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

**Form 10-Q**

**(Mark one)**

|         | þ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF	THE  SECURITIES EXCHANGE ACT OF 1934**                                                                                                                                                                                                                                    |
|--------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |   |                                                                                                                                                                                                                                                                                                                            |
|         |   | **For the quarterly period ended November 25, 2006**                                                                                                                                                                                                                                                                            |
|         |   | **or**                                                                                                                                                                                                                                                                                                                          |
|         | o      | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF  	THE SECURITIES EXCHANGE ACT OF 1934**                                                                                                                                                                                                                                  |
|         |   |                                                                                                                                                                                                                                                                                                                            |
|         |   | **For the transition period from                  	      to                      	    .** |

**Commissionfile number 333-111407**

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

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

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

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

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

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

LargeAccelerated Filer o  Accelerated Filero       Non-AcceleratedFiler þ

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

                There is no market forthe Registrant's equity.  As of December 31, 2006, there were 127,748,923 ClassA units and 19,474,520 Class B units outstanding.     

 

----

 

| TABLE OF CONTENTS |
|-------------------|
| PART I.           | FINANCIAL INFORMATION | **Page No.** |
|                   |   |  |
| Item 1.           | Financial Statements. | 1 |
|                   |   |  |
| Item 2.           | Management's  Discussion and Analysis of Financial Condition 	and Results of Operations. | 10 |
|                   |   |  |
| Item 3.           | Quantitative and Qualitative Disclosures About Market Risk. | 17 |
|                   |   |  |
| Item 4.           | Controls and Procedures. | 18 |
|                   |   |  |
|                   |   |  |
| PART II.          | OTHER INFORMATION |  |
|                   |   |  |
| Item 1.           | Legal Proceedings. | 19 |
|                   |   |  |
| Item 1A.          | Risk Factors. | 19 |
|                   |   |  |
| Item 2.           | Unregistered Sales of Equity Securities and Use of Proceeds. | 19 |
|                   |   |  |
| Item 3.           | Defaults Upon Senior Securities. | 19 |
|                   |   |  |
| Item 4.           | Submission of Matters to a Vote of Security Holders. | 19 |
|                   |   |  |
| Item 5.           | Other Information. | 19 |
|                   |   |  |
| Item 6.           | Exhibits. | 19 |
|                   |   |  |
|                   | Signatures. | 20 |

                                                                                                                    

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

**                                                                                               **

| ii |
|----|

----

**PART I.  FINANCIAL INFORMATION**

**Item 1.  Financial Statements.**

 

 

 

 

** **

 

 

 

 

1

----

**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

**Consolidated Balance Sheets(in thousands)**

| ** **                                                                                                                                                                                                                                                                                                                                                               | **November 25, 2006**                                                                                                                                           |                                                                                                        |                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------|---------------------|
| ** **                                                                                                                                                                                                                                                                                                                                                               | **(unaudited)**                                                                                                                                                 |                                                                                                        | **August 26, 2006** |
| **Assets**                                                                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                 |                                                                                                        |                     |
| Current  assets:                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                 |                                                                                                        |                     |
| Cash  and cash equivalents                                                                                                                                                                                                                                                                                                                                               | $                                                                                                                                                               | 29,140                                                                                                 |                     | $ | 32,686 |
| Accounts  receivable, less allowance for returns and	                       doubtful accounts of $2,517 and	                      $2,412, respectively | 164,224                                                                                                                                                         |                                                                                                        | 173,233             |
| Due  from affiliates                                                                                                                                                                                                                                                                                                                                                     | 2,564                                                                                                                                                           |                                                                                                        | 2,703               |
| Other  receivables                                                                                                                                                                                                                                                                                                                                                       | 5,924                                                                                                                                                           |                                                                                                        | 5,943               |
| Inventories                                                                                                                                                                                                                                                                                                                                                              | 138,711                                                                                                                                                         |                                                                                                        | 145,009             |
| Other  current assets                                                                                                                                                                                                                                                                                                                                                    | 22,351                                                                                                                                                          |                                                                                                        | 20,171              |
| Total  current assets                                                                                                                                                                                                                                                                                                                                                    | 362,914                                                                                                                                                         |                                                                                                        | 379,745             |
|                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                 |                                                                                                        |                     |
|     Property, plant and  equipment, at cost                                                                                                                                                                                                                                                                                                               | 339,770                                                                                                                                                         |                                                                                                        | 331,271             |
| Less  accumulated depreciation                                                                                                                                                                                                                                                                                                                                           | 76,612                                                                                                                                                          |                                                                                                        | 69,270              |
|  Net  property, plant, and equipment                                                                                                                                                                                                                                                                                                                                | 263,158                                                                                                                                                         |                                                                                                        | 262,001             |
| Goodwill                                                                                                                                                                                                                                                                                                                                                                 | 79,542                                                                                                                                                          |                                                                                                        | 79,411              |
| Other  intangibles, net of accumulated amortization of	               $5,761 and $5,276, respectively                                                                                                                                                                                                   | 29,925                                                                                                                                                          |                                                                                                        | 30,562              |
| Other  assets                                                                                                                                                                                                                                                                                                                                                            | 5,616                                                                                                                                                           |                                                                                                        | 6,191               |
|                            Total assets                                                                                                                                                                                                     | $                                                                                                                                                               | 741,155                                                                                                |                     | $ | 757,910 |
| **Liabilities and Members' Capital**                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                 |                                                                                                        |                     |
| Current  liabilities:                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                 |                                                                                                        |                     |
| Current  installments of long-term debt                                                                                                                                                                                                                                                                                                                                  | $                                                                                                                                                               |                  2,374 |                     | $ | 2,370 |
| Cattle  purchases payable                                                                                                                                                                                                                                                                                                                                                | 74,137                                                                                                                                                          |                                                                                                        | 58,320              |
| Accounts  payable - trade                                                                                                                                                                                                                                                                                                                                                | 53,464                                                                                                                                                          |                                                                                                        | 54,393              |
| Due  to affiliates                                                                                                                                                                                                                                                                                                                                                       | 361                                                                                                                                                             |                                                                                                        | 371                 |
| Accrued  compensation and benefits                                                                                                                                                                                                                                                                                                                                       | 10,764                                                                                                                                                          |                                                                                                        | 23,806              |
| Accrued  insurance                                                                                                                                                                                                                                                                                                                                                       | 17,760                                                                                                                                                          |                                                                                                        | 17,651              |
| Other  accrued expenses and liabilities                                                                                                                                                                                                                                                                                                                                  | 13,151                                                                                                                                                          |                                                                                                        | 10,854              |
| Distributions  payable                                                                                                                                                                                                                                                                                                                                                   | 980                                                                                                                                                             |                                                                                                        | 11,259              |
|          Total current liabilities                                                                                                                                                                                                                                                                                                    | 172,991                                                                                                                                                         |                                                                                                        | 179,024             |
| Long-term  debt, excluding current installments                                                                                                                                                                                                                                                                                                                          | 391,086                                                                                                                                                         |                                                                                                        | 376,377             |
| Other  liabilities                                                                                                                                                                                                                                                                                                                                                       | 2,911                                                                                                                                                           |                                                                                                        | 2,961               |
| Total  liabilities                                                                                                                                                                                                                                                                                                                                                       | 566,988                                                                                                                                                         |                                                                                                        | 558,362             |
| Minority  interest                                                                                                                                                                                                                                                                                                                                                       | 829                                                                                                                                                             |                                                                                                        | 777                 |
| Capital  subject to redemption                                                                                                                                                                                                                                                                                                                                           | 62,336                                                                                                                                                          |                                                                                                        | 72,178              |
| Members'  capital:                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                 |                                                                                                        |                     |
| Members'  capital                                                                                                                                                                                                                                                                                                                                                        | 110,941                                                                                                                                                         |                                                                                                        | 126,540             |
| Accumulated  other comprehensive income                                                                                                                                                                                                                                                                                                                                  |                            61 |                                                                                                        | 53                  |
| Total  members' capital                                                                                                                                                                                                                                                                                                                                                  | 111,002                                                                                                                                                         |                                                                                                        | 126,593             |
| Commitments  and contingencies                                                                                                                                                                                                                                                                                                                                           | -                                                                                                                                                               |                                                                                                        | -                   |
|                           Total liabilities and members' capital                                                                                                                                                                                 | $                                                                                                                                                               | 741,155                                                                                                |                     | $ | 757,910 |
|                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                 |                                                                                                        |                     |
| See accompanying notes to  consolidated financial statements.                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                 |                                                                                                        |

2

----

**NATIONAL BEEF PACKINGCOMPANY, LLCAND SUBSIDIARIES**

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

|  |  | **13 weeks ended** |  | **13 weeks ended** |  |  
**November 25, 2006**

**November 26, 2005**

 
**(unaudited)**

**(unaudited)**

 
Net  sales

$

1,273,025

$

1,095,738

Costs  and expenses:

Cost  of sales

1,270,083

1,084,545

Selling,  general, and administrative

9,859

8,630

Depreciation  and amortization

7,866

6,589

      Total costs and expenses

1,287,808

1,099,764

Operating  loss 

(14,783

)

(4,026

)

Other  income (expense):

Interest  income

196

81

Interest  expense

(9,250

)

(7,275

)

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

(52

)

(14

)

Equity  in loss of aLF Ventures, LLC

(29

)

(47

)

Other,  net

298

494

Loss  before taxes

(23,620

)

(10,787

)

Income tax expense 

(228

)

(543

)

Net  loss

$

(23,848

)

$

(11,330

)

See  accompanying notes to consolidated financial statements.

** **

** **

3

** NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

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

**13 weeks ended**

**13 weeks ended**

**November 25, 2006**

**November 26, 2005**

**(unaudited)**

**(unaudited)**

Cash  flows from operating activities:

Net loss

$         

(23,848

)

$

(11,330

)

Adjustments to reconcile net loss to net cash used in  	operating activities:

 Depreciation and amortization

7,866

6,589

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

27

(83

)

 Minority interest

52

14

 Change in assets and liabilities:

    Accounts receivable

9,009

814

    Due from affiliates

139

(40

)

    Other receivables

1,321

(192

)

    Inventories

6,298

(13,265

)

    Other assets

(1,605

)

(250

)

    Accounts payable

(2,900

)

2,728

    Due to affiliates

(10

)

52

    Accrued compensation and benefits

(13,042

)

(4,935

)

    Accrued insurance

109

(1,478

)

    Accrued expenses and liabilities

2,247

3,754

    Cattle purchases payable

4,604

6,197

         Net cash used in operating activities

(9,733

)

(11,425

)
     
Cash flows from investing activities:

Capital expenditures, including interest capitalized

(9,901

)

(4,988

)

Proceeds from sale of property, plant, and equipment

55

250

             Net cash used in investing activities

(9,846

)

(4,738

)
     
Cash flows from financing activities:

Net receipts under revolving credit lines

15,536

8,800

Change in overdraft balances

13,184

5,306

Repayments of capital lease obligation

(823

)

(209

)

Member distributions

(11,872

)

(4,620

)

             Net cash provided by financing  activities

16,025

9,277
     
Effect of exchange rate changes on cash

8

1

                 Net decrease in cash

(3,546

)

(6,885

)

Cash and cash equivalents at beginning of period

32,686

33,872

Cash and cash equivalents at end of period

$

29,140

$

26,987
     
Supplemental disclosures:

     Cash paid during the period for interest

$

7,019

$

2,646

     Cash paid during the period for taxes

$

53

$

81

Supplemental non-cash disclosures of investing and	

 financing activities:

     Assets acquired through capital lease

$

-

$

4,342

     Receivable for final purchase price adjustment

$

1,302

$

-

   See accompanying notes to consolidated financial  statements.

** **

4

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

**(1)Interim Financial Statements**

**Basisof Presentation**

The accompanying unaudited Consolidated FinancialStatements have been prepared in accordance with U.S. generally accepted accountingprinciples (GAAP) for interim financial information; therefore, they do notinclude all of the information and footnotes required by GAAP for completefinancial statements. In the opinion of management, all adjustments considerednecessary for a fair presentation have been included using management's bestestimates and judgments where appropriate.  These estimates and judgmentsaffect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements.  Theestimates and judgments will also affect the reported amounts for certainrevenues and expenses during the reporting period.  Actual results could differmaterially from these estimates and judgments.  For further information, referto the audited Consolidated Financial Statements and Notes to ConsolidatedFinancial Statements, which are included in NBP's Annual Report on Form 10-K on file withthe Securities and Exchange Commission (SEC) for the fiscal year ended August26, 2006.  The results of operations for the interim periods presented are notnecessarily indicative of the results for a full fiscal year. 

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)New Accounting Pronouncements**

                InJune 2006, the Financial Accounting Standards Board (FASB) issued FASBInterpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes",to address uncertainty in income taxes recognized in an enterprise's financialstatements.  Specifically, FIN 48 prescribes (a) a consistent recognitionthreshold and (b) a measurement attribute for the financial statementrecognition and measurement of a tax position taken or expected to be taken ina tax return, and provides related guidance on derecognition, classification,interest and penalties, accounting in interim periods, disclosure, andtransition.  FIN 48 will apply to fiscal years beginning after December 15,2006, with earlier adoption permitted.  NBP is in the initial stage ofevaluating the impact FIN 48 may have, if any, on its Consolidated FinancialStatements.

                InSeptember 2006, the SEC staff issued Staff Accounting Bulletin No. 108 (SAB108), "Considering the Effects of Prior Year Misstatements when QuantifyingMisstatements in Current Year Financial Statements."  Traditionally there havebeen two widely recognized methods for quantifying the effects of financialstatement misstatements:  the "roll-over" method and the "iron curtain"method.  The roll-over method focuses primarily on the impact of a misstatementon the income statement, including the reversing effect of prior yearmisstatements.  The iron-curtain method focuses primarily on the effect ofcorrecting the period-end balance sheet with less emphasis on the reversingeffects of prior year errors on the income statement.  In SAB 108, the SECstaff established an approach that is commonly referred to as a "dual approach"as the SEC now requires quantification of errors under both the iron curtainand the roll-over methods.  SAB 108 was adopted by NBP during the first quarterof fiscal 2007.  The adoption of SAB 108 did not have any effect on NBP'sfinancial position, net earnings or prior year financial statements.

5

                InSeptember 2006, the FASB issued Statement of Financial Accounting Standard No.157 (SFAS 157), "Fair Value Measurements".  This statement establishes a singleauthoritative definition of fair value, sets out a framework for measuring fairvalue, and requires additional disclosures about fair-value measurements.  SFAS157 defines fair value as "the price that would be received to sell an asset orpaid to transfer a liability in an orderly transaction between marketparticipants at the measurement date".  SFAS 157 will apply to fiscal yearsbeginning after November 15, 2007, and interim periods within those fiscal years. NBP is currently evaluating the impact SFAS 157 may have, if any, on itsConsolidated Financial Statements.

**(3)Inventories**

Inventories at November 25, 2006 and August 26, 2006consisted of the following (in thousands):
         
**November 25, 2006**
      
**August 26, 2006**
           
Dressed  and boxed beef

$

                             110,275

$

                        117,712
      
Beef  by-products

16,064

**  **

** **

15,180
      
Supplies

12,372

** **

** **

12,117
      
   Total inventory

$

 138,711

$

                     145,009
                             
** **

**(4) Comprehensive Loss**

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

          
**13 weeks ended**
      
**13 weeks ended**
            
**November 25, 2006**
        
**November 26, 2005**
      Net loss 
$

            (23,848)

$

(11,330)
      Other comprehensive income:                     
Foreign  currency translation	     adjustments
   
  8       
1       
   Comprehensive loss 

$

            (23,840)

$

(11,329)
   
** **

**(5)Contingencies**

*Schumacher v. Tyson Foods, et al. *On July 1, 2002, a lawsuit was filed against FarmlandNational Beef Packing Company, L.P. (FNBPC or the predecessor to NBP), ConAgraBeef Company, Tyson Foods, Inc. and Excel Corporation in the United StatesDistrict Court for the District of South Dakota seeking certification of aclass of all persons who sold cattle to the defendants for cash, or on a basisaffected by the cash price for cattle, during the period from April 2, 2001through May 11, 2001 and for some period up to two weeks thereafter. The casewas filed by three named plaintiffs on behalf of a putative nationwide classthat plaintiffs estimate is comprised of hundreds or thousands of members. Thecomplaint alleged that the defendants, in violation of the Packers andStockyards Act of 1921, knowingly used, without correction or disclosure,incorrect and misleading boxed beef price information generated by the USDA topurchase cattle offered for sale by the plaintiffs at a price substantiallylower than was justified by the actual and correct price of boxed beef duringthis period. Plaintiffs also sought recovery against all defendants under atheory of unjust enrichment.  The case was certified as a class-action matterin June of 2004. The plaintiffs claimed damages against FNBPC in the amount ofapproximately $4.5 million plus prejudgment interest, attorneys' fees and courtcosts.  The claim is subject to reduction in an unknown amount by the number ofclass members who have opted out of the class.  Trial began March 31, 2006.  OnApril 13, 2006, the jury returned a verdict in favor of FNBPC but against theother defendants.  The defendants found liable filed post-trial motions forjudgment as a matter of law, which were denied.  The plaintiffs did not file apost-trial motion seeking to set aside the jury's verdict for FNBPC.  The courthas not yet entered a final judgment or appealable order and, until it does,the time for an appeal does not begin to run.  

** **

6

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

NBP is also a party to a number of lawsuits and claimsarising out of the operation of our business. Management believes the ultimateresolution of such matters should not have a material adverse effect on ourfinancial condition, results of operations or liquidity.

**(6)Capital Subject to Redemption  **

At any time after certain dates, the earliest being July31, 2008, the latest being July 31, 2011, certain members of management and/orNBPCo Holdings, LLC have the right to request that NBP repurchase theirinterests, the value of which is to be determined by a mutually agreedappraisal process. If NBP is unable to effect the repurchase within a specifiedtime, the requesting member(s) have the right to cause a sale process tocommence.  NBP accounts for changes in the redemption value of these interestsby accreting the change in value over the current period through the earliestredemption date of the respective interests. At November 25, 2006, the "Capitalsubject to redemption" was revalued by an independent appraisal process, andthe value was determined to be $77.5 million, which was in excess of itscarrying value.  Accordingly, the carrying value of the "Capital subject toredemption" increased by approximately $1.7 million through accretion duringthe thirteen weeks ended November 25, 2006, resulting in the $62.3 millioncarrying value, as reflected in the accompanying Consolidated Balance Sheet as ofNovember 25, 2006.

**(7) 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*. 

*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.

 

 

7

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

**13 weeks ended**

** **

**13 weeks ended**

**November 25, 2006**

**November 26, 2005**

Net sales:

Core  Beef

$

       1,271,144

$

         1,094,615

Other

                    54,418

                     50,444

Eliminations

(52,537)

(49,321)

     Total net sales

$

       1,273,025

$

        1,095,738

Operating (loss) income:

Core  Beef

$

           (16,560)

$

               (5,658)

Other

                      1,777

                       1,632

      Total operating (loss)  income

           (14,783)

              (4,026)

Interest income

                196

                   81

Interest expense

(9,250)

(7,275)

Other income 

                         269

                           447

Minority interest 

                     (52)

(14)

      Loss before taxes

$

          (23,620)

$

            (10,787)

**November 25, 2006**

**November 26, 2005**

Assets:

Core  Beef

$

          710,422

$

           611,453

Other

                    31,114

                     32,683

Eliminations

(381)

(837)

      Total assets

$

          741,155

$

            643,299

**(8)   United States BSE Outbreak**

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 bovinespongiform encephalopathy (BSE).  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business,closed their borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries.  Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headrealized by the U.S. beef packing industry.

8

The reopening of U.S. export markets was furtherhampered by discovery in 2005 of a second case of BSE in the U.S. as well as additional precautions required by some other importing countries.  InDecember 2005, Japan opened their border to U.S. beef but subsequently closed ashort time later as a result of a U.S. packer erroneously shipping a productnot approved for export to Japan.  On July 26, 2006, Japan agreed to reopen itsmarket to U.S. beef aged 20 months and younger after an inspection of U.S. beef processing plants.  Shipments of U.S. beef to Japan commenced in August 2006.  InSeptember 2006, Korea announced a provisional opening of their border to U.S. beef, but restrictions imposed with the reopening have created uncertainty regardingamounts of beef that may qualify.

NBP cannot presently assess the full economic impactof the consequences of BSE on the U.S. beef packing industry or on itsoperations.  Existing or new import restrictions or additional regulatoryrestrictions or disruptions in domestic consumer demand for beef may continue tohave a material adverse affect on the Company's revenues and net income.

* *

 

 

 

 

* *

 

 

9

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

**DisclosureRegarding Forward-Looking Statements**

This report contains "forward-lookingstatements," which are subject to a number of risks and uncertainties, many ofwhich are beyond our control. Forward-looking statements are typicallyidentified by the words "believe," "expect," "anticipate," "intend," "estimate"and similar expressions. Actual results could differ materially from thosecontemplated by these forward-looking statements as a result of many factors,including economic conditions generally and in our principal markets, theavailability and prices of live cattle and commodities, food safety, livestockdisease, including the identification of cattle with BSE, competitive practicesand consolidation in the cattle production and processing industries, actionsof domestic or foreign governments, hedging risk, changes in interest rates andforeign currency exchange rates, consumer demand and preferences, the cost ofcompliance with environmental and health laws, loss of key customers, loss ofkey employees, labor relations, consolidation among our customers and thepotential inability to receive the anticipated benefits from the Brawley Beefacquisition. 

In light of these risks anduncertainties, there can be no assurance that the results and eventscontemplated by the forward-looking information contained in this report willin fact transpire. Readers are cautioned not to place undue reliance on theseforward-looking statements. We do not undertake any obligation to update orrevise any forward-looking statements. All subsequent written or oralforward-looking statements attributable to us or persons acting on our behalfare expressly qualified in their entirety by these factors.  Please review the"Risk Factors" in "Item 1. Business" of NBP's Annual Report for the yearended August 26, 2006 on Form 10-K filed with the Securities and ExchangeCommission for other important factors that could cause actual results todiffer materially from those in any such forward-looking statements, and whichshould be read in conjunction with this report.

**IndustryOutlook**

Continued relatively high fed cattle prices, alongwith limited access to key export markets, has resulted in a difficultenvironment for beef industry participants.  In general, domestic cattlesupplies have been anticipated to improve over the next two to three years,however, recent increases in feeding costs have threatened the speed andmagnitude at which the cattle supply is expected to grow.  With uncertaintyregarding international market access and the realization of improved cattlesupplies, the timing of margin improvements in the Core Beef segment remainsuncertain.

**RecentDevelopments**

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 bovinespongiform encephalopathy (BSE).  The origin of the animal was subsequentlytraced to a farm in Canada.  Shortly after the announcement, several countries,including Japan, representing a substantial share of NBP's export business, closedtheir borders to the importation of edible beef products from the United States.  Certain by-products have been classified as Specified Risk Materials(SRMs), and have been banned from use in feedstocks and the human food chain.Some of these products previously enjoyed a market in foreign countries.  Theclosure of most foreign markets to U.S. beef following the discovery of thiscow in Washington state, and lack of alternative U.S. markets for many productswhich previously were exported, negatively impacted the revenue per headrealized by the U.S. beef packing industry.

The reopening of U.S. export markets was furtherhampered by discovery in 2005 of a second case of BSE in the U.S. as well as additional precautions required by some other importing countries.  In December2005, Japan opened their border to U.S. beef but subsequently closed a shorttime later as a result of a U.S. packer erroneously shipping a product notapproved for export to Japan.  On July 26, 2006, Japan agreed to reopen its marketto U.S. beef aged 20 months and younger after an inspection of U.S. beef processing plants.  Shipments of U.S. beef to Japan commenced in August 2006.  InSeptember 2006, Korea announced a provisional opening of their border to U.S. beef, but restrictions imposed with the reopening have created uncertainty regardingamounts of beef that may qualify.

 

 

10

NBP cannot presently assess the full economic impactof the consequences of BSE on the U.S. beef packing industry or on itsoperations.  Existing or new import restrictions or additional regulatoryrestrictions or disruptions in domestic consumer demand for beef may continueto have a material adverse affect on the Company's revenues and net income.

**Resultsof Operations**

***Thirteen weeks ended November 25, 2006 compared to thirteen weeks endedNovember 26, 2005***

*General.* Net loss for the thirteen weeks ended November 25, 2006 was $23.8 millioncompared to net loss of $11.3 million for the thirteen weeks ended November 26,2005, a change of $12.5 million.  Sales and cost of sales were both higher inthe thirteen weeks ended November 25, 2006 than those of the prior year period primarilydue to an approximate 12.4% increase in the number of cattle processed,primarily due to the acquisition of Brawley Beef, LLC, higher live cattleprices that were approximately 2.4% more and heavier cattle at average weights1.5% more than the same period of fiscal 2006.  

Although sales increased by approximately 16.2%compared to the same period in the prior year, cost of sales increased at ahigher rate, resulting in an increase in operating loss of $10.8 million.  Theincrease in cost of sales was primarily due to an increase in cattle processedat live cattle prices that were approximately 2.4% higher and cattle weighing anaverage of 1.5% more than the same period in the prior year.  Total costs andexpenses of $1,287.8 million and $1,099.8 million for the thirteen weeks endedNovember 25, 2006 and November 26, 2005, respectively, were 101.2% as a percentof sales for the thirteen weeks ended November 25, 2006 compared to 100.4% forthe thirteen weeks ended November 26, 2005.  

*Net Sales*. Net sales were $1,273.0 million for the thirteen weeks ended November 25, 2006compared to $1,095.7 million for the thirteen weeks ended November 26, 2005, anincrease of $177.3 million or 16.2%.  The increase in net sales principally resultedfrom an approximate 12.4% increase in the number of cattle processed during thethirteen weeks ended November 25, 2006, primarily due to the acquisition ofBrawley Beef, LLC during the fourth quarter of fiscal 2006.  In addition, theincrease in net sales was impacted by a 3.3% increase in sales prices for thisperiod as compared to the same period of last year.  

                *Costof Sales*.  Cost of sales was $1,270.1 million for the thirteen weeks ended November25, 2006 compared to $1,084.5 million for the thirteen weeks ended November 26,2005, an increase of $185.6 million or 17.1%.  The increase was a result of acombination of increased cattle processing of approximately 12.4%, primarilydue to the acquisition of Brawley Beef, LLC, higher live cattle prices thatwere approximately 2.4% more and heavier cattle at average weights 1.5% morethan the same period of fiscal 2006.  The 2.4% increase in cattle prices forthis period resulted from a continued tight supply of market-ready cattle.

                *Selling,General and Administrative Expenses*.  Selling, general and administrativeexpenses were $9.9 million for the thirteen weeks ended November 25, 2006compared to $8.6 million for the thirteen weeks ended November 26, 2005, an increaseof $1.3 million or 15.1%.  The increase reflects an increase in payroll andrelated expenses of approximately $0.5 million, an increase in bad debt expenseof approximately $0.2 million, an increase in travel and related expenses ofapproximately $0.2 million, an increase in advertising expense of approximately$0.2 million, and an increase in supplies expense of approximately $0.2 million.

                *Depreciationand Amortization Expense*.  Depreciation and amortization expenses were $7.9million for the thirteen weeks ended November 25, 2006 compared to $6.6 millionfor the thirteen weeks ended November 26, 2005, an increase of $1.3 million or 19.7%. Depreciation expense increased approximately $0.6 million as a result of theacquisition of Brawley Beef, LLC during the fourth quarter of fiscal year2006.  Also contributing to the increase in depreciation expense for thisperiod, were assets being placed into service, primarily at the Dodge City and Liberal beef plants, during fiscal year 2006.

 

11

*Operating Loss.* An operating loss of $14.8 million was incurred for the thirteen weeks ended November25, 2006 compared to an operating loss of $4.0 million for the thirteen weeksended November 26, 2005, an increased loss of $10.8 million.  The increaseresulted primarily from a tightened supply of market-ready cattle.  

                *InterestExpense*.  Interest expense was $9.3 million for the thirteen weeks ended November25, 2006 compared to $7.3 million for the thirteen weeks ended November 26,2005, an increase of $2.0 million or 27.4%.  The increase in interest expenseduring the thirteen weeks ended November 25, 2006 as compared to the sameperiod in fiscal 2005 was due primarily to an increase in the weighted averageof variable rate debt of approximately $64.1 million resulting primarily fromthe acquisition of Brawley Beef, LLC.  Interest expense also increased due to higherinterest rates on our variable rate debt, an increase of approximately 40 basispoints, in the thirteen weeks ended November 25, 2006 as compared to the sameperiod in fiscal 2006.

                *IncomeTax Expense*.  Income tax expense was $0.2 million for the thirteen weeksended November 25, 2006 compared to $0.5 million for the thirteen weeks ended November26, 2005.  Income tax expense is recorded on income from National Carriers,Inc., which is organized as a C Corporation.

**SegmentResults**

Ouroperating segments are based on segment profit and evaluated by the ChiefExecutive Officer, who also serves as the Chief Operating Decision Maker(CODM).  Segment profit is measured as operating income for NBP's two reportingsegments, Core Beef and Other, based on the definitions provided in SFAS No.131, *Disclosures about Segments of an Enterprise and Related Information*. 

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

*Other*-the Other segment of NBP consists of the operationsof National Carriers, Inc., a refrigerated and livestock contract carriercompany, 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.

 

 

12

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

**13 weeks ended**

** **

**13 weeks ended**

**November 25, 2006**

**November 26, 2005**

Net sales:

Core  Beef

$

      1,271,144

$

        1,094,615

Other

                  54,418

                    50,444

Eliminations

(52,537)

(49,321)

      Total net sales

$

  1,273,025

$

       1,095,738

Operating (loss) income: 

Core  Beef

$

           (16,560)

$

               (5,658)

Other

                   1,777

                      1,632

       Total operating  (loss) income

           (14,783)

 

              (4,026)

Interest income

             196

                   81

Interest expense

(9,250)

(7,275)

Other income 

                       269

                           447

Minority interest 

                        (52)

(14)

       Loss before taxes

$

          (23,620)

$

            (10,787)

**November 25, 2006**

**November 26, 2005**

Assets:

Core  Beef

$

          710,422

$

           611,453

Other

                    31,114

                    32,683

Eliminations

(381)

(837)

       Total assets

$

 741,155

$

643,299

***Thirteen weeks ended November 25, 2006 compared to thirteen weeks endedNovember 26, 2005***

***Core Beef***

*Net Sales*. Net sales for Core Beef were $1,271.1 million for the thirteen weeks ended November25, 2006 compared to $1,094.6 million for the thirteen weeks ended November 26,2005, an increase of $176.5 million or 16.1%.  The increase in net sales principallyresulted from an approximate 12.4% increase in the number of cattle processedduring the thirteen weeks ended November 25, 2006 as compared to the sameperiod in the prior year, primarily due to the acquisition of Brawley Beef,LLC.  In addition, the increase in net sales was impacted by a 3.3% increase insales prices for this period as compared to the same period of last year. 

*Operating Loss*. An operating loss for Core Beef of $16.6 million was incurred during thethirteen weeks ended November 25, 2006 compared to an operating loss of $5.7million during the thirteen weeks ended November 26, 2005, an increased loss of$10.9 million.  The increased loss resulted primarily from higher cost of salesas a result of increased cattle processing at live cattle prices that wereapproximately 2.4% higher, due to a continued tight supply of market-readycattle.

 

13

***Other***

                *NetSales*.  Net sales for Other were $54.4 million for the thirteen weeks endedNovember 25, 2006 compared to $50.4 million for the thirteen weeks ended November26, 2005, an increase of $4.0 million or 7.9%.  The increase was due to increasedsales volume in our portion control beef facility and also to market conditionsin the transportation industry where freight capacity continues to exceed truckavailability, allowing rate increases in our transportation operations. 

                *OperatingIncome*.  Operating income for Other was $1.8 million for the thirteen weeksended November 25, 2006 compared to $1.6 million for the thirteen weeks ended November26, 2005, an increase of $0.2 million.  The increase was due primarily to therate increases in our transportation operations.

**Liquidityand Capital Resources**

As of November 25, 2006, we had net working capital of$189.9 million, which included $1.0 million in distributions payable, and cashand cash equivalents of $29.1 million, including $4.1 million restricted to IRBapproved expenditures. As of August 26, 2006, we had net working capital of $200.7million, which included $11.3 million in distributions payable, and cash andcash equivalents of $32.7 million, including $4.0 million restricted to IRBapproved expenditures. Our primary sources of liquidity are cash flow fromoperations and available borrowings under our amended and restated creditfacility.

As of November 25, 2006, we had $393.5 million oflong-term debt, $2.4 million of which was classified as a current liability. Asof November 25, 2006, our amended and restated credit facility consisted of a$170.0 million term loan, all of which was outstanding, and a $160.0 millionrevolving line of credit loan, which had outstanding borrowings of $34.4 million,outstanding letters of credit of $48.4 million and available borrowings of $49.2million, based on the most restrictive financial covenant calculations.  Cashflow from operations and borrowings under our amended and restated creditfacility have funded our working capital requirements, acquisitions, capitalexpenditures and other general corporate purposes.  We were in compliance withall of our financial covenants under our amended and restated credit facilityas of November 25, 2006.

In addition to outstanding borrowings under ouramended and restated credit facility, we had outstanding borrowings underindustrial revenue bonds of $20.7 million, senior notes of $160.0 million andcapital lease and other obligations of $8.4 million as of November 25, 2006.

We believe that available borrowings under our amendedand restated credit facility and cash provided by operating activities will besufficient to support our working capital, capital expenditures and debtservice requirements for the foreseeable future. Our ability to generatesufficient cash, however, is subject to certain general economic, financial,industry, legislative, regulatory and other factors beyond our control.  For areview of our obligations that affect liquidity, please see the "Cash PaymentObligations" table in "Item 7. Management's Discussion and Analysis ofFinancial Condition and Results of Operations" of our Annual Report on Form10-K for the year ended August 26, 2006.

*OperatingActivities*

                Netcash used in operating activities in the thirteen weeks ended November 25, 2006was $9.7 million compared to net cash used in operating activities of $11.4million in the thirteen weeks ended November 26, 2005. The $1.7 million changewas due to a net decrease in working capital requirements in the current periodresulting primarily from the decreased beef inventory levels and increasedaccounts receivable collections which were offset by an increased net loss anddecreased accrued compensation and benefits from the same period of the prioryear. 

 

14

*InvestingActivities*

Net cash used in investing activities was $9.8 millionin the thirteen weeks ended November 25, 2006 compared to $4.7 million in thethirteen weeks ended November 26, 2005.  This increase in cash used was primarilyattributable to an increase in expenditures for property, plant and equipmentin the current year.

*FinancingActivities*

                Netcash provided by financing activities was $16.0 million in the thirteen weeksended November 25, 2006 compared to net cash provided by financing activitiesof $9.3 million in the thirteen weeks ended November 26, 2005.  The change wasprimarily attributed to a $6.7 million difference in revolving creditborrowings, combined with a $7.9 million increase in the overdraft balance andoffset by an increase in member distributions of $7.3 million.

*Amendedand Restated Senior Credit Facility*

Effective June 1, 2006, we amended and restated ourexisting senior credit facility with a consortium of banks.  The facility nowconsists of a $170.0 million term loan that matures in May 2016 and a $160.0million revolving line of credit loan that matures in May 2011 that is subject tocertain borrowing base limitations.  

The borrowings under the revolving loan are availablefor our working capital requirements, acquisitions, capital expenditures andother general corporate purposes.  Our amended and restated credit facility issecured by a first priority lien on substantially all of our assets.  Theprincipal amount outstanding under the term loan is payable in semi-annualinstallments on the last business day of each June and December commencing June30, 2011 in equal installments of approximately $2.8 million, with any and allremaining principal outstanding being due and payable on the maturity date. Prepayment is allowed at any time.

Our amended and restated credit facility containscovenants that limit our ability to incur additional indebtedness, sell ordispose of assets, pay certain dividends and prepay or amend certainindebtedness among other matters.  Our amended and restated credit facilityalso contains a provision for a conversion to more favorable interest rates andmore restrictive financial covenants on the earlier of (a) August 25, 2007or (b) our election (Conversion Date).  Currently the interest rate forthe term loan is (a) the Base Rate (as defined in the credit agreement) plus 75basis points or (b) the LIBOR Rate (as defined in the credit agreement) plus275 basis points, or a combination of these rates at our election.  As of November25, 2006, the interest rate for the term loan was equal to 8.125%.  Currentlythe interest rate for the revolving loan is (a) the Base Rate plus 50 basispoints or (b) the LIBOR Rate plus 250 basis points, or a combination of theserates at our election.  As of November 25, 2006, the interest rate for therevolving loan was equal to 7.936%.  After the Conversion Date, the interest ratefor the term loan and revolving loan will be determined by reference to amatrix of rates keyed to our funded debt to EBITDA (as defined in the creditagreement) ratio.

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

 

15

Our amended and restated credit facility contains customaryaffirmative covenants, including furnishing financial statements, maintenanceof insurance, conduct of business, maintenance of properties, and compliancewith laws.  The facility also contains customary negative covenants, includingcovenants restricting our ability to pay certain distributions, incuradditional indebtedness, merge with another entity, sell or dispose assets, andmake investments or acquire assets, among other restrictions.

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

** **

**13 weeks ended**

**13 weeks ended**

** **

**November 25, 2006**

**November 26, 2005**

Net loss

$

          (23,848)

$

             (11,330)

Interest income

                       (196)

                          (81)

Interest expense

                  9,250

                      7,275

Depreciation and  amortization

                  7,866

                      6,589

Income taxes 

                     228

                         543

EBITDA(1)

$

           (6,700)

$

              2,996

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

** **

 

 

16

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

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

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

Weuse a sensitivity analysis to evaluate the effect that changes in the marketvalue of commodities will have on these commodity derivative instruments.  Asof November 25, 2006, the potential change in fair value of applicablecommodity prices, assuming a hypothetical 10% decrease in the underlyingcommodity price, was $1.2 million.  As of August 26, 2006, the potential changein fair value of applicable commodity prices, assuming a hypothetical 10%decrease in the underlying commodity price, was $1.4 million. 

 

17

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

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

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

Our exposure to interest rate risk has not materiallychanged since August 26, 2006.

**Item 4.  Controls and Procedures**

We maintain a systemof controls and procedures designed to provide reasonable assurance as to thereliability of the Consolidated Financial Statements and other disclosuresincluded in this report, as well as to safeguard assets from unauthorized useor disposition. We evaluated the effectiveness of the design and operation ofour disclosure controls and procedures as defined in the Securities ExchangeAct of 1934 Rules 13a-15(e) and 15d-15(e) under supervision and with theparticipation of management, including our Chief Executive Officer and ChiefFinancial Officer. Based upon that evaluation, as of the end of the periodcovered by this Quarterly Report on Form 10-Q, our Chief Executive Officer andChief Financial Officer concluded that our disclosure controls and procedureswere effective in alerting them, in a timely manner, to material informationrequired to be included in our periodic Securities and Exchange Commissionfilings.  There have been no changes in our internal controls over financialreporting during the thirteen weeks ended November 25, 2006 that havematerially affected, or are reasonably likely to materially affect, ourinternal control over financial reporting.  The design of any system ofcontrols and procedures is based in part upon certain assumptions about thelikelihood of future events. 

 

18

**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings**

                Forinformation regarding legal proceedings, see Note 4, "Contingencies" to our ConsolidatedFinancial Statements included in Part I- Item 1 of this Form 10-Q. 

**Item 1A. Risk Factors**

                Therisk factors set forth in our Annual Report on Form 10-K for the year ended August26, 2006 have not materially changed. 

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

                None.

**Item 3. Defaults UponSenior Securities**

                None.

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

                None.

**Item 5. Other Information**

                TheCompany may purchase a portion of its outstanding Senior Notes from time totime in accordance with the limits imposed under the amended and restated seniorcredit facility. 

**Item 6. Exhibits**

(A)

Exhibits
    
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.

 

19

**SIGNATURES**

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

                                                                                                        
            National Beef Packing Company, LLC   
 
By: 
/s/ John R. Miller

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

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

Date: January 5, 2007 

 

 

 

 

 

 

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