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                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   | **For the quarterly period  ended May 30, 2009**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | **or**         o   **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF  THE SECURITIES EXCHANGE ACT OF 1934**               **For the transition  period from             to           .**
 

**Commission file number 333-111407**

 

**NATIONAL BEEF 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******

**(Address of principal executive offices)**

 

**Telephone: (800) 449-2333**

**(Registrant’s telephone number, including area code)**

Indicate by check mark whether the registrant(1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past90 days. Yes þ No o

Indicate by check mark whether the registrant hassubmitted electronically and posted on its corporate Web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (orfor such shorter period that the registrant was required to submit and postsuch files).   Yes o No o

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer,a non-accelerated filer, or a small reporting company.  See definition of“accelerated filer,” “large accelerated filer” and “small reporting company” inRule 12b-2 of the Exchange Act. 

Large Accelerated Filer o

		Accelerated Filer o
		Non-Accelerated Filer þ
Small Reporting Company o
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2of the Exchange Act). Yes o No þ

There is no marketfor the Registrant’s equity.  As of June 30, 2009, there were 203,990,136 ClassA units and 15,545,948 Class B units outstanding.     

 

 

 

 

 

TABLE OF CONTENTS

** **

 

 

PART I.

FINANCIAL INFORMATION

**Page No.**

 

 

 

Item 1.

Financial Statements.

1

 

 

 

Item 2.

Management’s  Discussion and Analysis of Financial Condition and Results of Operations.

11

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

22

 

 

 

Item 4T.

Controls and Procedures.

23

 

 

 

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings.

24

 

 

 

Item 1A.

Risk Factors.

24

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

24

 

 

 

Item 3.

Defaults Upon Senior Securities.

24

 

 

 

Item 4.

Submission of Matters to a Vote of Security Holders.

24

 

 

 

Item 5.

Other Information.

24

 

 

 

Item 6.

Exhibits. 

25

 

 

 

 

Signatures.

26

 

 

                                                                                    

                                                                                                                                                                               

                                                                                                                    

                                

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

**                                                                                               **

ii

 

 

 

 

                                                                                                                                                                                                                                                                 

**PART I.  FINANCIAL INFORMATION**

** **

**Item 1.  Financial Statements.**

 

 

 

 

 

  

 

 

 

 

 

 

1

 
 
**NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

** Consolidated Balance Sheets**

**(in thousands)**

** **

**May 30, 2009**

 

 

** **

**(unaudited)**

 

**August 30, 2008**

**Assets**

 

 

 

Current  assets:

 

 

 

Cash  and cash equivalents

$

14,699

 

$

25,466

Accounts  receivable, less allowance for returns and

         doubtful accounts of $1,872 and

         $1,665, respectively

188,775

 

218,022

Due  from affiliates

3,313

 

7,071

Other  receivables

7,708

 

5,392

Inventories

180,778

 

192,480

Other  current assets

15,245

 

12,765

Total  current assets

410,518

 

461,196

 

 

 

 

    Property, plant and  equipment, at cost

464,476

 

431,360

Less  accumulated depreciation

163,387

 

133,238

 Net  property, plant and equipment

301,089

 

298,122

Goodwill

80,642

 

80,642

Other  intangibles, net of accumulated amortization of

               $10,925 and $9,347, respectively

25,277

 

26,690

Other  assets

9,262

 

9,252

                           Total assets

$

826,788

 

$

875,902

**Liabilities and Members’ Capital**

 

 

 

Current  liabilities:

 

 

 

Current  installments of long-term debt

$

              11,269

 

$

3,590

Cattle  purchases payable

73,771

 

65,378

Accounts  payable – trade

64,335

 

71,280

Due  to affiliates

887

 

878

Accrued  compensation and benefits

33,990

 

44,455

Accrued  insurance

12,831

 

12,918

Other  accrued expenses and liabilities

18,613

 

10,036

Distributions  payable

16,801

 

43,011

         Total current liabilities

232,497

 

251,546

Long-term  debt, excluding current installments

344,712

 

374,239

Other  liabilities

2,137

 

2,327

Total  liabilities

579,346

 

628,112

Minority  interest

2,024

 

1,464

Capital  subject to redemption

162,543

 

186,533

Members’  capital:

 

 

 

Members’  capital

82,884

 

59,770

Accumulated  other comprehensive income 

(9)

 

23

Total  members’ capital 

247,442

 

247,790

Commitments  and contingencies

-

 

-

                          Total liabilities and members’ capital

$

826,788

 

$

875,902

 

 

 

 

See accompanying notes to  consolidated financial statements. 

 

 

 

 

2

 
 
 

 

**NATIONAL BEEFPACKING COMPANY, LLC**

**AND SUBSIDIARIES**

** **

**Consolidated Statements of Operations**

**(in thousands)**

** **

 

 

**13 weeks ended**

 

**14 weeks ended**

 

**39 weeks ended**

 

**40 weeks ended**

 
 

 

**May 30, 2009**

 

**May 31, 2008**

 

**May 30, 2009**

 

**May 31, 2008**

 
 

 

**(unaudited)**

 

**(unaudited)**

 

**(unaudited)**

 

**(unaudited)**

 
Net  sales

 

$

1,318,020

 

 

$

1,529,624

 

 

$

4,045,215

 

 

$

4,233,676

 

Costs  and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost  of sales

 

1,242,304

 

 

1,428,059

 

 

3,882,639

 

 

4,109,947

 

Selling,  general and administrative

 

10,862

 

 

12,018

 

 

32,066

 

 

33,463

 

Depreciation  and amortization

 

11,594

 

 

9,816

 

 

32,823

 

 

27,394

 

      Total costs and expenses

 

1,264,760

 

 

1,449,893

 

 

3,947,528

 

 

4,170,804

 

Operating  income 

 

                     53,260

 

 

79,731

 

 

97,687

 

 

62,872

 

Other  income/(expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest  income

 

40

 

 

71

 

 

145

 

 

376

 

Interest  expense

 

(5,816

)

 

(8,680

)

 

(18,191

)

 

(26,942

)

Minority  owners' interest in net 

      income of  Kansas City

      Steak, LLC

 

(232

)

 

(162

)

 

(950

)

 

(608

)

Equity  in loss of aLF Ventures, LLC

 

(8

)

 

(26

)

 

(57

)

 

(76

)

Other,  net

 

(617

)

 

4,289

 

 

(4,452

)

 

6,094

 

Income  before taxes

 

46,627

 

 

75,223

 

 

74,182

 

 

41,716

 

Income tax expense

 

338

 

 

958

 

 

899

 

 

2,037

 

Net  income  

 

$

46,289

 

 

$

74,265

 

 

$

73,283

 

 

$

39,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     See accompanying notes to consolidated financial  statements.

 

 

 

 

 

 

 

 

 

 

** **

** **

** **

** **

 

3

** NATIONAL BEEFPACKING COMPANY, LLCAND SUBSIDIARIES**

** Consolidated Statements of Cash Flows**

**(in thousands)**

** **

 

 

**39 weeks ended**

 

**40 weeks ended**

 

 

**May 30, 2009**

 

**May 31, 2008**

 

 

**(unaudited)**

 

**(unaudited)**

Cash  flows from operating activities:

 

 

 

 

 

 

  Net income

 

$         

73,283

 

 

$

39,679

 

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

 

 

  

 

 

 

  Depreciation and amortization

	 

32,823

 

 

27,394

 

  Loss / (gain) on disposal of property, plant and  equipment

 

119

 

 

                            (1

)

  Gain on disposal of investment

	 

-

 

 

(1,342

)

  Minority interest

 

560

 

 

417

 

  Write-off of debt issuance costs

 

1,317

 

 

-

 

  Change in assets and liabilities:

 

 

 

 

 

 

       Accounts receivable

 

29,247

 

 

(9,501

)

       Due from affiliates

 

3,758

 

 

(368

)

       Other receivables

 

(2,316

)

 

2,248

 

       Inventories

 

11,702

 

 

(20,811

)

       Other assets

 

(3,970

)

 

(5,724

)

       Cattle purchases payable

 

7,767

 

 

9,216

 

       Accounts payable

 

(4,569

)

 

9,269

 

       Due to affiliates

 

9

 

 

(176

)

       Accrued compensation and benefits

 

(10,465

)

 

9,416

 

       Accrued insurance

 

(87

)

 

(1,696

)

       Other accrued expenses and liabilities

 

8,387

 

 

4,666

 

           Net cash provided by operating activities

 

147,565

 

 

62,686

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures, including interest capitalized

 

(35,573

)

 

(40,058

)

Proceeds from sale of property, plant and equipment

 

1,240

 

 

175

 

Proceeds from redemption of investment

 

-

 

 

1,342

 

                Net cash used in investing activities

 

(34,333

)

 

(38,541

)

   

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Net receipts / (payments) under revolving credit  lines

 

52,448

 

 

(22,368

)

Repayments under term note payable

 

(25,713

)

 

-

 

Change in overdraft balances

 

(1,750

)

 

7,910

 

Purchase and cancellation of Senior Notes

 

(45,479

)

 

-

 

Net repayments of other indebtedness

 

(3,104

)

 

(2,862

)

Member capital redeemed

 

(125,484

)

 

-

 

Member capital contribution

 

75,484

 

 

-

 

Member distributions

 

(50,369

)

 

(10,203

)

                Net cash used in financing activities

 

(123,967

)

 

(27,523

)

  

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

(32

)

 

(23

)

                     Net decrease in cash

 

(10,767

)

 

(3,401

)

Cash and cash equivalents at beginning of period

 

25,466

 

 

30,444

 

Cash and cash equivalents at end of period

 

$

14,699

 

 

$

27,043

 

   

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

Cash paid during the period for interest

 

$

15,802

 

 

$

23,336

 

Cash  (received) / paid during the period for taxes, net of $925

    and $0 refunds, respectively 

 

 

(771

 

)

 

 

1,062

 

Supplemental non-cash disclosure of investing  activities: 

 

 

 

 

 

 

        Assets acquired  through capital lease

 

 

44

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial  statements.

 

 

 

 

** **

4

 

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

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

** **

** **

**(1)Interim Financial Statements**

** **

**Basisof Presentation**

 

The accompanying unaudited Consolidated FinancialStatements have been prepared in accordance with U.S. generally acceptedaccounting principles (GAAP) for interim financial information; therefore, theydo not include all of the information and footnotes required by GAAP forcomplete financial statements. In the opinion of management, all adjustmentsconsidered necessary for a fair presentation have been included usingmanagement’s best estimates and judgments where appropriate.  These estimatesand judgments affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements.  The estimates and judgments will also affect the reported amountsfor certain revenues and expenses during the reporting period.  Actual resultscould differ materially from these estimates and judgments.  For furtherinformation, refer to the audited Consolidated Financial Statements and Notesto Consolidated 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 30, 2008.  The results of operations for theinterim periods presented are not necessarily indicative of the results for afull 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.

 

                TheCompany’s fiscal year ends on the last Saturday in August.  For financialreporting purposes, fiscal year 2009 will consist of 52 weeks, whereas fiscalyear 2008 consisted of 53 weeks.  The additional week is included in the thirdquarter of fiscal year 2008.  As a result, the quarterly and nine-month periodsended May 31, 2008 consisted of fourteen and thirty-nine weeks, respectively,as compared to the quarterly and nine-month periods ended May 30, 2009 whichconsisted of thirteen weeks and thirty-nine weeks, respectively.

 

 

**(2)New Accounting Pronouncements**

** **

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

            

5

 

 

 

 

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

 

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

* *

 

**(3)Inventories**

 

Inventories at May 30, 2009 and August 30, 2008consisted of the following (in thousands):

 

 

**May 30, 2009**

** **

**August 30, 2008**

Dressed  and boxed meat products

$

133,958

 

$

144,885

Beef  by-products

 

18,934

** **

** **

20,886

Supplies  and other

 

27,886

** **

** **

26,709

     Total inventory

$

180,778

 

$

192,480

** **

** **

** (4)Comprehensive Income**

 

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

 

 

**13 weeks ended**

** **

**14 weeks ended**

** **

**39 weeks ended**

** **

**40 weeks ended**

 

**May 30, 2009**

** **

**May 31, 2008**

** **

**May 30, 2009**

** **

**May 31, 2008**

Net  income

$

46,289

 

$

74,265

 

$

73,283

 

$

39,679

Other  comprehensive income:

 

 

 

 

 

 

 

   Foreign currency translation

     adjustments

42

 

                              (26)

 

(32)

 

                           (23)

Comprehensive  income

$

46,331

 

$

74,239

 

$

73,251

 

$

39,656

 

 

 

 

 

 

 

 

 

** **

**(5)Capital Subject to Redemption **

** **

Atany time after certain dates, the earliest being July 31, 2010, the latestbeing July 31, 2011, affiliates of a certain member of management and/or NBPCoHoldings have the right to request that the Company repurchase their interests,the value of which is to be determined by a specified formula or a mutuallyagreed process.  If the Company is unable to effect the repurchase within aspecified time, the requesting member(s) have the right to cause a sale processto commence.  On April 13, 2009, the Company entered into two Unit RedemptionAgreements pursuant to Section 12.5 of our Limited Liability CompanyAgreement, dated as of August 6, 2003 (as amended from time to time, the“LLC Agreement”) to redeem at agreed upon redemption prices all of themembership interests in the Company that are owned or controlled by our ChiefExecutive Officer, John R. Miller, and an affiliate of our GeneralCounsel, Scott H. Smith (referred to herein as “Mr. Smith”), as well as25% of the membership interests in the Company that are owned by affiliates ofour President and Chief Operating Officer, Timothy M. Klein.  As a result,Mr. Miller and Mr. Smith and their affiliates received approximately$91.3 million and $22.8 million, respectively, for their units and are nolonger members of the Company although they each retained their positions withthe Company.  Mr. Klein’s affiliates received approximately $11.4 millionfor their redeemed units, and he retained his position with the Company aswell. 

 

6

 

 

 

 

TheCompany accounts for changes in the redemption value of these interests byaccreting the change in value from the date of change through the earliestredemption date of the respective interests.  At May 30, 2009, the value of thecapital subject to redemption**was determined to be $215.6 million, whichwas in excess of its carrying value.  Accordingly, after giving effect to theredemption of interests in April 2009, the carrying value of the capitalsubject to redemption increased by approximately $3.6 million through accretionduring the thirteen weeks ended May 30, 2009, resulting in the $162.5 millioncarrying value, as reflected in the accompanying consolidated balance sheet asof May 30, 2009.  

** **

                Generallyaccepted accounting principles require the Company to determine the fair valueof the capital subject to redemption at the end of each reporting period.  Tothe extent that this value increases, this change in fair value is accretedover the redemption period as discussed above.  In the past, the Company hasused Stern Brothers Valuation Advisors to assist management in measuring fairvalue of the capital subject to redemption.  At February 28, 2009 and May 30,2009, management used the agreed upon redemption prices that were used in theUnit Redemption Agreements discussed above in measuring the fair value of thecapital subject to redemption.  The Unit Redemption agreement between theCompany and Timothy Klein and affiliates provides for a formula-based method ofcalculating their interest once an appraisal election has been given.  Thisformula-based method was used in valuing the interest of Timothy Klein andaffiliates at May 30, 2009.

** **

                The totalvalue of the capital subject to redemption at May 30, 2009, decreased byapproximately $4.7 million compared to the value at August 30, 2008.  Thedecrease in the value of the capital subject to redemption reflects theincrease in the unit value represented by the Redemption Agreements, offset bythe purchase of those interests.  Offsetting the change in the value of thecapital subject to redemption is a corresponding change in members’ capital.  

 

 

**(6)Contingencies**

**               **

**               **National Beef Leathers, LLC ("NBL"), awholly-owned subsidiary of  NBP, has been named as a defendant in ninelawsuits involving NBL's tannery located in St. Joseph, Missouri.  NBLpurchased the assets of the tannery from Prime Tanning Corp.("Prime") in March 2009.  The lawsuits have been filed in theCircuit Courts of Clinton County and DeKalb County, Missouri between April 22,2009 and June 8, 2009. The lawsuits claim that Prime and NBLspread tanning sludge containing hexavalent chromium in four counties innorthwest Missouri.  The lawsuits include six actions filed by individualsand three purported class actions.  The plaintiffs are seeking an unspecifiedamount of damages for wrongful death, personal injury, pain and suffering,economic damages, punitive damages, diminished property values and medicalmonitoring.  NBL is vigorously defending the cases.   Inaddition, NBL is cooperating with various governmental inquiries. 

** **

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

** **

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

 

 

**(7) Fair Value Measurements**

** **

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

 

7

 

 

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

 

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

 

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

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

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

 

                Thefollowing table details the assets and liabilities measured at fair value on arecurring basis as of May 30, 2009 and also the level within the fair valuehierarchy used to measure each category of assets (in thousands).

 

** **

** **

** **

**Description**

** **

** **

**May 30,**

**2009**

**Quoted Prices in**

**Active Markets for**

**Identical Assets**

**(Level 1)**

** **

**Significant Other		Observable 	Inputs (Level 2)**

**Significant		Unobservable 	Inputs**

**(Level 3)**

 

 

 

 

 

Other  current assets – derivatives

$
5,748
$
5,748
$
-
$
-
Other  accrued expenses and 

    liabilities – derivatives

$
7,494
$
2,958 
$
4,536
$
-
Capital  subject to redemption

$
162,543
$
-
$
162,543
	$
-
 

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

 

 

**(8)Disclosure about Derivative Instruments and Hedging Activities**

** **

                Aspart of the Company’s ongoing operations, the Company is exposed to marketrisks such as changes in commodity prices.  To manage these risks, the Companymay enter into the following derivative instruments pursuant to our establishedpolicies:

 
-    Forward     purchase contracts for cattle for use in our beef plants
-    Exchange     traded futures contracts for cattle 
-    Exchange     traded futures contracts for grain 

                Whilemanagement believes each of these instruments help mitigate various marketrisks, they are not designated and accounted for as hedges as a result of theextensive recordkeeping requirements associated with hedge accounting.  Accordingly,the gains and losses associated with the change in fair value of the instrumentsare recorded to net sales and cost of goods sold in the period of change. Certain firm commitments for live cattle purchases and all firm commitments forboxed beef sales are treated as normal purchases and sales and not recorded atfair value.

* *

8

 

 

 

 

*           *    The Company enters into certain commodityderivatives, primarily with a diversified group of highly ratedcounterparties.  The maximum amount of loss due to the credit risk of thecounterparties, should the counterparties fail to perform according to the termsof the contracts, is deemed to be immaterial as of May 30, 2009 as allderivatives in an asset position are exchange-traded contracts.  Theexchange-traded contracts have been entered into under a master nettingagreement.  None of the derivatives entered into have credit-related contingentfeatures.  The Company has $7.1 million in cash collateral posted on itsderivative liabilities.   

 

                The followingtable presents the fair values as discussed in Note 7 and other informationregarding derivative instruments not designated as hedging instruments as ofMay 30, 2009 (in thousands of dollars):

 

 

**Derivative Asset**

** **

**Derivative Liability**

 

**As of May 30, 2009**

** **

**As of May 30, 2009**

 

**Balance Sheet**

**Location**

**Fair Value**

** **

**Balance Sheet**

**Location**

**Fair Value**

   

 

   

 Commodity contracts

 

 

Other current		assets

 

 

 

$
5,748
 

 

Other accrued		expenses and   	liabilities

 

 

 

$
7,494
       Totals

 

$
5,748
 

 

$
7,494
 

 

 

 

 

 

 

            The following table presents the impact of derivative instrumentson the Consolidated Statement of Operations for the thirteen and thirty-nineweek periods ended May 30, 2009 (in thousands of dollars):

 

** **

**Derivatives Not Designated as**

**Hedging Instruments**
   
**Location of Gain or (Loss)**

**Recognized in Income**

**on Derivatives**
   
**Amount of Gain or (Loss)**

**Recognized in**

** Income on Derivatives**

 

 

**13 Weeks ended**

**May 30, 2009**

**39 Weeks ended**

**May 30, 2009**

Commodity contracts

Net sales

$
(29,203)
$
(35,228)
Commodity contracts

Cost of sales

                  
10,733 
                  
17,593 
   Totals             

 

$
(18,470) 
$
(17,635)
 

 

 
   
 
   
 

 

**(9) 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 Statementof Financial Accounting Standard No. 131, *Disclosures about Segments of anEnterprise and Related Information*. 

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

*Other*—the Other segment of NBP consists of the operationsof National Carriers, Inc., a refrigerated and livestock contract carriercompany, National Elite Transportation, LLC, a provider of transportationlogistics services, and Kansas City Steak Company, LLC, a portion control steakcutting operation. 

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

9

 

 

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

 

 
   
**13 weeks ended**

** **
   
**14 weeks ended**

** **
   
**39 weeks ended**

** **
   
**40 weeks ended**

 
   
**May 30, 2009**

 
   
**May 31, 2008**

 
   
**May 30, 2009**

 
   
**May 31, 2008**

Net sales:
   
 

 
   
 

 
   
 

 
   
 

Core  beef
$
             1,331,722

 
$
              1,541,215

 
$
             4,070,295

 
$
             4,247,457

Other  
   
61,387

 
   
                 67,589

 
   
 180,857

 
   
                 180,618

Eliminations  
   
      (75,089)

 
   
(79,180)

 
   
(205,937)

 
   
             (194,399)

      Total net sales
$
             1,318,020

 
$
              1,529,624

 
$
              4,045,215

 
$
             4,233,676

   
   
 

 
   
 

 
   
 

 
   
 

Operating income:
   
 

 
   
 

 
   
 

 
   
 

Core  beef
$
                  51,865

 
$
                  77,374

 
$
                   92,370

 
$
                 55,946

Other
   
                    1,395

 
   
                       2,357

 
   
                    5,317

 
   
                    6,926

      Total operating income
   
                 53,260

 
   
79,731

 
   
                  97,687

 
   
                    62,872

  
   
 

 
   
 

 
   
 

 
   
 

Interest income
   
40

 
   
                       71

 
   
145

 
   
              376

Interest expense
   
(5,816)

 
   
(8,680)

 
   
(18,191)

 
   
                  (26,942)

Other (expense) / income, net  
   
(625)

 
   
                4,263

 
   
(4,509)

 
   
                6,018

Minority interest
   
(232)

 
   
(162)

 
   
(950)

 
   
                   (608)

     	Total income before taxes
$
                 46,627

 
$
                75,223

 
$
                74,182

 
$
                41,716

 
   
 

 
   
 

 
   
 

 
   
 

  
   
**May 30, 2009**

** **
   
**May 31, 2008**

** **
   
** **

** **
   
** **

Assets:
   
 

 
   
 

 
   
 

 
   
 

Core  beef
$
                784,636

 
$
                 819,276

 
   
 

 
   
 

Other
   
42,668

 
   
                    39,355

 
   
 

 
   
 

Eliminations
   
(516)

 
   
117

 
   
 

 
   
 

      Total assets
$
                826,788

 
$
                 858,748

 
   
 

 
   
 

 

                

 

 

 

10

 

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

** **

            The followingdiscussion should be read in conjunction with our Consolidated Financial Statementsand related notes and other financial information appearing elsewhere in this report.

 

**Disclosure RegardingForward-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 Bovine SpongiformEncephalopathy (BSE), competitive practices and consolidation in the cattleproduction and processing industries, actions of domestic or foreigngovernments, hedging risk, changes in interest rates and foreign currencyexchange rates, consumer demand and preferences, the cost of compliance withenvironmental and health laws, lossof key customers, loss of key employees, labor relations, and consolidationamong our customers. 

** **

                In light ofthese risks and uncertainties, there can be no assurance that the results andevents contemplated by the forward-looking information contained in this reportwill in fact transpire. Readers are cautioned not to place undue reliance onthese forward-looking statements. We do not undertake any obligation to updateor revise 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.  See also the *RiskFactors* in Item 1A. of our Annual Report for the year ended August 30,2008 on Form 10-K filed with the Securities and Exchange Commission for otherimportant factors that could cause actual results to differ materially fromthose in any such forward-looking statements, and which should be read inconjunction with this report.

 

**Industry Outlook**

 

                Domestic andglobal economic conditions continue to dominate the cattle and beef marketoutlook.  Economic pressure in the cattle production sector continues torealize reduced cattle placements on feed while milk production losses haveresulted in another round of industry-based dairy cow liquidation.  Adequatesummer fed cattle supplies are expected to transition to much smaller fall fedcattle availability leading to higher cattle and beef prices amidst continuedexpectations for very cautious consumer spending.  The volume of beef exportshas seen slight gains led by the weaker U.S. dollar, however, lagging globaleconomic activity has limited the positive responses historically realized.  Salesprices of beef by-products appear to have bottomed and are also beginning totrend higher but are expected to remain significantly below calendar 2008levels through the end of calendar 2009.

 

**Recent Developments**

 

OnApril 13, 2009, we entered into two Unit Redemption Agreements pursuant toSection 12.5 of our Limited Liability Company Agreement, dated as ofAugust 6, 2003 (as amended from time to time, the “LLC Agreement”) toredeem at agreed upon redemption prices all of the membership interests in us thatare owned or controlled by our Chief Executive Officer, John R. Miller,and an affiliate of our General Counsel, Scott H. Smith (referred toherein as, “Mr. Smith”), as well as 25% of the membership interests in us thatare owned by affiliates of our President and Chief Operating Officer,Timothy M. Klein.  As a result, Mr. Miller and Mr. Smith andtheir affiliates received approximately $91.3 million and $22.8 million,respectively, for their units and are no longer members of us although theyeach retained their positions with us.  Mr. Klein’s affiliates receivedapproximately $11.4 million for their redeemed units, and he retained hisposition with us as well. 

 

 

11

Inconnection with these transactions, the LLC Agreement was amended to providethat (i) the existing appraisal process for the valuation of us to be usedfor the remaining units controlled by Mr. Klein for his rights underSection 12.5 of the LLC Agreement has been replaced with an amount equalto a two-year average of our EBITDA (as defined in the LLC Agreement)multiplied by six minus our outstanding debt; and (ii) for purposes ofredemption or liquidation, the Class B units controlled by Mr. Klein may bepaid a non-dilution premium, which was at a maximum value of $4.3 million as ofMay 30, 2009.

 

In order to partially finance such redemptions, we createda new series of Class A units (referred to as “Class A1Units”) that were issuedto U.S. Premium Beef and NBPCo Holdings, LLC for approximately $55.8 millionand $19.6 million, respectively.  Class A1 Units are nonvoting and are entitledto a priority distribution of 7% per year on the face amount of the Class A1Units payable with payment in kind Class A1 Units in lieu of cash if our EBITDAdoes not meet certain tests.  For purposes of determining Class B ownership forliquidation or redemption, the Class A1 Units will be deemed to be converted toClass B units at a ratio stated in the LLC Agreement, but will remain Class A1Units after such determination.

 

Asa result of these transactions, the ownership of our Class B voting interests isas follows:

 

Beneficial Owner

Class B Interests (1)

Percentage of Class

 

U.S. Premium Beef, LLC

NBPCo Holdings, LLC

Affiliates of Timothy M.

Klein 

 

12,537,001.0612

 4,468,723.0518

  

1,071,429.0000

 

69.3527%

24.7203%

 

  5.9270%

_____________

                (1) For purposes of a redemption orliquidation event assuming no redemptions of any Class A1 Units.

 

Wealso financed a portion of the redemptions with $50.0 million of new borrowingsunder the revolving line of credit of our existing credit facility (as amended,the "Credit Facility").  Our Credit Facility was amended on April 13,2009 to permit these redemptions, increase the borrowings under our term loanby up to $75.0****million, increase the revolving line of credit by $25.0million, increase the interest rates of the term loan and revolving line ofcredit, shorten the maturity date of the term loan to July 2012 and revise thepayment schedule of the term loan, among other things.  For a more completedescription of the material amendments to our Credit Facility, see “Liquidityand Capital Resources–Amended and Restated Senior Credit Facility.”

 

**Beef Export Markets**

 

                Exportmarkets for U.S. beef products remain constrained since the discovery of a caseof Bovine Spongiform Encephalopathy (BSE) in the State of Washington inDecember 2003, as well as other isolated cases.  In July 2006, Japan agreed toreopen its market to U.S. beef from cattle aged 20 months and younger.   InApril 2008, our Brawley facility was suspended from shipping beef to Japanfollowing the discovery of a short loin which included a portion of a spinalcolumn, a specified risk material, prohibited by Japan.  Our Brawley facilitywas subsequently cleared to resume shipments to Japan on September 19, 2008.  SouthKorea announced a provisional opening of its border to U.S. beef from animals30 months and younger in September 2006, however, its border was subsequentlyclosed in October 2007.  South Korea reopened its border and started inspectingU.S. beef near the end of June 2008.  Our Dodge City facility was removed fromthe eligible supplier list to Mexico on December 23, 2008 for two days for analleged ink issue in September of 2008 which we believe to be untrue andunfounded.  These constraints and uncertainties have had a negative impact onbeef margins.

 

                We cannotpresently assess the full economic impact of the consequences of BSE on theU.S. beef packing industry or on our operations.  Existing or new importrestrictions or additional regulatory restrictions or disruptions in domesticand foreign consumer demand for beef may continue to have a material adverseaffect on our revenues and net income.

** **

** **

12

 

 

 

**Resultsof Operations**

** **

***Thirteen weeks ended May 30, 2009 compared to fourteen weeks ended May 31,2008***

 

*General.* Net income for the thirteen weeks ended May 30, 2009 was approximately $46.3million compared to approximately $74.3 million for the fourteen weeks ended May31, 2008, a decrease of approximately $28.0 million.  Sales were lower in the thirteenweeks ended May 30, 2009 compared to the fourteen weeks ended May 31, 2008 due inpart to an approximate 4.5% decrease in the average volume of cattle processed perweek and in part to the extra week in the prior reporting period as compared tothis year.  The average sales prices per head decreased approximately 2.6%during this reporting period as the demand for beef products during thisquarter was not as strong compared to the same quarter of last year.

 

Total costs and expenses of approximately $1,264.8 millionfor the thirteen weeks ended May 30, 2009 were 96.0% as a percent of salescompared to approximately $1,449.9 million for the fourteen weeks ended May 31,2008, or 94.8% as a percent of sales.  A drop in volume of cattle processed andin average sales prices per head more than offset the lower live cattle prices,approximately 7.4% lower, resulting in decreased operating income of approximately$26.4 million for this thirteen week period of fiscal 2009 as compared to thefourteen week period of fiscal 2008.

 

*Net Sales*. Net sales were approximately $1,318.0 million for the thirteen weeks ended May 30,2009 compared to approximately $1,529.6 million for the fourteen weeks ended May31, 2008, a decrease of approximately $211.6 million, or 13.8%.  The decreasein net sales resulted from an approximate 4.5% decrease in the average volumeof cattle processed per week and from an extra week of sales activity last yearas compared to the same period of this year.  Also contributing to the decreasein sales was a decrease in average sales prices per head of about 2.6% duringthe current thirteen week period of fiscal 2009 as compared to the fourteenweek period of fiscal 2008.

* *

*Cost of Sales*. Cost of sales was approximately $1,242.3 million for the thirteen weeks ended May30, 2009 compared to approximately $1,428.1 million for the fourteen weeksended May 31, 2008, a decrease of approximately $185.8 million, or 13.0%.  The decreaseresulted partially from an approximate 

4.5%decrease in the number of live cattle purchased on a per week basis in additionto the additional week in the same period of last year.  Also contributing tothis decrease was an approximate 7.4% decrease in live cattle prices.  Partiallyoffsetting these decreases was an increase in the average cattle weights byapproximately 2.0% during this thirteen week period of fiscal 2009 as comparedto the fourteen week period of fiscal 2008.  

 

*Selling, General and Administrative Expenses*.  Selling, general and administrative expenses were approximately$10.9 million for the thirteen weeks ended May 30, 2009 compared to approximately$12.0 million for the fourteen weeks ended May 31, 2008, a decrease of approximately$1.1 million, or 9.2%.  The decrease in selling, general and administrativeexpenses primarily reflects an extra week of expense in the prior reportingperiod as compared to the same period of this year.  While comparing the priorquarter of fiscal 2008 to the comparable quarter of fiscal 2009, payroll andrelated expenses decreased by approximately $0.5 million, legal expenses decreasedby approximately $0.6 million and the provision for bad debts decreased by approximately$0.4 million.  

 

*Depreciation and Amortization Expense*.  Depreciation and amortization expenses were approximately$11.6 million for the thirteen weeks ended May 30, 2009 compared to approximately$9.8 million for the fourteen weeks ended May 31, 2008, an increase of approximately$1.8 million, or 18.4%.  Depreciation expense increased due to assets beingplaced into service, primarily at our three beef plants and two case readyplants, during fiscal year 2008 and to assets being placed into service,primarily at our two Kansas beef plants, late in the first quarter of fiscal2009.  Partially offsetting this increase, the prior reporting period reflectsan extra week of expense as compared to the same period of this year.

 

13

 

 

 

 

*Operating Income*.  Operating income was approximately $53.3 million for the thirteenweeks ended May 30, 2009 compared to approximately $79.7 million for the fourteenweeks ended May 31, 2008, a decrease of approximately $26.4 million.  The declinein operating income resulted primarily from a somewhat weaker beef demand asreflected in a drop in volume of cattle processed and in average sales pricesper head during the thirteen week period ended May 30, 2009, as compared to thefourteen week period ended May 31, 2008.  In addition, the prior reportingperiod reflects an extra week of operating income as compared to the sameperiod of this year.

 

                *InterestExpense*.  Interest expense was approximately $5.8 million for the thirteenweeks ended May 30, 2009 compared to approximately $8.7 million for the fourteenweeks ended May 31, 2008, a decrease of approximately $2.9 million, or 33.3%.  Thedecrease in interest expense during the thirteen weeks ended May 30, 2009 ascompared to the fourteen week period ended May 31, 2008 was due primarily tothe purchase and cancellation of an aggregate principal amount of our SeniorNotes of approximately $30.6 million, $2.3 million, and $43.2 million duringthe fourth quarter of fiscal 2008, and the first and third quarters of fiscal2009, respectively.  The repayment of approximately $25.7 million of our termnote in December 2008 also contributed to the decline in interest expense forthe current quarter.  Also contributing to the decrease in interest expense waslower interest rates on our variable rate debt, a decrease of approximately 251basis points, during the comparable periods.  Also contributing to thesedecreases was an extra week of interest expense in the prior reporting periodas compared to the same period of this year.  Partially offsetting thesedecreases in interest expense was an approximate $27.2 million increase in theweighted average principal amount of our variable rate debt at May 30, 2009 ascompared to May 31, 2008.

 

                *Other,net.  *Other, net non-operating expense was approximately $0.6 million forthe thirteen weeks ended May 30, 2009 compared to net non-operating income of approximately$4.3 million for the fourteen weeks ended May 31, 2008, a decrease of approximately$4.9 million.  The decrease in other, net non-operating income was primarilyrelated to an approximate $3.4 million in income for a settlement of a lawsuitrelated to  corrugated packaging materials that was received in the prior year quarterthat did not recur in the current quarter.  In addition, approximately $0.9million of debt issuance costs were written off during the current quarterrelated to the refinancing of our debt in April 2009.

 

                *IncomeTax Expense*.  Income tax expense was approximately $0.3 million for the thirteenweeks ended May 30, 2009 compared to income tax expense of approximately $1.0million for the fourteen weeks ended May 31, 2008, a decrease in expense of approximately$0.7 million.  A decrease in income taxesfor the period of approximately $0.5 million was related to our subsidiary,National Carriers.  Income tax expense is recorded on income from NationalCarriers, which is organized as a C Corporation.  

 

 

***Thirty-nine weeks ended May 30, 2009 compared to forty weeks ended May 31,2008***

 

*General.* Net income for the thirty-nine weeks ended May 30, 2009 was approximately $73.3million compared to net income of approximately $39.7 million for the forty weeksended May 31, 2008, an increase of approximately $33.6 million.  Sales were lowerin the thirty-nine week period ended May 30, 2009 compared to the forty weekperiod ended May 31, 2008 primarily due in part to an approximate 2.7% decreasein the average volume of cattle processed per week and in part to the extraweek in the prior reporting period as compared to this year.  Partiallyoffsetting these decreases was a slight increase in the average sales price perhead, about 1.0%, during the first thirty-nine weeks of fiscal 2009 as comparedto the first forty weeks of fiscal 2008.  An overall improved demand for boxed beefdrove an increase in our operating income for this reporting period. 

 

Total costs and expenses of approximately $3,947.5million for the thirty-nine weeks ended May 30, 2009 were 97.6% as a percent ofsales compared to approximately $4,170.8 million for the forty weeks ended May 31,2008, or 98.5% as a percent of sales.  A relatively stable demand for beefproducts and lower cattle prices allowed for slightly higher sales prices,about 1.0% higher, to cover the cost of the live cattle that we processedduring this thirty-nine week period of fiscal 2009 as compared to the fortyweek period of fiscal 2008. 

 

 

14

 

 

 

 

*Net Sales*. Net sales were approximately $4,045.2 million for the thirty-nine weeks ended May30, 2009 compared to approximately $4,233.7 million for the forty weeks ended May31, 2008, a decrease of approximately $188.5 million, or 4.5%.  Net salesdecreased primarily due in part to an approximate 2.7% decrease in the averagevolume of cattle processed per week and in part to the extra week in the priorreporting period as compared to this year.  Partially offsetting these decreaseswas a slight increase in the average sales price per head, about 1.0%, duringthe first thirty-nine weeks of fiscal 2009 as compared to the first forty weeksof fiscal 2008.

 

*Cost of Sales*. Cost of sales was approximately $3,882.6 million for the thirty-nine weeksended May 30, 2009 compared to approximately $4,109.9 million for the fortyweeks ended May 31, 2008, a decrease of approximately $227.3 million, or 5.5%. The decrease resulted partially from an approximate 

2.7%decrease in the number of live cattle purchased on a per week basis in additionto the additional week in the same period of last year.  Also contributing tothis decrease was an approximate 4.8% decrease in live cattle prices.  Partially offsetting these decreases was an increase in the average cattleweights by approximately 0.9% during this thirty-nine week period of fiscal2009 as compared to the forty week period of fiscal 2008.  

 

*Selling, General and Administrative Expenses*.  Selling, general and administrative expenses were approximately$32.1 million for the thirty-nine weeks ended May 30, 2009 compared to approximately$33.5 million for the forty weeks ended May 31, 2008, a decrease of approximately$1.4 million, or 4.2%.  The decrease for this period is primarily due to a decreasein legal fees of approximately $1.3 million and a decrease in marketing expenseof approximately $0.6 million.  The prior reporting period reflects an extraweek of expense as compared to the same period of this year which contributedto the decreases in the marketing expenses discussed above as well as theselling, general and administrative expenses in general.  Partially offsettingthese decreases was an increase in payroll and benefits of approximately $0.3million and in bank charges of approximately $0.2 million.

 

*Depreciation and Amortization Expense*.  Depreciation and amortization expenses were approximately$32.8 million for the thirty-nine weeks ended May 30, 2009 compared to approximately$27.4 million for the forty weeks ended May 31, 2008, an increase of approximately$5.4 million, or 19.7%.  Depreciation expense increased due to assets beingplaced into service, primarily at our three beef plants and two case readyplants, during fiscal year 2008 and to assets being placed into service,primarily at our two Kansas beef plants, late in the first quarter of fiscal2009.  Partially offsetting this increase, the prior reporting period reflectsan extra week of expense as compared to the same period of this year.

* *

*Operating Income*.  Operating income was approximately $97.7 million for the thirty-nineweeks ended May 30, 2009 compared to approximately $62.9 million for the fortyweeks ended May 31, 2008, an increase of approximately $34.8 million.  The improvementin operating income during the thirty-nine week period ended May 30, 2009 resultedprimarily from an overall improved demand for boxed beef as compared to the fortyweek period ended May 31, 2008.

 

                *InterestExpense*.  Interest expense was approximately $18.2 million for the thirty-nineweeks ended May 30, 2009 compared to approximately $26.9 million for the fortyweeks ended May 31, 2008, a decrease of approximately $8.7 million, or 32.3%.  Thedecrease in interest expense during the thirty-nine weeks ended May 30, 2009 ascompared to the forty week period ended May 31, 2008 was due primarily to thepurchase and cancellation of an aggregate principal amount of our Senior Notesof approximately $30.6 million, $2.3 million, and $43.2 million during thefourth quarter of fiscal 2008, and the first and third quarters of fiscal 2009,respectively.  The repayment of approximately $25.7 million of our term note inDecember 2008 also contributed to the decline in interest expense for the reportingperiod.  Also contributing to the decrease in interest expense was lowerinterest rates on our variable rate debt, a decrease of approximately 291 basispoints, during the comparable periods.  Also contributing to these decreaseswas an extra week of interest expense in the prior reporting period as comparedto the same period of this year.  Partially offsetting these decreases ininterest expense was an approximate $15.0 million increase in the weightedaverage principal amount of our variable rate debt at May 30, 2009 as comparedto May 31, 2008.

 

15

 

 

                *Other,net.*  Other, net non-operating expense was approximately $4.5 million forthe thirty-nine weeks ended May 30, 2009 compared to other, net non-operating incomeof approximately $6.1 million for the forty weeks ended May 31, 2008, a decreaseof approximately $10.6 million.  The decrease in other, net was primarilyrelated to the write-off of approximately $3.6 million of legal fees related tothe termination of the MIPA in February 2009.  Also contributing to thedecrease was the approximate $0.7 million write-off of obsolete parts at ourcase ready facilities during the second quarter of fiscal 2009 and to anapproximate $1.3 million write-off of debt issuance costs in both the first andthird quarters of fiscal 2009.   The forty weeks ended May 31, 2008 includedapproximately $3.4 million in income for a settlement of a lawsuit related tocorrugated packaging materials and about $1.3 million in income related to proceedsreceived in redemption of an investment interest in which our basis hadpreviously been written down to zero, both of which did not recur during thecomparable period of this year.  

 

                *IncomeTax Expense/Benefit*.  Income tax expense was approximately $0.9 million forthe thirty-nine weeks ended May 30, 2009 compared to approximately $2.0 millionfor the forty weeks ended May 31, 2008, a decrease of approximately $1.1million, or 55.0%.  This decrease inincome taxes for the period of approximately $1.2 million was related to oursubsidiary, National Carriers.  Income tax expense is recorded on income fromNational Carriers, which is organized as a C Corporation.  

** **

** **

**SegmentResults**

** **

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

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

 *Other*—the Other segment of NBP consists of the operationsof National Carriers, Inc., a refrigerated and livestock contract carriercompany, National Elite Transportation, LLC, a provider of transportationlogistics services, and Kansas City Steak Company, LLC, a portion control steakcutting operation. 

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

 

16

 

 

 

 

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

 

 
   
**13 weeks ended**

** **
   
**14 weeks ended**

** **
   
**39 weeks ended**

** **
   
**40 weeks ended**

 
   
**May 30, 2009**

 
   
**May 31, 2008**

 
   
**May 30, 2009**

 
   
**May 31, 2008**

Net sales:
   
 

 
   
 

 
   
 

 
   
 

Core  beef
$
1,331,722

 
$
              1,541,215

 
$
 4,070,295

 
$
4,247,457

Other  
   
61,387

 
   
                 67,589

 
   
 180,857

 
   
                 180,618

Eliminations  
   
      (75,089)

 
   
(79,180)

 
   
(205,937)

 
   
             (194,399)

      Total net sales
$
1,318,020

 
$
              1,529,624

 
$
4,045,215

 
$
4,233,676

  
   
 

 
   
 

 
   
 

 
   
 

Operating income:
   
 

 
   
 

 
   
 

 
   
 

Core  beef
$
51,865

 
$
                  77,374

 
$
92,370

 
$
55,946

Other
   
                    1,395

 
   
                       2,357

 
   
                    5,317

 
   
                    6,926

      Total operating income
   
                 53,260

 
   
79,731

 
   
                  97,687

 
   
                   62,872

  
   
 

 
   
 

 
   
 

 
   
 

Interest income
   
40

 
   
                       71

 
   
145

 
   
              376

Interest expense
   
(5,816)

 
   
(8,680)

 
   
(18,191)

 
   
                  (26,942)

Other (expense) / income,  net 
   
(625)

 
   
                4,263

 
   
(4,509)

 
   
                6,018

Minority interest
   
(232)

 
   
(162)

 
   
(950)

 
   
                   (608)

      Total income before  taxes
$
46,627

 
$
                75,223

 
$
                74,182

 
$
41,716

  
   
 

 
   
 

 
   
 

 
   
 

   
   
**May 30, 2009**

** **
   
**May 31, 2008**

** **
   
** **

** **
   
** **

Assets:
   
 

 
   
 

 
   
 

 
   
 

Core  beef
$
784,636

 
$
                 819,276

 
   
 

 
   
 

Other
   
42,668

 
   
                    39,355

 
   
 

 
   
 

Eliminations
   
(516)

 
   
117

 
   
 

 
   
 

      Total assets
$
826,788

 
$
                 858,748

 
   
 

 
   
 

** **

** **

***Thirteen weeks ended May 30, 2009 compared to fourteen weeks ended May 31,2008***

 

***Core Beef***

 

*Net Sales*. Net sales for Core Beef were approximately $1,331.7 million for the thirteenweeks ended May 30, 2009 compared to approximately $1,541.2 million for the fourteenweeks ended May 31, 2008, a decrease of approximately $209.5 million, or 13.6%. The decrease in net sales resulted from an approximate 4.5% decrease in theaverage volume of cattle processed per week and from an extra week of salesactivity last year as compared to the same period of this year.  Alsocontributing to the decrease in sales was a decrease in average sales pricesper head of about 2.6% during the current thirteen week period of fiscal 2009as compared to the fourteen week period of fiscal 2008.

 

*Operating Income*.  Operating income for Core Beef was approximately $51.9 million forthe thirteen weeks ended May 30, 2009 compared to approximately $77.4 millionfor the fourteen weeks ended May 31, 2008, a decrease of approximately $25.5 million. The decline in operating income resulted primarily from a somewhat weaker beefdemand as reflected in a drop in volume of cattle processed and in averagesales prices per head during the thirteen week period ended May 30, 2009, ascompared to the fourteen week period ended May 31, 2008.  In addition, theprior reporting period reflects an extra week of operating income as compared tothe same period of this year.

 

 

 

 

 

17

 

 

 

 

***Other***

 

*Net Sales*. Net sales for Other were approximately $61.4 million for the thirteen weeksended May 30, 2009 compared to approximately $67.6 million for the fourteenweeks ended May 31, 2008, a decrease of approximately $6.2 million, or 9.2%.  Thedecrease was primarily due to lower fuel surcharge revenues at ourtransportation company.  Offsetting this decrease was an increase in sales atour portion control beef facility during thirteen week period of fiscal 2009 ascompared to the fourteen week period of fiscal 2008.  In addition, the priorreporting period reflects an extra week of sales activity as compared to thesame period of this year.

 

*Operating Income*.  Operating income for Other was approximately $1.4 million for the thirteenweeks ended May 30, 2009 compared to operating income of approximately $2.4million for the fourteen weeks ended May 31, 2008, a decrease of approximately $1.0million.  The decrease was due primarily to a reduction of operating income ofour transportation operations due to lower net sales and higher depreciationexpense which was offset by improved operating income of our portion controlbeef facility during the current thirteen week period of fiscal 2009 ascompared to the fourteen week period of last year.

 

 

***Thirty-nine weeks ended May 30, 2009 compared to forty weeks ended May 31,2008***

 

***Core Beef***

 

*Net Sales*. Net sales for Core Beef were approximately $4,070.3 million for the thirty-nineweeks ended May 30, 2009 compared to approximately $4,247.5 million for the fortyweeks ended May 31, 2008, a decrease of approximately $177.2 million, or 4.2%. Net sales decreased primarily due in part to an approximate 2.7% decrease inthe average volume of cattle processed per week and in part to the extra weekin the prior reporting period as compared to this year.  Partially offsettingthese decreases was a slight increase in the average sales price per head,about 1.0%, during the first thirty-nine weeks of fiscal 2009 as compared tothe first forty weeks of fiscal 2008.

 

*Operating Income*.  Operating income for Core Beef was approximately $92.4 million forthe thirty-nine weeks ended May 30, 2009 compared to approximately $55.9million for the thirty-nine weeks ended May 31, 2008, an increase of approximately$36.5 million.  The improvement in operating income during the thirty-nine weekperiod ended May 30, 2009 resulted primarily from an overall improved demand forboxed beef as compared to the forty week period ended May 31, 2008.

  

 

***Other***

 

*Net Sales*. Net sales for Other were approximately $180.9 million for the thirty-nine weeksended May 30, 2009 compared to approximately $180.6 million for the forty weeksended May 31, 2008, an increase of approximately $0.3 million, or 0.2%.  The slightincrease was primarily due to increased sales at our portion control facilitywhich were offset by decreased fuel surcharge revenues at our transportationcompany during the thirty-nine week period of fiscal 2009 as compared to the fortyweek period of fiscal 2008.  In addition, the prior reporting period reflectsan extra week of sales activity as compared to the same period of this year.

 

*Operating Income*.  Operating income for Other was approximately $5.3 million for the thirty-nineweeks ended May 30, 2009 compared to approximately $6.9 million for the fortyweeks ended May 31, 2008, a decrease of approximately $1.6 million.  The decreasewas due primarily to a reduction of operating income of our transportationoperations due to lower sales and higher depreciation expense which was offsetby improved operating income of our portion control beef facility during thecurrent thirty-nine week period of fiscal 2009 as compared to the forty weekperiod of last year.

 

 

 

18

 

 

 

**Liquidityand Capital Resources**

 

As of May 30, 2009, we had net working capital ofapproximately $178.0 million, which included $16.8 million in distributionspayable and cash and cash equivalents of $14.7 million.  As of August 30, 2008,we had net working capital of approximately $209.6 million, which included$43.0 million in distributions payable and cash and cash equivalents of $25.5million.  Our primary sources of liquidity are cash flows from operations andavailable borrowings under our amended and restated credit facility (CreditFacility).

 

As of May 30, 2009, we had $356.0 million of long-termdebt, of which $11.3 million was classified as a current liability.  As of May30, 2009, our Credit Facility consisted of a $176.9 million term loan (whichmay be increased by as much as $75.0 million subject to the completion of thevaluation of certain collateral, which is expected to be completed during ourfourth quarter of fiscal 2009), all of which was outstanding, and a $225.0million revolving line of credit loan, which had outstanding borrowings of $63.8million, outstanding letters of credit of $42.2 million and availableborrowings of $119.0 million, based on the most restrictive financial covenantcalculations.  Cash flows from operations and borrowings under our Credit Facilityhave funded our working capital requirements, acquisitions, capitalexpenditures and other general corporate purposes.  We were in compliance withall of our financial covenants under our Credit Facility as of May 30, 2009.

 

Effective April 13, 2009, we amended our CreditFacility to increase the available borrowings under the facility by increasingthe revolving line of credit by $25.0 million and the term loan by up to $75.0million.  We used $50.0 million from the revolver and $75.5 million from theissuance of Class A1 Units to finance the redemption of the membershipinterests from certain members of management and their affiliates pursuant totheir rights under the LLC Agreement.

 

In addition to outstanding borrowings under our CreditFacility, we had outstanding borrowings under industrial revenue bonds of $20.7million, senior notes of $83.9 million and capital leases and other obligationsof $10.7 million as of May 30, 2009.  

 

                Webelieve that available borrowings under our Credit Facility and cash providedby operating activities will be sufficient to support our working capital,capital expenditures and debt service requirements for the foreseeable future.  Underthe April 13, 2009 amendment to our Credit Facility, we are required topurchase or redeem $100.0 million aggregate principal amount of our outstandingSenior Notes on or before December 31, 2009 which we intend to finance with theincreased available line of credit of $25.0 million and upon the increase inour available term borrowings of up to $75.0 million.  As of May 30, 2009, wehave purchased approximately $43.2 million of the $100.0 million aggregateprincipal amount of our Senior Notes to be purchased.  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 30, 2008.

* *

*OperatingActivities*

 

                Netcash provided by operating activities in the thirty-nine weeks ended May 30,2009 was $147.6 million compared to net cash provided by operating activitiesof $62.7 million in the forty weeks ended May 31, 2008.  The $84.9 millionchange was primarily due to a net income of approximately $73.3 million duringthe thirty-nine week period of fiscal year 2009 as compared to the net incomeof $39.7 million during the forty week period of fiscal 2008.  Also contributingto the improvement was net cash being provided in operating activities throughaccounts receivable and inventory which was offset by net cash used inoperating activities through accrued compensation and benefits in the currentyear.

 

 

 

 

19

 

 

 

 

*InvestingActivities*

 

Net cash used in investing activities was $34.3million in the thirty-nine weeks ended May 30, 2009 compared to $38.5 millionin the forty weeks ended May 31, 2008.  The decrease in cash used was primarilyattributable to a decrease in expenditures for property, plant and equipment relatedto improving operating efficiencies, primarily at our Liberal, Dodge City andCase Ready facilities, in the current year.

 

*FinancingActivities*

 

                Netcash used in financing activities was approximately $124.0 million in the thirty-nineweeks ended May 30, 2009 compared to net cash used in financing activities of $27.5million in the forty weeks ended May 31, 2008.  The change was primarilyattributed to an approximate $125.5 million redemption of member capital, anapproximate $40.2 million increase in member distributions paid, the purchaseand cancellation of approximately $45.5 million aggregate principal amount ofour Senior Notes, approximately $25.7 million in repayments on our term note,and $9.7 million change in the impact of overdraft balances during the current thirty-nineweek period as compared to the forty-week period of last year.  These changeswere partially offset by an approximate $74.8 million increase in net revolvercredit borrowings and by an approximate $75.5 million member capitalcontribution during this reporting period.

 

*Amendedand Restated Senior Credit Facility*

 

EffectiveApril 13, 2009, our Credit Facility was amended to permit the redemption of ourmembership interests in the amount of $125.5 million, including theauthorization and issuance of Class A1 Units to help fund the redemption.  Inaddition, the terms of our Credit Facility were amended to:  (1) increase theborrowings under our Credit Facility by up to $100.0 million, of which up to$75.0 million is under our term loan and $25.0 million is under our revolvingline of credit; (2) increase the applicable margin on the rates of interest ofthe term loan and revolving line of credit; (3) revise the payment schedule ofthe term loan; (4) shorten the maturity date of the term loan; (5) remove therestrictions on purchasing our Senior Notes and require the repurchase orredemption of $100 million aggregate principal amount of our Senior Notes; (6)increase the amount of capital expenditures we can make in any fiscal year from$50 million to $60 million, or $65 million if we expend less than $55 millionin the immediately preceding fiscal year; and (7) add a financial covenantrequiring us to maintain a Funded Debt to EBITDA ratio.  The related financingcharges, an upfront fee of approximately $0.8 million and an arrangement fee ofapproximately $0.5 million, will be amortized over the life of the loan.  

 

                Oncethe applicable collateral requirements are satisfied, which we expect to occurduring the fourth quarter, the Credit Facility will consist of up to $251.9million under a term loan that matures in July 2012 and a revolving line ofcredit loan of $225.0 million that matures in July 2012 that is subject tocertain borrowing base limitations. 

 

                Theborrowings under the Credit Facility bear interest at LIBOR or the Base Rate,plus the applicable margin.  The applicable margin for the revolving line ofcredit and the term loan will be based on borrowing base availability withgrids greater than $150.0 million, $50.0 to $150.0 million and less than $50.0million.  As of May 30, 2009, the interest rates for the revolving loan and theterm loan were approximately 3.48% and 3.57%, respectively.

 

                Ourfunded debt to EBITDA ratio is not to be more than 3.75 to 1.00 at the end ofeach fiscal quarter.  If the borrowingbase availability is less than $50.0 million for five consecutive business daysor less than $35.0 million on any single business day during any fiscal quarter,a fixed charge ratio of 1:15 to 1:00 must be maintained at the end of eachsubsequent fiscal quarter until the borrowing base availability has beengreater than or equal to $50.0 million for 90 consecutive days.   The advancerates under the borrowing base are 90% on eligible accounts and 70% on eligibleinventory.  As of May 30, 2009, we had met the borrowing base availabilityrequirements under our Credit Facility.

 

 

20

 

                Theborrowings under the revolving loan are available for our working capitalrequirements, capital expenditures and other general corporate purposes,including the purchase of $100.0 million aggregate principal amount of ourSenior Notes on or before December 31, 2009.  The Credit Facility is secured bya first priority lien on substantially all of the Company’s assets.  Theprincipal amount outstanding under the term loan is due and payable in equalinstallments of approximately $2.5 million on the last business day of eachJune and December commencing December 2009 through December 2010 after whichpayments increase to approximately $4.8 million.  All outstanding amounts ofthe term loan are due and payable on July 25, 2012.  Prepayment is allowed atany time.

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

                TheCredit Facility contains customary events of default, including withoutlimitation, failure to make payment when due, materially incorrectrepresentations and warranties, breach of covenants, events of bankruptcy,default of other indebtedness that would permit acceleration of such indebtedness,the occurrence of one or more unstayed or undischarged judgments in excess of$3.0 million, changes in custody or control of the Company’s property, changesin control of the Company, the failure of any of the loan documents to remainin full force, and the Company’s failure to properly fund its employee benefitplans.  The facility also includes customary provisions protecting the lendersagainst increased cost or loss of yield resulting from changes in tax, reserve,capital adequacy and other requirements of law.

 

 

21

 

 

 

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

* *

                Theprincipal market risks affecting our business are exposure to changes in pricesfor commodities, such as livestock and boxed beef, and interest rate risk.

 

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

 

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

 

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

 

                Wemay use futures contracts in order to reduce exposure associated with enteringinto firm commitments to purchase live cattle at prices determined prior todelivery of the cattle as well as firm commitments to sell certain beefproducts at sales prices determined prior to shipment. In accordance with SFASNo. 133, *Accounting for Derivative Instruments and Hedging Activities*,as amended, we account for futures contracts and their related firm purchasecommitments at fair value. Certain firm commitments for live cattle purchasesand all firm commitments for boxed beef sales are treated as “normal purchasesand sales” and not marked to market.  SFAS No. 133 imposes extensiverecordkeeping requirements in order to treat a derivative instrument as a hedgefor accounting purposes. Derivatives qualify for treatment as hedges when thereis a high correlation between the change in fair value of the instrument andthe related change in fair value of the underlying commitment. For derivativesthat qualify as effective hedges, the change in fair value has no net effect onearnings until the hedged transaction affects earnings. For derivatives thatare not designated as hedging instruments, or for the ineffective portion of a hedginginstrument, the change in fair value does affect current period net earnings.

 

                Whilemanagement believes each of these instruments help mitigate various marketrisks, they are not designated and accounted for as hedges under SFAS No. 133as a result of the extensive recordkeeping requirements of this statement.Accordingly, the gains and losses associated with the change in fair value ofthe instrument and the offsetting gains and losses associated with changes inthe market value of certain of the firm purchase commitments related to thefutures contracts are recorded to income and expense in the period of change.

 

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                Weuse a sensitivity analysis to evaluate the effect that changes in the marketvalue of commodities will have on these commodity derivative instruments.  Wefeel that sensitivity analysis more appropriately reflects the potential marketvalue exposure associated with the use of derivative instruments.  As of May 30,2009, the potential change in the fair value of applicable commodity prices,assuming a hypothetical 10% decrease in the underlying commodity price in eachyear, was $15.7 million.  As of August 30, 2008, the potential change in fairvalue of applicable commodity prices, assuming a hypothetical 10% decrease inthe underlying commodity price, was $1.2 million.  This significant change wasprimarily due to the cattle futures contracts that we entered into during thefirst quarter of fiscal 2009 to offset the risk of fixed-price salescommitments.

 

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

 

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

 

                Wehave long-term debt with variable interest rates. Short-term debt is primarilycomprised of the current portion of long-term debt maturing twelve months fromthe balance sheet date.  Our variable interest expense is sensitive to changesin the general level of interest rates.  As of May 30, 2009, the weightedaverage interest rate on our $261.4 million of variable rate debt wasapproximately 3.3%.

 

                Wehad total interest expense of approximately $18.2 million during thethirty-nine week period ending May 30, 2009.  The estimated increase in interestexpense from a hypothetical 200 basis point increase in applicable variableinterest rates would have been approximately $3.7 million in the thirty-nineweek period ending May 30, 2009. 

 

**Item 4T.  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 May 30, 2009 that have materiallyaffected, or are reasonably likely to materially affect, our internal controlover financial reporting.  The design of any system of controls and proceduresis based in part upon certain assumptions about the likelihood of futureevents. 

 

23

 
 
**PARTII. OTHER INFORMATION**

**Item 1. Legal Proceedings.**

                Forinformation regarding legal proceedings, see Note 6, “Contingencies” to our ConsolidatedFinancial Statements included in Part I, Item 1 of this Form 10-Q. 

**Item 1A. Risk Factors.**

The risk factors set forth in Item 1A of our AnnualReport on Form 10-K for the year ended August 30, 2008 have not materiallychanged. 

** **

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

                Fora description of the redemption of units from certain members of seniormanagement and their affiliates, see Note 5, “Capital Subject to Redemption” toour Consolidated Financial Statements included in Part I, Item 1 of this Form10-Q.

 

In order to partially finance such redemptions, we createda new series of Class A units (referred to as “Class A1 Units”) that wereissued to U.S. Premium Beef and NBPCo Holdings, LLC for approximately $55.8million and $19.6 million, respectively.  Class A1 Units are nonvoting and areentitled to a priority distribution of 7% per year on the face amount of theClass A1 Units payable with payment in kind Class A1 Units in lieu of cash if ourEBITDA does not meet certain tests.  For purposes of determining Class Bownership for liquidation or redemption, the Class A1 Units will be deemed tobe converted to Class B units at a ratio stated in the LLC Agreement, but willremain Class A1 Units after such determination.

 

The issuance of the Class A1 Units was exempt fromregistration under Section 4(2) of the Securities Act of 1933.

    

**Item 3. Defaults Upon Senior Securities.**

                None.

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

 

OnApril 13, 2009, the voting members unanimously amended the LLC Agreement byexecuting a Unit Redemption Agreement.  The LLC Agreement was amended toprovide that (i) the existing appraisal process for the valuation of us tobe used for the remaining units controlled by Mr. Klein for his rights underSection 12.5 of the LLC Agreement has been replaced with an amount equalto a two-year average of our EBITDA (as defined in the LLC Agreement)multiplied by six minus our outstanding debt; and (ii) for purposes ofredemption or liquidation, the Class B units controlled by Mr. Klein will bepaid a non-dilution premium.

** **

**Item 5. Other Information.**

**               **None.

 

 

 

 

24

 

**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.

 

** **

25

  

 

 

**SIGNATURES**

 

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

 

 

                                                                                                                 

 
   National Beef Packing Company, LLC         
 

 

 

By: 

 

/s/ John R. Miller

 

 

 

 

 

John R. Miller*Chief Executive Officer and Manager*

*(Principal Executive Officer)*

 

 

 

 

By: 

 

/s/ Jay D. Nielsen

 

 

 

 

 

Jay D. Nielsen*Chief Financial Officer*

*(Principal Financial and Accounting Officer)*

 

 

 

Date: July 10, 2009 

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