|                                                            |   |   |
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|  **UNITED STATES SECURITIES AND EXCHANGE COMMISSION** |

**Washington****, D.C. 20549**

**Form 10-Q**

**(Mark one)**

| þ**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES EXCHANGE ACT OF 1934**         **For the quarterly period  ended May 27, 2006**   
**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)**

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

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

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

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

LargeAccelerated Filer o
Accelerated Filer		oNon-Accelerated Filer		þ
Indicate by check markwhether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act). Yes o No þ

There is no marketfor the Registrant's equity.  As of June 24, 2006, there were 127,748,923 ClassA units and 19,474,520 Class B units outstanding. 

 

**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.

10
   
  Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

19
  
  Item 4.

Controls and Procedures.

20
    
**PART II.**

**OTHER INFORMATION**
   
  Item 1.

Legal Proceedings.

21
  
  Item 1A.

Risk Factors.

21
  
  Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

21
  
  Item 3.

Defaults Upon Senior Securities.

21
  
  Item 4.

Submission of Matters to a Vote of Security Holders.

21
  
  Item 5.

Other Information.

21
  
  Item 6.

Exhibits. 

22
  
Signatures.

23

                               

Unless the context indicates orotherwise requires, the terms "National Beef," "NBP," "Company," "we," "our,"and "us" refer to National Beef Packing Company, LLC and its consolidatedsubsidiaries.  As used in this report, the term "U.S. Premium Beef" or "USPB" refersto U.S. Premium Beef, LLC, a Delaware limited liability company, formerly U.S.Premium Beef, Ltd., a Kansas cooperative, which owns a majority interest inNational Beef.  

 

ii

**PART I.  FINANCIAL INFORMATION**

**Item 1.  Financial Statements.**

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
1

**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

**Consolidated Balance Sheets(in thousands)**

** **

 

** **

**May 27, 2006	(unaudited)**

**August 27, 2005**

**Assets**

Current  assets:

Cash  and cash equivalents

$

28,823

$

33,872

Accounts  receivable, less allowance for returns and	                      doubtful accounts of $3,690 and	                       $3,903, respectively

153,316

170,851

Due  from affiliates

1,271

2,475

Other  receivables

7,253

3,385

Inventories

115,027

85,426

Other  current assets

11,410

9,920

Total  current assets

317,100

305,929

    Property, plant and  equipment, at cost

285,405

258,252

Less  accumulated depreciation

61,984

43,114

 Net  property, plant, and equipment

223,421

215,138

Goodwill

78,858

78,858

Other  intangibles, net of accumulated amortization of	               $4,612 and $3,335, respectively

27,824

28,426

Other  assets

5,787

6,326

 Total  assets

$

652,990

$

634,677

** **

**Liabilities and Members' Capital**

Current  liabilities:

Current  installments of long-term debt

$

                    1,927

$

                    -

Cattle  purchases payable

58,371

54,394

Accounts  payable - trade

44,403

42,465

Due  to affiliates

428

399

Accrued  compensation and benefits

17,219

18,638

Accrued  insurance

13,777

15,528

Other  accrued expenses and liabilities

15,825

8,234

Distributions  payable

4,519

4,621

         Total current liabilities

156,469

144,279

Long-term  debt, excluding current installments

322,130

308,850

Other  liabilities

4,588

4,738

Total  liabilities

483,187

457,867

Minority  interest

737

753

Capital  subject to redemption

61,672

64,218

Members'  capital:

Members'  capital

107,340

111,804

Accumulated  other comprehensive income 

                           54

35

Total  Members' capital

107,394

111,839

Commitments  and contingencies

-

-

 Total  liabilities and members' capital

$

652,990

$

634,677
  
See accompanying notes to  consolidated financial statements. 

2

**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

** **

**13 weeks ended**

**13 weeks ended**

**39 weeks ended**

**39 weeks ended**

 
**May 27, 2006**

**May 28, 2005**

**May 27, 2006**

**May 28, 2005**

 
**(unaudited)**

**(unaudited)**

**(unaudited)**

**(unaudited)**

 
Net  sales

$

1,134,514

$

1,126,574

$

3,310,278

$

3,204,021

Costs  and expenses:

Cost  of sales

1,085,946

1,082,875

3,241,210

3,131,662

Selling,  general, and administrative

8,926

8,160

25,987

23,985

Depreciation  and amortization

7,091

6,132

20,555

18,201

      Total costs and expenses

1,101,963

1,097,167

3,287,752

3,173,848

Operating  income

32,551

29,407

22,526

30,173

Other  income (expense):

Interest  income

106

112

288

279

Interest  expense

(7,938

)

(7,241

)

(22,909

)

(21,418

)

Minority  owners' interest in net	     (income) loss of  Kansas City 	     Steak, LLC

(52

)

55

(120

)

(156

)

Equity  in loss of aLF Ventures, LLC

(39

)

(128

)

(119

)

(523

)

Other,  net

686

342

1,923

(2,177

)

Income  before taxes

25,314

22,547

1,589

6,178

Income tax benefit (expense)  

128

(843

)

(1,048

)

(1,941

)

Net  income

$

25,442

$

21,704

$

541

$

4,237
      
See accompanying notes to consolidated financial  statements.
 
** **

** **

** **

** **

3

** NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

**39 weeks ended**

**39 weeks ended**

**May 27, 2006**

**May 28, 2005**

**(unaudited)**

**(unaudited)**

Cash  flows from operating activities:

Net income

$         

541

$

4,237

Adjustments to reconcile net income to net cash  provided by operating activities:

Depreciation and amortization

20,555

18,201

Gain on disposal of property, plant, and equipment

(138

)

(167

)

Minority interest

(16

)

117

Write-off of debt issuance costs

-

2,552

Change in assets and liabilities:

   Accounts receivable

17,535

175

   Due from affiliates

1,204

178

   Other receivables

(668

)

91

   Inventories

(29,601

)

(10,807

)

  Other assets

(951

)

2,017

   Accounts payable

1,297

153

   Due to affiliates

29

40

   Accrued compensation and benefits

(1,419

)

(1,521

)

   Accrued insurance

(1,751

)

666

   Accrued expenses and liabilities

7,441

7,579

   Cattle purchases payable

2,804

2,857

      Net cash provided by operating activities

16,862

26,368

Cash flows from investing activities:

Capital expenditures, including interest capitalized

(22,758

)

(13,950

)

Acquisition of intangible assets

(675

)

-

Proceeds from sale of property, plant, and equipment

832

1,312

           Net cash used in investing activities

(22,601

)

(12,638

)

Cash flows from financing activities:

Net receipts (payments) under revolving credit lines

7,274

(9,794

)

Repayments of term note payable

-

(2,344

)

Borrowings of term note payable

-

3,594

Cash paid for financing costs

-

(1,653

)

Change in overdraft balances

1,814

4,220

Net repayments of other indebtedness

(764

)

(428

)

Member distributions

(7,653

)

(8,579

)

           Net cash provided by (used in) financing  activities

671

(14,984

)

Effect of exchange rate changes on cash

19

29

               Net decrease in cash

(5,049

)

(1,225

)

Cash and cash equivalents at beginning of period

33,872

27,998

Cash and cash equivalents at end of period

$

28,823

$

26,773

Supplemental disclosures:

Cash paid during the period for interest

$

17,295

$

14,720

Cash  paid during the period for taxes

$

137

$

29

Supplemental non-cash disclosure:

Assets  acquired through capital lease

$

8,697

$

-
     
See accompanying notes to consolidated financial  statements.

** **

4

**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 using management's bestestimates and judgments where appropriate. These estimates and judgments affectthe reported amounts of assets and liabilities and disclosure of the contingentassets and liabilities at the date of the financial statements. The estimatesand judgments will also affect the reported amounts for certain revenues andexpenses during the reporting period. Actual results could differ from theseestimates and judgments.  For further information, refer to the audited ConsolidatedFinancial Statements and Notes to Consolidated Financial Statements, which areincluded in NBP's Annual Report on Form10-K on file with the Securities andExchange Commission (SEC) for the fiscal year ended August 27, 2005.  Theresults 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 May 27, 2006 and August 27, 2005consisted of the following (in thousands):

**May 27, 2006**

** **

**August 27, 2005**

Dressed  and boxed beef

$

                              94,444

$

                66,993

Beef  by-products

9,219

** **

** **

8,476

Supplies

11,364

** **

** **

9,957

     Total inventory

$

                             115,027

$

                85,426

** **

** (3)Comprehensive Income**

Comprehensive income, which consists of net income andforeign currency translation adjustments, was as follows for the periodsindicated (in thousands):

**13 weeks ended**

** **

**13 weeks ended**

** **

**39 weeks ended**

** **

**39 weeks ended**

**May 27, 2006**

** **

**May 28, 2005**

** **

**May 27, 2006**

** **

**May 28, 2005**

Net  income

$

25,442

$

           21,704

$

541

$

            4,237

Other  comprehensive income:

Foreign currency translation adjustments

                        4

                           4

                       19

                        29

Comprehensive  income

$

25,446

$

          21,708

$

560

$

           4,266

5

**(4)Contingencies  **

*Schumacher v. Tyson Foods, et al. *On July 1, 2002, a lawsuit was filed against FarmlandNational Beef Packing Company, L.P. (FNBPC or the predecessor to NBP), ConAgraBeef Company, Tyson Foods, Inc. and Excel Corporation in the United StatesDistrict Court for the District of South Dakota seeking certification of aclass of all persons who sold cattle to the defendants for cash, or on a basisaffected by the cash price for cattle, during the period from April 2, 2001through May 11, 2001 and for some period up to two weeks thereafter. The casewas filed by three named plaintiffs on behalf of a putative nationwide classthat plaintiffs estimate is comprised of hundreds or thousands of members. Thecomplaint alleged that the defendants, in violation of the Packers andStockyards Act of 1921, knowingly used, without correction or disclosure,incorrect and misleading boxed beef price information generated by the USDA topurchase cattle offered for sale by the plaintiffs at a price substantiallylower than was justified by the actual and correct price of boxed beef duringthis period. Plaintiffs also sought recovery against all defendants under atheory of unjust enrichment.  The case was certified as a class-action matterin June of 2004. The plaintiffs claimed damages against FNBPC in the amount ofapproximately $4.5 million plus prejudgment interest, attorneys' fees and courtcosts.  The claim is subject to reduction in an unknown amount by the number ofclass members who have opted out of the class.  Trial began March 31, 2006.  OnApril 13, 2006, the jury returned a verdict in favor of FNBPC but against theother defendants.  The defendants found liable have filed post-trial motionsfor judgment as a matter of law, which are now pending.  Plaintiffs have notfiled a post-trial motion against FNBPC.  

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 by a mutually agreedappraisal process. If NBP is unable to effect the repurchase within a specifiedtime, the requesting member(s) have the right to cause a sale process to commence. NBP accounts for changes in the redemption value of these interests byaccreting the change in value over the current period through the earliestredemption date of the respective interests. At May 27, 2006, the "Capitalsubject to redemption" was revalued by an independent appraisal process, andthe value was determined to be $65.1 million, which was in excess of itscarrying value.  Accordingly, the carrying value of the "Capital subject toredemption" increased by approximately $0.3 million through accretion duringthe thirteen weeks ended May 27, 2006, resulting in the $61.7 million carryingvalue, as reflected in the accompanying Consolidated Balance Sheet as of May27, 2006.

**(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*. Certain reclassifications have been madeto the prior periods' 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

*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**

** **

**39 weeks ended**

** **

**39 weeks ended**
   
**May 27, 2006**

**May 28, 2005**

**May 27, 2006**

**May 28, 2005**

Net sales
   
Core  Beef
$
1,127,652 
$
1,129,896 
$
              3,290,998 
$
               3,213,232 

Other
   
                52,034 

                 47,347 

                155,315 

                  139,921 

Eliminations
   
(45,172)

(50,669)

(136,035)

             (149,132)

Total
   
             1,134,514 

            1,126,574 

             3,310,278 

              3,204,021 
   
Operating income (loss)
   
Core  Beef
   
                  32,627 

                28,060 

                 19,240 

                  26,181 

Other
   
                    (76)

                  1,347 

                    3,286 

                    3,992 

Total
   
                  32,551 

                29,407 

                  22,526 

                   30,173 
   
Interest income
   
                      106 

                     112 

                      288 

                      279 

Interest expense
   
(7,938)

(7,241)

(22,909)

                (21,418)

Other income (expense)
   
                       647 

                     214 

                     1,804 

                (2,700)

Minority interest 	   (income) loss
   
(52)

                       55 

(120)

                   (156)

Total income before	   taxes
$
 25,314 
$
                22,547 
$
                  1,589 
$
                   6,178 
      
**May 27, 2006**

** **

**May 28, 2005**

** **

** **

** **

** **

Assets
   
Core  Beef
$
 617,077 
$
611,980 

Other
   
                   36,233 

                  35,844 

Eliminations
   
(320)

(477)

Total
$
652,990 
$
647,347 

**(7)   United States BSE Outbreak**

OnDecember 23, 2003, it was announced by the United States Department ofAgriculture (USDA) that a single Holstein dairy cow was discovered in the stateof Washington to have tested positive for bovine spongiform encephalopathy(BSE).  The origin of the animal was subsequently traced to a farm in Canada.  Shortly after the announcement, several countries, including Japan, representing a substantial share of NBP's export business, closed their borders to the importationof edible beef products from the United States.  A second case of BSE in Texas was confirmed in June 2005, with a third case in Alabama confirmed in March 2006. 

7

On December 8, 2005, the Japanese Food Safety Commissionissued its final report, concluding that U.S. beef under 20 months of age issafe for Japanese consumers.  On December 11, 2005, Japan reopened its marketto U.S. and Canadian beef from cattle 20 months of age or younger, where priorto the border closing, there were no age restrictions on cattle used in beefproducts imported to Japan.  Beef from cattle that would have qualified forexport to Japan had to comply with requirements for age verification of cattleand removal of specified risk materials (SRMs).  Subsequently, on January 20,2006, Japan halted the import of U.S. beef after vertebral columns were foundin three boxes from a small U.S. processor, which violated the agreement the U.S. had with Japan regarding vertebral columns, which are included in the definition of SRMs underthis agreement.  On June 21, 2006, Japan and the U.S. once again announced anagreement had been reached to permit the opening of the Japanese markets to U.S. beef products once inspections of qualifying U.S. beef plants are completed.

Announcementsof inconclusive, preliminary test results for BSE can be expected from time totime as a result of the sensitivity of the new screening regime.  Confirmedcases of BSE discovered in the U.S. can lead to uncertainty regarding domesticconsumer demand for beef and the export of U.S. beef.  NBP cannot presentlyassess the full economic impact of the consequences of BSE on the U.S. beef packing industry or on its operations.  The Company's revenues and net income maycontinue to be materially adversely affected due to existing or new importrestrictions or additional regulatory restrictions, or disruptions in domesticconsumer demand for beef.

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

As of May 27, 2006, we had $324.1 million of long-termdebt, of which $1.9 million was classified as a current liability. As of May27, 2006, our fourth amended and restated credit facility consisted of a $120.0million term loan, all of which was outstanding, and a $140.0 million revolvingline of credit loan, which had outstanding borrowings of $22.3 million,outstanding letters of credit of $44.5 million and available borrowings of $66.9million, based on the most restrictive financial covenant calculations.  Wewere in compliance with all of our financial covenants under our amended andrestated credit facility as of May 27, 2006.  In addition to outstandingborrowings under our amended and restated credit facility, we had outstandingborrowings under industrial revenue bonds of $13.8 million, senior notes of$160.0 million and capital leases of $8.0 million as of May 27, 2006. 

*AmendedSenior Credit Facilities*

Effective June 1, 2006, and related to the purchase ofthe assets of Brawley Beef, LLC (Brawley Beef) (see *Note 9. SubsequentEvents*), NBP amended and restated its existing senior credit facility witha consortium of banks.  The facility now consists of a $170.0 million term loanthat matures in May 2016 and a $160.0 million revolving line of credit loanthat matures in May 2011 that is subject to certain borrowing base limitations. This amendment and restatement is within the scope of the Emerging Issues TaskForce ("EITF") 96-19, *Debtor's Accounting for a Modification or Exchange ofDebt Instruments* as well as EITF 98-14, *Debtor's Accounting for Changesin Line-of-Credit or Revolving-Debt Arrangements*.  In accordance with thatguidance, a portion of the unamortized loan costs from the previous creditfacility as well as additional finance and legal charges associated with thenew amended and restated credit facility will be written off during theCompany's fourth quarter of fiscal year 2006. Management is currentlyevaluating the impact of the guidance on the costs and charges.  At the closingof the amended and restated credit facility, NBP had outstanding $170.0 millionunder the term loan and $21.1 million under the revolving loan with anadditional $51.6 million of the revolving loan used in the form of letters ofcredit and had estimated available borrowings of $76.5 million based on themost restrictive financial covenant calculations.

The borrowings under the revolving loan are availablefor the 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 shall be payable insemi-annual installments on the last business day of each June and Decembercommencing June 30, 2011 in equal installments of approximately $2.8 million,with any and all remaining principal outstanding being due and payable on the maturitydate.  Prepayment is allowed at any time.

8

The amended and restated credit facility containscovenants that limit its ability to incur additional indebtedness, sell ordispose 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) August 25, 2007or (b) the election of the Company (the "Conversion Date").  Currently theinterest rate for the term loan is (a) the Base Rate (as defined in the creditagreement) plus 75 basis points or (b) the LIBOR Rate (as defined in the creditagreement) plus 275 basis points, or a combination of these rates at theelection of the Company.  At closing of the amended and restated creditfacility, the interest rate for the term loan was 8.75%, as a Base Rate loan.  OnJune 6, 2006, the term loan was converted to a 90 day LIBOR Rate loan at8.0625%.  Currently the interest rate for the revolving loan is (a) the BaseRate plus 50 basis points or (b) the LIBOR Rate plus 250 basis points, or acombination of these rates at the election of the Company.  At closing of theamended and restated credit facility, the interest rate for the revolving loanwas 8.5%, as a Base Rate loan.  After the Conversion Date, the interest ratefor the term loan and revolving loan will be 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 imposescertain financial covenants.  From May 30, 2006 until the earlier of February28, 2007 or the Conversion Date, NBP is required to (i) have as of the endof each fiscal quarter a minimum four-quarter rolling EBITDA of $50.0 millionand (ii) maintain at all times a minimum Borrowing Base Availability (asdefined in the credit agreement) of at least $25.0 million.  After February 28,2007 until the Conversion date, NBP is required to (i) have as of the end ofeach fiscal quarter a minimum four-quarter rolling EBITDA of $60.0 million and(ii) maintain at all times a minimum Borrowing Base Availability of atleast $25.0 million.  After the Conversion Date, the Company is required tomaintain at all times a specified maximum funded debt to EBITDA ratio, amaximum 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 $48 millionin fiscal year 2006 and $50 million in each of the fiscal years thereafter.

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

**(9) Subsequent Events**

On June 1, 2006, the Company and its majority owner,U.S. Premium Beef, LLC, completed the acquisition of substantially all of theassets of Brawley Beef pursuant to the Contribution Agreement with Brawley Beefand National Beef California, LP (NBC) (the Agreement).  NBC is a newly formedlimited partnership with National Carriers, Inc., a wholly-owned subsidiary ofthe Company, acting as its general partner.   Brawley Beef was formed in 2001and owned by an alliance of cattle producers in Arizona and California whosupplied its meat packing operations with cattle. Brawley Beef operated a newbeef processing facility that began operations in December 2001 in Brawley, California, and produced upscale custom cuts for sale to retail customers.

Pursuant to the terms of the Agreement, Brawley Beefcontributed substantially all of its assets to NBC in exchange for limitedpartnership units of NBC, and NBC assumed approximately $72 million of BrawleyBeef's debt and current liabilities, subject to certain adjustments.  BrawleyBeef then exchanged all of its NBC units with USPB for 44,160 new Class A USPBunits and 44,160 new Class B USPB units.  The value of these Class A and ClassB USPB units was estimated to be $7.3 million based on recent trades at thetime the Agreement was negotiated.  Under a separate unit exchange agreementbetween USPB and the Company, USPB exchanged the limited partnership units ofNBC with the Company for 5,899,297 Class A units and 664,475 Class B-1 units ofthe Company.  As a result, USPB's ownership interest in the Company'sClass B voting units increased to 54.76%.

9

Adjustments to the purchase price will be made within60 days of closing based on changes in the working capital and debt of BrawleyBeef prior to the closing date.  For accounting purposes, the closing is deemedto have occurred on May 30, 2006.  The Company is currently reviewing thevaluation of the net assets acquired in determining the allocation of thepurchase price.

Concurrently with the transfer of assets, Brawley Beefentered into long-term cattle supply agreements with both NBC and USPB underwhich Brawley Beef committed to supply approximately 275,000 head of cattle toNBC's Brawley facility.

Under the terms of the Agreement, Brawley Beef madecustomary covenants, representations and warranties and agreed to indemnify NBCand the Company for breaches of these representations and warranties.  BrawleyBeef can satisfy any indemnification obligations over a three-year period witha combination of cash, deductions from payments under certain cattle contractsor surrender of its USPB units at $165 per unit.  In addition, Brawley Beefpledged its USPB units to NBC to secure its obligations under the Agreement. Brawley Beef's obligations under the Agreement and cattle supply agreements arealso supported by limited guaranties from its members.

 

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

**DisclosureRegarding Forward-Looking Statements**

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

In light of these risks anduncertainties, there can be no assurance that the results and eventscontemplated by the forward-looking information contained in this report willin fact transpire. Readers are cautioned not to place undue reliance on theseforward-looking statements. We do not undertake any obligation to update orrevise any forward-looking statements. All subsequent written or oralforward-looking statements attributable to us or persons acting on our behalfare expressly qualified in their entirety by these factors.  Please review the"Risk Factors" in "Item 1. Business" of NBP's Annual Report for the yearended August 27, 2005 on Form 10-K filed with the Securities and ExchangeCommission for other important factors that could cause actual results todiffer materially from those in any such forward-looking statements, and whichshould be read in conjunction with this report.

**IndustryOutlook**

Drought conditions provided poor pasture in manyimportant grazing areas of the country and contributed to larger numbers ofcattle being placed on feed.  The larger number of cattle on feed has increasedthe supply of market-ready fed cattle in recent weeks, which increases the riskthat this supply could decline in the coming months.  

**RecentDevelopments**

On June 1, 2006, the Company and its majority owner,U.S. Premium Beef, LLC, completed the acquisition of substantially all of theassets of Brawley Beef, LLC (Brawley Beef) pursuant to the ContributionAgreement with Brawley Beef and National Beef California, LP (NBC) (theAgreement).  NBC is a newly formed limited partnership with National Carriers,Inc., a wholly-owned subsidiary of the Company, acting as its general partner.  Brawley Beef was formed in 2001 and owned by an alliance of cattle producersin Arizona and California who supplied its meat packing operations with cattle.Brawley Beef operated a new beef processing facility that began operations inDecember 2001 in Brawley, California, and produced upscale custom cuts for saleto retail customers. 

10

Pursuant to the terms of the Agreement, Brawley Beefcontributed substantially all of its assets to NBC in exchange for limitedpartnership units of NBC, and NBC assumed approximately $72 million of BrawleyBeef's debt and current liabilities, subject to certain adjustments.  BrawleyBeef then exchanged all of its NBC units with USPB for 44,160 new Class A USPBunits and 44,160 new Class B USPB units.  The value of these Class A and ClassB USPB units was estimated to be $7.3 million based on recent trades at thetime the Agreement was negotiated.  Under a separate unit exchange agreementbetween USPB and the Company, USPB exchanged the limited partnership units ofNBC with the Company for 5,899,297 Class A units and 664,475 Class B-1 units ofthe Company.  As a result, USPB's ownership interest in the Company'sClass B voting units increased to 54.76%.

Adjustments to the purchase price will be made within60 days of closing based on changes in the working capital and debt of BrawleyBeef prior to the closing date.  For accounting purposes, the closing is deemedto have occurred on May 30, 2006.    The Company is currently reviewing thevaluation of the net assets acquired in determining the allocation of thepurchase price.

Concurrently with the transfer of assets, Brawley Beefentered into long-term cattle supply agreements with both NBC and USPB underwhich Brawley Beef committed to supply approximately 275,000 head of cattle toNBC's Brawley facility.

Under the terms of the Agreement, Brawley Beef madecustomary covenants, representations and warranties and agreed to indemnify NBCand the Company for breaches of these representations and warranties.  BrawleyBeef can satisfy any indemnification obligations over a three-year period witha combination of cash, deductions from payments under certain cattle contractsor surrender of its USPB units at $165 per unit.  In addition, Brawley Beefpledged its USPB units to NBC to secure its obligations under the Agreement. Brawley Beef's obligations under the Agreement and cattle supply agreements arealso supported by limited guaranties from its members.

EffectiveJune 1, 2006, and related to the purchase of the assets of Brawley Beef, ouramended and restated senior credit facility with a consortium of banks wasfurther amended and restated.  The facility now consists of a $170.0 millionterm loan that matures in May 2016 and a $160.0 million revolving line ofcredit loan that matures in May 2011 that is subject to certain borrowing baselimitations.  These transactions are more fully described in "Liquidity andCapital Resources" below.

OnDecember 23, 2003, it was announced by the United States Department ofAgriculture (USDA) that a single Holstein dairy cow was discovered in the stateof Washington to have tested positive for bovine spongiform encephalopathy(BSE).  The origin of the animal was subsequently traced to a farm in Canada.  Shortly after the announcement, several countries, including Japan, representing a substantial share of NBP's export business, closed their borders to theimportation of edible beef products from the United States.  A second case ofBSE in Texas was confirmed in June 2005, with a third case in Alabama confirmedin March 2006.  

11

On December 8, 2005, the Japanese Food Safety Commissionissued its final report, concluding that U.S. beef under 20 months of age issafe for Japanese consumers.  On December 11, 2005, Japan reopened its marketto U.S. and Canadian beef from cattle 20 months of age or younger, where priorto the border closing, there were no age restrictions on cattle used in beefproducts imported to Japan.  Beef from cattle that would have qualified forexport to Japan had to comply with requirements for age verification of cattleand removal of specified risk materials (SRMs).  Subsequently, on January 20,2006, Japan halted the import of U.S. beef after vertebral columns were foundin three boxes from a small U.S. processor, which violated the agreement the U.S. had with Japan regarding vertebral columns, which are included in the definition of SRMs underthis agreement.  On June 21, 2006, Japan and the U.S. once again announced anagreement had been reached to permit the opening of the Japanese markets to U.S. beef products once inspections of qualifying U.S. beef plants are completed.

Announcementsof inconclusive, preliminary test results for BSE can be expected from time totime as a result of the sensitivity of the new screening regime.  Confirmedcases of BSE discovered in the U.S. can lead to uncertainty regarding domesticconsumer demand for beef and the export of U.S. beef.  NBP cannot presentlyassess the full economic impact of the consequences of BSE on the U.S. beef packing industry or on its operations.  The Company's revenues and net income maycontinue to be materially adversely affected due to existing or new importrestrictions or additional regulatory restrictions, or disruptions in domesticconsumer demand for beef.

 

**Resultsof Operations**

***Thirteen weeks ended May 27, 2006 compared to thirteen weeks ended May28, 2005***

*General.* Net income for the thirteen weeks ended May 27, 2006 was $25.4 million comparedto $21.7 million for the thirteen weeks ended May 28, 2005, an increase of $3.7million, or 17.1%.  Sales were higher in the thirteen weeks ended May 27, 2006compared to those of the prior period due to an approximate 2.7% increase inthe number of cattle slaughtered at average weights about 2.8% higher than lastyear, partially offset by an average decline in sales prices per head of 2.9%for the 13 weeks ended May 27, 2006.  Live cattle prices declined approximately8.1% in the current period resulting from an increase in available market-readycattle. 

Total costs and expenses of $1,102.0 million and $1,097.2million for the thirteen weeks ended May 27, 2006 and May 28, 2005,respectively, were 97.1% as a percent of sales for the thirteen weeks ended May27, 2006 compared to 97.4% for the thirteen weeks ended May 28, 2005.  Increasingnumbers of market-ready cattle became available during the thirteen weeks endedMay 27, 2006 compared to the prior period, contributing to an 8.1% decline inlive cattle prices.  Additionally, improved plant capacity utilizationcontributed to an increase in gross margin, resulting in an increase in operatingincome of $3.2 million, or 10.9% of operating income. 

*Net Sales*. Net sales were $1,134.5 million for the thirteen weeks ended May 27, 2006compared to $1,126.6 million for the thirteen weeks ended May 28, 2005, an increaseof $7.9 million, or 0.7%.  The moderate increase resulted from an approximate2.7% increase in number of cattle slaughtered at average weights about 2.8%higher than last year, offset by an average decline in sales prices per head of2.9% for the 13 weeks ended May 27, 2006.  Sales improved due to continuedgrowth in value-added sales for the thirteen weeks ended May 27, 2006 ascompared to May 28, 2005.

                *Costof Sales*.  Cost of sales was $1,085.9 million for the thirteen weeks ended May27, 2006 compared to $1,082.9 million for the thirteen weeks ended May 28, 2005,an increase of $3.0 million, or 0.3%.  The moderate increase resulted primarilyfrom an approximate 2.7% increase in number of cattle slaughtered at averageweights about 2.8% higher than last year, offset by a decline in live cattleprices of approximately 8.1% in the current period.  Cost of sales benefitedfrom an increase in available market-ready cattle during the thirteen weeksended May 27, 2006 as compared to May 28, 2005.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $8.9 million for the thirteen weeks ended May 27, 2006 comparedto $8.2 million for the thirteen weeks ended May 28, 2005, an increase of $0.7million, or 8.5%.  The current year reflects an increase in marketing expenseand travel expense of approximately $0.5 million associated with supporting twonew marketing programs, increased travel associated in part with the BrawleyBeef acquisition negotiations, and also from increased fuel costs.

 

12

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $7.1million for the thirteen weeks ended May 27, 2006 compared to $6.1 million forthe thirteen weeks ended May 28, 2005, an increase of $1.0 million, or 16.4%.  Depreciationexpense increased due largely to assets being placed into service, primarily atthe Dodge City and Liberal beef plants, during the fourth quarter of fiscalyear 2005 and the first, second and third quarters of fiscal year 2006.

*Operating Income*.  Operating income was $32.6 million for the thirteen weeks ended May27, 2006 compared to $29.4 million for the thirteen weeks ended May 28, 2005, anincrease of $3.2 million, or 10.9%.  The increase resulted primarily from improvedmarket conditions resulting from the increase of available market-ready cattle,as well as an increased number of cattle slaughtered in the current period athigher average weights than the same period last year.  

                *InterestExpense*.  Interest expense was $7.9 million for the thirteen weeks ended May27, 2006 compared to $7.2 million for the thirteen weeks ended May 28, 2005, anincrease of $0.7 million, or 9.7%.  The increase was due primarily to higherinterest rates on our variable rate debt for the thirteen weeks ended May 27,2006, as compared to the same period in fiscal 2005.

                *Other,net. *Other, net non-operating income was $0.7 million for the thirteenweeks ended May 27, 2006 compared to non-operating income of $0.3 million forthe thirteen weeks ended May 28, 2005, an increase of $0.4 million, dueprimarily to $0.3 million in patronage income received in the current period.

                *IncomeTax Benefit (Expense)*.  Income tax benefit was $0.1 million for the thirteenweeks ended May 27, 2006 compared to income tax expense of $0.8 million for thethirteen weeks ended May 28, 2005, a decrease in expense of $0.9 million.  Incometax expense decreased due to lower income recorded by National Carriers, Inc.,which is organized as a C Corporation, in the current period compared to thesame period last year.

***Thirty-nine weeks ended May 27, 2006 compared to thirty-nine weeksended May 28, 2005***

*General.* Net income for the thirty-nine weeks ended May 27, 2006 was $0.5 millioncompared to $4.2 million for the thirty-nine weeks ended May 28, 2005, a decreasein income of $3.7 million.  Sales and cost of sales were both higher in the thirty-nineweeks ended May 27, 2006 than those of the prior year period primarily due toan increase of approximately 1.4% in the number of cattle slaughtered, and anincrease in live cattle weights of approximately 1.6%, combined with a slightincrease in live cattle prices of approximately 0.1% and an approximate 1.0%increase in sales prices per head.  For the thirty-nine weeks ended May 27,2006, cost of sales increased at a higher rate than sales, negatively impactinggross margin for the thirty-nine weeks ended May 27, 2006 as compared to thesame period in the prior year.  

Total costs and expenses of $3,287.8 million and $3,173.8million for the thirty-nine weeks ended May 27, 2006 and May 28, 2005,respectively, were 99.3% as a percent of sales for the thirty-nine weeks ended May27, 2006 compared to 99.1% for the thirty-nine weeks ended May 28, 2005.  Thefirst half of fiscal 2006 was negatively impacted by the tightened supply ofmarket-ready cattle; increased supply of market-ready cattle helped lower livecattle costs in the third quarter of fiscal 2006.  Lower plant capacityutilization in the first half of fiscal 2006 combined with continued exportmarket closures contributed to a decline in gross margin, resulting in lower operatingincome for the thirty-nine weeks ended May 27, 2006. 

*Net Sales*. Net sales were $3,310.3 million for the thirty-nine weeks ended May 27, 2006compared to $3,204.0 million for the thirty-nine weeks ended May 28, 2005, anincrease of $106.3 million, or 3.3%.  The increase resulted primarily from anincrease of approximately 1.4% in the number of cattle slaughtered, an increasein live cattle weights of approximately 1.6% and an approximate 1.0% increasein sales prices per head in the thirty-nine weeks ended May 27, 2006 comparedto the same period in the prior year.  Sales prices improved due to an improvedproduct sales mix and continued growth in value-added sales for the thirty-nineweeks ended May 27, 2006 as compared to May 28, 2005.

13

                *Costof Sales*.  Cost of sales was $3,241.2 million for the thirty-nine weeksended May 27, 2006 compared to $3,131.7 million for the thirty-nine weeks endedMay 28, 2005, an increase of $109.5 million, or 3.5%.  The increase resultedprimarily from an approximate 1.4% increase in the number of cattleslaughtered, and an increase in live cattle weights of approximately 1.6%,combined with a slight increase in live cattle prices of approximately 0.1%. The first half of fiscal 2006 was negatively impacted by the tightened supplyof market-ready cattle; increased supply of market-ready cattle helped lowerlive cattle costs in the third quarter of fiscal 2006.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $26.0 million for the thirty-nine weeks ended May 27, 2006compared to $24.0 million for the thirty-nine weeks ended May 28, 2005, anincrease of $2.0 million, or 8.3%, which is primarily due to an increase inpayroll and benefit expenses of approximately $1.5 million, and an approximate$1.1 million increase in marketing expense and travel expense associated withsupporting two new marketing programs, increased travel associated in part withthe Brawley Beef acquisition negotiations, and also from increased fuel costs;partially offset by an approximate $1.0 million decrease in bad debt reserveresulting from miscellaneous recoveries.

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $20.6million for the thirty-nine weeks ended May 27, 2006 compared to $18.2 millionfor the thirty-nine weeks ended May 28, 2005, an increase of $2.4 million, or 13.2%. Depreciation expense increased due largely to assets being placed into service,primarily at the Dodge City and Liberal beef plants, during the fourth quarterof fiscal year 2005 and the first, second and third quarters of fiscal year2006.

*Operating Income*.  Operating income was $22.5 million for the thirty-nine weeks ended May27, 2006 compared to $30.2 million for the thirty-nine weeks ended May 28, 2005,a decrease of $7.7 million, or 25.5%.  The first half of fiscal 2006 wasnegatively impacted by the tightened supply of market-ready cattle; increasedsupply of market-ready cattle helped lower live cattle costs in the thirdquarter of fiscal 2006.  Lower plant capacity utilization in the first half offiscal 2006 combined with continued export market closures contributed to adecline in gross margin, resulting in lower operating income for thethirty-nine weeks ended May 27, 2006. 

                *InterestExpense*.  Interest expense was $22.9 million for the thirty-nine weeksended May 27, 2006 compared to $21.4 million for the thirty-nine weeks ended May28, 2005, an increase of $1.5 million, or 7.0%.  The increase was due primarilyto higher interest rates on our variable rate debt, partially offset by adecrease in average revolver borrowings for the thirty-nine weeks ended May 27,2006, as compared to the same period in fiscal 2005.

                *Other,net.*  Other, net non-operating income was $1.9 million for the thirty-nineweeks ended May 27, 2006 compared to non-operating expense of $2.2 million forthe thirty-nine ended May 28, 2005, an increase in income of $4.1 million.  Thethirty-nine weeks ended May 27, 2006 included $0.6 million in income wereceived for a settlement of a lawsuit related to corrugated packagingmaterials and $0.3 million in patronage income received, and the same periodfor 2005 included $3.2 million in expense for the write-off of unamortized loancosts associated with amending and restating our existing senior creditfacility.

                *IncomeTax Expense*.  Income tax expense was $1.0 million for the thirty-nine weeksended May 27, 2006 compared to $1.9 million for the thirty-nine weeks ended May28, 2005, a decrease of $0.9 million, or 47.4%.  Income tax expense decreaseddue to lower income recorded by National Carriers, Inc., which is organized asa C Corporation, in the current period compared to the same period last year.

** **

**SegmentResults**

Ouroperating 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 our two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. Certain reclassifications have been madeto the prior periods' reporting segment presentation to conform to the current presentation. 

14

*Core Beef*—the majority of our 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*—our Other segment consists of the operations ofNational Carriers, Inc., a refrigerated and livestock contract carrier company,and Kansas City Steak Company, LLC, a portion control steak cutting operation.

*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**

** **

**39 weeks ended**

** **

**39 weeks ended**
   
**May 27, 2006**

**May 28, 2005**

**May 27, 2006**

**May 28, 2005**

Net sales
   
Core  Beef
$
1,127,652 
$
1,129,896 
$
3,290,998 
$
               3,213,232 

Other
   
                52,034 

                 47,347 

                155,315

139,921 

Eliminations
   
(45,172)

(50,669)

(136,035)

             (149,132)

Total
   
             1,134,514 

            1,126,574 

             3,310,278 

              3,204,021 
   
Operating income (loss)
   
Core  Beef
   
                  32,627 

                28,060 

                 19,240 

                  26,181 

Other
   
                    (76)

                  1,347 

                    3,286 

                    3,992 

Total
   
                  32,551 

                29,407 

                  22,526 

                   30,173 
   
Interest income
   
                      106 

                     112 

                      288 

                      279 

Interest expense
   
(7,938)

(7,241)

(22,909)

                (21,418)

Other income (expense)
   
                       647 

                     214 

1,804 

                (2,700)

Minority interest 	   (income) loss
   
(52)

                       55 

(120)

                   (156)

Total income before	   taxes
$
                  25,314 
$
22,547 
$
                  1,589 
$
                   6,178 
      
**May 27, 2006**

** **

**May 28, 2005**

** **

** **

** **

** **

Assets
   
Core  Beef
$
 617,077 
$
611,980 

Other
   
                   36,233 

                  35,844 

Eliminations
   
(320)

(477)

Total
$
 652,990 
$
647,347 

***Thirteen weeks ended May 27, 2006 compared to thirteen weeks ended May28, 2005***

***Core Beef***

*Net Sales*. Net sales for Core Beef were $1,127.7 million for the thirteen weeks ended May27, 2006 compared to $1,129.9 million for the thirteen weeks ended May 28, 2005,a decrease of $2.2 million, or 0.2%.  The slight decrease resulted from an approximate2.9% decrease in boxed beef and beef product prices, offset by an approximate2.7% increase in the number of cattle slaughtered at average weights about 2.8%higher than last year. Core Beef sales remained relatively constant, despitecontinued growth in value-added sales for the thirteen weeks ended May 27, 2006as compared to May 28, 2005.  

 

15

*Operating Income*.  Operating income for Core Beef was $32.6 million for the thirteenweeks ended May 27, 2006 compared to $28.1 million for the thirteen weeks endedMay 28, 2005, an increase of $4.5 million, or 16.0%.  The increase resulted primarilyfrom improved market conditions resulting from the increase of available market-readycattle, as well as an increased number of cattle slaughtered in the currentperiod at higher average weights than the same period last year. 

***Other***

                *NetSales*.  Net sales for Other were $52.0 million for the thirteen weeks endedMay 27, 2006 compared to $47.3 million for the thirteen weeks ended May 28,2005, an increase of $4.7 million, or 9.9%.  The increase was primarily due to increasesin sales in our portion control beef facility and also to market conditions inthe transportation industry where freight capacity continues to exceed truckavailability, allowing moderate rate increases in our transportation operations.

                *Operating(Loss) Income*.  Operating loss for Other was $0.1 million for the thirteenweeks ended May 27, 2006 compared to operating income of $1.3 million for the thirteenweeks ended May 28, 2005, a decrease of $1.4 million.  The decrease was dueprimarily to increased operating costs resulting mainly from insurance-relatedcosts in our transportation operations, partially offset by rate increases inour transportation operations and improved margins in our portion control beeffacility.

***Thirty-nine weeks ended May 27, 2006 compared to thirty-nine weeksended May 28, 2005***

***Core Beef***

*Net Sales*. Net sales for Core Beef were $3,291.0 million for the thirty-nine weeks ended May27, 2006 compared to $3,213.2 million for the thirty-nine weeks ended May 28,2005, an increase of $77.8 million, or 2.4%.  The increase resulted primarilyfrom an increase of approximately 1.4% in the number of cattle slaughtered,increase in live cattle weights of approximately 1.6% and an approximate 1.0%increase in sales prices per head in the thirty-nine weeks ended May 27, 2006compared to the same period in the prior year.  Sales prices improved due to animproved product sales mix and continued growth in value-added sales for the thirty-nineweeks ended May 27, 2006 as compared to May 28, 2005.

*Operating Income*.  Operating income for Core Beef was $19.2 million for the thirty-nineweeks ended May 27, 2006 compared to $26.2 million for the thirty-nine weeksended May 28, 2005, a decrease of $7.0 million, or 26.7%.  The first half offiscal 2006 was negatively impacted by the tightened supply of market-readycattle; increased supply of market-ready cattle helped lower live cattle costsin the third quarter of fiscal 2006.  Lower plant capacity utilization in thefirst half of fiscal 2006 combined with continued export market closures contributedto a decline in gross margin, resulting in lower operating income for thethirty-nine weeks ended May 27, 2006.

***Other***

                *NetSales*.  Net sales for Other were $155.3 million for the thirty-nine weeksended May 27, 2006 compared to $139.9 million for the thirty-nine weeks ended May28, 2005, an increase of $15.4 million, or 11.0%.  The increase was partially dueto increases in sales in our portion control beef facility and also to marketconditions in the transportation industry where freight capacity continues toexceed truck availability, allowing rate increases in our transportationoperations.  

                *OperatingIncome*.  Operating income for Other was $3.3 million for the thirty-nineweeks ended May 27, 2006 compared to $4.0 million for the thirty-nine weeksended May 28, 2005, a decrease of $0.7 million, or 17.5%.  The decrease was dueprimarily to increased operating costs resulting mainly from insurance-relatedcosts, partially offset by rate increases in our transportation operations.

16

**Liquidityand Capital Resources**

As of May 27, 2006, we had net working capital of $160.6million, which included $4.5 million in distributions payable, and cash andcash equivalents of $28.8 million, including $4.0 million restricted to IRBapproved expenditures. As of August 27, 2005, we had net working capital of $161.6million, which included $4.6 million in distributions payable, and cash andcash equivalents of $33.9 million, including $3.9 million restricted to IRBapproved expenditures. Our primary sources of liquidity are cash flows fromoperations and available borrowings under our amended and restated creditfacility.

As of May 27, 2006, we had $324.1 million of long-termdebt, of which $1.9 million was classified as a current liability. As of May27, 2006, our fourth amended and restated credit facility consisted of a $120.0million term loan, all of which was outstanding, and a $140.0 million revolvingline of credit loan, which had outstanding borrowings of $22.3 million,outstanding letters of credit of $44.5 million and available borrowings of $66.9million, based on the most restrictive financial covenant calculations.  Cashflow from operations and borrowings under our amended and restated creditfacility have funded our working capital requirements, capital expenditures andother general corporate purposes.  We were in compliance with all of ourfinancial covenants under our amended and restated credit facility as of May27, 2006.

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 andcapital leases of $8.0 million as of May 27, 2006.  

*Amendedand Restated Senior Credit Facilities*

Effective June 1, 2006, and related to the purchase ofthe assets of Brawley Beef, more fully described in "Recent Developments"above, we amended and restated our existing senior credit facility with aconsortium of banks.  The facility now consists of a $170.0 million term loanthat matures in May 2016 and a $160.0 million revolving line of credit loanthat matures in May 2011 that is subject to certain borrowing base limitations. This amendment and restatement is within the scope of the Emerging Issues TaskForce ("EITF") 96-19, *Debtor's Accounting for a Modification or Exchange ofDebt Instruments* as well as EITF 98-14, *Debtor's Accounting for Changesin Line-of-Credit or Revolving-Debt Arrangements*.  In accordance with thatguidance, a portion of the unamortized loan costs from the previous creditfacility as well as additional finance and legal charges associated with thenew amended and restated credit facility will be written off during our fourthquarter of fiscal year 2006.  Management is currently evaluating the impact ofthe guidance on the costs and charges. At the closing of the amended andrestated credit facility, we had outstanding $170.0 million under the term loanand $21.1 million under the revolving loan with an additional $51.6 million ofthe revolving loan used in the form of letters of credit and had estimated availableborrowings of $76.5 million based on the most restrictive financial covenantcalculations.

The borrowings under the revolving loan are availablefor our working capital requirements, capital expenditures and other generalcorporate purposes.  The amended and restated credit facility is secured by afirst priority lien on substantially all of our assets.  The principal amountoutstanding under the term loan shall be payable in semi-annual installments onthe last business day of each June and December commencing June 30, 2011 inequal installments of approximately $2.8 million, with any and all remainingprincipal outstanding being due and payable on the maturity date.  Prepaymentis allowed at any time.

17

The amended and restated credit facility containscovenants that limit its ability to incur additional indebtedness, sell ordispose 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) August 25, 2007or (b) our election (the "Conversion Date").  Currently the interest ratefor the term loan is (a) the Base Rate (as defined in the credit agreement)plus 75 basis points or (b) the LIBOR Rate (as defined in the credit agreement)plus 275 basis points, or a combination of these rates at our election.  Atclosing of the amended and restated credit facility, the interest rate for theterm loan was 8.75%.  On June 6, 2006, the term loan was converted to a 90 dayLIBOR Rate loan at 8.0625%.  Currently the interest rate for the revolving loanis (a) the Base Rate plus 50 basis points or (b) the LIBOR Rate plus 250 basispoints, or a combination of these rates at our election.  At closing of theamended and restated credit facility, the interest rate for the revolving loanwas 8.5%, as a Base Rate loan.  After the Conversion Date, the interest ratefor the term loan and revolving loan will be determined by reference to amatrix of rates keyed to our funded debt to EBITDA (as defined in the creditagreement) ratio.

The amended and restated credit facility imposescertain financial covenants.  From May 30, 2006 until the earlier of February28, 2007 or the Conversion Date, we are required to (i) have as of the endof each fiscal quarter a minimum four-quarter rolling EBITDA of $50.0 millionand (ii) maintain at all times a minimum Borrowing Base Availability (asdefined in the credit agreement) of at least $25.0 million.  After February 28,2007 until the Conversion date, we are required to (i) have as of the end ofeach fiscal quarter a minimum four-quarter rolling EBITDA of $60.0 million and(ii) maintain at all times a minimum Borrowing Base Availability of atleast $25.0 million.  After the Conversion Date, we are required to maintain atall times a specified maximum funded debt to EBITDA ratio, a maximum seniorsecured funded debt to EBITDA ratio, a minimum four-quarter rolling EBITDA anda minimum four-quarter rolling debt service coverage ratio.  In addition, our annualnet capital expenditures are limited to $48 million in fiscal year 2006 and $50million in each of the fiscal years thereafter.

The amended and restated credit facility containscustomary affirmative covenants, including furnishing financial statements, maintenanceof insurance, conduct of business, maintenance of properties, and compliancewith laws.  The facility also contains customary negative covenants, including covenantsrestricting our ability to pay certain distributions, incur additionalindebtedness, merge with another entity, sell or dispose assets, and make investmentsor acquire assets, among other restrictions.

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 generatesufficient cash, however, is subject to certain general economic, financial,industry, legislative, regulatory and other factors beyond our control.  For areview of our obligations that affect liquidity, please see the "Cash PaymentObligations" table in "Item 7. Management's Discussion and Analysis ofFinancial Condition and Results of Operations" of our Annual Report on Form10-K for the year ended August 27, 2005.

*OperatingActivities*

                Netcash provided by operating activities in the thirty-nine weeks ended May 27,2006 was $16.9 million compared to $26.4 million in the thirty-nine weeks endedMay 28, 2005. The decrease was primarily due to an increase in working capitalrequirements in the current period resulting from the increased beef inventoryvolumes partially offset by lower live cattle prices, combined with lower net incomein the current year compared to the same period last year.

*InvestingActivities*

Net cash used in investing activities was $22.6million in the thirty-nine weeks ended May 27, 2006 compared to $12.6 millionin the thirty-nine weeks ended May 28, 2005.  This increase in cash used was primarilyattributable to an increase in expenditures for property, plant and equipment relatedto improving operating efficiencies, primarily at our Dodge City and Liberalfacilities in the current year.

*FinancingActivities*

                Netcash provided by financing activities was $0.7 million in the thirty-nine weeksended May 27, 2006 compared to net cash used in financing activities of $15.0million in the thirty-nine weeks ended May 28, 2005.  The change was primarilyattributed to a $17.1 million difference in the thirty-nine week change offiscal 2006 as compared to the thirty-nine week change in fiscal 2005 inrevolving credit borrowings, offset by a $2.4 million decrease in the overdraftbalance in the current year, combined with $1.7 million of financing costs paidin fiscal 2005.

18

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

** **

**13 weeks ended**

**13 weeks ended**

** **

**39 weeks ended**

** **

**39 weeks ended**

** **

**May 27, 2006**

**May 28, 2005**

** **

**May 27, 2006**

** **

**May 28, 2005**

Net income

$

         25,442

$

             21,704

$

                541

$

              4,237

Interest income

                            (106)

                          (112)

(288)

(279)

Interest expense

                    7,938

                       7,241

                 22,909

                     21,418

Depreciation and  amortization                    	

                     7,091

                          6,132  

                  20,555

                     18,201

Income taxes (benefit)  expense

                       (128)

                              843 

                       1,048

                       1,941

EBITDA(1)

$

             40,237

$

            35,808

$

              44,765

$

              45,518

                                        

(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 the basisfor calculating our financial debt covenants under our amended credit facilityand for calculating whether we may incur additional indebtedness under theindenture governing our senior notes.  Accordingly, management believes thatEBITDA 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 companiesdo not always calculate EBITDA in the same fashion.

**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 boxed beef,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 ofoperations as 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.

19

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. We may hedge the commodity price risk associatedwith these activities in order to mitigate this price risk.  While this maytend to limit our ability to participate in gains from commodity pricefluctuations, it also tends to reduce the risk of loss from changes incommodity beef prices. We reflect commodity contract gains and losses asadjustments to the basis of underlying commodities sold; gains or losses arerecognized in the statement of operations as a component of net sales.

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 for boxed beef sales are treated as "normal purchases and sales"and not marked to market.  SFAS No. 133 imposes extensive recordkeepingrequirements in order to treat a derivative instrument as a hedge foraccounting purposes. Derivatives qualify for treatment as hedges when there isa high correlation between the change in fair value of the instrument and therelated change in fair value of the underlying commitment. For derivatives thatqualify as effective hedges, the change in fair value has no net effect onearnings until the hedged transaction affects earnings. For derivatives thatare not designated as hedging instruments, or for the ineffective portion of ahedging instrument, the change in fair value does affect current period netearnings.

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

Weuse a sensitivity analysis to evaluate the effect that changes in the marketvalue of commodities will have on these commodity derivative instruments.  Asof May 27, 2006, the potential change in fair value of applicable commodityprices, assuming a hypothetical 10% decrease in the underlying commodity price,was $12.1 million.  As of August 25, 2005, the potential change in fair valueof applicable commodity prices, assuming a hypothetical 10% decrease in theunderlying commodity price, was negligible. 

*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 long-term debt with variable interest rates. Short-termdebt is primarily comprised of the current portion of long-term debt maturingtwelve months from the balance sheet date.  Our variable interest expense issensitive to changes in the general level of interest rates. 

Our exposure to interest rate risk has not materiallychanged since August 27, 2005.

**Item 4.  Controls and Procedures**

We maintain asystem of controls and procedures designed to provide reasonable assurance asto the reliability of the Consolidated Financial Statements and otherdisclosures included in this report, as well as to safeguard assets fromunauthorized use or disposition. We evaluated the effectiveness of the designand operation of our disclosure controls and procedures as defined in theSecurities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e) undersupervision and with the participation of management, including our ChiefExecutive Officer and Chief Financial Officer. Based upon that evaluation, asof the end of the period covered by this Quarterly Report on Form 10-Q, ourChief Executive Officer and Chief Financial Officer concluded that ourdisclosure controls and procedures were effective in alerting them, in a timelymanner, to material information required to be included in our periodicSecurities and Exchange Commission filings.  There have been no changes in ourinternal controls over financial reporting during the thirteen weeks ended May27, 2006 that have materially affected, or are reasonably likely to materiallyaffect, our internal control over financial reporting.  The design of anysystem of controls and procedures is based in part upon certain assumptionsabout the likelihood of future events.

 

20

**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings**

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

**Item 1A. Risk Factors**

     The risk factors set forth in our Annual Report on Form10-K for the year ended August 27, 2005 have not materially changed.  

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

     For informationregarding the issuance of units in connection with the acquisition of assets ofBrawley Beef, see "Recent Developments" above.  The units were issued pursuantto an exemption from registration under Section 4(2) of the Securities Act of1933, as amended. 

**Item 3. Defaults UponSenior Securities**

     None. 

**Item 4. Submission ofMatters to a Vote of Security Holders**

(a)     A special meeting of the members was held May 25,2006.

(b)     Not applicable.

(c)     The members unanimously approved:
  i.the transactions related to theacquisition of substantially all assets of Brawley Beef, LLC, including theContribution Agreement dated as of May 19, 2006 between Brawley Beef, NBC and theCompany;    ii.the transactions related to a FifthAmended and Restated Credit Agreement; and,   iii.the Contribution Agreement dated asof May 30, 2006 between the Company and U.S. Premium Beef, LLC.******
(d)     Not applicable.

**Item 5. Other Information**

     The Company maypurchase a portion of its outstanding Senior Notes from time to time inaccordance with the limits imposed under its senior credit facility. 

** **

** **

21

** **

**Item 6. Exhibits**

(A)      Exhibits

2.1*
   
Contribution Agreement  dated as of May 19, 2006 between Brawley Beef, LLC, National Beef California,  L.P and National Beef Packing Company, LLC.
      
2.2*
   
Contribution Agreement  dated as of May 30, 2006 between U.S. Premium Beef, LLC and Brawley Beef,  LLC.
      
2.3*
   
Contribution Agreement  dated as of May 30, 2006 between National Beef Packing Company, LLC and U.S.  Premium Beef, LLC.
      
3.1(a)
   
Limited Liability Company  Agreement of National Beef Packing Company, LLC, as of August 6, 2003.
      
3.1(b)
   
Amendment to the Limited  Liability Company Agreement of National Beef Packing Company, LLC, as of July  7, 2005.
      
3.1(c)
   
Revised Exhibit 3.1 to the  Limited Liability Company Agreement of National Beef Packing Company, LLC, effective  as of May 30, 2006.
      
10.1
   
Fifth Amended and Restated  Credit Agreement dated as of May 30, 2006 by and among 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 June 22, 2006).
      
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.

* The Contribution Agreementsin Exhibits 2.1, 2.2 and 2.3 contain Schedules and Exhibits that the Companyhereby agrees to furnish supplementally to the SEC upon its request.

22

**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: July 10, 2006 

 

 

 

 

 

 

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