-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AqVdjHXsmYREl4NMkBype5AU43sRv16c1mZwXPRg3l/2bpBLt+jWZ0BzahiPqXyL IwG406iv84BwrynPGXEXsw== 0000088121-97-000009.txt : 19970815 0000088121-97-000009.hdr.sgml : 19970815 ACCESSION NUMBER: 0000088121-97-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEABOARD CORP /DE/ CENTRAL INDEX KEY: 0000088121 STANDARD INDUSTRIAL CLASSIFICATION: POULTRY SLAUGHTERING AND PROCESSING [2015] IRS NUMBER: 042260388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03390 FILM NUMBER: 97662941 BUSINESS ADDRESS: STREET 1: 9000 W. 67TH STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66201 BUSINESS PHONE: 913-676-8939 MAIL ADDRESS: STREET 1: 9000 W. 67TH STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66202 FORMER COMPANY: FORMER CONFORMED NAME: SEABOARD ALLIED MILLING CORP DATE OF NAME CHANGE: 19820328 FORMER COMPANY: FORMER CONFORMED NAME: HATHAWAY BAKERIES INC DATE OF NAME CHANGE: 19710315 10-Q 1 1997 2ND QUARTER 10-Q FILING UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 OR 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 1-3390 Seaboard Corporation ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 04-2260388 - ------------------------------- ------------------------------------ (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 9000 W. 67th Street, Shawnee Mission, Kansas 66202 - -------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) (913) 676-8800 Not Applicable - ------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes . No ___. There were 1,487,520 shares of common stock, $.01 par value per share, outstanding on July 18, 1997. Total pages in filing - 14 pages PART I - FINANCIAL INFORMATION Item 1. Financial Statements SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets June 30, 1997 and December 31, 1996 (Thousands of Dollars)
June 30, December 31, 1997 1996 ------------ ------------ Assets ------ Current assets: Cash and cash equivalents $ 5,615 $ 11,467 Short-term investments 102,568 90,373 Receivables, net 159,089 184,284 Inventories 214,032 185,701 Deferred income taxes 8,178 7,224 Prepaid expenses and deposits 24,924 14,330 ------------ ------------ Total current assets 514,406 493,379 Investments in and advances to foreign subsidiaries not consolidated 77,986 32,212 Net property, plant and equipment 472,297 466,161 Other assets 14,206 12,933 ------------ ------------ Total assets $1,078,895 $1,004,685 ============ ============ Liabilities and Stockholders' Equity ------------------------------------ Current liabilities: Notes payable $ 160,400 $ 150,157 Current maturities of long-term debt 6,725 6,900 Accounts payable 57,729 72,398 Other current liabilities 106,573 59,687 ------------ ------------ Total current liabilities 331,427 289,142 ------------ ------------ Long-term debt, less current maturities 307,444 297,719 Deferred income taxes 27,680 22,721 Other liabilities 27,327 25,169 ------------ ------------ Total non-current and deferred liabilities 362,451 345,609 ------------ ------------ Stockholders' equity: Common stock of $1 par value, Authorized 4,000,000 shares; issued 1,789,599 shares 1,790 1,790 Less 302,079 shares held in treasury, at par value (302) (302) ------------ ------------ 1,488 1,488 Additional capital 13,214 13,214 Unrealized gain on available-for-sale securities, (net of deferred income tax expense of $1 and $8 at June 30, 1997 and December 31, 1996, respectively) 2 16 Retained earnings 370,313 355,216 ------------ ------------ Total stockholders' equity 385,017 369,934 ------------ ------------ Total liabilities and stockholders' equity $1,078,895 $1,004,685 ============ ============ See notes to condensed consolidated financial statements.
Page 2 SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Earnings Three months ended June 30, 1997 and twelve weeks ended June 15, 1996 (Thousands of dollars except per share amounts)
June 30, June 15, 1997 1996 ------------ ------------ Net sales $ 449,366 $ 330,503 Cost of sales and operating expenses 392,286 302,291 ------------ ------------ Gross income 57,080 28,212 Selling, general and administrative expenses 32,871 31,880 ------------ ------------ Operating income (loss) 24,209 (3,668) ------------ ------------ Other income(expense): Interest income 1,483 1,856 Interest expense (7,141) (5,872) Loss from foreign subsidiaries not consolidated (3,069) (499) Miscellaneous 219 (37) ------------ ------------ Total other income (expense), net (8,508) (4,552) ------------ ------------ Earnings (loss) before income taxes and cumulative effect of a change in accounting principle 15,701 (8,220) Income tax expense (benefit) 5,196 (4,071) ------------ ------------ Earnings (loss) before cumulative effect of a change in accounting principle 10,505 (4,149) Cumulative effect of changing the accounting for inventories -- -- ------------ ------------ Net earnings (loss) $ 10,505 $ (4,149) ============ ============ Earnings (loss) per common share before cumulative effect of a change in accounting principle $ 7.06 $ (2.79) Cumulative effect of changing the accounting for inventories -- -- ------------ ------------ Earnings (loss) per common share $ 7.06 $ (2.79) ============ ============ Dividends declared per common share $ .25 $ .25 ============ ============ Average number of shares outstanding 1,487,520 1,487,520 See notes to condensed consolidated financial statements.
Page 3 SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Earnings Six months ended June 30, 1997 and twenty-four weeks ended June 15, 1996 (Thousands of dollars except per share amounts)
June 30, June 15, 1997 1996 ------------ ------------ Net sales $ 849,546 $ 628,134 Cost of sales and operating expenses 740,497 579,057 ------------ ------------ Gross income 109,049 49,077 Selling, general and administrative expenses 68,720 64,915 ------------ ------------ Operating income (loss) 40,329 (15,838) ------------ ------------ Other income(expense): Interest income 2,694 3,600 Interest expense (14,901) (11,555) Loss from foreign subsidiaries not consolidated (4,718) (431) Miscellaneous 522 60 ------------ ------------ Total other income (expense), net (16,403) (8,326) ------------ ------------ Earnings (loss) before income taxes and cumulative effect of a change in accounting principle 23,926 (24,164) Income tax expense (benefit) 8,085 (9,303) ------------ ------------ Earnings (loss) before cumulative effect of a change in accounting principle 15,841 (14,861) Cumulative effect of changing the accounting for inventories, net of income tax expense of $1,922 -- 3,006 ------------ ------------ Net earnings (loss) $ 15,841 $ (11,855) ============ ============ Earnings (loss) per common share before cumulative effect of a change in accounting principle $ 10.65 $ (9.99) Cumulative effect of changing the accounting for inventories -- 2.02 ------------ ------------ Earnings (loss) per common share $ 10.65 $ (7.97) ============ ============ Dividends declared per common share $ .25 $ .25 ============ ============ Average number of shares outstanding 1,487,520 1,487,520 ============ ============ See notes to condensed consolidated financial statements.
Page 4 SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows Six months ended June 30, 1997 and twenty-four weeks ended June 15, 1996 (Thousands of Dollars)
June 30, June 15, 1997 1996 ------------ ------------ Cash flows from operating activities: Net earnings (loss) $ 15,841 $ (11,855) Adjustments to reconcile net earnings to cash from operating activities: Depreciation and amortization 28,236 24,403 Equity in losses of non-consolidated subsidiaries 4,718 431 Deferred income taxes 4,005 2,394 Changes in current assets and liabilities: Receivables, net of allowance (3,160) (26,278) Inventories (28,331) (27,166) Prepaid expenses and deposits (10,594) (2,030) Current liabilities exclusive of debt 32,217 (4,117) Other, net 1,779 259 ------------ ------------ Net cash from operating activities 44,711 (43,959) ------------ ------------ Cash flows from investing activities: Purchase of investments (117,590) (154,022) Proceeds from the sale or maturity of investments 105,374 189,022 Capital expenditures, net (34,372) (62,005) Investments and advances to foreign subsidiaries not consolidated (22,137) 1,855 Notes receivable, net 160 (243) ------------ ------------ Net cash from investing activities (68,565) (25,393) ------------ ------------ Cash flows from financing activities: Notes payable to bank, net 10,243 65,816 Proceeds from long-term debt 10,032 10,349 Principal payments of long-term debt (482) (10,502) Bond construction fund (1,047) 3,357 Dividends paid (744) (744) ------------ ------------ Net cash from financing activities 18,002 68,276 ------------ ------------ Net decrease in cash and cash equivalents (5,852) (1,076) Cash and cash equivalents at beginning of year 11,467 5,529 ------------ ------------ Cash and cash equivalents at end of quarter $ 5,615 $ 4,453 ============ ============ See notes to condensed consolidated financial statements.
Page 5 SEABOARD CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements Note 1 - Accounting Policies and Basis of Presentation The consolidated financial statements include the accounts of Seaboard Corporation and its wholly owned domestic and foreign subsidiaries (the "Company"). All significant intercompany balances and transactions have been eliminated in consolidation. The Company's investments in non-controlled foreign subsidiaries are accounted for by the equity method. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company for the year ended December 31, 1996 as filed in its Annual Report on Form 10-K. The accompanying unaudited consolidated financial statements include all adjustments (consisting only of normal recurring accruals) which, in the opinion of management, are necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations for interim periods are not necessarily indicative of results to be expected for a full year. In 1997, the Company changed its quarters to four three-month quarters from three twelve-week periods and one sixteen-week period. Accordingly, the three and six months ended June 30, 1997, reflect approximately thirteen and twenty-six weeks of operations, respectively, compared to twelve and twenty-four weeks, respectively, for 1996. Effective for the Company's fiscal year ending December 31, 1997, Statement of Financial Accounting Standards No. 128,"Earnings Per Share", revises the calculation and presentation provisions of Accounting Principles Board Opinion 15 and related interpretations. Retroactive application is required. The Company believes the adoption of this Statement will not have a significant effect on its reported earnings per share. Note 2 - Inventories During 1996, the Company changed its method of accounting for spare parts and supplies used in its poultry and pork processing operations. The following is a summary of inventories at June 30, 1997 and December 31, 1996 (in thousands):
June 30, December 31, 1997 1996 ------------ ------------ At lower of last-in, first-out (LIFO) cost or market: Live poultry $ 27,416 $ 27,610 Dressed poultry 43,638 29,295 Feed and baking ingredients, packaging supplies and other 8,191 7,353 ------------ ------------ 79,245 64,258 LIFO allowance (5,488) (6,000) ------------ ------------ Total inventories at lower of LIFO cost or market 73,757 58,258 ------------ ------------ At lower of first-in, first-out (FIFO) cost or market: Live hogs 76,351 68,409 Grain, flour and feed 30,980 30,461 Crops in production, fertilizers and pesticides 8,740 10,097 Dressed pork 10,408 4,709 Other 13,796 13,767 ------------ ------------ Total inventories at lower of FIFO cost or market 140,275 127,443 ------------ ------------ Total inventories $ 214,032 $ 185,701 ============ ============
Page 6 Note 3 - Contingencies The Company is a defendant in a pending arbitration proceeding and related litigation in Puerto Rico brought by the owner of a chartered barge and tug which were damaged by fire after delivery of the cargo. Damages of $47.6 million are alleged. The Company is vigorously defending the action and believes that it has no responsibility for the loss. The Company also believes that it would have a claim for indemnity if it were held liable for any loss. The Company is subject to various other legal proceedings related to the normal conduct of its business. In the opinion of management, none of these actions is expected to result in a judgment having a materially adverse effect on the consolidated financial statements of the Company. Page 7 Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations LIQUIDITY AND CAPITAL RESOURCES - ----------------------------------------------------------------------------- June 30, December 31, 1997 1996 - ----------------------------------------------------------------------------- Current ratio 1.55:1 1.71:1 Working capital $ 183.0 $ 204.2 - ----------------------------------------------------------------------------- Cash from operating activities for the six months ended June 30, 1997, was $44.7 million, compared to $(44.0) million for the twenty-four weeks ended June 15, 1996. The increase in cash from operating activities was primarily related to the increase in net earnings of $27.7 million, a smaller increase in accounts receivable and an increase in current liabilities for the six months of 1997 compared to the first twenty-four weeks of 1996. The smaller increase in receivables during 1997 was primarily the result of increased sales of wheat to affiliated, non-consolidated foreign flour mills during 1996 and improved collections in the transportation and power divisions during 1997. The increase in current liabilities consists primarily of accrued voyage expenses. The Company invested $32.5 million in property, plant and equipment in the food production and processing segment for the six months ended June 30, 1997. Capital expenditures in the pork division of $15.3 million were primarily for the completion of hog farrowing and finishing facilities. Management expects additional expenditures in 1997 of approximately $24.5 million for completion of existing production facilities and improvements to the pork processing plant to be financed through internally generated cash. The Company is in the final planning stages for an expansion of its hog production capacity by 0.5 million hogs per year to a total of 2.5 million hogs per year. Management anticipates that this expansion will be completed over the next twelve to eighteen months at an estimated cost of approximately $82 million. Management is currently evaluating alternative methods of implementing this expansion, including construction of additional facilities by the Company, engaging contract growers or additional operating leased facilities. Facilities completed by the Company will be financed with internally generated cash. Capital expenditures of $15.3 million for the six months ended June 30, 1997, were made in the poultry division. The Company anticipates spending a total of $37 million in 1997 to expand and convert the Athens, Georgia facility from retail tray-pack production to foodservice production and to add an additional cooking line at the Elberton, Georgia facility. Management anticipates these expenditures will be financed by internally generated cash. Other capital expenditures in the food production and processing segment for the six months ended June 30, 1997, included $1.9 million in general modernization and efficiency upgrades of plant and equipment. Page 8 Capital expenditures in the transportation segment through June 30, 1997, totaled $3.8 million for general replacement and upgrades of property and equipment. During the six months ended June 30, 1997, the Company made advances of $22.4 million to Ingenio y Refineria San Martin del Tabacal S.A. (Tabacal) in which the Company owns a non-controlling interest. As of June 30, 1997, advances totaled $50.0 million for improvements of existing operations, expanding sugarcane and citrus fields and working capital. During the second quarter of 1997, it was determined that these advances to Tabacal would not be repaid on a short-term basis and accordingly such advances are recorded as long-term advances as of June 30, 1997. For the remainder of 1997, the Company anticipates making additional advances to Tabacal in an amount which is not presently expected to exceed $10 million. In the first quarter of 1997, the Company's one-year revolving credit facilities were increased to $160 million as a result of the extension and increase of an existing facility and the establishment of a new facility. As of June 30, 1997, the Company had $141.6 million outstanding under the one-year revolving credit facilities and $18.8 million outstanding under short-term uncommitted credit lines totaling $119.5 million. At December 31, 1996, the Company had $150.2 million outstanding under the Company's one-year revolving credit facilities totaling $90 million and short-term uncommitted credit lines from banks totaling $115 million. During the first quarter of 1997, the Company borrowed the proceeds of $10 million of Adjustable Rate, Seven-Day Demand Exempt Facility Revenue Bonds issued by the Oklahoma Development Finance Authority. These funds were used to finance certain costs associated with hog production facilities. In addition, the existing five-year revolving credit facility was extended and reduced from $50 million to $25 million. Management intends to continue seeking opportunities for expansion in the industries in which it operates and believes that the Company's liquidity, capital resources and borrowing capabilities are adequate for its current and intended operations. RESULTS OF OPERATIONS Net sales for the three and six months ended June 30, 1997, increased by $118.9 and $221.4 million, respectively, compared to the twelve and twenty-four weeks ended June 15, 1996. Operating income increased by $27.9 and $56.2 million, respectively, compared to the periods one year ago. In 1997, the Company changed its quarters to four three-month quarters from three twelve-week periods and one sixteen-week period. Accordingly, the three and six months ended June 30, 1997, reflect approximately thirteen and twenty-six weeks of operations, respectively, compared to twelve and twenty-four weeks, respectively, for 1996. Page 9 The segment distribution of the increase (decrease) in net sales and operating income compared to the prior year are as follows (in millions): Net Sales Operating Income ---------------------- ---------------------- Quarter Year-to-Date Quarter Year-to-Date -------- ------------ -------- ------------ Food Production and Processing Segment $ 102.6 $ 196.7 $ 20.5 $ 40.5 Commodity Trading and Milling Segment 2.1 (1.0) (0.1) (1.4) Transportation Segment 14.0 25.6 7.2 16.8 Other 0.2 0.1 0.3 0.3 ------- ----------- -------- ------------ $ 118.9 $ 221.4 $ 27.9 $ 56.2 ======= =========== ======== ============ Food Production and Processing Segment Net sales for the food production and processing segment increased $102.6 and $196.7 million for the three and six months ended June 30,1997, respectively, compared to the twelve and twenty-four weeks ended June 15, 1996. The increases are primarily a result of the pork processing plant operating at full single-shift capacity for the 1997 period in addition to commencing double-shift operations during the second quarter of 1997. Operating income increased $20.5 and $40.5 million for the three and six month periods of 1997 compared to similar periods of 1996 primarily as a result of lower grain prices and the efficiencies reached by increased production at the pork processing plant and hog production facilities. Management cannot predict grain prices for the remainder of 1997. Net sales of poultry products totaled $114.7 and $231.3 million for the three and six months ended June 30, 1997, an increase of $2.6 and $8.9 million compared to the twelve and twenty-four weeks ended June 30,1996, primarily as the result of a longer accounting period. Lower finished feed costs, primarily corn, and a reduction in packaging costs, primarily as a result of product mix, are the primary reasons gross income from poultry sales increased to $4.1 and $10.4 million for the three and six month periods of 1997, respectively, from $3.1 and $4.0 million for the similar periods of 1996. These increases were partially offset by downtime experienced during the second quarter of 1997 as a result of converting the Company's largest processing plant, located in Athens, Georgia from retail tray-pack to foodservice production. This conversion, coupled with the future addition of a cooking line at the Elberton, Georgia location will increase the further processing capacity of the Company. Management expects to experience additional costs of conversion during the third quarter of 1997 and complete the expansion of its further processing capacity by the end of 1997 or early in 1998. Page 10 Net sales within the pork operations increased by $98.0 and $181.2 million to $137.5 and $242.4 million, respectively, for the three and six months ended June 30, 1997, compared to the twelve and twenty-four weeks ended June 15, 1996. The increase is primarily the result of increased sales of pork at the hog processing plant, which reached full single-shift capacity during the second half of 1996 and commenced double-shift operations during the second quarter of 1997, along with higher pork prices. Management expects continued increases in sales during the last half of 1997 as the hog processing plant continues to increase its double-shift operations. The Company anticipates that it will achieve full double-shift capacity in late 1997 or early 1998. Increased utilization of the pork processing plant along with increased production at the hog production facilities are the primary reasons gross income increased $17.9 million and $32.7 million to $17.4 and $27.9 million, respectively, for the three and six month periods of 1997, when compared to similar periods of 1996. Commodity Trading and Milling Segment Net sales from commodity trading and milling activity increased by $2.1 and decreased $1.0 million to $82.8 and $153.5 million, respectively, for the three and six months ended June 30, 1997, compared to the twelve and twenty-four weeks ended June 15, 1996. The increase is primarily a result of higher wheat sales to foreign markets for the quarter while such sales were lower for the six months. Operating income for the three and six month periods of 1997 decreased $0.1 and $1.4 million to $2.8 and $5.6 million, respectively, when compared to similar periods of 1996 primarily as a result of lower millfeed prices in foreign markets. Transportation Segment Net sales from containerized cargo operations increased by $14.0 and $25.6 million to $76.8 and $145.4 million, respectively, for the three and six months ended June 30, 1997, compared to the twelve and twenty-four weeks ended June 15, 1996. This increase is primarily a result of increased cargo volumes and overall higher container rates in certain markets that the Company serves combined with the longer accounting period. Operating income from containerized cargo operations increased by $7.2 and $16.8 million to $7.1 and $13.7 million, respectively, for the three and six month periods of 1997 compared to similar periods in 1996. The increase in operating income was primarily related to increased cargo volumes, higher container rates and lower operating expenses. A year ago, container rates were under significant competitive pressure but stabilized and began to improve in the fourth quarter of fiscal 1996. Management cannot predict whether rates will continue to improve during 1997. Page 11 Selling, General and Administrative Expenses Selling, general and administrative (SG&A) expenses increased $1.0 and $3.8 million to $32.9 and $68.7 million for the three and six months ended June 30, 1997, compared to the twelve and twenty-four weeks ended June 15, 1996, primarily as a result of a longer accounting period. As a percentage of revenues, SG&A decreased to 7.3% and 8.1% for the three and six month periods of 1997, respectively, compared to 9.6% and 10.3% for similar periods of 1996 as a result of increased pork production and lower expenses in the transportation segment. Other Income and Expense Interest income declined during the three and six months ended June 30, 1997, compared to the similar periods one year earlier resulting primarily from a decrease in average invested funds. Interest expense increased during the three and six month periods of 1997 compared to similar periods one year earlier primarily as a result of increased short-term borrowings. Loss from foreign subsidiaries not consolidated for the three and six months ended June 30, 1997, is primarily attributable to the upgrading and expansion of operations of Tabacal. The Company anticipates incurring additional losses during 1997 and the first half of 1998 as Tabacal continues its upgrading and expansion activities. Page 12 SEABOARD CORPORATION AND SUBSIDIARIES PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - None (b) Reports on Form 8-K. Seaboard Corporation has not filed any reports on Form 8-K during the quarter ended June 30, 1997. This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which include statements concerning projection of revenues, income or loss, capital expenditures, capital structure or other financial items, statements regarding the plans and objectives of management for future operations, statements of future economic performance, statements of the assumptions underlying or relating to any of the foregoing statements and other statements which are other than statements of historical fact. These statements appear in a number of places in this Form 10-Q and include statements regarding the intent, belief or current expectations of the Company and its management with respect to (i) the cost and timing of the completion of new or expanded facilities, (ii) the Company's financing plans, (iii) the price of feed stocks and other materials used by the Company, (iv) the price for the Company's products and services, or (v) other trends affecting the Company's financial condition or results of operations. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially as a result of various factors. The accompanying information contained in this Form 10-Q under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" identifies important factors which could cause such differences. Page 13 PART II - OTHER INFORMATION SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. DATE: August 14, 1997 Seaboard Corporation by: /s/ Robert L. Steer ---------------------------------- Robert L. Steer, Vice President- Finance (Authorized officer and principal financial and accounting officer) Page 14 EX-27 2 EX-27 FINANCIAL DATA SCHEDULE
5 THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE SECOND QUARTER 10-Q FILING AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 6-MOS DEC-31-1997 JAN-01-1997 JUN-30-1997 5615 102568 159089 19258 214032 514406 746052 273755 1078895 331427 0 0 0 1488 383529 1078895 849546 849546 740497 740497 68720 0 14901 23926 8085 15841 0 0 0 15841 10.65 10.65
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