindustries.  Aggregation criteria were applied to determine the constituents ofthe Core Beef segment.

*Other*-the Other segment of NBP consists of the operationsof National Carriers, Inc., a refrigerated and livestock contract carriercompany, and Kansas City Steak Company, LLC, a portion control steak cuttingoperation. 

*Eliminations*-this line item includes eliminations of inter-segmentand intra-segment activity resulting from the consolidation process.

** **

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The following table represents segment results for theperiods indicated (in thousands):

|              | **13 weeks ended**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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| Eliminations | (51,327)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                          | (55,385)                                                                                                                  |            | (99,822)                                                                                                      |            | (119,546)                                                                                                           |
|         | Total

$

     1,026,727

$

          932,036

$

2,077,447

$

        1,990,342
      

Operating (loss) income

Core  Beef

                      (4,460)

                     5,889

(3,637)

                  31,396

Other

                    2,120

                     1,189

                    3,701

                    1,128
     
Total

                    (2,340)

                     7,078

                      64

                  32,524
     
Interest income

                        82

                       163

                      166

                      319

Interest expense

(6,781)

(5,950)

(13,475)

(12,194)

Other (loss) income 

                     (3,265)

                    1,241

(2,914)

                    1,283

Minority interest

(157)

(190)

(211)

(198)
     
Total (loss) income before  taxes

$

(12,461)

$

              2,342

$

(16,370)

$

            21,734
      
**February 26, 2005**

**February 28, 2004**

Total assets

Core  Beef

$

       707,335

$

           585,515

Other

                 33,105

                    25,470

Eliminations

(103,335)

(2,101)

Total

$

       637,105

$

         608,884

***Thirteen weeks ended February 26, 2005 compared to thirteen weeks endedFebruary 28, 2004***

***Core Beef***

*Net Sales*.  Net sales for CoreBeef were $1,029.8 million for the thirteen weeks ended February 26, 2005compared to $947.1 million for the thirteen weeks ended February 28, 2004, anincrease of $82.7 million or 8.7%.  The increase resulted primarily from anincrease in the number of cattle processed in the current year of approximately5.5% and an increase in boxed beef and beef product prices of approximately 3.1%. Boxed beef and beef product prices continued to be pressured by the loss of keyexport markets closed to U.S. beef products due to BSE and the continuedimportation of boxed beef products from Canada to the U.S.

*Operating Loss/Income*. Operating loss for Core Beef was $4.5 million for the thirteen weeks ended February26, 2005 compared to operating income of $5.9 million for the thirteen weeksended February 28, 2004, a decrease of $10.4 million.  The decrease wasprimarily due to lower domestic cattle supplies and restrictions on imports ofCanadian cattle resulting in higher live cattle costs and lower plantutilization levels.  The continued closure of the U.S. border to Canadianlivestock and the corresponding reduction in the number of live cattleavailable for processing, along with the loss of key export markets, hasresulted in compressed margins in the U.S. beef packing industry.

16

***Other***

*NetSales*.  Net sales for Other were $48.3 million for the thirteen weeks endedFebruary 26, 2005 compared to $40.3 million for the thirteen weeks ended February28, 2004, an increase of $8.0 million or 19.9%.  The increase was primarily dueto market conditions in the transportation industry where freight capacity hasbeen exceeding truck availability, allowing rate increases in ourtransportation operations, as well as improved sales in our portion controlfacility.

*OperatingIncome*.  Operating income for Other was $2.1 million for the thirteen weeksended February 26, 2005 compared to $1.2 million for the thirteen weeks ended February28, 2004, an increase of $0.9 million or 75.0%.  The increase was due primarilyto the rate increases and improved operating efficiencies in our transportationoperations.

***Twenty-six weeks ended February 26, 2005 compared to twenty-six weeksended February 28, 2004***

***Core Beef***

*Net Sales*.  Net sales for CoreBeef were $2,083.3 million for the twenty-six weeks ended February 26, 2005compared to $2,030.0 million for the twenty-six weeks ended February 28, 2004,an increase of $53.3 million or 2.6%.  The increase resulted primarily from anincrease of approximately 5.7% in the number of cattle processed from 2004 athigher average weights, partially offset by a decrease in boxed beef and beefproduct prices of approximately 2.9%.  Boxed beef and beef product pricescontinued to be pressured by the loss of key export markets closed to U.S. beefproducts due to BSE and the continued importation of boxed beef products fromCanada to the U.S.

*OperatingLoss/ Income*. Operating loss for Core Beef was $3.6 million for the twenty-six weeks endedFebruary 26, 2005 compared to operating income of $31.4 million for thetwenty-six weeks ended February 28, 2004, a decrease of $35.0 million.  The decreaseresulted from the lower boxed beef and beef product prices due in part to theloss of key export markets closed to U.S. beef products due to BSE.  Thecontinued closure of the U.S. border to Canadian livestock and thecorresponding reduction in the number of live cattle available for processing,along with the loss of key export markets, has resulted in lower plantutilizations and compressed margins in the U.S. beef packing industry. 

***Other***

                *NetSales*.  Net sales for Other were $93.9 million for the twenty-six weeksended February 26, 2005 compared to $79.9 million for the twenty-six weeksended February 28, 2004, an increase of $14.0 million or 17.5%.  The increasewas primarily due to market conditions in the transportation industry where freightcapacity has been exceeding truck availability, allowing rate increases in ourtransportation operations, as well as improved sales in our portion controlfacility.

                *Operatingincome*.  Operating income for Other was $3.7 million for the twenty-six weeksended February 26, 2005 compared to $1.1 million for the twenty-six weeks endedFebruary 28, 2004, an increase of $2.6 million.  The increase was due primarilyto the rate increases and improved operating efficiencies in our transportationoperations.

**Liquidityand Capital Resources**

As of February 26, 2005, we had net working capital of$169.8 million, which included $1.5 million in distributions payable, and cashand cash equivalents of $48.3 million. At August 28, 2004, we had net workingcapital of $166.0 million, which included $5.5 million in distributionspayable, and cash and cash equivalents of $28.0 million. Our primary sources ofliquidity are cash flows from operations and available borrowings under ouramended credit facility.

17

As of February 26, 2005, we had $346.8 million oflong-term debt, of which $0.02 million was classified as a current liability.As of February 26, 2005, there were outstanding borrowings of $53.0 million,outstanding letters of credit of $41.6 million and available borrowings of $45.4million under our $140.0 million amended and restated credit facility. Cashflow from operations and borrowings under our amended credit facility havefunded our working capital requirements, capital expenditures and other generalcorporate purposes.  We were in compliance with all of our financial covenantsunder the amended and restated credit facility as of February 26, 2005.

In addition to outstanding borrowings under ouramended and restated credit facility, we had outstanding borrowings underindustrial revenue bonds of $13.8 million, senior notes of $160.0 million, termloans of $120.0 million and capital leases and other obligations of $0.02million as of February 26, 2005.* *

*AmendedSenior Credit Facility*

Effective December 30, 2004, NBP amended and restated itsexisting senior credit facility with a consortium of banks. The facility now consistsof a $120.0 million term loan that matures in December 2014 and a $140.0million revolving line of credit loan that matures in December 2009 that issubject to certain borrowing base limitations.  The amendment and restatementis within the scope of the Emerging Issues Task Force (EITF) 96-19, *Debtor'sAccounting for a Modification or Exchange of Debt Instruments* as well asEITF 98-14, *Debtor's Accounting for Changes in Line-of-Credit orRevolving-Debt Arrangements*.  In accordance with that guidance, a portionof the unamortized loan costs of approximately $2.6 million from the previouscredit facility as well as additional finance and legal charges associated withthe new amended and restated credit facility of approximately $0.6 million wererecorded in Other, net in the Statement of Operations during the Company'ssecond quarter of fiscal year 2005.  

The borrowings under the revolving loan are available forthe Company's working capital requirements, capital expenditures and othergeneral corporate purposes.  The amended and restated credit facility issecured by a first priority lien on substantially all of the Company's assets. The principal amount outstanding under the term loan is due and payable in equalquarterly installments of $6.0 million on the last business day of each March, June,September and December commencing on March 31, 2010 and ending on December 29, 2014. Prepayment is allowed at any time.

The Company's amended and restated credit facilitycontains covenants that limit its ability to incur additional indebtedness,sell or dispose of assets, pay certain dividends and prepay or amend certainindebtedness among other matters.  The 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) June 1, 2006 or(b) the election of the Company (the Conversion Date).  At the election ofthe Company, interest may be computed at the Base Rate (as defined in thecredit agreement) plus an applicable margin or a LIBOR rate plus an applicablemargin.  As of February 26, 2005, the interest rate for the term loan was equalto LIBOR plus 275 basis points and the interest rate for the revolving loan wasequal to LIBOR plus 250 basis points.  After the Conversion Date the interestrate for the term loan and the revolving loan is determined by reference to amatrix of rates keyed to the Company's funded debt to EBITDA (as defined in thecredit agreement) ratio.

The amended and restated credit facility also imposes certainfinancial covenants.  From December 30, 2004 until the Conversion Date, NBP isrequired to  (i) have as of the end of each fiscal quarter a minimumfour-quarter rolling EBITDA of $50.0 million and (ii) maintain at alltimes a minimum Borrowing Base Availability (as defined in the credit agreement)of at least $25.0 million.  After the Conversion Date, the Company will besubject to covenants imposing a specified maximum funded debt to EBITDA ratio,a maximum senior secured funded debt to EBITDA ratio, a minimum four-quarterrolling EBITDA and a minimum four-quarter rolling debt service coverage ratio. In addition, our annual net capital expenditures are limited to amounts rangingfrom $32 million in fiscal 2005 to $40 million in fiscal 2008 and fiscal yearsthereafter.  As defined in the amended credit facility, EBITDA containsspecified adjustments.  On February 26, 2005, the Company was in compliancewith all financial covenants.* *

18

*IndustrialRevenue Bonds*

In conjunction with the amendment and restatement ofthe Company's credit facility, effective December 30, 2004, the Companyentered into a transaction with the City of Dodge City, Kansas, in order toprovide the Company property tax savings.  Under the transaction, the City purchasedthe Company's Dodge City facility (the facility) by issuing $102.3 million inbonds due in December 2014, and leased the facility to the Company for anidentical term under a capital lease.  The City's bonds were purchased by theCompany using proceeds of its term loan under the amended and restated creditfacility.  Because the City has assigned the lease to the bond trustee for thebenefit of the Company as the sole bondholder, the Company, in effect, controlsenforcement of the lease against itself.  As a result of the capital leasetreatment, the facility will remain a component of property, plant andequipment in the Company's consolidated balance sheet.  As a result of thelegal right of offset, the capital lease obligation and the corresponding bondinvestments will be eliminated in consolidation.  The transaction provides theCompany with property tax exemptions for the leased facility, which, afternetting payments to the City and local school district under payment in lieu oftax agreements, result in an annual property tax savings of approximately 25%. The facility remains subject to a prior mortgage and security interest in favorof the lenders under the senior credit facility.  Additional revenue bonds maybe issued to cover the costs of certain improvements to this facility.  Thetotal amount of revenue bonds authorized for issuance is $120.0 million.

Capital spending through February 26, 2005 wasapproximately $10.0 million.  We expect to spend somewhat less than $30 millionin total on capital expenditures during fiscal year 2005, primarily for plantexpansion, renewals and improvements. 

We believe that available borrowings under our amendedand restated credit facility and cash provided by operating activities will besufficient to support our working capital, capital expenditures and debtservice requirements for the foreseeable future. Our ability to generate sufficientcash, however, is subject to certain general economic, financial, industry,legislative, regulatory and other factors beyond our control.

The following is a reconciliation of EBITDA to netincome for the specified periods (in thousands):

**13 weeks ended**

**13 weeks ended**

** **

**26 weeks ended**

** **

**26 weeks ended**

**February 26,	2005**

**February 28,	2004**

** **

**February 26,	2005**

** **

**February	28, 2004**
      
Net (loss) income

$

(13,020)

$

1,793

$

(17,467)

$

20,836

Interest income

(82)

(163)

(166)

(319)

Interest expense

6,781

5,950

13,475

12,194

Depreciation and  amortization

6,041

4,964  

12,069

11,620

Income taxes 

559

549  

1,097

898

EBITDA(1)

$

279

$

13,093

$

9,008

$

45,229
       
                                        

(1) EBITDArepresents earnings before net interest, taxes, depreciation and amortization.EBITDA is presented because management believes that it is helpful toinvestors, securities analysts and other interested parties in evaluating ourperformance as compared to the performance of other companies in our industry.EBITDA, with adjustments specified in our amended credit facility, is also thebasis for calculating our financial debt covenants under our amended creditfacility and for calculating whether we may incur additional indebtedness underthe indenture governing our senior notes.  Accordingly, management believesthat EBITDA is a useful indicator of our ability to incur and service debtobligations.  EBITDA is not a measurement of financial performance undergenerally accepted accounting principles in the United States of America. Itshould not be considered an alternative to net income or income from operationsor any other measure of performance derived in accordance with generallyaccepted accounting principles. Our computation of EBITDA may not be comparableto other similarly titled measures computed by other companies because allcompanies do not calculate EBITDA in the same fashion.

 

19

 

 *OperatingActivities*

                Netcash provided by operating activities in the twenty-six weeks ended February26, 2005 was $19.0 million compared to $27.0 million in the twenty-six weeksended February 28, 2004, primarily the result of a decrease in net earnings inthe current year period, offset by a decrease in working capital requirements.

*InvestingActivities*

                Netcash used in investing activities was $9.2 million in the twenty-six weeksended February 26, 2005 compared to $14.6 million in the twenty-six weeks endedFebruary 28, 2004.  This decrease in cash used was primarily attributable to $5.2million less in expenditures for property, plant and equipment in the currentyear.

*FinancingActivities*

                Netcash provided by financing activities was $10.5 million in the twenty-six weeksended February 26, 2005 compared to net cash used in financing activities of $20.1million in the twenty-six weeks ended February 28, 2004.  The change was primarilyattributed to a $10 million increase in the overdraft balance and a $26.1million decrease in cash distributions for member taxes, offset by a $9.9million decrease in revolving credit borrowings.

*UtilitiesCommitment*

Effective December 30, 2004, NBP finalized anagreement with the City of Dodge City, Kansas, whereby in consideration ofcertain improvements made to the City water and wastewater systems, NBP hascommitted to make a series of service charge payments totaling $19.3 millionover a 20 year period.  Payments under the commitment will be $0.8 million infiscal year 2005, $1.2 million in fiscal year 2006, $1.4 million in fiscal year2007, $1.4 million in fiscal year 2008 and $1.4 million in fiscal year 2009, withthe balance of $13.1 million to be paid in subsequent years.  

20

**Item 3. Quantitative andQualitative 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.*Weuse various raw materials, many of which are commodities. Raw materials aregenerally available from several different sources, and we presently believethat we can obtain them as needed.  Commodities are subject to pricefluctuations that may create price risk. When appropriate, we may hedgecommodities in order to mitigate this price risk. While this may tend to limitour ability to participate in gains from commodity price fluctuations, it alsotends to reduce the risk of loss from changes in commodity prices. We reflectcommodity 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.

We purchase cattle for use in our processingbusinesses. When appropriate, we enter 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 we use depends on a number offactors, including availability of appropriate derivative instruments.

We sell commodity beef products in our business.Commodity beef products are subject to price fluctuations that may create pricerisk. When appropriate, we enter into forward sales contracts at pricesdetermined prior to shipment. While this may tend to limit our ability toparticipate in gains from commodity price fluctuations, it also tends to reducethe risk of loss from changes in commodity beef prices. We reflect commoditycontract gains and losses as adjustments to the basis of underlying commoditiessold; gains or losses are recognized in the statement of operations as acomponent of net sales.

We 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, we account for futurescontracts and their related firm commitments at fair value. Most firmcommitments 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 firm commitmentsrelated to the futures contracts are recorded to income and expense in theperiod of change.

Thefollowing table describes the number of futures positions and the fair value ofthose positions and related firm commitments at February 26, 2005 and August28, 2004.  A position in live cattle consists of 40,000 pounds.  Firmcommitments for purchase are for live cattle and firm commitments for sales arefor boxed beef (dollars in thousands).

21

** **

** **

**Positions expiring**

** **

**February 26, 2005**

** **

**within 1 year**

**Fair Value**
      
Live Cattle

     Futures long . . . . . . . . . . .	. . . . . . . . . . . . 

$

-    

     Futures short  . . . . . . . .	. . . . . . . . . . . . . . 

825

460

     Firm Commitments  Purchase . . . . . . . . . .

            (455)

     Firm Commitments Sale  . . . . . . . . . . . . . .  

-    
      
**August 28, 2004**

Live Cattle

     Futures long . . . . . . . . . . .	. . . . . . . . . . . . 

-    

     Futures short  . . . . . . . .	. . . . . . . . . . . . . . 

55

$

96

     Firm Commitments  Purchase  . . . . . . . . . 

(96)

     Firm Commitments Sale  . . . . . . . . . . . . . .  

-    

*Interest Rates.*As a result of our normal borrowing and leasing activities, ouroperating results are exposed to fluctuations in interest rates, which wemanage primarily through our regular financing activities. We generallymaintain limited investments in cash and cash equivalents.  

We have short-term and long-term debt with variableinterest rates. Short-term debt is primarily comprised of the current portionof long-term debt maturing twelve months from the balance sheet date. 

Our exposure to interest rate risk has not materiallychanged since August 28, 2004.

**Item 4.  Controls and Procedures**

We maintain a systemof controls and procedures designed to provide reasonable assurance as to thereliability of the consolidated financial statements and other disclosuresincluded in this report, as well as to safeguard assets from unauthorized useor disposition. We evaluated the effectiveness of the design and operation ofour disclosure controls and procedures as defined in the Securities ExchangeAct of 1934 Rules 13a-15(e) and 15d-15(e) under supervision and with theparticipation of management, including our Chief Executive Officer and ChiefFinancial Officer. Based upon that evaluation, as of the end of the periodcovered by this Quarterly Report on Form 10-Q, our Chief Executive Officer andChief Financial Officer concluded that our disclosure controls and procedureswere effective in alerting them, in a timely manner, to material informationrequired to be included in our periodic Securities and Exchange Commissionfilings.  There have been no changes in our internal controls over financialreporting during the thirteen weeks ended February 26, 2005 that havematerially affected, or are reasonably likely to materially affect, ourinternal control over financial reporting.  The design of any system ofcontrols and procedures is based in part upon certain assumptions about thelikelihood of future events. 

**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings**

     For informationregarding legal proceedings, see Note 4, "Contingencies" to our consolidatedfinancial statements included in Part I- Item 1 of this Form 10-Q. 

**Item 2. Unregistered Salesof Equity Securities and Use of Proceeds**

     None. 

**Item 3. Defaults UponSenior Securities**

     None. 

22

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

     None. 

**Item 5. Other Information**

     None. 

**Item 6. Exhibits**

(A)     Exhibits
   
10.1 

Aircraft Lease dated as of  December 9, 2004 by and among John R. Miller Enterprises, L.L.C. and National  Beef Packing Company, LLC (incorporated by reference to Exhibit 10.1 to the  Company's Current Report on Form 8-K filed with the Commission on December 9,  2004).
            
10.2 

Fourth Amended and Restated  Credit Agreement dated as of December 29, 2004 by and between National Beef  Packing Company, LLC and certain agents,  lenders and issuers (incorporated  by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K  filed with the Commission on January 6, 2005).
            
10.3(a)

Lease dated as of December 1,  2004 between City of Dodge City, Kansas and National Beef Packing Company, LLC  securing $102,300,000 City of Dodge City, Kansas Industrial Development  Revenue Bonds, Series 2004 (National Beef Packing Company, LLC Project) (incorporated  by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K  filed with the Commission on January 6, 2005).
            
10.3(b)

Trust Indenture dated as of  December 1, 2004 between City of Dodge City, Kansas and Commerce Bank, N.A.,  as trustee, securing $102,300,000 City of Dodge City, Kansas Industrial  Development Revenue Bonds, Series 2004 (National Beef Packing Company, LLC  Project) (incorporated by reference to Exhibit 10.3 to the Company's Current  Report on Form 8-K filed with the Commission on January 6, 2005).
            
31.1 

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

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

  

  

23

**SIGNATURES**

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

 
National Beef Packing Company, LLC        
By: 

/s/ John R. Miller

John R. Miller*Chief Executive Officer and Manager	(Principal Executive Officer)*
           
By: 
   
/s/ Jay D. Nielsen
      
Jay D. Nielsen*Chief Financial Officer	(Principal Financial and Accounting Officer)*

Date: April 12, 2005 

24 |