----

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

**Form 10-Q**

**                (Mark one)**

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

|                                                                                 |
|--------------------------------------------------------------------------------------|
| **      For the quarterly period  ended November 26, 2005** |
| **or**                                                                               |

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

|                                                                                              |
|---------------------------------------------------------------------------------------------------|
| **      For the transition  period from ____________  to ____________.** |
| ** **                                                                                        |

**Commissionfile number 333-111407**

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

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

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

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

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

     Indicate bycheck mark whether the registrant is an accelerated filer (as defined inRule 12b-2 of the Exchange Act). Yes o Nox

                Indicateby check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act). Yes o Nox

                There is no market forthe Registrant's equity.  As of December 31, 2005, there were 121,849,626 ClassA units and 18,810,045 Class B units outstanding.     

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**TABLE OF CONTENTS**

**FINANCIAL INFORMATION**

| **PART I.**  |                                                                                     | **Page No.** |
|--------------|------------------------------------------------------------------------------------------|--------------|
|              |                                                                                     |              |
| Item 1.      | Financial Statements.                                                                    | 1            |
|              |                                                                                     |              |
| Item 2.      | Management's  Discussion and Analysis of Financial Condition 	and Results of Operations. | 9            |
|              |                                                                                     |              |
| Item 3.      | Quantitative and Qualitative Disclosures About Market Risk.                              | 16           |
|              |                                                                                     |              |
| Item 4.      | Controls and Procedures.                                                                 | 17           |
|              |                                                                                     |              |
|              |                                                                                     |              |
| **PART II.** | **OTHER INFORMATION**                                                                    |              |
|              |                                                                                     |              |
| Item 1.      | Legal Proceedings.                                                                       | 17           |
|              |                                                                                     |              |
| Item 1A.     | Risk Factors.                                                                            | 18           |
|              |                                                                                     |              |
| Item 2.      | Unregistered Sales of Equity Securities and Use of Proceeds.                             | 18           |
|              |                                                                                     |              |
| Item 3.      | Defaults Upon Senior Securities.                                                         | 18           |
|              |                                                                                     |              |
| Item 4.      | Submission of Matters to a Vote of Security Holders.                                     | 18           |
|              |                                                                                     |              |
| Item 5.      | Other Information.                                                                       | 18           |
|              |                                                                                     |              |
| Item 6.      | Exhibits.                                                                                | 18           |
|              |                                                                                     |              |
|              | Signatures.                                                                              | 19           |

                                                                                    

                                                                                                                                                                              

                               

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.  

**                                                                                               **

| iii |
|-----|

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**PART I.  FINANCIAL INFORMATION**

**Item 1.  Financial Statements.**

 

 

 

 

 

 

 

 

** **

 

 

|  |
|--|

1

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**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

**Consolidated Balance Sheets(in thousands)**

| ** **                                                                                                                                                                                                                                                                                                                                        | **November 26, 2005**                                                                                                                                           |                                                                                                                        |                     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|---------------------|
| ** **                                                                                                                                                                                                                                                                                                                                        | **(unaudited)**                                                                                                                                                 |                                                                                                                        | **August 27, 2005** |
| **Assets**                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                 |                                                                                                                        |                     |
| Current  assets:                                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                 |                                                                                                                        |                     |
| Cash  and cash equivalents                                                                                                                                                                                                                                                                                                                        | $                                                                                                                                                               | 26,987                                                                                                                 |                     | $ | 33,872 |
| Accounts  receivable, less allowance for returns and                      doubtful accounts of $3,852 and                      $3,903, respectively | 170,037                                                                                                                                                         |                                                                                                                        | 170,851             |
| Due  from affiliates                                                                                                                                                                                                                                                                                                                              | 2,515                                                                                                                                                           |                                                                                                                        | 2,475               |
| Other  receivables                                                                                                                                                                                                                                                                                                                                | 3,577                                                                                                                                                           |                                                                                                                        | 3,385               |
| Inventories                                                                                                                                                                                                                                                                                                                                       | 98,691                                                                                                                                                          |                                                                                                                        | 85,426              |
| Other  current assets                                                                                                                                                                                                                                                                                                                             | 10,962                                                                                                                                                          |                                                                                                                        | 9,920               |
| Total  current assets                                                                                                                                                                                                                                                                                                                             | 312,769                                                                                                                                                         |                                                                                                                        | 305,929             |
|                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                 |                                                                                                                        |                     |
|     Property, plant and  equipment, at cost                                                                                                                                                                                                                                                                                        | 267,155                                                                                                                                                         |                                                                                                                        | 258,252             |
| Less  accumulated depreciation                                                                                                                                                                                                                                                                                                                    | 49,040                                                                                                                                                          |                                                                                                                        | 43,114              |
|  Net  property, plant, and equipment                                                                                                                                                                                                                                                                                                         | 218,115                                                                                                                                                         |                                                                                                                        | 215,138             |
| Goodwill                                                                                                                                                                                                                                                                                                                                          | 78,858                                                                                                                                                          |                                                                                                                        | 78,858              |
| Other  intangibles, net of accumulated amortization of	               $3,738 and $3,335, respectively                                                                                                                                                                            | 28,023                                                                                                                                                          |                                                                                                                        | 28,426              |
| Other  assets                                                                                                                                                                                                                                                                                                                                     | 5,534                                                                                                                                                           |                                                                                                                        | 6,326               |
|                                                                                                                                                                                                                                                                                                                                                   | $                                                                                                                                                               | 643,299                                                                                                                |                     | $ | 634,677 |
| **Liabilities and Members' Capital**                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                 |                                                                                                                        |                     |
| Current  liabilities:                                                                                                                                                                                                                                                                                                                             |                                                                                                                                                                 |                                                                                                                        |                     |
| Current  installments of long-term debt                                                                                                                                                                                                                                                                                                           | $                                                                                                                                                               |                     778 |                     | $ |                     - |
| Cattle  purchases payable                                                                                                                                                                                                                                                                                                                         | 64,805                                                                                                                                                          |                                                                                                                        | 54,394              |
| Accounts  payable - trade                                                                                                                                                                                                                                                                                                                         | 46,285                                                                                                                                                          |                                                                                                                        | 42,465              |
| Due  to affiliates                                                                                                                                                                                                                                                                                                                                | 451                                                                                                                                                             |                                                                                                                        | 399                 |
| Accrued  compensation and benefits                                                                                                                                                                                                                                                                                                                | 13,703                                                                                                                                                          |                                                                                                                        | 18,638              |
| Accrued  insurance                                                                                                                                                                                                                                                                                                                                | 14,050                                                                                                                                                          |                                                                                                                        | 15,528              |
| Other  accrued expenses and liabilities                                                                                                                                                                                                                                                                                                           | 11,982                                                                                                                                                          |                                                                                                                        | 8,234               |
| Distributions  payable                                                                                                                                                                                                                                                                                                                            | 1,052                                                                                                                                                           |                                                                                                                        | 4,621               |
|          Total current liabilities                                                                                                                                                                                                                                                                             | 153,106                                                                                                                                                         |                                                                                                                        | 144,279             |
| Long-term  debt, excluding current installments                                                                                                                                                                                                                                                                                                   | 321,005                                                                                                                                                         |                                                                                                                        | 308,850             |
| Other  liabilities                                                                                                                                                                                                                                                                                                                                | 4,744                                                                                                                                                           |                                                                                                                        | 4,738               |
| Total  liabilities                                                                                                                                                                                                                                                                                                                                | 478,855                                                                                                                                                         |                                                                                                                        | 457,867             |
| Minority  interest                                                                                                                                                                                                                                                                                                                                | 767                                                                                                                                                             |                                                                                                                        | 753                 |
| Capital  subject to redemption                                                                                                                                                                                                                                                                                                                    | 58,345                                                                                                                                                          |                                                                                                                        | 64,218              |
| Members'  capital:                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                 |                                                                                                                        |                     |
| Members'  capital                                                                                                                                                                                                                                                                                                                                 | 105,296                                                                                                                                                         |                                                                                                                        | 111,804             |
| Accumulated  other comprehensive income                                                                                                                                                                                                                                                                                                           |                            36 |                                                                                                                        | 35                  |
| Total  Members' capital                                                                                                                                                                                                                                                                                                                           | 105,332                                                                                                                                                         |                                                                                                                        | 111,839             |
| Commitments  and contingencies                                                                                                                                                                                                                                                                                                                    | -                                                                                                                                                               |                                                                                                                        | -                   |
|                                                                                                                                                                                                                                                                                                                                                   | $                                                                                                                                                               | 643,299                                                                                                                |                     | $ | 634,677 |
|                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                 |                                                                                                                        |                     |
| See accompanying notes to  consolidated financial statements.                                                                                                                                                                                                                                                                                     |                                                                                                                                                                 |                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                            |                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                            |                                                                                                                   |

| 2 |
|---|

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**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

** **

|  |  | **13 weeks ended** |  | **13 weeks ended** |  |  
**November 26, 2005**

**November 27, 2004**

 
**(unaudited)**

**(unaudited)**

 
Net  sales

$

1,095,738

$

1,050,720

Costs  and expenses:

Cost  of sales

1,084,545

1,034,189

Selling,  general, and administrative

8,630

7,740

Depreciation  and amortization

6,589

6,028

      Total costs and expenses

1,099,764

1,047,957

Operating  (loss) income

(4,026

)

2,763

Other  income (expense):

Interest  income

81

85

Interest  expense

(7,275

)

(7,053

)

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

(14

)

(54

)

Equity  in loss of aLF Ventures, LLC

(47

)

(122

)

Other,  net

494

473

Loss  before taxes

(10,787

)

(3,908

)

Income tax expense 

(543

)

(538

)

Net  loss

$

(11,330

)

$

(4,446

)
   
See  accompanying notes to consolidated financial statements.

** **

** **

3

** NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

** **

**13 weeks ended**

**13 weeks ended**

**November 26, 2005**

**November 27, 2004**

**(unaudited)**

**(unaudited)**

Cash  flows from operating activities:

Net loss

$        	

(11,330

)

$

(4,446

)

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

Depreciation and amortization

6,589

6,028

Gain on disposal of property, plant,  and equipment

(83

)

(102

)

Minority interest

14

54

Change in assets and liabilities:

Accounts receivable

814

15,526

Due from affiliates

(40

)

1,342

Other receivables

(192

)

368

Inventories

(13,265

)

9,603

Other assets

(250

)

(1,487

)

Accounts payable

2,728

(1,149

)

Due to affiliates

52

(63

)

Accrued compensation and benefits

(4,935

)

(5,053

)

Accrued insurance

(1,478

)

1,387

Accrued expenses and liabilities

3,754

3,634

Cattle purchases payable

6,197

10,246

Net cash (used in)/provided by operating activities

(11,425

)

35,888

Cash flows from investing activities:

Capital expenditures, including interest capitalized

(4,988

)

(5,166

)

Proceeds from sale of property, plant, and equipment

250

519

Net cash used in investing activities

(4,738

)

(4,647

)

Cash flows from financing activities:

Net receipts/(payments) under revolving credit lines

8,800

(17,694

)

Change in overdraft balances

5,306

(6,270

)

Repayments of capital lease obligation

(209

)

(39

)

Member distributions

(4,620

)

(5,542

)

Net cash provided by/(used in) financing activities

9,277

(29,545

)

Effect of exchange rate changes on cash

1

16

Net (decrease)/increase in cash

(6,885

)

1,712

Cash and cash equivalents at beginning of period

33,872

27,998

Cash and cash equivalents at end of period

$

26,987

$

29,710

Supplemental Disclosures:

   Cash paid during the period for interest

$

2,646

$

2,334

   Cash paid during the period for taxes

$

81

$

4

Supplemental Non-cash Disclosure:

   Assets acquired through capital lease

$

4,342

$

-
     
See accompanying notes to consolidated financial  statements.

** **

4

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

**(1)Interim Financial Statements**

**Basisof Presentation**

The accompanying unaudited Consolidated FinancialStatements have been prepared in accordance with U.S. generally accepted accountingprinciples (GAAP) for interim financial information; therefore, they do notinclude all of the information and footnotes required by GAAP for completefinancial statements. In the opinion of management, all adjustments considerednecessary for a fair presentation have been included. For further information,refer to the audited Consolidated Financial Statements and Notes toConsolidated Financial Statements, which are included in NBP's Annual Report on Form 10-K on file with the Securities and Exchange Commission (SEC) forthe fiscal year ended August 27, 2005.  The results of operations for theinterim periods presented are not necessarily indicative of the results for afull fiscal year.  Certain prior year amounts have been reclassified in orderto conform to the current year presentation. 

The unaudited Consolidated Financial Statements havebeen prepared in conformity with accounting principles generally accepted inthe United States of America, using management's best estimates and judgmentswhere appropriate. These estimates and judgments affect the reported amounts ofassets and liabilities and disclosure of the 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.

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

**(2)Inventories**

Inventories at November 26, 2005 and August 27, 2005consisted of the following (in thousands):

**November 26, 2005**

** **

**August 27, 2005**

Dressed  and boxed beef

$

                              77,688

$

                        66,993

Beef  by-products

10,294

** **

** **

8,476

Supplies

10,709

** **

** **

9,957

     Total inventory

$

                             98,691

$

                      85,426

** **

** (3)Comprehensive Loss**

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

**13 weeks ended**

** **

**13 weeks ended**

**November 26, 2005**

** **

**November 27, 2004**

Net loss 

$

            (11,330)

$

(4,446)

Other comprehensive income:

Foreign  currency translation	     adjustments

                         1 

                      16 

Comprehensive  loss 

$

            (11,329)

$

(4,430)

 

5

**(4)Contingencies**

*Schumacher v. Tyson Foods, et al. *On July 1, 2002, a lawsuit was filed against FarmlandNational Beef Packing Company, L.P. (FNBPC or the predecessor to NBP), ConAgraBeef Company, Tyson Foods, Inc. and Excel Corporation in the United StatesDistrict Court for the District of South Dakota seeking certification of aclass of all persons who sold cattle to the defendants for cash, or on a basisaffected by the cash price for cattle, during the period from April 2, 2001through May 11, 2001 and for some period up to two weeks thereafter. The casewas filed by three named plaintiffs on behalf of a putative nationwide classthat plaintiffs estimate is comprised of hundreds or thousands of members. Thecomplaint alleges that the defendants, in violation of the Packers andStockyards Act of 1921, knowingly used, without correction or disclosure,incorrect and misleading boxed beef price information generated by the USDA topurchase cattle offered for sale by the plaintiffs at a price substantiallylower than was justified by the actual and correct price of boxed beef duringthis period. Plaintiffs also seek recovery against all defendants under atheory of unjust enrichment.  The case was certified as a class-action matterin June of 2004. The plaintiffs claim damages against FNBPC in the amount ofapproximately $4.5 million plus prejudgment interest, attorneys' fees and courtcosts.  The claim will be reduced in an unknown amount by the number of classmembers who have opted out of the class.  The opt-out deadline was October 31,2005, and plaintiffs have filed their report of opt-outs which is now beingevaluated for objections.  Discovery has been completed.  Trial is set forApril 3, 2006.  Management believes that FNBPC acted properly and lawfully indealings with cattle producers. Management is currently unable to evaluate theoutcome of this matter or to estimate the amount of potential loss, if any. Inaccordance with SFAS No. 5, Accounting for Contingencies, NBP has notestablished a loss accrual associated with this claim.**

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

**(5)Capital Subject to Redemption  **

At any time after certain dates, the earliest being July31, 2008, the latest being July 31, 2011, certain members of management and/orNBPCo Holdings, LLC have the right to request that NBP repurchase theirinterests, the value of which is to be determined by a mutually agreedappraisal process. If NBP is unable to effect the repurchase within a specifiedtime, the requesting member(s) have the right to cause a sale process tocommence.  NBP accounts for changes in the redemption value of these interestsby accreting the change in value over the current period through the earliest redemptiondate of the respective interests. At November 26, 2005, the "Capital subject toredemption" was revalued by an independent appraisal process, and the value wasdetermined to be $58.6 million, which was in excess of its carrying value.  Accordingly,the carrying value of the "Capital subject to redemption" increased by approximately$0.02 million through accretion during the thirteen weeks ended November 26,2005, resulting in the $58.3 million carrying value, as reflected in theaccompanying Consolidated Balance Sheet as of November 26, 2005.

**(6) Segments**

TheCompany's operating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker (CODM). Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. Certain reclassifications have been madeto the prior periods' reporting segment presentation to conform to the current presentation. 

 

6

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

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

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

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

**13 weeks ended**

** **

**13 weeks ended**

**November 26, 2005**

**November 27, 2004**

Net sales

Core  Beef

$

      1,094,615 

$

        1,053,536 

Other

50,444 

                    45,213 

Eliminations

(49,321)

(48,029)

Total

$

     1,095,738 

$

       1,050,720 

Operating (loss) income

Core  Beef

$

           (5,658)

$ 

               1,647 

Other

                    1,632 

                      1,116 

Total 

$

            (4,026)

$

2,763 

Interest income

$

81 

$

                  85 

Interest expense

(7,275)

(7,053)

Other income 

                       447 

                         351 

Minority interest income

                        (14)

(54)

Loss before taxes

$

          (10,787)

$

            (3,908)

**November 26, 2005**

**November 27, 2004**

Total assets

Core  Beef

$

          611,453 

$

592,744 

Other

                    32,683 

                   30,450 

Eliminations

(837)

(1,592)

Total

$

          643,299 

$

621,602 

**(7)   United States BSE Outbreak**

OnDecember 23, 2003, it was announced by the United States Department of Agriculture(USDA) that a single Holstein dairy cow was discovered in the state of Washington to have tested positive for bovine spongiform encephalopathy (BSE).  The originof the animal was subsequently traced to a farm in Canada.  Shortly after theannouncement, several countries, including Japan, representing a substantialshare of NBP's export business, closed their borders to the importation ofedible beef products from the United States.

 

7

In July 2005, the U.S. Court of Appeals for the NinthCircuit overturned a March 2005 preliminary injunction issued by the U.S.District Court in Billings, Montana, which had continued the closure of theCanadian border, since May 2003, to imports of live cattle.  The U.S. Court ofAppeals ruling resulted in the immediate reopening of the Canadian border tolive cattle imports under the age of 30 months.  A petition for rehearing ofthe Ninth Circuit's ruling to the entire panel of Ninth Circuit judges wasrejected by the Ninth Circuit on October 13, 2005.  The Court of Appeals actiondoes not completely dispose of the action in the lower court and the lowercourt may or may not enter final rulings that will permit continued trade inlive animals and beef products between the two countries.

Announcements of inconclusive, preliminary testresults for BSE can be expected from time to time as a result of thesensitivity of the new screening regime.  Prior to a second case of BSE in the U.S., which was confirmed in June 2005, many countries had reopened their borders to allow theimport of U.S. beef; however, this second confirmed case of BSE led touncertainty as to whether or when additional markets may reopen, and whether orwhen existing open markets may close.

On December 8, 2005, the Japanese Food Safety Commissionissued its final report, concluding that U.S. beef under 20 months of age issafe for Japanese consumers.  On December 11, 2005, Japan reopened its marketto U.S. and Canadian beef from cattle 20 months of age or younger, where priorto the border closing, there were no age restrictions on cattle used in beefproducts imported to Japan.  Beef from cattle that will qualify for export to Japan must comply with requirements for age verification of cattle and removal of specifiedrisk materials (SRMs).  Initially, industry estimates of market-ready cattlethat will qualify for export to Japan range between 5% - 15% of the total fedcattle slaughter.  NBP believes availability of market-ready cattle to its beefprocessing facilities will be similar to industry expectations.  NBP cannot asyet determine the impact on profitability as a result of the opening of theJapanese market or the potential opening of other less significant exportmarkets.

NBP cannot presently assess the full economic impactof the consequences of BSE on the U.S. beef packing industry or on itsoperations.  The Company's revenues and net income may continue to bematerially adversely affected due to existing or new import restrictions or additionalregulatory restrictions, or disruptions in domestic consumer demand for beef.

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

*SeniorCredit Facilities*

Effective October 14, 2005, the amended senior creditfacility was further amended to reflect changes in the covenant limiting NBP'snet capital expenditures.  There were no changes to the remaining covenants inthe credit facility.  NBP's net capital expenditures are now limited to amountsin each period as follows:  $64 million in the combined period of FYE 2005 andFYE 2006, $35 million in FYE 2007 and $40 million in FYE 2008 and fiscal yearsthereafter.  Prior to this amendment, FYE 2005 and FYE 2006 were separatelylimited to $32 million each year.

*Capitaland Operating Leases*

Effective August 31, 2005, NBP financed a materialhandling system for its Liberal, Kansas, beef facility under a capital leaseobligation for five years.  Future minimum lease payments under this lease are$1.0 million each year for the fiscal years ended 2006, 2007, 2008, 2009 and2010, respectively.

* *

8

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

**DisclosureRegarding Forward-Looking Statements**

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

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

**IndustryOutlook**

Cyclically low cattle supplies, along with limitedaccess to key export markets, has provided a difficult environment for beefindustry participants.  In general, domestic cattle supplies are anticipated toimprove over the next two to three years, but with questions remainingregarding international market access, margins in the Core Beef segment can beexpected to continue to be negatively impacted.

**RecentDevelopments**

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

In July 2005, the U.S. Court of Appeals for the NinthCircuit overturned a March 2005 preliminary injunction issued by the U.S.District Court in Billings, Montana, which had continued the closure of theCanadian border, since May 2003, to imports of live cattle.  The U.S. Court ofAppeals ruling resulted in the immediate reopening of the Canadian border tolive cattle imports under the age of 30 months.  A petition for rehearing ofthe Ninth Circuit's ruling to the entire panel of Ninth Circuit judges wasrejected by the Ninth Circuit on October 13, 2005.  The Court of Appeals actiondoes not completely dispose of the action in the lower court and the lowercourt may or may not enter final rulings that will permit continued trade inlive animals and beef products between the two countries.

Announcements of inconclusive, preliminary testresults for BSE can be expected from time to time as a result of thesensitivity of the new screening regime.  Prior to a second case of BSE in the U.S., which was confirmed in June 2005, many countries had reopened their borders to allow theimport of U.S. beef; however, this second confirmed case of BSE led touncertainty as to whether or when additional markets may reopen, and whether orwhen existing open markets may close.

 

9

On December 8, 2005, the Japanese Food Safety Commissionissued its final report, concluding that U.S. beef under 20 months of age issafe for Japanese consumers.  On December 11, 2005, Japan reopened its marketto U.S. and Canadian beef from cattle 20 months of age or younger, where priorto the border closing, there were no age restrictions on cattle used in beefproducts imported to Japan.  Beef from cattle that will qualify for export to Japan must comply with requirements for age verification of cattle and removal of specifiedrisk materials (SRMs).  Initially, industry estimates of market-ready cattlethat will qualify for export to Japan range between 5% - 15% of the total fedcattle slaughter.  NBP believes availability of market-ready cattle to its beefprocessing facilities will be similar to industry expectations.  NBP cannot asyet determine the impact on profitability as a result of the opening of theJapanese market or the potential opening of other less significant exportmarkets.

NBP cannot presently assess the full economic impactof the consequences of BSE on the U.S. beef packing industry or on itsoperations.  The Company's revenues and net income may continue to bematerially adversely affected due to existing or new import restrictions or additionalregulatory restrictions, or disruptions in domestic consumer demand for beef.

**Resultsof Operations**

***Thirteen weeks ended November 26, 2005 compared to thirteen weeks endedNovember 27, 2004***

*General.* Net loss for the thirteen weeks ended November 26, 2005 was $11.3 millioncompared to net loss of $4.4 million for the thirteen weeks ended November 27,2004, a change of $6.9 million.  Sales and cost of sales were both higher inthe thirteen weeks ended November 26, 2005 than those of the prior year period partiallydue to an increase in the number of cattle processed of approximately 1.4%, atweights that averaged 1.0% higher than the same period in the prior year.  Additionally,while sales prices improved by approximately 2.4% compared to the same periodin the prior year, cost of sales increased at a higher rate, due in part to anincrease in live cattle prices of approximately 3.7% resulting from tightenedsupply of market-ready cattle. 

Total costs and expenses of $1,099.8 million and $1,048.0million for the thirteen weeks ended November 26, 2005 and November 27, 2004,respectively, were 100.4% as a percent of sales for the thirteen weeks ended November26, 2005 compared to 99.7% for the thirteen weeks ended November 27, 2004.  Tightenedsupply of market-ready cattle and lower plant capacity utilization contributedto a decline in gross margin, resulting in a decrease in operating income of $6.8million. 

*Net Sales*. Net sales were $1,095.7 million for the thirteen weeks ended November 26, 2005compared to $1,050.7 million for the thirteen weeks ended November 27, 2004, anincrease of $45.0 million or 4.3%.  The increase resulted primarily from an increasein boxed beef and beef product prices of approximately 2.4% combined with anapproximate 1.4% increase in the number of cattle processed in the thirteenweeks ended November 26, 2005 at weights that averaged 1.0% higher than thesame period in the prior year.  Sales prices improved due to an improvedproduct sales mix and continued growth in value-added sales for the thirteenweeks ended November 26, 2005 as compared to November 27, 2004.

                *Costof Sales*.  Cost of sales was $1,084.5 million for the thirteen weeks ended November26, 2005 compared to $1,034.2 million for the thirteen weeks ended November 27,2004, an increase of $50.3 million or 4.9%.  The increase resulted primarilyfrom a 3.7% increase in live cattle prices resulting from tightened supply ofmarket-ready cattle, combined with an increase in the number of cattleprocessed from 2004 of 1.4% and an increase in average live weights of 1.0%.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $8.6 million for the thirteen weeks ended November 26, 2005compared to $7.7 million for the thirteen weeks ended November 27, 2004, an increaseof $0.9 million or 11.7%.  The current year reflects an increase in payroll andrelated expenses of approximately $0.5 million and an increase in travel andrelated expenses of approximately $0.3 million.

 

10

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $6.6million for the thirteen weeks ended November 26, 2005 compared to $6.0 millionfor the thirteen weeks ended November 27, 2004, an increase of $0.6 million or 10.0%. Depreciation expense increased due largely to assets being placed into service,primarily at the Dodge City and Liberal beef plants, during the second, thirdand fourth quarters of fiscal year 2005.

*Operating (Loss) Income*.  Operating loss was $4.0 million for the thirteenweeks ended November 26, 2005 compared to operating income of $2.8 million forthe thirteen weeks ended November 27, 2004, a decrease of $6.8 million.  The decreaseresulted primarily from a tightened supply of market-ready cattle and lowerplant capacity utilization.  

                *InterestExpense*.  Interest expense was $7.3 million for the thirteen weeks ended November26, 2005 compared to $7.1 million for the thirteen weeks ended November 27,2004, an increase of $0.2 million or 2.8%.  The increase was due primarily to higherinterest rates on our variable rate debt in the thirteen weeks ended November26, 2005 as compared to the same period in fiscal 2005.

                *IncomeTax Expense*.  Income tax expense was $0.5 million for both the thirteenweeks ended November 26, 2005 and for the thirteen weeks ended November 27,2004.  Income tax expense is recorded on income from National Carriers, Inc.,which is organized as a C Corporation.

**SegmentResults**

TheCompany's operating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker(CODM).  Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. Certain reclassifications have been madeto the prior periods' reporting segment presentation to conform to the current presentation. 

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

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

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

 

 

 

 

11

** **

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

**13 weeks ended**

** **

**13 weeks ended**

**November 26, 2005**

**November 27, 2004**

Net sales

Core  Beef

$

      1,094,615 

$

        1,053,536 

Other

50,444 

                    45,213 

Eliminations

(49,321)

(48,029)

Total

$

     1,095,738 

$

       1,050,720 

Operating (loss) income

Core  Beef

$

           (5,658)

$ 

               1,647 

Other

                    1,632 

                      1,116 

Total 

$

            (4,026)

$

2,763 

Interest income

$

81 

$

                  85 

Interest expense

(7,275)

(7,053)

Other income 

                       447 

                         351 

Minority interest income

                        (14)

(54)

Loss before taxes

$

          (10,787)

$

            (3,908)

**November 26, 2005**

**November 27, 2004**

Total assets

Core  Beef

$

          611,453 

$

592,744 

Other

                    32,683 

                   30,450 

Eliminations

(837)

(1,592)

Total

$

          643,299 

$

621,602 

***Thirteen weeks ended November 26, 2005 compared to thirteen weeks endedNovember 27, 2004***

***Core Beef***

*Net Sales*. Net sales for Core Beef were $1,094.6 million for the thirteen weeks ended November26, 2005 compared to $1,053.5 million for the thirteen weeks ended November 27,2004, an increase of $41.1 million or 3.9%.  The increase resulted primarilyfrom an increase in boxed beef and beef product prices of approximately 2.4%combined with an approximate 1.4% increase in the number of cattle processed inthe thirteen weeks ended November 26, 2005, at weights that averaged 1.0%higher than the same period in the prior year.  Sales prices improved due to animproved product sales mix and continued growth in value-added sales for thethirteen weeks ended November 26, 2005 as compared to November 27, 2004.

*Operating (Loss) Income*.  Operating loss for Core Beef was $5.7 million forthe thirteen weeks ended November 26, 2005 compared to operating income of $1.6million for the thirteen weeks ended November 27, 2004, a decrease of $7.3 million. The decrease resulted primarily from a tightened supply of market-ready cattleand lower plant capacity utilization.  

12

***Other***

                *NetSales*.  Net sales for Other were $50.4 million for the thirteen weeks endedNovember 26, 2005 compared to $45.2 million for the thirteen weeks ended November27, 2004, an increase of $5.2 million or 11.5%.  The increase was due to marketconditions in the transportation industry where freight capacity continues to exceedtruck availability, allowing rate increases in our transportation operations. 

                *OperatingIncome*.  Operating income for Other was $1.6 million for the thirteen weeksended November 26, 2005 compared to $1.1 million for the thirteen weeks ended November27, 2004, an increase of $0.5 million.  The increase was due primarily to therate increases and improved operating efficiencies in our transportationoperations.

**Liquidityand Capital Resources**

As of November 26, 2005, we had net working capital of$159.7 million, which included $1.1 million in distributions payable, and cashand cash equivalents of $27.0 million, including $3.9 million restricted to IRBapproved expenditures. As of August 27, 2005, we had net working capital of $161.6million, which included $4.6 million in distributions payable, and cash andcash equivalents of $33.9 million, including $3.9 million restricted to IRBapproved expenditures. Our primary sources of liquidity are cash flows fromoperations and available borrowings under our amended and restated creditfacility.

As of November 26, 2005, we had $321.8 million oflong-term debt, of which $0.8 million was classified as a current liability. Asof November 26, 2005, our amended and restated credit facility consisted of a$120.0 million term loan, all of which was outstanding, and a $140.0 millionrevolving line of credit loan, which had outstanding borrowings of $23.8 million,outstanding letters of credit of $44.0 million and available borrowings of $51.2million, based on the most restrictive financial covenant calculations.  Cashflow from operations and borrowings under our amended and restated creditfacility have funded our working capital requirements, capital expenditures andother general corporate purposes.  We were in compliance with all of ourfinancial covenants under our amended and restated credit facility as ofNovember 26, 2005.

In addition to outstanding borrowings under ouramended and restated credit facility, we had outstanding borrowings underindustrial revenue bonds of $13.8 million, senior notes of $160.0 million and acapital lease of $4.2 million as of November 26, 2005.  On August 31, 2005, wefinanced $4.3 million under this capital lease obligation for a materialhandling system at our Liberal, Kansas, beef facility.  Future minimum leasepayments under this lease are $1.0 million each year for the fiscal years ended2006, 2007, 2008, 2009 and 2010, respectively.

We believe that available borrowings under our amendedand restated credit facility and cash provided by operating activities will besufficient to support our working capital, capital expenditures and debtservice requirements for the foreseeable future. Our ability to generatesufficient cash, however, is subject to certain general economic, financial, industry,legislative, regulatory and other factors beyond our control.  For a review ofour obligations that affect liquidity, please see the "Cash PaymentObligations" table in "Item 7. Management's Discussion and Analysis ofFinancial Condition and Results of Operations" of our Annual Report on Form10-K for the year ended August 27, 2005.

*OperatingActivities*

                Netcash used in operating activities in the thirteen weeks ended November 26, 2005was $11.4 million compared to net cash provided by operating activities $35.9million in the thirteen weeks ended November 27, 2004. The $47.3 milliondecrease was primarily due to an increase in working capital requirements inthe current period resulting partially from increased inventory valuation,combined with a larger net loss in the current year compared to the same periodlast year.

 

13

*InvestingActivities*

Net cash used in investing activities was $4.7 millionin the thirteen weeks ended November 26, 2005 compared to $4.6 million in thethirteen weeks ended November 27, 2004.  This slight increase in cash used was primarilyattributable to an increase in expenditures for property, plant and equipmentin the current year.

*FinancingActivities*

                Netcash provided by financing activities was $9.3 million in the thirteen weeksended November 26, 2005 compared to net cash used in financing activities of$29.5 million in the thirteen weeks ended November 27, 2004.  The change wasprimarily attributed to a $26.5 million difference in the thirteen week changeof fiscal 2005 as compared to the thirteen week change in fiscal 2006 inrevolving credit borrowings, combined with an $11.6 million increase in theoverdraft balance.

*Amendedand Restated Senior Credit Facility*

Our amended and restated credit facility contains aprovision for a conversion to more favorable interest rates and morerestrictive financial covenants on the earlier of (a) June 1, 2006 or(b) our election (the Conversion Date).  At our election, interest may becomputed at the Base Rate (as defined in the credit agreement) plus anapplicable margin or a LIBOR rate plus an applicable margin.  As of November26, 2005, the interest rate for the term loan was equal to LIBOR plus 275 basispoints (6.6%) and the weighted average interest rate for the revolving loan wasequal to a combination of LIBOR plus 250 basis points plus Prime plus 50 basispoints (a combined weighted average of 7.1%).  After the Conversion Date, theinterest rate for the term loan and the revolving loan will be determined byreference to a matrix of rates keyed to our funded debt to EBITDA (as definedin the credit agreement) ratio.

The amended and restated credit facility also imposes certainfinancial covenants.  From December 30, 2004 until the Conversion Date, we arerequired to  (i) have as of the end of each fiscal quarter a minimumfour-quarter rolling EBITDA of $50.0 million and (ii) maintain at alltimes a minimum Borrowing Base Availability (as defined in the credit agreement)of at least $25.0 million.  As defined in the amended credit facility, EBITDAcontains specified adjustments.  We were in compliance with all of ourfinancial covenants under our amended and restated credit facility as ofNovember 26, 2005.

After the Conversion Date, we will be subject to thefollowing financial covenants:

(i)            A maximum Funded Debt to EBITDA Ratio(as defined in the credit agreement), as follows: 
 Funded Debt
 
 to EBITDA
FiscalQuarter Ended
 4.50 to 1.00
August 31,2005 through May 31, 2006
 4.25 to 1.00
August 31,2006 through November 30, 2006
 4.00 to 1.00
February 28,2007 through May 31, 2007
 3.75 to 1.00
August 31,2007 and thereafter

(ii)           A maximum Senior Secured Funded Debt toEBITDA Ratio (as defined in the credit agreement), as follows:
 
Senior Secured Funded
  
Debt to EBITDA Ratio       
Fiscal Quarter Ended  
3.25 to 1.00                            
August 31, 2005 through May 31, 2006 
2.75 to 1.00                            
August 31, 2006 and thereafter
14

(iii)          A minimum four-quarter rolling EBITDAas follows:
 
EBITDA
FiscalQuarter Ended 
$72,000,000
August 31, 2005 through May 31, 2006 
$75,000,000
August 31, 2006 through May 31, 2007 
$85,000,000
August 31, 2007 and thereafter
(iv)          A minimum four-quarter rolling DebtService Coverage Ratio (as defined in the credit agreement) as follows:
 
Debt Service Coverage Ratio            
Fiscal Quarter Ended 
2.00 to 1.00
August 31, 2005 and thereafter
Effective October 14, 2005, our amended senior creditfacility was further amended to reflect changes in the covenant limiting ournet capital expenditures.  There were no changes to the remaining covenants inthe credit facility.  Our net capital expenditures are now limited to amountsin each period as follows:  $64 million in the combined period of FYE 2005 andFYE 2006, $35 million in FYE 2007 and $40 million in FYE 2008 and fiscal yearsthereafter.  Prior to this amendment, FYE 2005 and FYE 2006 were separatelylimited to $32 million each year.

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

** **

**13 weeks ended**

**13 weeks ended**

** **

**November 26, 2005**

**November 27, 2004**

Net loss

$

          (11,330)

$

             (4,446)

Interest income

                       (81)

                          (85)

Interest expense

                  7,275 

                      7,053 

Depreciation and  amortization 

                  6,589 

                      6,028 

Income taxes 

                     543 

                         538 

EBITDA(1)

$

           2,996 

$

              9,088 

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

15

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

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

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

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

We sell commodity beef products in our business. Commoditybeef products are subject to price fluctuations that may create price risk.When appropriate, we enter into forward sales contracts at prices determinedprior to shipment. While this may tend to limit our ability to participate ingains from commodity price fluctuations, it also tends to reduce the risk ofloss from changes in commodity beef prices. We reflect commodity contract gainsand losses as adjustments to the basis of underlying commodities sold; gains orlosses are recognized in the statement of operations as a component of netsales.

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

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

Thefollowing table describes the number of futures positions and the fair value ofthose positions and related firm commitments at November 26, 2005 and August 27,2005.  A position in live cattle consists of 40,000 pounds.  Firm commitmentsfor purchase are for live cattle and firm commitments for sales are for boxedbeef (dollars in thousands).

 

16

** **

** **

**Positions expiring**

** **

**November 26, 2005**

** **

**within 1 year**

**Fair Value**

Live Cattle

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

$

      - 

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

1,761

(1,573)

     Firm Commitments  Purchase . . . . . .

                   1,452 

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

- 
   
**August 27, 2005**

Live Cattle

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

$

- 

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

443

                       (51)

     Firm Commitments  Purchase . . . . . . 

                       62 

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

- 

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

We have long-term debt with variable interest rates. Short-termdebt is primarily comprised of the current portion of long-term debt maturing twelvemonths from the balance sheet date.  Our variable interest expense is sensitiveto changes in the general level of interest rates. 

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

**Item 4.  Controls and Procedures**

We maintain asystem of controls and procedures designed to provide reasonable assurance asto the reliability of the Consolidated Financial Statements and otherdisclosures included in this report, as well as to safeguard assets fromunauthorized use or disposition. We evaluated the effectiveness of the designand operation of our disclosure controls and procedures as defined in theSecurities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e) undersupervision and with the participation of management, including our ChiefExecutive Officer and Chief Financial Officer. Based upon that evaluation, asof the end of the period covered by this Quarterly Report on Form 10-Q, ourChief Executive Officer and Chief Financial Officer concluded that ourdisclosure controls and procedures were effective in alerting them, in a timelymanner, to material information required to be included in our periodicSecurities and Exchange Commission filings.  There have been no changes in ourinternal controls over financial reporting during the thirteen weeks ended November26, 2005 that have materially affected, or are reasonably likely to materiallyaffect, our internal control over financial reporting.  The design of anysystem of controls and procedures is based in part upon certain assumptionsabout the likelihood of future events. 

**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings**

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

** **

17

**Item 1A. Risk Factors**

     The riskfactors set forth in our Annual Report on Form 10-K for the year ended August27, 2005 have not materially 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**

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

**Item 6. Exhibits**

(A)

Exhibits

10.1 

Second Amendment to Fourth  Amended and Restated Credit Agreement dated as of October 14, 2005, by and  among the Company, certain agents, lenders and issuers (incorporated by  reference to Exhibit 10.1 to the Company's Current Report on Form 8-K, filed  with the SEC on October 20, 2005).
   
31.1 

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

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

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

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

 

 

 

 18

**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 9, 2006 

 

 

 

 

 

 

 

 

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