The following selected data presented under the captions "Statement of
Operations Data" and "Selected Balance Sheet Data" for, and as of the end of,
each of the years in the five-year period ended August 28, 2004 are
derived from the consolidated financial statements of the cooperative and its
subsidiaries, which financial statements have been audited by KPMG LLP,
independent registered public accountants. The consolidated financial statements
as of August 28, 2004 and August 30, 2003 and for each of the years
in the three-year period ended August 28, 2004, and the report thereon,
are included elsewhere in this document. The selected data should be read in
conjunction with the consolidated financial statements for the year ended
August 28, 2004, the related notes and the independent auditors' report,
which contains an explanatory paragraph that states that as discussed in
note 2 to the consolidated financial statements, the cooperative adopted
Statement of Financial Accounting Standard No. 142,
Goodwill and Other
Intangible Assets
, on September 1, 2002.
Historical per share data has been omitted
because, under the cooperative structure, earnings of the cooperative are
distributed as patronage dividends to members and associate members based on
the level of business conducted with the cooperative as opposed to common
stockholder's proportionate share of underlying equity in the cooperative. Pro
forma per unit data has been included below because as an LLC, the restructured
entity will, beginning in FYE 2005, make distributions to its unitholders based
on their proportionate share of the underlying equity in the Class A and B
units, 33% and 67%, respectively, as opposed to the level of business conducted
with the LLC. The pro forma per unit data gives effect to the exchange of one
Class A unit and one Class B unit of the newly formed LLC for each
share of common stock of the cooperative, effective August 29, 2004.
As described in note 1 to the consolidated
financial statements under "Item 8. Financial Statements and Supplementary
Data," USPB acquired a controlling interest in NBP on August 6, 2003 and since that date has consolidated the results of NPB in its consolidated financial
statements. As a result of the acquisition of a controlling interest in NBP, a
new basis of accounting was established for NBP on the date of acquisition.
Prior to August 7, 2003, USPB accounted for its interest in FNB under the
equity method of accounting. For these reasons the financial position and
operating results after the Acquisition are not comparable with those before
the Acquisition.
30
The following tables should be read in
conjunction with "Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Item 8. Financial Statements and
Supplementary Data" (including the accompanying notes) contained elsewhere in
this report.
Fiscal Years Ended
(1)
August 28, 2004
August 30, 2003
August 31, 2002
August 25, 2001
August 26, 2000
(In millions)
Statement of Operations
Data:
Net sales
$
4,089.5
$
871.8
$
697.4
$
572.4
$
566.1
Costs and expenses:
Cost of sales
3,969.7
853.6
697.4
572.4
566.1
Selling, general &
administrative
35.9
5.7
3.6
2.6
2.5
Depreciation and
amortization
21.2
2.1
-
-
-
Operating income (loss)
62.7
10.4
(3.6)
(2.6)
(2.5)
Other income (expense):
Minority owners' interest in
net income of
National Beef Packing
Co.
(19.4)
(4.9)
-
-
-
Equity in income from
Farmland National
Beef Packing Co.
-
22.6
20.3
21.2
23.8
Interest income
0.7
0.2
0.3
0.9
1.0
Interest expense
(25.5)
(2.4)
(0.7)
(3.2)
(3.3)
Interest rate exchage
agreement
0.6
-
(1.0)
(1.2)
-
Other, net
-
(1.7)
0.5
0.1
0.2
Total other (expense) income
(43.6)
13.8
19.4
17.8
21.7
Net income
$
19.1
$
24.2
$
15.8
$
15.2
$
19.2
(1)
Our fiscal year ends on the
last Saturday in August. Fiscal year ended 2002 consisted of 53 weeks. All
others consisted of
of 52 weeks.
31
Fiscal Years Ended
(1)
August 28, 2004
August 30, 2003
August 31, 2002
August 25, 2001
August 26, 2000
(In millions, except unit, and per unit data)
Pro Forma Per Unit Data:
Weighted average basic
Class A
691,845
691,845
691,845
691,845
691,845
units outstanding
Class B
691,845
691,845
691,845
691,845
691,845
Basic earnings
Class A - 33%
$
9.11
$
11.56
$
7.52
$
7.23
$
9.13
per unit
Class B - 67%
$
18.49
$
23.46
$
15.26
$
14.67
$
18.55
Weighted average diluted
Class A
704,748
703,761
701,844
700,201
696,537
units outstanding
Class B
704,748
703,761
701,844
700,201
696,537
Diluted earnings
Class A - 33%
$
8.94
$
11.36
$
7.41
$
7.14
$
9.07
per unit
Class B - 67%
$
18.16
$
23.07
$
15.04
$
14.50
$
18.42
Distributions declared
Class A - 33%
$
1.01
$
9.98
$
5.61
$
8.04
$
8.94
per unit
Class B - 67%
$
2.05
$
20.26
$
11.38
$
16.32
$
18.16
Selected Balance Sheet
Data:
Cash and cash equivalents
$
43.6
$
42.2
$
16.1
$
14.3
$
15.6
Total assets
$
663.8
$
641.2
$
107.2
$
128.4
$
123.3
Long-term debt, less current
maturities
$
331.8
$
312.7
$
8.2
$
28.1
$
30.7
Minority interest
$
63.1
$
54.0
$
-
$
-
$
-
Capital shares and equities
$
118.0
$
98.4
$
82.4
$
76.5
$
68.9
Common shares outstanding
691,845
691,845
691,845
691,845
691,845
Pro Forma Per Unit Data:
Pro forma Class A Units
outstanding
691,845
691,845
691,845
691,845
691,845
Pro forma Class B Units
outstanding
691,845
691,845
691,845
691,845
691,845
Pro forma book value for
collective Class A and B units
$
170.57
$
142.23
$
119.13
$
110.62
$
99.53
(1)
Our fiscal year ends on the
last Saturday in August. Fiscal year ended 2002 consisted of 53 weeks. All
others consisted of 52 weeks.
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