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**Form 10-Q**

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| þ |   | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF 			THE  SECURITIES EXCHANGE ACT OF 1934**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   | **For the quarterly period  ended November 29, 2008**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | **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 ofincorporation  or organization)**

 

**(I.R.S.  employeridentification  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, or a small company.  See definition of “acceleratedfiler,” “large accelerated filer” and “small reporting company” inRule 12b-2 of the Exchange Act. 

Large Accelerated Filer o
Accelerated Filer oNon-Accelerated Filer þSmall Reporting Company o
                Indicateby check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act). Yes o Noþ

                There is no market forthe Registrant’s equity.  As of December 31, 2008, there were 136,834,637 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.

11

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

18

 

 

 

Item 4T.

Controls and Procedures.

19

 

 

 

 

 

 

**PART II.**

**OTHER INFORMATION**

 

 

 

 

Item 1.

Legal Proceedings.

20

 

 

 

Item 1A.

Risk Factors.

20

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

20

 

 

 

Item 3.

Defaults Upon Senior Securities.

20

 

 

 

Item 4.

Submission of Matters to a Vote of Security Holders.

20

 

 

 

Item 5.

Other Information.

20

 

 

 

Item 6.

Exhibits. 

20

 

 

 

 

Signatures.

21

 

 

                                                                                    

                                                                                                                                                                              

                                                                                                                    

                               

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” refers toU.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, LLC**

**AND SUBSIDIARIES**

** **

**Consolidated Balance Sheets**

**(in thousands)**

** **

**November 29, 2008**

 

**August 30, 2008**

** **

**(unaudited)**

 

 

**Assets**

 

 

 

Current  assets:

 

 

 

Cash  and cash equivalents

$

27,010

 

$

            25,466

Accounts  receivable, less allowance for returns

         and doubtful accounts of $1,650 and

         $1,665, respectively

178,345

 

218,022

Due  from affiliates

5,505

 

7,071

Other  receivables

5,710

 

5,392

Inventories

200,078

 

192,480

Other  current assets

32,702

 

12,765

Total  current assets

449,350

 

461,196

 

 

 

 

    Property, plant and  equipment, at cost

437,899

 

431,360

Less  accumulated depreciation

142,597

 

133,238

 Net  property, plant, and equipment

295,302

 

298,122

Goodwill

80,642

 

80,642

Other  intangibles, net of accumulated amortization of

               $9,871 and $9,347, respectively

26,168

 

26,690

Other  assets

8,737

 

9,252

                           Total assets

$

860,199

 

$

875,902

**Liabilities and Members’ Capital**

 

 

 

Current  liabilities:

 

 

 

Current  installments of long-term debt

$

              3,087

 

$

3,590

Cattle  purchases payable

75,887

 

65,378

Accounts  payable – trade

70,549

 

71,280

Due  to affiliates

627

 

878

Accrued  compensation and benefits

14,042

 

44,455

Accrued  insurance

13,745

 

12,918

Other  accrued expenses and liabilities

40,695

 

10,036

Distributions  payable

1,182

 

43,011

         Total current liabilities

219,814

 

251,546

Long-term  debt, excluding current installments

394,755

 

374,239

Other  liabilities

2,248

 

2,327

Total  liabilities

616,817

 

628,112

Minority  interest

1,636

 

1,464

Capital  subject to redemption

	190,453

 

186,533

Members’  capital:

 

 

 

Members’  capital

	51,337

 

59,770

Accumulated  other comprehensive income 

(44)

 

23

Total  members’ capital

243,382

 

247,790

Commitments  and contingencies

-

 

-

                          Total liabilities and members’ capital

$

860,199

 

$

875,902

 

 

 

 

See accompanying notes to  consolidated financial statements. 

 

 

 

 

 

2

 

 

 

 

 

 

**NATIONAL BEEFPACKING COMPANY, LLC**

**AND SUBSIDIARIES**

** **

**Consolidated Statements of Operations**

**(in thousands)**

** **

 

 

**13 weeks ended**

 

**13 weeks ended**

 

 
 

 

**November 29, 2008**

 

**November 24, 2007**

 

 
 

 

**(unaudited)**

 

**(unaudited)**

 

 
 
Net  sales

 

$

1,428,977

 

 

$

1,398,102

 

 

 
Costs  and expenses:

 

 

 

 

 

 

 

 
Cost  of sales

 

1,404,038

 

 

1,393,692

 

 

 
Selling,  general and administrative

 

10,863

 

 

10,775

 

 

 
Depreciation  and amortization

 

9,965

 

 

8,826

 

 

 
      Total costs and expenses

 

1,424,866

 

 

1,413,293

 

 

 
Operating  income (loss) 

 

4,111

 

 

(15,191

)

 

 
Other  income (expense):

 

 

 

 

 

 

 

 
Interest  income

 

55

 

 

170

 

 

 
Interest  expense

 

(6,808

)

 

(9,142

)

 

 
Minority  owners' interest in net

     income of  Kansas City Steak Company, LLC

 

(172

)

 

(25

)

 

 
Equity  in loss of aLF Ventures, LLC

 

(25

)

 

(25

)

 

 
Other,  net

 

402

 

 

266

 

 

 
Loss  before taxes

 

(2,437

)

 

(23,947

)

 

 
   Income tax expense 

 

(369

)

 

(549

)

 

 
Net  loss

 

$

(2,806

)

 

$

(24,496

 

)

 
 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 
See  accompanying notes to consolidated financial statements.

 

 

 

 

 

** **

** **

 

3

 

 

 

 

 

 

** NATIONAL BEEFPACKING COMPANY, LLC**

**AND SUBSIDIARIES**

** **

**Consolidated Statements of Cash Flows**

**(in thousands)**

** **
   
**13 weeks ended**

**November 29, 2008**

**(unaudited)**
   
**13 weeks ended**

**November 24, 2007**

**(unaudited)**

Cash  flows from operating activities:

 

 

	 

 

 

Net loss

$

(2,806

)

 

$

(24,496

)

Adjustments to reconcile net loss to net cash provided  by 	(used in) operating activities:

 
   
 

 
   
  Depreciation and amortization

9,965
   
 

8,826
   
  Gain on disposal of property, plant and equipment

(57

)

 

          (2)

 

  Minority interest

172
   
 

17
   
  Change in assets and liabilities:

 
   
 

 
   
     Accounts receivable

39,677

 

 

14,765

 

     Due from affiliates

1,566

 

 

232

 

     Other receivables

(318

)
   
(1,542)

 

     Inventories

(7,598

)

 

(12,014)

 

     Other assets

(19,423

)

 

(235

)

     Cattle purchases payable

3,095

 

 

6,679

 

     Accounts payable

(710

)

 

2,571

 

     Due to affiliates

(251

)

 

(268

)

     Accrued compensation and benefits

(30,413

)

 

(3,126

)

     Accrued insurance

827

 

 

323

 

     Other accrued expenses and liabilities
30,580      
5,982   
        Net cash provided by (used in) operating  activities

24,306

 

 

(2,288

 

)

     

 
   
 

 
   
Cash flows from investing activities:

 
   
 

 
   
Capital expenditures, including interest capitalized

(6,925

)

 

(11,558

)

Proceeds from sale of property, plant and equipment

360
   
 

6
   
            Net cash used in investing activities

(6,565

)

 

(11,552

)

   

 
   
 

 
   
Cash flows from financing activities:

 
   
 

 
   
Net receipts (payments) under revolving credit lines

23,633

 

 

(9,648)

 

Change in overdraft balances

7,393

 

 

19,975

 

Purchase and cancellation of Senior Notes

(2,340

)

 

-

 

Repayments of other indebtedness/capital leases

(1,280

)

 

(1,106

)

Member distributions

(43,536

)

 

(7,017

)

            Net cash (used in) provided by financing  activities

(16,130

 

)

 

2,204

 

   

 

 

 

 
   
Effect of exchange rate changes on cash

(67

)

 

5
   
                Net increase (decrease) in cash

1,544

 

 

(11,631

)

Cash and cash equivalents at beginning of period

25,466

 

 

30,444
   
Cash and cash equivalents at end of period

$

27,010

 

 

$

18,813
   
   

 

 

 

 
   
Supplemental disclosures:

 

 

 

 
   
     Cash paid during the period for interest

$

2,681

 

 

$

5,346
   
     Cash paid during the period for taxes

$

136

 

 

$

525
   
Supplemental non-cash disclosures of investing and 

 

 

 

 
   
  financing activities:

 

 

 

 

 

 
   
     Assets acquired through capital lease

$

44

 

 

$

-
   
** **

 

                           	See accompanying notes to consolidated financial statements.

 

 

4

 

 

 

 

 

** **

**NATIONAL BEEF PACKING COMPANY, LLC AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

** **

** **

**(1)Interim Financial Statements**

** **

**Basisof Presentation**

 

            Theaccompanying unaudited Consolidated Financial Statements have been prepared inaccordance with U.S. generally accepted accounting principles (GAAP) forinterim financial information; therefore, they do not include all of theinformation and footnotes required by GAAP for complete financial statements.In the opinion of management, all adjustments considered necessary for a fairpresentation have been included using management’s best estimates and judgmentswhere appropriate.  These estimates and judgments affect the reported amountsof assets and liabilities and disclosure of contingent assets and liabilitiesat the date of the financial statements.  The estimates and judgments will alsoaffect the reported amounts for certain revenues and expenses during thereporting period.  Actual results could differ materially from these estimatesand 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 30, 2008.  Theresults of operations for the interim periods presented are not necessarilyindicative of the results for a full fiscal year.

 

            NBFinance Corp., a wholly-owned finance subsidiary of NBP, is a co-issuer on ajoint and several basis with NBP of the Senior Notes, which are our seniorunsecured obligations, ranking equal in right of payment with all of our othersenior unsecured obligations.  NB Finance Corp. has nominal assets and conductsno business or operations. There are no significant restrictions on the abilityof subsidiaries to transfer funds to NBP.

 

 

**(2)New Accounting Pronouncements**

** **

            InDecember 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.141R, *Business Combinations*(SFAS 141R)*. *This statement requiresan acquirer to recognize the assets acquired, the liabilities assumed, and anynoncontrolling interest in the acquiree at the acquisition date to be measuredat their fair value as of that date.  An acquirer is required to recognizeassets or liabilities arising from all other contingencies (contractualcontingencies) as of the acquisition date, measured at their acquisition-datefair values, only if it is more likely than not that they meet the definitionof an asset or a liability in FASB Concepts Statement No. 6, *Elements ofFinancial Statements.*  Any acquisition-related costs are to be expensedinstead of capitalized.  This statement applies prospectively to businesscombinations for which the acquisition date is on or after the beginning of thefirst annual reporting period beginning on or after December 15, 2008.  Theimpact to the Company from the adoption of SFAS 141R in fiscal year 2010 willdepend on acquisitions at the time.

            

            InDecember 2007, the FASB issued SFAS No. 160,*Noncontrolling Interests inConsolidated Financial Statements - an Amendment of ARB No. 51* (SFAS 160). SFAS 160 establishes accounting and reporting standards for the noncontrollinginterest (minority interest) in a subsidiary.  SFAS 160 requiresnoncontrolling interests held by parties other than the parent in subsidiariesbe clearly identified, labeled, and presented in the consolidated balance sheetwithin equity, but separate from the parent's equity.   SFAS 160 iseffective for fiscal years beginning after December 15, 2008.  The Companyis currently assessing the impact SFAS 160 may have, if any, on itsconsolidated financial statements.

 

           In February 2008, the FASB issued FASB Staff  Position (FSP) No. 157-2 whichdefers the effective date of SFAS No. 157, *Fair Value Measurements* (SFAS157), for nonfinancial assets and nonfinancial liabilities, except for itemsthat are recognized or disclosed at fair value in an entity’s financialstatements on a recurring basis, at least annually.   The Company will berequired to adopt for these nonfinancial assets and nonfinancial liabilities asof August 30, 2009.  The Company believes the adoption of SFAS 157 deferralprovisions will not have a material impact on the Company’s financial positionor net earnings.

 

5

 

 

 

 

 

 

            

 

            InMarch 2008, the FASB issued SFAS No. 161, *Disclosures about DerivativeInstruments and Hedging Activities - an amendment of FASB Statement No. 133*(SFAS161).  SFAS 161 establishes enhanced disclosure requirements about: 1) how andwhy an entity uses derivative instruments; 2) how derivative instruments andrelated hedged items are accounted for under Statement 133 and its relatedinterpretations; and 3) how derivative instruments and related hedged itemsaffect an entity’s financial position, financial performance and cash flows. SFAS 161 is effective for financial statements issued for fiscal years andinterim periods beginning after November 15, 2008.  The Company is currentlyassessing the impact SFAS 161 will have on its consolidated financialstatements.**

 

 

**(3)  Membership InterestPurchase Agreement with JBS**

 

            On February 29,2008, the Company, JBS, S.A. (JBS), U.S. Premium Beef, our majority owner, andthe other holders of our membership interests, including NBPCO Holdings andparties controlled by three executive officers, John R. Miller, Timothy M.Klein and Scott H. Smith (the Sellers), entered into a Membership InterestPurchase Agreement, as amended from time to time (MIPA).  Under the MIPA, JBSwill acquire all of the Company’s outstanding membership interests for acombination of approximately $488.4 million cash and $71.6 million in commonstock of JBS (the Purchase Price).

 

            Pursuant to theMIPA, at closing U.S. Premium Beef and certain other members of ours willreceive their proportionate share of the Purchase Price with (i) 80.0% to bepaid in cash and 20.0% to be paid in shares of common stock of JBS (JBS Stock)or (ii) 100% to be paid in shares of JBS Stock, which will be freelytransferable on the Novo Mercado segment of the BOVESPA stock exchange inBrazil. The number of shares of JBS Stock will be determined based on itsvolume weighted average closing price during the 20 trading days prior toclosing, subject to certain adjustments. Certain of the Company’s members haveelected to receive or, under certain circumstances, have the right to receivetheir portion of the Purchase Price entirely in cash. If JBS is unable todeliver JBS Stock on an unencumbered and freely transferable basis at closing,the Sellers may still demand to close, but be paid entirely in cash.

 

            Consummation ofthe MIPA is subject to customary conditions, including approval of the MIPA bythe members of U.S. Premium Beef and the shareholders of JBS and the expirationor termination of the applicable waiting periods under the Hart-Scott-RodinoAntitrust Improvements Act of 1976 and possible approvals by certain foreignjurisdictions.  The members of U.S. Premium Beef approved the MIPA on March 14,2008 and the shareholders of JBS approved the MIPA on April 11, 2008.  The U.S.Department of Justice (DoJ), state attorneys general from seventeen states, RanchersCattlemen Action Legal Fund, United Stockgrowers of America (R-CALF) and theOrganization for Competitive Markets (OCM) filed civil antitrust suits seekinga permanent injunction of the MIPA, which was being vigorously contested by theCompany and JBS, when the case was stayed in December 2008 to enable theparties to explore a settlement.  There can be no assurance that any settlementwill be reached or that the transaction will be consummated.

 

            The MIPA containscertain termination rights and provides that under certain circumstances, JBSor the Company may be required to pay our members or the members of JBS,respectively, a termination fee of $25 million plus certain costs.  The partieshave agreed on the payment of certain fees and expenses, including thoserelated to antitrust filings and compliance.

** **

** **

** **

** **

** **

** **

** **

** **

6

 

 

 

 

 

 

**(4)Inventories**

 

            Inventoriesat November 29, 2008 and August 30, 2008 consisted of the following (inthousands):

 

 

**November 29, 2008**

** **

**August 30, 2008**

 

Dressed  and boxed meat products

 

$

                            

153,947

 

 

$

                        144,885

Beef  by-products

 

19,416

** **

** **

20,886

Supplies  and other

 

26,715

** **

** **

26,709

     

   Total inventory

 

$

                      

  200,078

 

 

$

                     

192,480

 

** **

** (5)Comprehensive Loss**

 

            Comprehensiveloss, which consists of net loss and foreign currency translation adjustments,was as follows for the periods indicated (in thousands):

 

 

**13 weeks ended**

** **

**13 weeks ended**

 

**November 29, 2008**

** **

**November 24, 2007**

 

Net loss 

$

            (2,806)

 

$

    (24,496)

Other comprehensive (loss)  income:

 

 

 

Foreign  currency translation adjustments

(67)

 

                               5

   Comprehensive loss 

$

        (2,873)

 

$

    (24,491)

** **

** **

**(6)Contingencies**

** **

            TheCompany is a party to a number of lawsuits and claims arising out of theoperation of its business.  Management believes the ultimate resolution of suchmatters should not have a material adverse effect on the Company’s financialcondition, results of operations or liquidity.

** **

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

 

            TheDoJ, joined by state attorneys general from seventeen states (Arizona,Colorado, Connecticut, Iowa, Kansas, Minnesota, Mississippi, Missouri, Montana,New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, andWyoming), filed a civil antitrust suit against JBS S.A. (JBS) and the Companyon October 20, 2008 in the U.S. District Court for the Northern District ofIllinois, Eastern Division, seeking a permanent injunction against the proposedacquisition of the Company by JBS, along with an award in the amount of theircosts and attorneys’ fees.  The DoJ alleges that the proposed acquisition wouldsubstantially lessen competition in the purchase of fed cattle in the HighPlains and the Southwest and in the production and sales of USDA-graded boxbeef in the U.S. generally, in violation of Section 7 of the Clayton Act.  

 

            OnNovember 13, 2008, R-CALF and OCM filed a civil antitrust suit against JBS andthe Company in the U.S. District Court for the Northern District of Illinois,Eastern Division, seeking a permanent injunction against the proposedacquisition of the Company by JBS, along with an award in the amount of theircosts and attorneys’ fees.  R-CALF and OCM allege that the proposed acquisitionwould substantially lessen competition in the purchase of fed cattle in theHigh Plains and the Southwest and in the production and sales of USDA-gradedboxed beef in the U.S. generally, in violation of Section 7 of the ClaytonAct.  

 

 

7

 

 

 

 

 

 

            JBSand the Company were vigorously contesting these attempts by the DoJ, R-Calfand OCM to block the acquisition by JBS when the cases were stayed in December2008 to enable the parties to explore a settlement.  There can be no assurancethat any settlement will be reached or that the transaction will beconsummated.

** **

** **

**(7) Fair Value Measurements**

** **

**           **In September 2006, the FASB issued SFAS 157, *FairValue Measurements*.  This statement establishes a single authoritativedefinition of fair value to be used when accounting rules require the use offair value, sets out a framework for measuring fair value and requiresadditional disclosures about fair value measurement.  SFAS 157 clarifies thatfair value is an exit price, representing the amount that would be received tosell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants.

 

            OnAugust 31, 2008, the Company adopted portions of SFAS 157, *Fair ValueMeasurements*, except for the non-financial assets and liabilities withinthe scope of the deferral provided by FSP No. FAS 157-2 as discussed in Note 2.

 

            SFAS157 establishes a three-level fair value hierarchy that prioritizes the inputsused to measure fair value.  The fair value hierarchy gives the highestpriority to quoted market prices (Level 1) and the lowest priority tounobservable inputs (Level 3).  The three levels of inputs used to measure fairvalue are as follows:

 

•   Level 1 – quoted prices in active markets foridentical assets or liabilities accessible by the reporting entity.

•   Level 2 – observable inputs other than quoted pricesincluded in Level 1, such as quoted prices for similar assets and liabilitiesin active markets; quoted prices for identical or similar assets andliabilities in markets that are not active; or other inputs that are observableor can be corroborated by observable market data.

•   Level 3 – unobservable inputs for an asset orliability.  Unobservable inputs should only be used to the extent observableinputs are not available.

 

            Thefollowing table details the assets and liabilities measured at fair value on arecurring basis as of November 29, 2008 and also the level within the fairvalue hierarchy used to measure each category of assets.

 

**(in thousands)**

** **

** **

**Description**

** **

** **

**November 29,**

** 2008**

**Quoted Prices in**

**Active Markets for**

**Identical Assets**

**(Level 1)**

** **

**Significant Other		Observable Inputs**

**(Level 2)**

**Significant		Unobservable Inputs**

**(Level 3)**

 

 

 

 

 

Other  assets - derivatives

$
12,619
$
 12,619
$
-
$
-
Other  liabilities – derivatives

$
26,272
	$
16,065
$
10,207
$
-
Capital  subject to redemption

$
190,453
$
-
$
-
$
190,453
 

            Becausethe Company’s equity is not publicly traded, there are significant unobservableinputs used in valuing the Company’s capital subject to redemption.  For a moredetailed discussion of capital subject to redemption and the key componentsthat are used to value it, see Note 8.  The table below represents theCompany’s capital subject to redemption measured at fair value on a recurringbasis using significant unobservable inputs (Level 3) as defined in SFAS 157 asof November 29, 2008:

 

**Fair Value Measurements Using Significant UnobservableInputs (Level 3)**

**(in thousands)**

**Capital Subject**

**to Redemption**

Balance  at August 30, 2008

$
186,533
Allocation  of first quarter net loss

                      
(1,516)
Class  A priority distribution

                         
(525)
Appraisal  valuation adjustment

                    

5,961
Balance  at November 29, 2008

$
190,453
 

8

 

 

 

 

 

 

** **

            InFebruary 2007, the FASB issued Statement of Financial Accounting Standards No.159 (SFAS 159), *The Fair Value Option for Financial Assets and Liabilities*. This statement provided companies with an option to report selected financialassets and liabilities at fair value.  This statement was effective for theCompany as of August 31, 2008, however, the Company did not elect the option toreport any of the selected financial assets and liabilities at fair value.

 

 

**(8)Capital Subject to Redemption  **

Atany time after certain dates, the earliest being July 31, 2008, the latestbeing July 31, 2011, certain members of management and/or NBPCo Holdings havethe right to request that the Company repurchase their interests, the value ofwhich is to be determined by a mutually agreed appraisal process. If theCompany is unable to effect the repurchase within a specified time, therequesting member(s) have the right to cause a sale process to commence.  TheCompany accounts for changes in the redemption value of these interests byaccreting the change in value from the date of change through the earliestredemption date of the respective interests.  At November 29, 2008, the valueof the capital subject to redemption**was determined to be $198.2million, which was in excess of its carrying value.  Accordingly, the carryingvalue of the capital subject to redemption increased by approximately$6.0 million through accretion, as detailed in Note 7, during the thirteen weeks ended November 29, 2008, resulting in the$190.5 million carrying value, as reflected in the accompanying consolidatedbalance sheet as of November 29, 2008.

            Generallyaccepted accounting principles require the Company to determine the fair valueof the capital subject to redemption at the end of each reporting period. To the extent that this value increases, this change in fair value isaccreted over the redemption period as discussed above.  The Company uses SternBrothers Valuation Advisors to assist management in measuring fair value of thecapital subject to redemption.  Key assumptions in determining the fair valueinclude the value offered by JBS under the MIPA, management’s estimate of theprobability of the MIPA reaching a successful conclusion, valuation multiplesof publicly traded companies in the same or similar industries, management’sprojections of future cash flows, and the discount rate applied to theprojected future cash flows.

           The value of the capital subject to redemption at November 29, 2008, decreasedby approximately $22.1million compared to the value at August 30, 2008 primarily as a result of thedeteriorating conditions in the financial markets and the decreased probabilityof the acquisition being completed.  Under the MIPA, JBS will acquire all ofthe outstanding membership interests in the Company for an aggregate value of$560.0 million.  

            The fair value ofthe capital subject to redemption would be impacted if the MIPA is unable to besuccessfully completed.  Offsetting the change in the value of the capitalsubject to redemption is a corresponding change in members’ capital.  (See Note3 for further discussion of the MIPA.)  

 

**(9) Segments**

** **

            The Company’soperating 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*. 

*            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, National Elite Transportation, LLC, a provider of transportationlogistics services,  and Kansas City Steak Company, LLC, a portion controlsteak cutting operation. 

9

 

 

 

 

 

 

 

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

            The following table representssegment results for the periods indicated (in thousands):

 

 

**13 weeks ended**

** **

**13 weeks ended**

 

**November 29, 2008**

 

**November 24, 2007**

 

 

 

 

Net sales:

 

 

 

Core  beef

$

       1,437,858

 

$

1,399,284

Other

                    57,755

 

51,650

Eliminations

(66,636)

 

(52,832)

  

 

 

 

     Total net sales

$

       1,428,977

 

$

1,398,102

  

 

 

 

Operating income (loss):

 

 

 

Core  beef

$

2,410

 

$

(16,610)

Other

1,701

 

1,419

   

 

 

 

      Total operating income  (loss)

 

4,111

 

 

(15,191)

   

 

 

 

Interest income

 

55

 

 

170

Interest expense

(6,808)

 

(9,142)

Other income, net 

377

 

241

Minority interest 

(172)

 

(25)

 

 

 

 

      Total loss before  taxes

$

(2,437)

 

$

           (23,947)

 

 

 

 

 

**November 29, 2008**

 

**November 24, 2007**

Assets:

 

 

 

Core  beef

$

819,104

 

$

765,696

Other

42,034

 

40,535

Eliminations

(939)

 

(837)

      Total assets

$

860,199

 

$

805,394

** **

10

 

 

 

 

 

 

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

** **

            The following discussion should be read inconjunction with our consolidated financial statements and related notes andother financial information appearing elsewhere in this report.

** **

** **

**DisclosureRegarding Forward-Looking Statements**

**                               **

            This report contains “forward-lookingstatements,” which are subject to a number of risks and uncertainties, many ofwhich are beyond our control.  Forward-looking statements are typicallyidentified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate”and similar expressions.  Actual results could differ materially from thosecontemplated by these forward-looking statements as a result of many factors,including the status of our proposed sale to JBS S.A. (JBS) in light of thecivil antitrust suits filed by the United States (U.S.) Department of Justice(DoJ), state attorneys general from seventeen states, the Ranchers CattlemenAction Legal Fund, United Stockgrowers of America (R-CALF) and the Organizationfor Competitive Markets (OCM) to block it, economic conditions generally and inour principal markets, the availability and prices of live cattle andcommodities, food safety, livestock disease, including the identification ofcattle with Bovine Spongiform Encephalopathy (BSE), competitive practices andconsolidation in the cattle production and processing industries, actions ofdomestic or foreign governments, hedging risk, changes in interest rates andforeign currency exchange rates, consumer demand and preferences, the cost ofcompliance with environmental and health laws, loss of key customers, loss ofkey employees, labor relations, and consolidation among our customers. 

** **

            In light of these risks and uncertainties, therecan 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.  See also the *Risk Factors*in Item 1A. Business of our Annual Report for the year ended August 30,2008 on Form 10-K filed with the Securities and Exchange Commission for otherimportant factors that could cause actual results to differ materially fromthose in any such forward-looking statements, and which should be read inconjunction with this report.

 

 

**IndustryOutlook**

 

**        **The U. S.cattle herd remains in a liquidation phase with fed steer and heifer suppliestrending lower for the next two to three years and possibly longer.  The sharpdecline in commodity prices over the past six months has reduced some of thefinancial stress at the ranch level.  Major concerns about the overall economy,however, have blunted any thought that expanding the U.S.’s cattle herd isimminent.  As a result of the weak global economic situation, trade in many export-relatedbeef products has slowed dramatically.  It is anticipated that it will take severalmonths for some beef and beef by-product items to clear inventory and for theseitems to provide any sustained financial support to the beef industry relativeto the levels realized over the past two years.  With year-to-year declines infed cattle supplies and anticipated smaller 2009 pork and broiler proteinproduction, consumer ability or willingness to pay higher prices will be key tosupporting profitable cattle and beef prices over the coming months. 

**               **

 

**RecentDevelopments**

** **

            TheDoJ, joined by state attorneys general from seventeen states (Arizona,Colorado, Connecticut, Iowa, Kansas, Minnesota, Mississippi, Missouri, Montana,New Mexico, North Dakota, Ohio, Oklahoma, Oregon, South Dakota, Texas, andWyoming), filed a civil antitrust suit against JBS S.A. (JBS) and the Companyon October 20, 2008 in the U.S. District Court for the Northern District ofIllinois, Eastern Division, seeking a permanent injunction against the proposedacquisition of the Company by JBS, along with an award in the amount of theircosts and attorneys’ fees.  The DoJ alleges that the proposed acquisition wouldsubstantially lessen competition in the purchase of fed cattle in the HighPlains and the Southwest and in the production and sales of USDA-graded boxbeef in the U.S. generally, in violation of Section 7 of the Clayton Act.

 

11

 

 

 

 

 

 

 

* *

            OnNovember 13, 2008, R-CALF and OCM filed a civil antitrust suit against JBS andthe Company in the U.S. District Court for the Northern District of Illinois,Eastern Division, seeking a permanent injunction against the proposedacquisition of the Company by JBS, along with an award in the amount of theircosts and attorneys’ fees.  R-CALF and OCM allege that the proposed acquisitionwould substantially lessen competition in the purchase of fed cattle in theHigh Plains and the Southwest and in the production and sales of USDA-gradedboxed beef in the U.S. generally, in violation of Section 7 of the Clayton Act. 

 

            JBSand the Company were vigorously contesting these attempts by the DoJ, R-Calfand OCM to block the acquisition by JBS when the cases were stayed in December2008 to enable the parties to explore a settlement.  There can be no assurancethat any settlement will be reached or that the transaction will beconsummated.

** **

            Recentworld financial instability and foreign currency deviations have decreased thedemand and value of certain industry products and inventories.

 

** **

**BeefExport Markets**

            Export marketsfor U.S. beef products remain constrained since the discovery of a case of BovineSpongiform Encephalopathy (BSE) in the State of Washington in December 2003, aswell as other isolated cases.  In July 2006, Japan agreed to reopen its marketto U.S. beef from cattle aged 20 months and younger.   In April 2008, ourBrawley facility was suspended from shipping beef to Japan following thediscovery of a short loin which included a portion of a spinal column, aspecified risk material, prohibited by Japan.  Our Brawley facility wassubsequently cleared to resume shipments to Japan on September 19, 2008.  SouthKorea announced a provisional opening of its border to U.S. beef from animals30 months and younger in September 2006, however, its border was subsequentlyclosed in October 2007.  South Korea reopened its border and started inspectingU.S. beef near the end of June 2008.  Our Dodge City facility was removed fromthe eligible supplier list to Mexico on December 23, 2008 for two days for analleged ink issue in September of 2008 which we believe to be untrue andunfounded.  These constraints and uncertainties have had a negative impact onbeef margins.

            We cannotpresently assess the full economic impact of the consequences of BSE on the U.S. beef packing industry or on our operations.  Existing or new import restrictionsor additional regulatory restrictions or disruptions in domestic consumerdemand for beef may continue to have a material adverse affect on our revenuesand net income.

** **

** **

**Resultsof Operations**

** **

***Thirteen weeks ended November 29, 2008 compared to thirteen weeks endedNovember 24, 2007***

 

*            General.*  A net loss for the thirteen weeks ended November 29,2008 of approximately $2.8 million was incurred compared to a net loss of approximately$24.5 million for the thirteen weeks ended November 24, 2007, an improvement of$21.7 million.  While the average volume of cattle processed during thecomparable thirteen-week periods fell by approximately 3.1%, average salesprices per head increased approximately 6.0% during this reporting period. Improved demand of beef products during the first quarter of fiscal 2009 ascompared to the same period of fiscal 2008 allowed the increase in sales pricesto cover the continued high cost of live cattle that we processed.

 

12

 

 

 

 

 

 

            Althoughsales increased by approximately 2.2% compared to the same period of last year,cost of sales also increased by approximately 0.7% while selling, general andadministrative expenses increased 0.9% and depreciation and amortizationexpense increased approximately 13.6%.  Total costs and expenses of $1,424.9million and $1,413.3 million for the thirteen weeks ended November 29, 2008 andNovember 24, 2007, respectively, were 99.7% and 101.1% as a percentage of net sales. 

 

*            NetSales*.  Net sales were $1,429.0million for the thirteen weeks ended November 29, 2008 compared to $1,398.1million for the thirteen weeks ended November 24, 2007, an increase of $30.9million or 2.2%.  The increase in net sales principally resulted from anapproximate 6.0% increase in the average sales prices per head during thecurrent thirteen week period of fiscal 2009 as compared to the thirteen weekperiod of fiscal 2008 while the average volume of cattle processed fell byapproximately 3.1%.  Partially offsetting the increase in average sales pricesper head was an approximate $21.6 million loss on the mark to market adjustmenton cattle futures contracts that we entered into during the first quarter offiscal 2009 to offset the risk of fixed-price sales commitments.

   

            *Costof Sales*.  Cost of sales was $1,404.0 million for the thirteen weeks ended November29, 2008 compared to $1,393.7 million for the thirteen weeks ended November 24,2007, an increase of $10.3 million or 0.7%.  The increase was primarily aresult of increased outbound freight costs by approximately 14.0% and increasedpackaging costs by approximately 16.2% during the current quarter as comparedto the same period of last year.  Also contributing to the increase in cost ofsales was an approximate 1.7% increase in cattle prices for the comparableperiods, resulting from a continued tight supply of market-ready cattle.  Partiallyoffsetting these increases was a decrease in the volume of cattle processed of approximately3.1% during the quarter as compared to the same period of fiscal 2008.  

 

            *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $10.9 million for the thirteen weeks ended November 29, 2008compared to $10.8 million for the thirteen weeks ended November 24, 2007, an increaseof $0.1 million or 0.9%.  The increase reflects an increase in payroll andrelated expenses of approximately $0.5 million which was offset by decreases ofapproximately $0.2 million in marketing and advertising expense, approximately $0.1million in travel expenses and approximately $0.1 million in taxes.  

* *

*            Depreciationand Amortization Expense*. Depreciation and amortization expenses were $10.0 million for the thirteenweeks ended November 29, 2008 compared to $8.8 million for the thirteen weeksended November 24, 2007, an increase of $1.2 million or 13.6%.  Depreciationexpense increased mostly due to approximately $59.9 million in fixed assetsbeing placed into service primarily at our three beef plants and two case readyplants during fiscal year 2008.            

* *

*            OperatingIncome.*  Operating income wasapproximately $4.1 million for the thirteen weeks ended November 29, 2008compared to an operating loss of $15.2 million for the thirteen weeks ended November24, 2007, an improvement of $19.3 million. Thesignificant improvement in operating income during the first quarter of fiscal2009 was related primarily to a more favorable market environment in thecurrent period as compared to same period of last year.  Improved customerdemand allowed for increased selling priceswhich covered the continued high cost of live cattle that we processed.

 

            *InterestExpense*.  Interest expense was $6.8 million for the thirteen weeks ended November29, 2008 compared to $9.1 million for the thirteen weeks ended November 24, 2007,a decrease of $2.3 million or 25.3%.  The decrease in interest expense duringthe thirteen weeks ended November 29, 2008 as compared to the same period lastyear was due primarily to the purchase and cancellation of our Senior Notes ofapproximately $30.6 million and $2.3 million, respectively, during the fourthquarter of fiscal 2008 and the first quarter of fiscal 2009.    In addition,the weighted average principal amount of our variable rate debt decreased byapproximately $11.3 million at November 29, 2008 as compared to November 24,2007.   Also contributing to the decrease in interest expense was lowerinterest rates on our variable rate debt, a decrease of approximately 234 basispoints, during the thirteen weeks ended November 29, 2009 as compared to thesame period of last year. 

 

13

 

 

 

 

 

 

            *IncomeTax Expense*.  Income tax expense was $0.4 million for the thirteen weeksended November 29, 2008 compared to $0.5 for the same period of fiscal year 2008,a decrease of $0.1 million, or 20.0%.  Beginning in calendar year 2008, somestates in which we conduct business, modified their business taxes, using netincome, or a modification of net income, as the basis.  The modification ofthese state taxes necessitated the inclusion of approximately $0.1 million ofthese business taxes in income tax expense during the thirteen weeks endedNovember 29, 2008 as compared to the same period of fiscal 2008.  A decrease inincome taxes for the period of approximately $0.3 million was related to oursubsidiary, National Carriers.  Income tax expense is recorded on income fromNational Carriers, which is organized as a C Corporation.  

** **

** **

**SegmentResults**

** **

            Our operatingsegments are based on segment profit and evaluated by the Chief ExecutiveOfficer, who also serves as the Chief Operating Decision Maker (CODM).  Segmentprofit is measured as operating income for NBP’s two reporting segments, CoreBeef and Other, based on the definitions provided in SFAS No. 131, *Disclosuresabout Segments of an Enterprise and Related Information*.  

*            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, National Elite Transportation, LLC, a provider of transportationlogistics services, and Kansas City Steak Company, LLC, a portion control steakcutting operation. 

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

 

 

 

 

 

 

14

 

 

 

 

 

 

The followingtable represents segment results for the periods indicated (in thousands):

 

 

**13 weeks ended**

** **

**13 weeks ended**

 

**November 29, 2008**

 

**November 24, 2007**

 

 

 

 

Net sales:

 

 

 

Core  beef

$

      1,437,858

 

$

         1,399,284

Other

                    57,755

 

                     51,650

Eliminations

(66,636)

 

(52,832)

     Total net sales

$

       1,428,977

 

$

        1,398,102

   

 

 

 

Operating income (loss):

 

 

 

Core  beef

$

            2,410

 

$

           (16,610)

Other

                     1,701

 

                       1,419

      Total operating income  (loss)

 

          4,111

 

 

           (15,191)

   

 

 

 

Interest income

 

55

 

 

                   170

Interest expense

(6,808)

 

(9,142)

Other income, net 

377

 

                           241

Minority interest 

                     (172)

 

(25)

      Total income (loss)  before taxes

$

          (2,437)

 

$

           (23,947)

   

 

 

 

 

**November 29, 2008**

 

**November 24, 2007**

Assets:

 

 

 

Core  beef

$

         819,104

 

$

           765,696

Other

                    42,034

 

                     40,535

Eliminations

(939)

 

(837)

      Total assets

$

          860,199

 

$

            805,394

*** ***

*** ***

***Thirteen weeks ended November 29, 2008 compared to thirteen weeks endedNovember 24, 2007***

 

***Core Beef***

 

*            NetSales*.  Net sales for Core Beef were$1,437.9 million for the thirteen weeks ended November 29, 2008 compared to $1,399.3million for the thirteen weeks ended November 24, 2007, an increase of $38.6million or 2.8%.  The increase in net sales principally resulted from anapproximate 6.0% increase in the average sales prices per head during thecurrent thirteen week period of fiscal 2009 as compared to the thirteen weekperiod of fiscal 2008 while the average volume of cattle processed fell byapproximately 3.1%.  Partially offsetting the increase in average sales pricesper head was an approximate $21.6 million loss on the mark to market adjustmenton cattle futures contracts that we entered into during the first quarter offiscal 2009 to offset the risk of fixed-price sales commitments.    

 

*            OperatingIncome*.  Operating income for CoreBeef was approximately $2.4 million during the thirteen weeks ended November 29,2008 compared to an operating loss of approximately $16.6 million during the thirteenweeks ended November 24, 2007, an improvement of approximately $19.0 million.  The significant improvement in operating income duringthe first quarter of fiscal 2009 was related primarily to a more favorablemarket environment in the current period as compared to same period of lastyear.  Improved customer demand allowed for increased selling prices which covered the continued high cost of live cattlethat we processed.  

 

*** ***

15

 

 

 

 

 

 

***Other***

 

            *NetSales*.  Net sales for Other were $57.8 million for the thirteen weeks endedNovember 28, 2008 compared to $51.7 million for the thirteen weeks ended November24, 2007, an increase of $6.1 million or 11.8%.  The increase was primarily dueto increased sales volume in our portion control beef facility.

 

            *OperatingIncome*.  Operating income for Other was $1.7 million for the thirteen weeksended November 29, 2008 compared to $1.4 million for the thirteen weeks ended November24, 2007, an increase of approximately $0.3 million.  The increase was dueprimarily to increased sales volume at our portion control beef facility,offset by a reduced operating income at our transportation company.

 

 

**Liquidityand Capital Resources**

 

            Asof November 29, 2008, we had net working capital of $229.5 million, whichincluded $1.2 million in distributions payable, and cash and cash equivalentsof $27.0 million.  As of August 30, 2008, we had net working capital of $209.6million, which included $43.0 million in distributions payable, and cash andcash equivalents of $25.5 million.  Our primary sources of liquidity are cashflow from operations and available borrowings under our amended and restated creditfacility (Credit Facility).

 

            Asof November 29, 2008, we had $397.8 million of long-term debt, $3.1 million ofwhich was classified as a current liability. As of November 29, 2008, our CreditFacility consisted of a $202.6 million term loan, all of which was outstanding,and a $200.0 million revolving line of credit loan, which had outstandingborrowings of $35.0 million, outstanding letters of credit of $44.2 million andavailable borrowings of $120.8 million, based on the most restrictive financialcovenant calculations.  Cash flows from operations and borrowings under our CreditFacility have funded our working capital requirements, acquisitions, capitalexpenditures and other general corporate purposes.  We were in compliance withall of our financial covenants under our Credit Facility as of November 29, 2008.

 

            Inaddition to outstanding borrowings under our Credit Facility, we hadoutstanding borrowings under industrial revenue bonds of $20.7 million, seniornotes of $127.1 million and capital lease and other obligations of $12.4million as of November 29, 2008.

 

            Webelieve that available borrowings under our Credit Facility and cash providedby operating activities will be sufficient to support our working capital,capital expenditures and debt service requirements for the foreseeable future.  Weare authorized to purchase up to $50.0 million of our outstanding Senior Notesin the aggregate from time to time in accordance with the limits imposed under ourCredit Facility, of which $32.9 million have been repurchased to date.  Ourability to generate sufficient cash, however, is subject to certain generaleconomic, financial, industry, legislative, regulatory and other factors beyondour control.  For a review of our obligations that affect liquidity, please seethe “Cash Payment Obligations” table in “Item 7. Management’s Discussion andAnalysis of Financial Condition and Results of Operations” of our Annual Reporton Form 10-K for the year ended August 30, 2008.

* *

*OperatingActivities*

 

            Netcash provided through operating activities in the thirteen weeks ended November29, 2008 was $24.3 million compared to net cash used in operating activities of$2.3 million in the thirteen weeks ended November 24, 2007.  The $26.6 million changewas due primarily to a smaller net loss of approximately $2.8 million duringthe first quarter of fiscal year 2009 as compared to the net loss of $24.5million during the first quarter of fiscal year 2008.  Also contributing to theimprovement was net cash being provided primarily in operating activitiesthrough accounts receivable and other accrued expenses and liabilities duringthe thirteen week period of the current year as compared to the thirteen weekperiod of last year while net cash was used primarily in operating activitiesthrough other assets and accrued compensation and benefits.

* *

* *

16

 

 

 

 

 

 

*InvestingActivities*

 

            Netcash used in investing activities was $6.6 million in the thirteen weeks ended November29, 2008 compared to $11.6 million in the thirteen weeks ended November 24, 2007. This decrease in cash used was primarily attributable to a decrease inexpenditures for property, plant and equipment during the first quarter offiscal 2009 as compared to the same period of fiscal 2008.

 

*FinancingActivities*

 

            Netcash used in financing activities was $16.1 million in the thirteen weeks endedNovember 29, 2008 compared to net cash provided by financing activities of $2.2million in the thirteen weeks ended November 24, 2007.  The change wasprimarily attributed to an increase in member distributions paid of $36.5million, an increase of $12.6 million in the overdraft balance and the $2.3million purchase and cancellation of Senior Notes.  Partially offsetting theseincreases was $23.6 million in net receipts in revolving credit borrowingsduring the current thirteen week period as compared to $9.6 million in netpayments in revolving credit borrowings during the same period of last year.

 

*Amendedand Restated Senior Credit Facility*

 

            EffectiveJuly 25, 2007, we amended and restated our existing senior credit facility witha consortium of banks.  The Credit Facility now consists of a $202.6 millionterm loan that matures in May 2016 and a $200.0 million revolving line ofcredit loan that matures in July 2012 that is subject to certain borrowing baselimitations.  

 

            Borrowingsunder the Credit Facility bear interest at LIBOR or the Base Rate, plus theapplicable margin.  The applicable margin for the revolving line of credit willbe based on borrowing base availability with grids greater than $150.0 million,$50.0 to $150.0 million and less than $50.0 million.  As of November 29, 2008,the interest rate for the revolving loan was approximately 3.8%.   Theapplicable margin for the Company’s term loan was also revised to a grid basiswith different margins for Funded Debt to EBITDA Ratios greater than 3.50 to1.00 and less than 3.50 to 1.00.  As of November 29, 2008, the interest ratefor the term loan was approximately 4.3%. The revolving line of credit and the term loan will have no financial covenantsunless the borrowing base availability is less than $50.0 million for fiveconsecutive business days or less than $35.0 million on any single business dayduring any fiscal quarter.  If the borrowing base availability falls belowthese amounts, a fixed charge ratio of 1:15 to 1:00 must be maintained at theend of each subsequent fiscal quarter until the borrowing base availability hasbeen greater than or equal to $50.0 million for 90 consecutive days.   Theadvance rates under the borrowing base are 90% on eligible accounts and 70% oneligible inventory.  As of November 29, 2008, the Company had met the borrowingbase availability requirements under its senior credit facilities and was notsubject to any financial covenants.

 

            Theborrowings under the revolving loan are available for the Company’s workingcapital requirements, capital expenditures and other general corporate purposes,including the purchase of a portion of its outstanding Senior Notes from timeto time in accordance with the limits imposed under our Credit Facility.  The CreditFacility is secured by a first priority lien on substantially all of theCompany’s assets.  The principal amount outstanding under the term loan is dueand payable in equal installments of approximately $3.5 million on the lastbusiness day of each June and December commencing on June 30, 2011.  Alloutstanding amounts of the term loan are due and payable on May 30, 2016. Prepayment is allowed at any time.

            TheCredit Facility contains customary affirmative covenants, including, withoutlimitation, conduct of business, the maintenance of insurance, compliance withlaws, maintenance of properties, keeping of books and records, and thefurnishing of financial statements.  The facility also contains customarynegative covenants, including without limitation, restrictions on thefollowing:  distributions, mergers, sale of assets, investments andacquisitions, encumbrances, indebtedness, affiliate transactions, and ERISAmatters.

17

 

 

 

 

 

 

            TheCredit Facility contains customary events of default, including without limitation,failure to make payment when due, materially incorrect representations andwarranties, breach of covenants, events of bankruptcy, default of otherindebtedness that would permit acceleration of such indebtedness, theoccurrence of one or more unstayed or undischarged judgments in excess of $3.0million, changes in custody or control of the Company’s property, changes incontrol of the Company, the failure of any of the loan documents to remain infull force, and the Company’s failure to properly fund its employee benefitplans.  The facility also includes customary provisions protecting the lendersagainst increased cost or loss of yield resulting from changes in tax, reserve,capital adequacy and other requirements of law.

** **

**Item 3. Quantitative andQualitative Disclosures about Market Risk.**

            The principal market risksaffecting our business are exposure to changes in prices for commodities, suchas livestock and boxed beef, and interest rate risk.

*            Commodities.*We use various raw materials, many ofwhich are commodities. Raw materials are generally available from severaldifferent sources, and we presently believe that we can obtain them as needed. Commodities are subject to price fluctuations that may create price risk. Whenappropriate, we may hedge commodities in order to mitigate this price risk.While this may tend to limit our ability to participate in gains from commodityprice fluctuations, it also tends to reduce the risk of loss from changes incommodity prices.  To the extent the contracts are not designated as normalpurchases, we reflect commodity contract gains and losses as adjustments to thebasis of underlying commodities purchased; gains or losses are recognized inthe statement of operations as a component of costs of goods sold.

 

            Wepurchase cattle for use in our processing businesses. When appropriate, weenter into forward purchase contracts at prices determined prior to thedelivery of the cattle. The commodity price risk associated with theseactivities can be hedged by selling (or buying) the underlying commodity, or byusing an appropriate commodity derivative instrument. The particular hedginginstrument we use depends on a number of factors, including availability ofappropriate derivative instruments.

 

            Wesell commodity beef products in our business. Commodity beef products aresubject to price fluctuations that may create price risk. When appropriate, weenter into forward sales contracts at prices determined prior to shipment. Wemay hedge the commodity price risk associated with these activities in order tomitigate this price risk.  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.  To the extent thecontracts are not designated as normal sales, we reflect commodity contractgains and losses as adjustments to the basis of underlying commodities sold;gains or losses are recognized in the statement of operations as a component ofnet sales. 

 

            Wemay use futures contracts in order to reduce exposure associated with enteringinto firm commitments to purchase live cattle at prices determined prior todelivery of the cattle as well as firm commitments to sell certain beefproducts at sales prices determined prior to shipment. In accordance with SFASNo. 133, *Accounting for Derivative Instruments and Hedging Activities*,as amended, we account for futures contracts and their related firm purchasecommitments at fair value. Certain firm commitments for live cattle purchasesand all firm commitments for boxed beef sales are treated as “normal purchasesand sales” and not marked to market.  SFAS No. 133 imposes extensiverecordkeeping requirements in order to treat a derivative instrument as a hedgefor accounting purposes. Derivatives qualify for treatment as hedges when thereis a high correlation between the change in fair value of the instrument andthe related change in fair value of the underlying commitment. For derivativesthat qualify 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.

 

18

 

 

 

 

 

 

            Whilemanagement believes each of these instruments help mitigate various marketrisks, they are not designated and accounted for as hedges under SFAS No. 133as a result of the extensive recordkeeping requirements of this statement.Accordingly, the gains and losses associated with the change in fair value ofthe instrument and the offsetting gains and losses associated with changes inthe market value of certain of the firm purchase commitments related to thefutures contracts are recorded to income and expense in 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.  Wefeel that sensitivity analysis more appropriately reflects the potential marketvalue exposure associated with the use of derivative instruments.  As of November29, 2008, the potential change in the fair value of applicable commodityprices, assuming a hypothetical 10% decrease in the underlying commodity pricein each year, was $14.9 million.  As of August 30, 2008, the potential changein fair value of applicable commodity prices, assuming a hypothetical 10%decrease in the underlying commodity price, was $1.2 million.  This significantchange was primarily due to the cattlefutures contracts that we entered into during the first quarter of fiscal 2009to offset the risk of fixed-price sales commitments.    

 

            *ForeignOperations.*  Transactions denominated in a currency other than an entity’sfunctional currency may expose that entity to currency risk.  Although weoperate in international markets including Japan and South Korea, product salesare predominately made in United States dollars, and therefore, currency risksare limited.

 

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

 

            Wehave long-term debt with variable interest rates. Short-term debt is primarilycomprised of the current portion of long-term debt maturing twelve months fromthe balance sheet date.  Our variable interest expense is sensitive to changesin the general level of interest rates.  As of November 29, 2008, the weightedaverage interest rate on our $258.3 million of variable rate debt wasapproximately 4.0%.

 

            Wehad total interest expense of approximately $6.8 million during the thirteenweek period ending November 29, 2008.  The estimated increase in interestexpense from a hypothetical 200 basis point increase in applicable variableinterest rates would have been approximately $1.3 million in the thirteen weekperiod ending November 29, 2008. 

 

 

**Item 4T.  Controls and Procedures**

            We maintain a system of controlsand procedures designed to provide reasonable assurance as to the reliabilityof the Consolidated Financial Statements and other disclosures included in thisreport, as well as to safeguard assets from unauthorized use or disposition. Weevaluated the effectiveness of the design and operation of our disclosurecontrols and procedures as defined in the Securities Exchange Act of 1934Rules 13a-15(e) and 15d-15(e) under supervision and with the participationof management, including our Chief Executive Officer and Chief FinancialOfficer. Based upon that evaluation, as of the end of the period covered bythis Quarterly Report on Form 10-Q, our Chief Executive Officer and ChiefFinancial Officer concluded that our disclosure controls and procedures wereeffective 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 November 29, 2008 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. 

 

19

 

 

 

 

 

 

**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings**

            For information regarding legalproceedings, see Note 6, “Contingencies” to our Consolidated Financial Statementsincluded in Part I- Item 1 of this Form 10-Q. 

**Item 1A. Risk Factors**

            The risk factors set forth in ourAnnual Report on Form 10-K for the year ended August 30, 2008 have notmaterially changed. 

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

            None. 

**Item 3. Defaults UponSenior Securities**

            None. 

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

            None. 

**Item 5. Other Information**

            On December 30, 2008, the Companyentered into a new employment agreement with John R. Miller from December 30,2008 through the date of the closing of the MIPA or the last day of the fiscalyear ending on or about August 28, 2010.  For further details of the employmentagreement, see Exhibit 10.1 as noted below.    

**Item 6. Exhibits**
(A)Exhibits                  
10.1

 

Employment Agreement dated  as of December 30, 2008 by and between the Company and John R. Miller  (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on  Form 8-K filed with the SEC on January 6, 2009.
      
 

 

 
      
10.2

 

Amendment to Employment  Agreement for John R. Miller dated as of December 31, 2008 by and between the  Company and John R. Miller.
      
 

 

 
      
10.3

 

Amendment to Employment  Agreement for Timothy M. Klein dated as of December 31, 2008 by and between  the Company and Timothy M. Klein.
      
 

 

 
      
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.

 

 

20

 

 

 

 

 

 

**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: January 13, 2009 

21
 
 
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