-----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, EHgJV3MWqRMb6Jz3TQCzzuwQWftXeLS2JLi9WPd/YD6ruka04zU310CxMkgc0q3U JAa/GSfY311Z5QD0mufbtQ== 0000088121-97-000011.txt : 19971117 0000088121-97-000011.hdr.sgml : 19971117 ACCESSION NUMBER: 0000088121-97-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971114 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: SEC FILE NUMBER: 001-03390 FILM NUMBER: 97718259 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 THIRD 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 September 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 X . No ___. There were 1,487,520 shares of common stock, $.01 par value per share, outstanding on October 31, 1997. Total pages in filing - 14 pages PART I - FINANCIAL INFORMATION Item 1. Financial Statements SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets September 30, 1997 and December 31, 1996 (Thousands of Dollars)
September 30, December 31, 1997 1996 -------------- -------------- Assets ------ Current assets: Cash and cash equivalents $ 6,275 $ 11,467 Short-term investments 102,365 90,373 Receivables, net 169,602 184,284 Inventories 195,608 185,701 Deferred income taxes 9,289 7,224 Prepaid expenses and deposits 20,074 14,330 -------------- -------------- Total current assets 503,213 493,379 Investments in and advances to foreign subsidiaries not consolidated 84,486 32,212 Net property, plant and equipment 478,501 466,161 Other assets 14,513 12,933 -------------- -------------- Total assets $ 1,080,713 $ 1,004,685 ============== ============== Liabilities and Stockholders' Equity ------------------------------------ Current liabilities: Notes payable $ 142,517 $ 150,157 Current maturities of long-term debt 6,761 6,900 Accounts payable 67,598 72,398 Other current liabilities 103,377 59,687 -------------- -------------- Total current liabilities 320,253 289,142 -------------- -------------- Long-term debt, less current maturities 307,221 297,719 Deferred income taxes 29,492 22,721 Other liabilities 28,583 25,169 -------------- -------------- Total non-current and deferred liabilities 365,296 345,609 -------------- -------------- 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 $6 and $8 at September 30, 1997 and December 31, 1996, respectively) 13 16 Retained earnings 380,449 355,216 -------------- -------------- Total stockholders' equity 395,164 369,934 -------------- -------------- Total liabilities and stockholders' equity $ 1,080,713 $ 1,004,685 ============== ============== See notes to condensed consolidated financial statements. Page 2
SEABOARD CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Earnings Three months ended September 30, 1997 and twelve weeks ended September 7, 1996 (Thousands of dollars except per share amounts)
September 30, September 7, 1997 1996 ------------- ------------- Net sales $ 429,610 $ 350,739 Cost of sales and operating expenses 372,123 310,994 ------------- ------------- Gross income 57,487 39,745 Selling, general and administrative expenses 34,253 30,139 ------------- ------------- Operating income 23,234 9,606 ------------- ------------- Other income(expense): Interest income 1,774 1,762 Interest expense (8,271) (6,358) Loss from foreign subsidiaries not consolidated (2,246) (557) Miscellaneous 287 898 ------------- ------------- Total other income (expense), net (8,456) (4,255) ------------- ------------- Earnings before income taxes and cumulative effect of a change in accounting principle 14,778 5,351 Income tax expense 4,270 2,035 ------------- ------------- Earnings before cumulative effect of a change in accounting principle 10,508 3,316 Cumulative effect of changing the accounting for inventories -- -- ------------- ------------- Net earnings $ 10,508 $ 3,316 ============= ============= Earnings per common share before cumulative effect of a change in accounting principle $ 7.06 $ 2.23 Cumulative effect of changing the accounting for inventories -- -- ------------- ------------- Earnings per common share $ 7.06 $ 2.23 ============= ============= 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 Nine months ended September 30, 1997 and thirty-six weeks ended September 7, 1996 (Thousands of dollars except per share amounts)
September 30, September 7, 1997 1996 ------------- ------------- Net sales $ 1,279,156 $ 978,873 Cost of sales and operating expenses 1,112,620 890,051 ------------- ------------- Gross income 166,536 88,822 Selling, general and administrative expenses 102,973 95,054 ------------- ------------- Operating income (loss) 63,563 (6,232) ------------- ------------- Other income(expense): Interest income 4,468 5,362 Interest expense (23,172) (17,913) Loss from foreign subsidiaries not consolidated (6,964) (988) Miscellaneous 809 958 ------------- ------------- Total other income (expense), net (24,859) (12,581) ------------- ------------- Earnings (loss) before income taxes and cumulative effect of a change in accounting principle 38,704 (18,813) Income tax expense (benefit) 12,355 (7,268) ------------- ------------- Earnings (loss) before cumulative effect of a change in accounting principle 26,349 (11,545) Cumulative effect of changing the accounting for inventories, net of income tax expense of $1,922 -- 3,006 ------------- ------------- Net earnings (loss) $ 26,349 $ (8,539) ============= ============= Earnings (loss) per common share before cumulative effect of a change in accounting principle $ 17.71 $ (7.76) Cumulative effect of changing the accounting for inventories -- 2.02 ------------- ------------- Earnings (loss) per common share $ 17.71 $ (5.74) ============= ============= Dividends declared per common share $ .75 $ .75 ============= ============= 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 Nine months ended September 30, 1997 and thirty-six weeks ended September 7,1996 (Thousands of Dollars)
September 30, September 7, 1997 1996 ------------- ------------- Cash flows from operating activities: Net earnings (loss) $ 26,349 $ (8,539) Adjustments to reconcile net earnings to cash from operating activities: Depreciation and amortization 42,543 36,410 Equity in losses of non-consolidated subsidiaries 6,964 988 Deferred income taxes 4,706 6,312 Changes in current assets and liabilities: Receivables, net of allowance (13,673) (48,935) Inventories (9,907) (34,136) Prepaid expenses and deposits (5,744) (2,556) Current liabilities exclusive of debt 38,890 12,849 Other, net 2,808 347 ------------- ------------- Net cash from operating activities 92,936 (37,260) ------------- ------------- Cash flows from investing activities: Purchase of investments (189,596) (234,602) Proceeds from the sale or maturity of investments 177,599 263,291 Capital expenditures, net (54,883) (59,544) Investments and advances to foreign subsidiaries not consolidated (30,883) (6,812) Notes receivable, net 78 797 ------------- ------------- Net cash from investing activities (97,685) (36,870) ------------- ------------- Cash flows from financing activities: Notes payable to bank, net (7,640) 75,114 Proceeds from long-term debt 10,097 10,348 Principal payments of long-term debt (734) (10,932) Bond construction fund (1,050) 3,280 Deferred grants -- 350 Dividends paid (1,116) (1,116) ------------- ------------- Net cash from financing activities (443) 77,044 ------------- ------------- Net decrease in cash and cash equivalents (5,192) 2,914 Cash and cash equivalents at beginning of year 11,467 5,529 ------------- ------------- Cash and cash equivalents at end of quarter $ 6,275 $ 8,443 ============= ============= 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 operation's 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 nine months ended September 30, 1997, reflect approximately thirteen and thirty-nine weeks of operations, respectively, compared to twelve and thirty-six 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 September 30, 1997, and December 31, 1996 (in thousands):
September 30, December 31, 1997 1996 ------------- ------------- At lower of last-in, first-out (LIFO) cost or market: Live poultry $ 26,865 $ 27,610 Dressed poultry 35,979 29,295 Feed and baking ingredients, packaging supplies and other 6,716 7,353 ------------- ------------- 69,560 64,258 LIFO allowance (5,188) (6,000) ------------- ------------- Total inventories at lower of LIFO cost or market 64,372 58,258 ------------- ------------- At lower of first-in, first-out (FIFO) cost or market: Live hogs 72,988 68,409 Grain, flour and feed 26,539 30,461 Dressed pork 11,373 4,709 Crops in production, fertilizers and pesticides 6,345 10,097 Other 13,991 13,767 ------------- ------------- Total inventories at lower of FIFO cost or market 131,236 127,443 ------------- ------------- Total inventories $ 195,608 $ 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 - ----------------------------------------------------------------------------- September 30, December 31, 1997 1996 - ----------------------------------------------------------------------------- Current ratio 1.57:1 1.71:1 Working capital $ 183.0 $ 204.2 - ----------------------------------------------------------------------------- Cash from operating activities for the nine months ended September 30, 1997, was $92.9 million, compared to $(37.3) million for the thirty-six weeks ended September 7, 1996. The increase in cash was primarily related to the increase in net earnings of $34.9 million, smaller increases in accounts receivable and inventories, and a larger increase in current liabilities for the nine months of 1997 compared to the first thirty-six weeks of 1996. The smaller increase in receivables during 1997 was primarily the result of smaller increases in poultry and pork receivables and improved collections in the transportation and power divisions during 1997. The smaller increase in inventory was primarily a result of the pork division being in a live hog production start-up phase during 1996. This increase was partially offset by the increase in the dressed poultry inventory as a result of lower sales of leg quarters. The increase in current liabilities consists primarily of accrued voyage expenses. The Company invested $53.9 million in property, plant and equipment in the food production and processing segment for the nine months ended September 30, 1997. Capital expenditures in the pork division of $24.1 million were primarily for the completion of hog farrowing and finishing facilities and improvements to the pork processing plant. Management expects additional expenditures in 1997 of approximately $22.5 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 nine to fifteen months. Management is currently evaluating alternative methods of implementing this expansion, including constructing additional company-owned facilities, engaging contract growers or adding more leased facilities. Facilities constructed by the Company will be financed with internally generated cash. Capital expenditures of $26.8 million for the nine months ended September 30, 1997, were made in the poultry division primarily 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 expects additional expenditures of approximately $10 million for the remainder of 1997 to complete these existing projects. Management anticipates these expenditures will be financed by internally generated cash. Page 8 Other capital expenditures in the food production and processing segment for the nine months ended September 30, 1997, included $3.0 million in general modernization and efficiency upgrades of plant and equipment. Capital expenditures in the transportation segment for the nine months ended September 30, 1997, totaled $4.6 million for general replacement and upgrades of property and equipment. During the nine months ended September 30, 1997, the Company made net advances and non-voting investments of $30.9 million to Ingenio y Refineria San Martin del Tabacal S.A. (Tabacal) in which the Company owns a non-controlling interest. As of September 30, 1997, net advances and non-voting investments totaled $58.5 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 and investments as of September 30, 1997. Over the next twelve to fifteen months, the Company anticipates guaranteeing loans made to Tabacal by third parties, making additional advances to or non-voting investments in Tabacal of $20 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 September 30, 1997, the Company had $141.4 million outstanding under the one-year revolving credit facilities and $1.1 million outstanding under short-term uncommitted credit lines totaling $110.0 million. At December 31, 1996, the Company had a combined total of $150.2 million outstanding under the Company's one-year $90 million revolving credit facilities 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 nine months ended September 30, 1997, increased by $78.9 and $300.3 million, respectively, compared to the twelve and thirty-six weeks ended September 7, 1996. Operating income increased by $13.6 and $69.8 million, respectively, compared to the periods one year ago. Page 9 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 nine months ended September 30, 1997, reflect approximately thirteen and thirty-nine weeks of operations, respectively, compared to twelve and thirty-six weeks, respectively, for 1996. The segment distribution of the increase (decrease) in net sales and operating income compared to the prior year is as follows (in millions): Net Sales Operating Income ------------------------- ------------------------- Quarter Year-to-Date Quarter Year-to-Date ---------- ------------ ---------- ------------ Food Production and Processing Segment $ 84.2 $ 280.9 $ 7.7 $ 48.2 Commodity Trading and Milling Segment (23.0) (24.0) (1.6) (3.0) Transportation Segment 16.8 42.4 5.0 21.8 Other .9 1.0 2.5 2.8 ---------- ------------ ---------- ------------ $ 78.9 $ 300.3 $ 13.6 $ 69.8 ========== ============ ========== ============ Food Production and Processing Segment Net sales for the food production and processing segment increased $84.2 and $280.9 million for the three and nine months ended September 30, 1997, respectively, compared to the twelve and thirty-six weeks ended September 7, 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 $7.7 and $48.2 million for the three and nine month periods of 1997 compared to similar periods of 1996 primarily as a result of lower grain prices and the efficiencies created by increased production at the pork processing plant and live hog production facilities. Management cannot predict grain prices for the remainder of 1997 or the beginning of 1998. Net sales of poultry products totaled $128.4 and $359.7 million for the three and nine months ended September 30, 1997, a decrease of $1.8 million and an increase of $7.1 million compared to the twelve and thirty-six weeks ended September 7, 1996, respectively. Gross income from poultry sales was $8.2 and $18.6 million for the three and nine months ended September 30, 1997, a decrease of $3.8 million and an increase of $2.6 million compared to the twelve and thirty-six weeks ended September 7, 1996. The decreases for the three months were a result of downtime and start-up costs associated with converting the Company's largest processing plant, located in Athens, Georgia, from retail tray-pack to foodservice production and a soft market for leg quarter products. The increase in sales for the nine months is primarily the result of a longer accounting period. The increase in gross income for the nine months is primarily the result of lower finished feed costs, primarily corn, and a reduction in packaging costs, primarily as a result of product mix. The conversion of the Athens plant, 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 complete the expansion of its further processing capacity by the end of 1997 or early in 1998. Page 10 Net sales for the pork operations increased by $83.7 and $264.9 million to $144.4 and $386.8 million, respectively, for the three and nine months ended September 30, 1997, compared to the twelve and thirty-six weeks ended September 7, 1996. These increases are 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 remainder of 1997 as the hog processing plant continues to increase its operations. The Company anticipates that it will achieve full double-shift capacity in late 1997 or early 1998. Gross income increased $14.9 and $47.7 million to $17.4 and $45.3 million, respectively, for the three and nine month periods of 1997, when compared to similar periods of 1996. These increases were primarily the result of increased utilization of the pork processing plant along with increased production and weight per hog at the hog production facilities. Commodity Trading and Milling Segment Net sales from commodity trading and milling activity decreased by $23.0 and $24.0 million to $47.7 and $201.2 million, respectively, for the three and nine months ended September 30, 1997, compared to the twelve and thirty-six weeks ended September 7, 1996. These decreases are primarily a result of a decrease in commodity prices, mainly wheat and corn, sold in foreign markets. Operating income for the three and nine month periods of 1997 decreased $1.6 and $3.0 million to $2.7 and $8.3 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 $16.8 and $42.4 million to $76.7 and $222.1 million, respectively, for the three and nine months ended September 30, 1997, compared to the twelve and thirty-six weeks ended September 7, 1996. These increases are primarily a result of increased cargo volumes in certain markets that the Company serves and overall higher container rates combined with the longer accounting period. Operating income from containerized cargo operations increased by $5.0 and $21.8 million to $5.4 and $19.1 million, respectively, for the three and nine month periods of 1997 compared to similar periods in 1996. The increases in operating income were primarily related to increased cargo volumes and higher container rates. 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 for the remainder of 1997 or the beginning of 1998. Page 11 Selling, General and Administrative Expenses Selling, general and administrative (SG&A) expenses increased $4.1 and $7.9 million to $34.3 and $103.0 million, respectively, for the three and nine months ended September 30, 1997, compared to the twelve and thirty-six weeks ended September 7, 1996, primarily as a result of a longer accounting period. As a percentage of revenues, SG&A decreased to 8.0% and 8.1% for the three and nine month periods of 1997, respectively, compared to 8.6% and 9.7% 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 nine months ended September 30, 1997, compared to the similar period one year earlier primarily as a result of a decrease in average invested funds. Interest expense increased during the three and nine months ended September 30, 1997, compared to similar periods of 1996, primarily as a result of increased short-term borrowings. Results from foreign subsidiaries not consolidated for the three and nine months ended September 30, 1997, are primarily attributable to the upgrading and expansion of operations of Tabacal. The Company anticipates incurring additional losses during the remainder of 1997 and throughout 1998 as Tabacal continues its upgrading and expansion activities. Income Tax Expense The effective tax rate for the three and nine months ended September 30, 1997 decreased compared to similar periods of 1996. These decreases were a result of increased permanently deferred foreign tax earnings during 1997 and the effect of certain other permanent differences on the increased level of income for 1997 compared to 1996. 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 September 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: November 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 THIRD QUARTER 10-Q FILING AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 9-MOS DEC-31-1997 JAN-01-1997 SEP-30-1997 6275 102365 169602 19850 195608 503213 766008 287507 1080713 320253 0 0 0 1488 393676 1080713 1279156 1279156 1112620 1112620 102973 0 23172 38704 12355 26349 0 0 0 26349 17.71 17.71
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