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**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Fo****r****m 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 May 28, 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 1934during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. Yes xNo o

     Indicate by check mark whether the registrant is anaccelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yeso No x

                There is no market forthe Registrant's equity.  As of July 6, 2005, there were 121,849,626 Class Aunits and 18,810,045 Class B units outstanding.     

 

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| **TABLE OF CONTENTS**

** ** |
|-----------------------------------|
| **PART I.**                       | **FINANCIAL INFORMATION** | **Page No.** |
|                                   |   |  |
| Item 1.                           | Financial Statements. | 1 |
|                                   |   |  |
| Item 2.                           | Management's  Discussion and Analysis of Financial Condition 	and Results of Operations. | 11 |
|                                   |   |  |
| Item 3.                           | Quantitative and Qualitative Disclosures About Market Risk. | 21 |
|                                   |   |  |
| Item 4.                           | Controls and Procedures. | 22 |
|                                   |   |  |
|                                   |  |  |
| **PART II.**                      | **OTHER INFORMATION** |  |
|                                   |   |  |
| Item 1.                           | Legal Proceedings. | 22 |
|                                   |   |  |
| Item 2.                           | Unregistered Sales of Equity Securities and Use of Proceeds. | 22 |
|                                   |   |  |
| Item 3.                           | Defaults Upon Senior Securities. | 22 |
|                                   |   |  |
| Item 4.                           | Submission of Matters to a Vote of Security Holders. | 23 |
|                                   |   |  |
| Item 5.                           | Other Information. | 23 |
|                                   |   |  |
| Item 6.                           | Exhibits.  | 23 |
|                                   |   |  |
|                                   | Signatures. | 24 |

                                                                                    

                                                                                                                    

                               

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

**                                                                                               **

 

| ii |
|----|

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**PART I.  FINANCIAL INFORMATION**

**Item 1.  Financial Statements.**

|  |
|--|

 

 

 

 

 

 

1

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**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

** Consolidated Balance Sheets(in thousands)**

| ** **                                                                                                                                                                                                                                                                                                                                | **May 28, 2005**                                                                                                                                                |                                                                                                                      |                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|---------------------|
| ** **                                                                                                                                                                                                                                                                                                                                | **(unaudited)**                                                                                                                                                 |                                                                                                                      | **August 28, 2004** |
| **Assets**                                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                 |                                                                                                                      |                     |
| Current  assets:                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                 |                                                                                                                      |                     |
| Cash  and cash equivalents                                                                                                                                                                                                                                                                                                                | $                                                                                                                                                               | 26,773                                                                                                               |                     | $ | 27,998 |
| Accounts  receivable, less allowance for returns and	                   doubtful accounts of $6,393 and	                    $5,614, respectively | 177,439                                                                                                                                                         |                                                                                                                      | 177,614             |
| Due  from affiliates                                                                                                                                                                                                                                                                                                                      | 2,695                                                                                                                                                           |                                                                                                                      | 2,873               |
| Other  receivables                                                                                                                                                                                                                                                                                                                        | 3,197                                                                                                                                                           |                                                                                                                      | 3,288               |
| Inventories                                                                                                                                                                                                                                                                                                                               | 96,769                                                                                                                                                          |                                                                                                                      | 85,962              |
| Other  current assets                                                                                                                                                                                                                                                                                                                     | 8,810                                                                                                                                                           |                                                                                                                      | 10,782              |
| Total  current assets                                                                                                                                                                                                                                                                                                                     | 315,683                                                                                                                                                         |                                                                                                                      | 308,517             |
|                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                 |                                                                                                                      |                     |
|     Property, plant and  equipment, at cost                                                                                                                                                                                                                                                                                | 254,859                                                                                                                                                         |                                                                                                                      | 242,638             |
| Less  accumulated depreciation                                                                                                                                                                                                                                                                                                            | 37,041                                                                                                                                                          |                                                                                                                      | 20,633              |
|  Net  property, plant, and equipment                                                                                                                                                                                                                                                                                                 | 217,818                                                                                                                                                         |                                                                                                                      | 222,005             |
| Goodwill                                                                                                                                                                                                                                                                                                                                  | 78,858                                                                                                                                                          |                                                                                                                      | 78,858              |
| Other  intangibles, net of accumulated amortization of	               $2,931 and $1,722, respectively                                                                                                                                                                    | 28,830                                                                                                                                                          |                                                                                                                      | 30,039              |
| Other  assets                                                                                                                                                                                                                                                                                                                             | 6,158                                                                                                                                                           |                                                                                                                      | 7,102               |
|                                                                                                                                                                                                                                                                                                                                           | $                                                                                                                                                               | 647,347                                                                                                              |                     | $ | 646,521 |
| **Liabilities and Members' Capital**                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                 |                                                                                                                      |                     |
| Current  liabilities:                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                 |                                                                                                                      |                     |
| Current  installments of long-term debt                                                                                                                                                                                                                                                                                                   | $                                                                                                                                                               |                     - |                     | $ | 9,453 |
| Cattle  purchases payable                                                                                                                                                                                                                                                                                                                 | 56,897                                                                                                                                                          |                                                                                                                      | 49,569              |
| Accounts  payable - trade                                                                                                                                                                                                                                                                                                                 | 39,109                                                                                                                                                          |                                                                                                                      | 39,207              |
| Due  to affiliates                                                                                                                                                                                                                                                                                                                        | 456                                                                                                                                                             |                                                                                                                      | 416                 |
| Accrued  compensation and benefits                                                                                                                                                                                                                                                                                                        | 16,034                                                                                                                                                          |                                                                                                                      | 17,555              |
| Accrued  insurance                                                                                                                                                                                                                                                                                                                        | 14,569                                                                                                                                                          |                                                                                                                      | 13,903              |
| Other  accrued expenses and liabilities                                                                                                                                                                                                                                                                                                   | 14,803                                                                                                                                                          |                                                                                                                      | 6,860               |
| Distributions  payable                                                                                                                                                                                                                                                                                                                    | 1,519                                                                                                                                                           |                                                                                                                      | 5,541               |
|          Total current liabilities                                                                                                                                                                                                                                                                     | 143,387                                                                                                                                                         |                                                                                                                      | 142,504             |
| Long-term  debt, excluding current installments                                                                                                                                                                                                                                                                                           | 326,115                                                                                                                                                         |                                                                                                                      | 325,634             |
| Other  liabilities                                                                                                                                                                                                                                                                                                                        | 4,873                                                                                                                                                           |                                                                                                                      | 5,237               |
| Total  liabilities                                                                                                                                                                                                                                                                                                                        | 474,375                                                                                                                                                         |                                                                                                                      | 473,375             |
| Minority  interest                                                                                                                                                                                                                                                                                                                        | 749                                                                                                                                                             |                                                                                                                      | 632                 |
| Capital  subject to redemption                                                                                                                                                                                                                                                                                                            | 62,326                                                                                                                                                          |                                                                                                                      | 62,476              |
| Members'  capital:                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                 |                                                                                                                      |                     |
| Members'  capital                                                                                                                                                                                                                                                                                                                         | 109,855                                                                                                                                                         |                                                                                                                      | 110,025             |
| Accumulated  other comprehensive income                                                                                                                                                                                                                                                                                                   |                            42 |                                                                                                                      | 13                  |
| Total  Members' capital                                                                                                                                                                                                                                                                                                                   | 109,897                                                                                                                                                         |                                                                                                                      | 110,038             |
| Commitments  and contingencies                                                                                                                                                                                                                                                                                                            | -                                                                                                                                                               |                                                                                                                      | -                   |
|                                                                                                                                                                                                                                                                                                                                           | $                                                                                                                                                               | 647,347                                                                                                              |                     | $ | 646,521 |
|                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                 |                                                                                                                      |                     |
| See accompanying notes to  consolidated financial statements.                                                                                                                                                                                                                                                                             |                                                                                                                                                                 |                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                            |                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                            |                                                                                                                 |

| 2 |
|---|

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**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

**                                        **

** **

| 3 |
|---|

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** NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

|                                        | **39 weeks ended**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ** ** | **39 weeks ended** |
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|                                        | **May 28, 2005**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |            |                    |
|     		Net income   | $		4,237  		$
32,030 
     Adjustments  to reconcile net income to net cash           provided by operating activities:

          Depreciation  and amortization

                    18,201 

                   16,710 

          (Gain)  loss on disposal of property, plant, and equipment

                        (167)

                        123 

          Minority  interest

                         117 

                        110 

          Write-off  of debt issuance costs

                       3,181 

                     - 

          Change  in assets and liabilities:

                 Accounts  receivable

                         175 

                  (3,976)

                 Due  from affiliates

                         178 

                     (1,072)

                 Other  receivables

                           91 

                         952 

                 Inventories

                    (10,807)

                  (9,222)

                 Other  assets

                        (265)

                      2,421 

                 Accounts  payable

                         153 

                   (1,719)

                 Due  to affiliates

                          40 

                      (27)

                 Accrued  compensation and benefits

                     (1,521)

                 (10,416)

                 Accrued  insurance

                        666 

                   (2,956)

                 Accrued  expenses and liabilities

                      7,579 

                      2,134 

                 Cattle  purchases payable

                      2,857 

                         115 

                      Net cash provided by operating activities

$

           24,715 

$

           25,207

Cash flows from investing  activities:

     Capital  expenditures, including interest capitalized

                     (13,950)

                 (23,835)

     Proceeds  from sale of property, plant, and equipment

                      1,312 

                     1,207 

                      Net  cash used in investing activities

$

(12,638)

$

(22,628)

Cash  flows from financing activities:

     Net  (payments) receipts under revolving credit lines

                       (9,794)

                     30,299 

     Repayments  of term note payable

                       (2,344)

                     (4,687)

     Borrowings  of term note payable

                        3,594 

                        -

     Net  repayments of other indebtedness

                          (428)

                      (455)

     Change  in overdraft balances

                        4,220 

                   (474)

     Member  distributions

                       (8,579)

                   (34,828)

                      Net  cash used in financing activities

$

(13,331)

$

          (10,145)

Effect  of exchange rate changes on cash

29 

                          13 

Net  decrease in cash

                        (1,225)

                    (7,553)

Cash  and cash equivalents at beginning of period

                       27,998 

                    31,304 

Cash  and cash equivalents at end of period

$

         26,773 

$

         23,751 

Supplemental  information: 

     Cash paid during the period for interest

$

            13,685 

$

           12,616 

     Cash paid during the period for taxes, net of refunds

$

                   29 

$

                598 

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 28, 2004.  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. 

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

**(2)Inventories**

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

**May 28, 2005**

** **

**August 28, 2004**

Dressed  and boxed beef

$

                              76,396

$

                        67,801

Beef  by-products

10,315

** **

** **

9,158

Supplies

10,058

** **

** **

9,003

     Total inventory

$

                             96,769

$

                      85,962

** **

** (3)Comprehensive Income**

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

**13 weeks ended**

** **

**13 weeks ended**

** **

**39 weeks ended**

** **

**39 weeks ended**

**May 28, 2005**

** **

**May 29, 2004**

** **

**May 28, 2005**

** **

**May 29, 2004**

Net income

$

            21,704

$

11,194

$

                 4,237

$

32,030

Other comprehensive income:

Foreign  currency translation	     adjustments

4

4

 29	

13

Comprehensive  income

$

            21,708

$

11,198

$

                  4,266

$

32,043

 

** **

5
**(4)Contingencies**
*Schumacher v.Tyson Foods, et al.*  On July 1, 2002,a lawsuit was filed against Farmland National Beef Packing Company, L.P. (FNBPCor the predecessor to NBP), ConAgra Beef Company, Tyson Foods, Inc. and ExcelCorporation in the United States District Court for the District of SouthDakota seeking certification of a class of all persons who sold cattle to thedefendants for cash, or on a basis affected by the cash price for cattle,during the period from April 2, 2001 through May 11, 2001 and for some periodup to two weeks thereafter. The case was filed by three named plaintiffs onbehalf of a putative nationwide class that plaintiffs estimate is comprised ofhundreds or thousands of members. The complaint alleges that the defendants, inviolation of the Packers and Stockyards Act of 1921, knowingly used, withoutcorrection or disclosure, incorrect and misleading boxed beef price informationgenerated by the USDA to purchase cattle offered for sale by the plaintiffs ata price substantially lower than was justified by the actual and correct priceof boxed beef during this period. Plaintiffs also seek recovery against alldefendants under a theory of unjust enrichment.  The case was certified as aclass-action matter in June of 2004. The plaintiffs claim damages against FNBPCin the amount of $2.39 million plus prejudgment interest, attorneys' fees andcourt costs.  The claim will be reduced in an unknown amount by the number ofclass members who have opted out of the class.  Opt outs were due on June 13,2005, but the number of opt outs will not be known to the Company untilplaintiffs file a report.  The case is now in discovery.  The Court has orderedthe parties to be ready for trial on December 15, 2005, but no actual trialdate has been set.  Management believes that FNBPC acted properly and lawfullyin dealings with cattle producers. Management is currently unable to evaluatethe outcome of this matter or to estimate the amount of potential loss, if any.In accordance with SFAS No. 5, *Accounting for Contingencies*, NBP has notestablished a loss accrual associated with this claim. 

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

**(5)Capital Subject to Redemption  **

At any time after certain dates, the earliest being July31, 2008, the latest being July 31, 2011, certain members of management and/orNBPCo Holdings, LLC have the right to request that NBP repurchase theirinterests, the value of which is to be determined pursuant to a mutually agreedappraisal process. If NBP is unable to effect the repurchase within a specifiedtime, the requesting member(s) have the right to cause a sale process tocommence.  NBP accounts for changes in the redemption value of these interestsby accreting the change in value over the current period through the earliestredemption date of the respective interests. At May 28, 2005, the "Capitalsubject to redemption" was revalued by an independent appraisal process, andthe value was determined to be $62.3 million, which closely approximated itscarrying value.  Accordingly, the carrying value of the "Capital subject toredemption" increased by a negligible amount through accretion during thethirteen weeks ended May 28, 2005, resulting in the $62.3 million carryingvalue, as reflected in the accompanying Consolidated Balance Sheet as of May28, 2005.

**(6) Segments**

TheCompany's operating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker (CODM). Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. In the fourth quarter of fiscal year 2004, the Company revised its method oftransfer pricing between its two segments related to the price charged fortransportation services.  The effect of restating this change for the thirteenweeks ended and thirty-nine weeks ended May 29, 2004 was to increase operatingincome of the Core Beef segment and decrease operating income of the Othersegment by approximately $1.1 million and $3.3 million, respectively.  Certain reclassifications have been made to the priorperiods' reporting segment presentation to conform to the current presentation. 

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

6

*Other*—the Other segment of NBP consists of the operationsof National Carriers, Inc., a refrigerated and livestock contract carrier company,and Kansas City Steak Company, LLC, a portion control steak cutting operation. 

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

The following table represents segment results for theperiods indicated (in thousands):
 **13 weeks ended** **13 weeks ended** **39 weeks ended** **39 weeks ended**  **May 28, 2005** **May 29, 2004** **May 28, 2005** **May 29, 2004**          Net sales               Core Beef$1,129,896  $1,032,582  $3,213,232  $3,062,580     Other 48,249   40,565   142,181   120,455     Eliminations (51,571)  (54,407)  (151,392)  (173,953)   	   	   	   	  Total$1,126,574  $1,018,740  $3,204,021  $3,009,082               Operating income               Core Beef$27,455  $17,608  $24,519  $49,572     Other 1,952   614   5,654   1,742    	   	   	   	  Total$29,407  $18,222  $30,173  $51,314               Interest income$112  $119  $279  $438  Interest expense (7,241)  (6,533)  (21,418)  (19,295) Other income (loss) 214   39   (2,700)  1,322  Minority interest               loss (income) 55   (12)  (156)  (210)   	   	   	   	  Total income before taxes$22,547  $11,835  $6,178  $33,569                 **May 28, 2005**  **May 29, 2004**       Total assets               Core Beef$611,980  $613,810           Other 35,844   27,086           Eliminations (477)  (1,936)       Total$647,347  $638,960        
 

**(7)   United States BSE Outbreak**

The closure of U.S. borders to the importation ofCanadian feeder and fattened (ready for slaughter) animals, which occurred inMay 2003 following the discovery of bovine spongiform encephalopathy (BSE) in Alberta that same month, tightened the U.S. cattle supply.  The U.S. beef packing industry hasoperated at a price disadvantage during the ban on importation of Canadian livestock.  This continued closure of the U.S. border to Canadian livestock has resulted inhigher overall feeder and fed cattle prices in the U.S., negatively impactingraw material prices.  Additionally, the opening of the U.S. border to Canadian produced boxed beef in September 2003 has negatively affected boxed beefprices.

7

On December 23, 2003, it was announced by the UnitedStates Department of Agriculture (USDA) that a single Holstein dairy cow wasdiscovered in the state of Washington to have tested positive for BSE.  Theorigin of the animal was subsequently traced to a farm in Canada.  Shortly after the announcement, several countries, including Japan, representing asubstantial share of NBP's export business, closed their borders to theimportation of edible beef products from the United States.  Certainby-products have been classified as Specified Risk Materials (SRMs), and havebeen banned from use in feedstocks and the human food chain. Some of theseproducts previously enjoyed a market in foreign countries.  In FYE 2004, NBP'stotal export sales were approximately 10% of total net sales.

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

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

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

On March 2, 2005, the U.S. District Court in Billings, Montana granted a preliminary injunction to delay the implementation of USDA'sminimal-risk regions rule, temporarily blocking the opening of the Canadianborder to the importation of live cattle under 30 months of age into the U.S.  On March 17, 2005, the U.S. Department ofJustice, on behalf of the USDA, filed a request with the U.S. Court of Appealsfor the Ninth Circuit requesting that the court overturn the decision issued bythe U.S. District Court in Montana, which would re-establish trade with Canada for beef products and live cattle under 30 months of age.  The National MeatAssociation along with the Canadian Cattlemen's Association and the AlbertaBeef Producers, who were all denied leave to intervene in the trial court havealso appealed seeking to overturn the preliminary injunction.  Arguments on allthese appeals will be held on July 13, 2005.  It is unknown when the Court ofAppeals will issue its decision.  Trial on the merits of the case is scheduledto commence on July 27, 2005.  It is unknown when the trial court will make adecision. These actions introduce significant uncertainty regarding the futuretiming and nature of trade in live cattle and beef products between the U.S. and Canada.

8

Announcements of inconclusive, preliminary test resultsfor BSE can be expected from time to time as a result of the sensitivity of thenew screening regime.  Since the USDA enhanced surveillance program for BSEbegan in 2004, more than 375,000 cattle have been tested for BSE using a rapidtest.  Three of these animals tested inconclusive and were subsequentlysubjected to immunohistchemistry, or IHC, testing.  The IHC is aninternationally recognized confirmatory test for BSE.  All three inconclusivesamples tested negative using IHC.  The three samples were then tested by asecond internationally recognized confirmatory test, referred to as the WesternBlot test.  Of the three samples, two were negative but the third came backreactive.  Because of the conflicting results, the samples from the animal thattested reactive were sent to Weybridge, England for further testing and theresults of that testing were confirmed on June 24, 2005 as positive for BSE.  Ina USDA statement issued June 29, 2005, the cow was identified as born and raisedin a herd in Texas and was approximately 12 years old.  In the USDA statement,USDA Chief Veterinarian John Clifford stated that the USDA believes, "it wasmost likely infected by consuming feed prior to the implementation of theruminant-to-ruminant feed ban in 1997," and he emphasized "that this animal didnot enter the human food chain."  Although the Secretary of the USDA has statedthat there is no risk to animal or human health related to this case, theimpact on the market created by this or other future tests is not possible topredict. 

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

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

*SeniorCredit Facilities*

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

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

The Company's amended and restated credit facilitycontains covenants that limit its ability to incur additional indebtedness,sell or dispose of assets, pay certain dividends and prepay or amend certainindebtedness among other matters.  The amended and restated credit facilityalso contains a provision for a conversion to more favorable interest rates andmore restrictive financial covenants on the earlier of (a) June 1, 2006 or(b) the election of the Company (the Conversion Date).  At the election ofthe Company, interest may be computed at the Base Rate (as defined in thecredit agreement) plus an applicable margin or a LIBOR rate plus an applicablemargin.  As of May 28, 2005, the interest rate for the term loan was equal to LIBORplus 275 basis points (5.8%) and the weighted average interest rate for therevolving loan was equal to LIBOR plus 250 basis points (5.6%).  After theConversion Date the interest rate for the term loan and revolving loan isdetermined by reference to a matrix of rates keyed to the Company's funded debtto EBITDA ratio.

The amended and restated credit facility also imposescertain financial covenants.  From December 30, 2004 until the Conversion Date,NBP is required to  (i) have as of the end of each fiscal quarter aminimum four-quarter rolling EBITDA of $50.0 million and (ii) maintain atall times a minimum Borrowing Base Availability (as defined in the credit agreement)of at least $25.0 million.  After the Conversion Date, the Company will besubject to covenants imposing a specified maximum funded debt to EBITDA ratio,a maximum senior secured funded debt to EBITDA ratio, a minimum four-quarterrolling EBITDA and a minimum four-quarter rolling debt service coverage ratio. In addition, NBP's annual net capital expenditures are limited to amountsranging from $32 million in fiscal 2005 to $40 million in fiscal 2008 andfiscal years thereafter.  As defined in the amended credit facility, EBITDAcontains specified adjustments.  On May 28, 2005, the Company was in compliancewith all financial covenants.

9

Effective July 7, 2005, NBP amended its existingsenior credit facility with a consortium of four lenders.  The facility was amendedto allow the Company to purchase up to $30 million in cumulative purchase price(including any premium) of its 10‐1/2% Senior Notes due August 1, 2011 solong as the Company is not in default under the facility at the time of thepurchase or as a result of the purchase.

*IndustrialRevenue Bonds*

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

*UtilitiesCommitment*

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

* *

10

**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 and uncertainties,there can be no assurance that the results and events contemplated by theforward-looking information contained in this report will in fact transpire.Readers are cautioned not to place undue reliance on these forward-lookingstatements. We do not undertake any obligation to update or revise anyforward-looking statements. All subsequent written or oral forward-lookingstatements attributable to us or persons acting on our behalf are expresslyqualified in their entirety by these factors.  Please review the "Risk Factors"in "Item 1. Business" of NBP's Annual Report on Form 10-K filed with theSecurities and Exchange Commission on November 23, 2004 for other importantfactors that could cause actual results to differ materially from those in anysuch forward-looking statements, and which should be read in conjunction withthis report.

**IndustryOutlook**

Recent legal developments and the discovery of a BSEpositive animal in the U.S. have increased the uncertainty of the timing of theborder opening for importation of live cattle to the U.S. from Canada.  Also, while there is a framework of an agreement for the resumption of trade with Japan, it appears trade will not resume for some time.  Currently live weights ofcattle being slaughtered continue higher than last year, implying supplies ofcattle in the near term will be larger; however, until international marketaccess is restored and live cattle are permitted from Canada, margins in the Core Beef segment can be expected to be negatively impacted. 

**RecentDevelopments**

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

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

On December 23, 2003, it was announced by the UnitedStates Department of Agriculture (USDA) that a single Holstein dairy cow wasdiscovered in the state of Washington to have tested positive for BSE.  Theorigin of the animal was subsequently traced to a farm in Canada.  Shortly after the announcement, several countries, including Japan, representing asubstantial share of NBP's export business, closed their borders to theimportation of edible beef products from the United States.  Certainby-products have been classified as Specified Risk Materials (SRMs), and havebeen banned from use in feedstocks and the human food chain. Some of theseproducts previously enjoyed a market in foreign countries.  In FYE 2004, NBP'stotal export sales were approximately 10% of total net sales.

11

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

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

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

On March 2, 2005, the U.S. District Court in Billings, Montana granted a preliminary injunction to delay the implementation of USDA'sminimal-risk regions rule, temporarily blocking the opening of the Canadianborder to the importation of live cattle under 30 months of age into the U.S.  On March 17, 2005, the U.S. Department ofJustice, on behalf of the USDA, filed a request with the U.S. Court of Appealsfor the Ninth Circuit requesting that the court overturn the decision issued bythe U.S. District Court in Montana, which would re-establish trade with Canada for beef products and live cattle under 30 months of age.  The National MeatAssociation along with the Canadian Cattlemen's Association and the AlbertaBeef Producers, who were all denied leave to intervene in the trial court havealso appealed seeking to overturn the preliminary injunction.  Arguments on allthese appeals will be held on July 13, 2005.  It is unknown when the Court ofAppeals will issue its decision.  Trial on the merits of the case is scheduledto commence on July 27, 2005.  It is unknown when the trial court will make adecision. These actions introduce significant uncertainty regarding the futuretiming and nature of trade in live cattle and beef products between the U.S. and Canada.

Announcements of inconclusive, preliminary test resultsfor BSE can be expected from time to time as a result of the sensitivity of thenew screening regime.  Since the USDA enhanced surveillance program for BSEbegan in 2004, more than 375,000 cattle have been tested for BSE using a rapidtest.  Three of these animals tested inconclusive and were subsequentlysubjected to immunohistchemistry, or IHC, testing.  The IHC is aninternationally recognized confirmatory test for BSE.  All three inconclusivesamples tested negative using IHC.  The three samples were then tested by asecond internationally recognized confirmatory test, referred to as the WesternBlot test.  Of the three samples, two were negative but the third came backreactive.  Because of the conflicting results, the samples from the animal thattested reactive were sent to Weybridge, England for further testing and theresults of that testing were confirmed on June 24, 2005, as positive for BSE.  Ina USDA statement issued June 29, 2005, the cow was identified as born andraised in a herd in Texas and was approximately 12 years old.  In the USDAstatement, USDA Chief Veterinarian John Clifford stated that the USDA believes," it was most likely infected by consuming feed prior to the implementation ofthe ruminant-to-ruminant feed ban in 1997," and he emphasized "that this animaldid not enter the human food chain."  Although the Secretary of the USDA has statedthat there is no risk to animal or human health related to this case the impacton the market created by this or other future tests is not possible to predict.

 

12

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

**Resultsof Operations**

***Thirteen weeks ended May 28, 2005 compared to thirteen weeks ended May29, 2004***

*General.* Net income for the thirteen weeks ended May 28, 2005 was $21.7 million comparedto net income of $11.2 million for the thirteen weeks ended May 29, 2004, an increaseof $10.5 million or 93.7%.  Sales were higher in the thirteen weeks ended May28, 2005 than those of the prior year period due to an increase in the numberof cattle processed of approximately 2.3%, at weights that averaged 2.0% higherthan 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 May 28, 2005 as compared to May 29, 2004.

Total costs and expenses of $1,097.2 million and$1,000.5 million, respectively, as a percent of sales were 97.4% for thethirteen weeks ended May 28, 2005 compared to 98.2% for the thirteen weeksended May 29, 2004.  Costs were higher due to a 2.3% increase in the number of cattleprocessed from 2004, combined with higher live cattle prices and higher averagelive weights.  Operating income increased $11.2 million due to boxed beef andbeef product prices rising at a higher rate than live cattle costs. 

*Net Sales*. Net sales were $1,126.6 million for the thirteen weeks ended May 28, 2005compared to $1,018.7 million for the thirteen weeks ended May 29, 2004, an increaseof $107.9 million or 10.6%.  The increase resulted primarily from an increasein boxed beef and beef product prices of approximately 7.0% combined with anapproximate 2.3% increase in the number of cattle processed in 2005. 

                *Costof Sales*.  Cost of sales was $1,082.9 million for the thirteen weeks ended May28, 2005 compared to $987.1 million for the thirteen weeks ended May 29, 2004,an increase of $95.8 million or 9.7%.  The increase resulted primarily from a5.8% increase in live cattle prices combined with an increase in the number ofcattle processed from 2004 of 2.3% and an increase in average live weights of2.0%.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $8.2 million for the thirteen weeks ended May 28, 2005 comparedto $8.3 million for the thirteen weeks ended May 29, 2004, a decrease of $0.1million or 1.2%.  

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $6.1million for the thirteen weeks ended May 28, 2005 compared to $5.1 million forthe thirteen weeks ended May 29, 2004, an increase of $1.0 million or 19.6%.  Depreciationexpense increased due largely to assets being placed into service, primarily atthe Dodge City and Liberal beef plants, at the end of fiscal year 2004 and throughoutthe first three quarters of fiscal year 2005.

*Operating Income*.  Operating income was $29.4 million for the thirteen weeks ended May28, 2005 compared to $18.2 million for the thirteen weeks ended May 29, 2004, anincrease of $11.2 million or 61.5%.  The increase resulted from higher boxedbeef and beef product prices, partially offset by higher live cattle prices.  Operatingincome, as a percentage of net sales, was 2.6% for the thirteen weeks ended May28, 2005 and 1.8% for the thirteen weeks ended May 29, 2004.

                *InterestExpense*.  Interest expense was $7.2 million for the thirteen weeks ended May28, 2005 compared to $6.5 million for the thirteen weeks ended May 29, 2004, anincrease of $0.7 million or 10.8%.  The increase was due primarily to higherinterest rates on our variable rate debt in the thirteen weeks ended May 28,2005 as compared to the same period in fiscal 2004.

13

                *IncomeTax Expense*.  Income tax expense of $0.8 million for the thirteen weeksended May 28, 2005 compared to $0.6 million for the thirteen weeks ended May29, 2004, an increase of $0.2 million or 33.3%.  The increase was primarily dueto higher income for the period for National Carriers, Inc. and the associatedincome tax expense on income from that entity, which is organized as a CCorporation.

***Thirty-nine weeks ended May 28, 2005 compared to thirty-nine weeksended May 29, 2004***

*General.* Net income for the thirty-nine weeks ended May 28, 2005 was $4.2 millioncompared to net income of $32.0 million for the thirty-nine weeks ended May 29,2004, a decrease of $27.8 million or 86.9%.  Sales were higher in the thirty-nineweeks ended May 28, 2005 than those of the prior year period due to an increasein the number of cattle processed of approximately 4.5% combined with an approximate3.1% increase in average weights. The loss of export markets due to BSE, thesmaller supplies of cattle as a result of the continued closure of the Canadianborder to live cattle imports and the on-going importation of boxed beefproducts to the U.S. from Canada pressured beef margins in the first half of fiscal2005, but recently there has been some improvement in boxed beef prices.

Total costs and expenses as a percent of sales were 99.1%for the thirty-nine weeks ended May 28, 2005 compared to 98.3% for the thirty-nineweeks ended May 29, 2004.  Costs were higher due to a 4.5 % increase in thenumber of cattle processed from 2004, combined with an approximate 3.1%increase in average weights.  Operating income decreased $21.1 million primarilydue to continued pressure on boxed beef and beef product prices relative tolive cattle costs, and to a continuing unfavorable pricing environment forproducts traditionally marketed outside the U.S., especially in the first halfof fiscal 2005.

*Net Sales*. Net sales were $3,204.0 million for the thirty-nine weeks ended May 28, 2005compared to $3,009.1 million for the thirty-nine weeks ended May 29, 2004, anincrease of $194.9 million or 6.5%.  The increase resulted primarily from anincrease in the number of cattle processed and higher average weights.  Boxedbeef and beef product prices were generally pressured by the loss of key exportmarkets closed to U.S. beef products due to BSE as well as the continued flowof boxed beef products from Canada to the U.S.

                *Costof Sales*.  Cost of sales was $3,131.7 million for the thirty-nine weeksended May 28, 2005 compared to $2,918.5 million for the thirty-nine weeks endedMay 29, 2004, an increase of $213.2 million or 7.3%.  The increase resultedprimarily from an increase in the number of cattle processed of 4.5% combinedwith an approximate 3.1% increase in average live weights.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $24.0 million for the thirty-nine weeks ended May 28, 2005compared to $22.5 million for the thirty-nine weeks ended May 29, 2004, anincrease of $1.5 million or 6.7%.  The current year reflects an increase ofapproximately $0.9 million in payroll and related expenses, an increase of approximately$0.4 million in professional services (partially due to additional servicesrequired for public reporting) and an expense for state franchise taxes ofapproximately $0.3 million.

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $18.2million for the thirty-nine weeks ended May 28, 2005 compared to $16.7 millionfor the thirty-nine weeks ended May 29, 2004, an increase of $1.5 million or 9.0%. The increase is largely attributable to assets being placed into service at ourprocessing plants at the end of fiscal year 2004 and throughout the first threequarters of fiscal year 2005.

*Operating Income*.  Operating income was $30.2 million for the thirty-nine weeks ended May28, 2005 compared to $51.3 million for the thirty-nine weeks ended May 29, 2004,a decrease of $21.1 million or 41.1%.  The continued closure of the U.S. borderto Canadian livestock and the corresponding reduction in the number of livecattle available for processing, along with the loss of key export markets andcontinued flow of boxed beef products from Canada to the U.S has resulted incompressed margins in the U.S. beef packing industry for the first half offiscal year 2005, but recently there has been some improvement in boxed beefprices.  Operating income, as a percentage of net sales, was 0.9% for the thirty-nineweeks ended May 28, 2005 and 1.7% for the thirty-nine weeks ended May 29, 2004.

14

                *InterestExpense*.  Interest expense was $21.4 million for the thirty-nine weeksended May 28, 2005 compared to $19.3 million for the thirty-nine weeks ended May29, 2004, an increase of $2.1 million or 10.9%.  The increase was due primarilyto higher interest rates in the thirty-nine weeks ended May 28, 2005 ascompared to the same period in fiscal 2004.

*Other, net.* Other, net non-operating expense was $2.2 million for the thirty-nine weeksended May 28, 2005 compared to non-operating income of $2.0 million for the thirty-nineweeks ended May 29, 2004.  The thirty-nine weeks ended May 28, 2005 included$3.2 million in expense for the write-off of unamortized loan costs associatedwith amending and restating our existing senior credit facility, and the sameperiod in fiscal 2004 included a $1.2 million gain received through thedemutualization of a company which held annuities for NBP employees.

                *IncomeTax Expense*.  Income tax expense was $1.9 million for the thirty-nine weeksended May 28, 2005 compared to $1.5 million for the thirty-nine weeks ended May29, 2004, an increase of $0.4 million or 26.7%.  The increase was primarily dueto higher income for the period for National Carriers, Inc. and the associatedincome tax expense on income from that entity, which is organized as a CCorporation.

**SegmentResults**

TheCompany's operating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker(CODM).  Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. In the fourth quarter of fiscal year 2004, the Company revised its method oftransfer pricing between its two segments related to the price charged for transportationservices.  The effect of restating this change for the thirteen weeks ended andthe thirty-nine weeks ended May 29, 2004 was to increase operating income ofthe Core Beef segment and decrease operating income of the Other segment byapproximately $1.1 million and $3.3 million, respectively.  Certain reclassifications have been made to the priorperiods' reporting segment presentation to conform to the current presentation. 

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

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

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

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

**13 weeks ended**

** **

**13 weeks ended**

** **

**39 weeks ended**

** **

**39 weeks ended**

**May 28, 2005**

**May 29, 2004**

**May 28, 2005**

**May 29, 2004**
Net sales
Core Beef

$
1,129,896 
$
1,032,582 
$
3,213,232 
$	
3,062,580 
Other
48,249 40,565 142,181 120,455 
Eliminations

(51,571)

(54,407)

(151,392)

(173,953)

 

15
 
**13 weeks ended**

** **

**13 weeks ended**

** **

**39 weeks ended**

** **

**39 weeks ended**

**May 28, 2005**

**May 29, 2004**

**May 28, 2005**

**May 29, 2004**
                                                Total
$1,126,574    
$1,018,740    
$3,204,021    
$3,009,082                         Operating income                       Core Beef
$27,455    
$17,608    
$24,519    
$49,572   Other1,952    614    5,654    1,742                       Total
$29,407    
$18,222    
$30,173    
$51,314                         Interest income   112       119       279       438 Interest expense(7,241)   (6,533)   (21,418)   (19,295)Other income (loss)214    39    (2,700)   1,322 Minority interest                        loss (income)55    (12)   (156)   (210)                                    Total income    before taxes
$22,547    
$11,835    
$6,178    
$33,569                                                         **May 28, 2005****May 29, 2004**        Total assets                Core Beef
$611,980   
   $613,810             Other 35,844    27,086             Eliminations (477)   (1,936)         Total
$647,347   
   $638,960      
***Thirteen weeks ended May 28, 2005 compared to thirteen weeks ended May29, 2004***

***Core Beef***

*Net Sales*. Net sales for Core Beef were $1,129.9 million for the thirteen weeks ended May28, 2005 compared to $1,032.6 million for the thirteen weeks ended May 29, 2004,an increase of $97.3 million or 9.4%.  Sales were higher in the thirteen weeksended May 28, 2005 than those of the prior year period due to an increase inthe number of cattle processed of approximately 2.3%, at weights that averaged2.0% higher than the same period in the prior year. Sales prices improved dueto an improved product sales mix and continued growth in value-added sales forthe thirteen weeks ended May 28, 2005 as compared to May 29, 2004, reflected inan increase in boxed beef and beef product prices of approximately 7.0% fromthe same period in the prior year.

*Operating Income*.  Operating income for Core Beef was $27.5 million for the thirteenweeks ended May 28, 2005 compared to $17.6 million for the thirteen weeks endedMay 29, 2004, an increase of $9.9 million or 56.3%.  The increase resulted froman approximate 2.3% increase in the number of cattle processed, and boxed beefand beef product prices that have increased approximately 7.0% from the sameperiod in 2004 due to a more favorable market environment, partially offset byhigher live cattle prices.  

***Other***

                *NetSales*.  Net sales for Other were $48.2 million for the thirteen weeks endedMay 28, 2005 compared to $40.6 million for the thirteen weeks ended May 29,2004, an increase of $7.6 million or 18.7%.  The increase was due to marketconditions in the transportation industry where freight capacity has been exceedingtruck availability, allowing rate increases in our transportation operations. 

                *OperatingIncome*.  Operating income for Other was $2.0 million for the thirteen weeksended May 28, 2005 compared to $0.6 million for the thirteen weeks ended May29, 2004, an increase of $1.4 million.  The increase was due primarily to therate increases and improved operating efficiencies in our transportationoperations.

16

***Thirty-nine weeks ended May 28, 2005 compared to thirty-nine weeksended May 29, 2004***

***Core Beef***

*Net Sales*. Net sales for Core Beef were $3,213.2 million for the thirty-nine weeks ended May28, 2005 compared to $3,062.6 million for the thirty-nine weeks ended May 29,2004, an increase of $150.6 million or 4.9%.  Sales were higher in thethirty-nine weeks ended May 28, 2005 than those of the prior year period due toan increase in the number of cattle processed of approximately 4.5% combinedwith an approximate 3.1% increase in average weights. The loss of exportmarkets due to BSE, the smaller supplies of cattle as a result of the continuedclosure of the Canadian border to live cattle imports and the on-goingimportation of boxed beef products to the U.S. from Canada pressured beefmargins in the first half of 2005, but recently there has been some improvementin boxed beef prices.  

*Operating Income*.  Operating income for Core Beef was $24.5 million for the thirty-nineweeks ended May 28, 2005 compared to $49.6 million for the thirty-nine weeksended May 29, 2004, a decrease of $25.1 million or 50.6%.  The continuedclosure of the U.S. border to Canadian livestock and the correspondingreduction in the number of live cattle available for processing, along with theloss of key export markets and continued flow of boxed beef products fromCanada to the U.S has resulted in compressed margins in the U.S. beef packingindustry for the first half of fiscal year 2005, but recently there has beensome improvement in boxed beef prices.

***Other***

                *NetSales*.  Net sales for Other were $142.2 million for the thirty-nine weeksended May 28, 2005 compared to $120.5 million for the thirty-nine weeks ended May29, 2004, an increase of $21.7 million or 18.0%.  The increase was primarilydue to market conditions in the transportation industry where freight capacityhas been exceeding truck availability, allowing rate increases in our transportationoperations, as well as improved sales in our portion control facility. 

                *OperatingIncome*.  Operating income for Other was $5.7 million for the thirty-nineweeks ended May 28, 2005 compared to $1.7 million for the thirty-nine weeksended May 29, 2004, an increase of $4.0 million.  The increase was dueprimarily to the rate increases and improved operating efficiencies in ourtransportation operations.

**Liquidityand Capital Resources**

As of May 28, 2005, we had net working capital of $172.3million, which included $1.5 million in distributions payable, and cash andcash equivalents of $26.8 million. At August 28, 2004, we had net workingcapital of $166.0 million, which included $5.5 million in distributionspayable, and cash and cash equivalents of $28.0 million. Our primary sources ofliquidity are cash flows from operations and available borrowings under ouramended credit facility.

As of May 28, 2005, we had $326.1 million of long-termdebt, none of which was classified as a current liability. As of May 28, 2005,there were outstanding borrowings of $32.3 million, outstanding letters ofcredit of $44.0 million and available borrowings of $63.7 million under the$140.0 million revolving portion of our amended and restated credit facility. Cashflow from operations and borrowings under our amended credit facility havefunded our working capital requirements, capital expenditures and other generalcorporate purposes.  We were in compliance with all of our financial covenantsunder the amended and restated credit facility as of May 28, 2005.

17

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 andterm loans in our amended and restated credit facility of $120.0 million as of May28, 2005.

*AmendedSenior Credit Facility*

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

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

The Company's amended and restated credit facilitycontains covenants that limit its ability to incur additional indebtedness,sell or dispose of assets, pay certain dividends and prepay or amend certainindebtedness among other matters.  The amended and restated credit facilityalso contains a provision for a conversion to more favorable interest rates andmore restrictive financial covenants on the earlier of (a) June 1, 2006 or(b) the election of the Company (the Conversion Date).  At the election ofthe Company, interest may be computed at the Base Rate (as defined in thecredit agreement) plus an applicable margin or a LIBOR rate plus an applicablemargin.  As of May 28, 2005, the interest rate for the term loan was equal to LIBORplus 275 basis points (5.8%) and the weighted average interest rate for therevolving loan was equal to LIBOR plus 250 basis points (5.6%).  After theConversion Date the interest rate for the term loan and the revolving loan isdetermined by reference to a matrix of rates keyed to the Company's funded debtto EBITDA (as defined in the credit agreement) ratio.

The amended and restated credit facility also imposes certainfinancial covenants.  From December 30, 2004 until the Conversion Date, NBP isrequired to  (i) have as of the end of each fiscal quarter a minimumfour-quarter rolling EBITDA of $50.0 million and (ii) maintain at alltimes a minimum Borrowing Base Availability (as defined in the credit agreement)of at least $25.0 million.  After the Conversion Date, the Company will besubject to covenants imposing a specified maximum funded debt to EBITDA ratio,a maximum senior secured funded debt to EBITDA ratio, a minimum four-quarterrolling EBITDA and a minimum four-quarter rolling debt service coverage ratio. In addition, our annual net capital expenditures are limited to amounts rangingfrom $32 million in fiscal 2005 to $40 million in fiscal 2008 and fiscal yearsthereafter.  As defined in the amended credit facility, EBITDA containsspecified adjustments.  On May 28, 2005, the Company was in compliance with allfinancial covenants.

Effective July 7, 2005, NBP amended its existingsenior credit facility with a consortium of four lenders.  The facility wasamended to allow the Company to purchase up to $30 million in cumulativepurchase price (including any premium) of its 10‐1/2% Senior Notes dueAugust 1, 2011 so long as the Company is not in default under the facility atthe time of the purchase or as a result of the purchase.

 

18
*IndustrialRevenue Bonds*
In conjunction with the amendment and restatement ofthe Company's credit facility, effective December 30, 2004, the Companyentered into a transaction with the City of Dodge City, Kansas, in order toprovide the Company property tax savings.  Under the transaction, the City purchasedthe Company's Dodge City facility (the facility) by issuing $102.3 million inbonds due in December 2014, and leased the facility to the Company for anidentical term under a capital lease.  The City's bonds were purchased by theCompany using proceeds of its term loan under the amended and restated creditfacility.  Because the City has assigned the lease to the bond trustee for thebenefit of the Company as the sole bondholder, the Company, in effect, controlsenforcement of the lease against itself.  As a result of the capital leasetreatment, the facility will remain a component of property, plant andequipment in the Company's consolidated balance sheet.  As a result of thelegal right of offset, the capital lease obligation and the corresponding bondinvestments will be eliminated in consolidation.  The transaction provides theCompany with property tax exemptions for the leased facility, which, afternetting payments to the City and local school district under payment in lieu oftax agreements, result in an annual property tax savings of approximately 25%. The facility remains subject to a prior mortgage and security interest in favorof the lenders under the senior credit facility.  Additional revenue bonds maybe issued to cover the costs of certain improvements to this facility.  Thetotal amount of revenue bonds authorized for issuance is $120.0 million.

*UtilitiesCommitment*

Effective December 30, 2004, NBP finalized anagreement with the City of Dodge City, Kansas, whereby in consideration ofcertain improvements made to the City water and wastewater systems, NBP has committedto make a series of service charge payments totaling $19.3 million over a 20year period.  Payments under the commitment will be $0.8 million in fiscal year2005, $1.2 million in fiscal year 2006, $1.4 million in fiscal year 2007, $1.4million in fiscal year 2008 and $1.4 million in fiscal year 2009, with thebalance of $13.1 million to be paid in subsequent years.

Capital spending through the thirty-nine weeks ended May28, 2005 was approximately $14.0 million.  We expect to spend somewhat less than$25 million in total on capital expenditures during fiscal year 2005, primarilyfor plant expansion, renewals and improvements. 

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

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

**13 weeks ended**

**13 weeks ended**

** **

**39 weeks ended**

** **

**39 weeks ended**

**May 28, 2005**

**May 29, 2004**

** **

**May 28, 2005**

** **

**May 29, 2004**

Net income

$

21,704 

$

11,194 

$

  4,237 

$

 32,030 

Interest income

                            (112)

                          (119)

(279)

(438)

Interest expense

                  7,241 

                      6,533 

 21,418 

        19,295 

Depreciation and  amortization                    	

 6,132 

5,090 

   18,201 

16,710 

Income taxes 

843 

641 

1,941 

          	1,539 

EBITDA(1)

$

          35,808 

$

            23,339 

$

         45,518 

$

            69,136 

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

19

 

*OperatingActivities*

                Netcash provided by operating activities in the thirty-nine weeks ended May 28,2005 was $24.7 million compared to $25.2 million in the thirty-nine weeks endedMay 29, 2004, primarily the result of a decrease in net earnings in the currentyear period, offset by a decrease in working capital requirements.

*InvestingActivities*

                Netcash used in investing activities was $12.6 million in the thirty-nine weeksended May 28, 2005 compared to $22.6 million in the thirty-nine weeks ended May29, 2004.  This decrease in cash used was primarily attributable to $9.9million less in expenditures for property, plant and equipment in the currentyear.

*FinancingActivities*

                Netcash used in financing activities was $13.3 million in the thirty-nine weeksended May 28, 2005 compared to net cash used in financing activities of $10.1million in the thirty-nine weeks ended May 29, 2004.  The change was primarily attributedto a $26.2 million decrease in cash distributions for member taxes in 2005 and$5.9 million net increase in borrowings on the term note payable and otherindebtedness, offset by a $40.1 million difference in the thirty-nine weekchange of fiscal 2004 as compared to the thirty-nine week change in fiscal 2005in revolving credit borrowings.

 

 

 

 

20

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

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

*Commodities.*Weuse various raw materials, many of which are commodities. Raw materials aregenerally available from several different sources, and we presently believethat we can obtain them as needed.  Commodities are subject to price fluctuationsthat may create price risk. When appropriate, we may hedge commodities in orderto mitigate 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 prices. We reflect commoditycontract gains and losses as adjustments to the basis of underlying commoditiespurchased; gains or losses are recognized in the statement of operations as acomponent of costs of goods sold.

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

We sell commodity beef products in our business.Commodity beef products are subject to price fluctuations that may create pricerisk. When appropriate, we enter into forward sales contracts at pricesdetermined prior to shipment. While this may tend to limit our ability to participatein gains 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, thechange in fair value has no net effect on earnings until the hedged transactionaffects earnings. For derivatives that are not designated as hedginginstruments, or for the ineffective portion of a hedging instrument, the changein 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 May 28, 2005 and August 28,2004.  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).

21

** **

** **

**Positions expiring**

** **

**May 28, 2005**

** **

**within 1 year**

**Fair Value**

Live Cattle

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

$

     -

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

1,121

(166)

     Firm Commitments  Purchase . . . . . . 

177

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

-
     
**August 28, 2004**

Live Cattle

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

$

     -

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

55

96

     Firm Commitments  Purchase . . . . . . 

(96)

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

-

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

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

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

**Item 4.  Controls and Procedures**.

We maintain 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 May28, 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. 

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

     None. 

**Item 3. Defaults UponSenior Securities.**

     None. 

22

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

.(a)     The special meeting of the members was held July 7,2005.

(b)     Not applicable.

(c)     The members agreedunanimously to certain adjustments under theInternal Revenue Code of 1986. 

(d)     Not applicable.

**Item 5. Other Information.**

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

**Item 6. Exhibits.**

(A)

Exhibits
3.1(a)   Limited Liability Company Agreement of National Beef Packing	Company LLC, dated as of August 6, 2003.         
3.1(b)

Amendment to the Limited  Liability Company Agreement of National Beef Packing Company, LLC, dated as of July  7, 2005.
   
10.1 

First Amendment to Fourth Amended  and Restated Credit Agreement dated as of July 7, 2005, by and among the  Company, certain agents, lenders and issuers.
   
31.1 

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

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

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

Certification of the Chief  Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
                           
23

**SIGNATURES**

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

                                                                                                       
      National Beef Packing Company, LLC
By:	

/s/ John R. Miller

John R. Miller*Chief Executive Officer and Manager	(Principal Executive Officer)*
                 
By:	

/s/ Jay D. Nielsen

Jay D. Nielsen*Chief Financial Officer	(Principal Financial and Accounting Officer)*

 

 

 

Date: July 11, 2005 

24 |