-----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, KcqNr/kSM+XHem/R6/FxFau1D1mtvhxGtHFDMOd4ceRMmOhv2qDCTW3/PuGekLsg PzBAFZeQCCgrxAMy+kGQIg== 0000088121-03-000007.txt : 20030808 0000088121-03-000007.hdr.sgml : 20030808 20030808162000 ACCESSION NUMBER: 0000088121-03-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030808 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEABOARD CORP /DE/ CENTRAL INDEX KEY: 0000088121 STANDARD INDUSTRIAL CLASSIFICATION: MEAT PACKING PLANTS [2011] IRS NUMBER: 042260388 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03390 FILM NUMBER: 03832102 BUSINESS ADDRESS: STREET 1: 9000 W. 67TH STREET CITY: SHAWNEE MISSION STATE: KS ZIP: 66202 BUSINESS PHONE: 9136768800 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 8-K 1 final8k.txt SEABOARD CORPORATION 8-K DATED AUGUST 8, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) August 8, 2003 Seaboard Corporation (Exact name of registrant as specified in its charter) Delaware 1-3390 04-2260388 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification No.) 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 or former address, if changed since last report.) Item 7. Financial Statements and Exhibits (c) Exhibits Registrant hereby furnishes the following exhibit pursuant to Item 12: 99.1 Press release of Seaboard Corporation dated August 8, 2003 announcing earnings for the second quarter ended June 28, 2003. Item 12. Results of Operations and Financial Condition On August 8, 2003, Registrant issued a press release announcing earnings for the second quarter ended June 28, 2003. The full text of this press release is included as exhibit 99.1 and incorporated by reference in this Current Report on Form 8-K. SIGNATURE 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 8, 2003 Seaboard Corporation by: /s/ Robert L. Steer Robert L. Steer, Senior Vice President, Treasurer and Chief Financial Officer EX-99.1 3 press.txt PRESS RELEASE OF SEABOARD CORPORATION Exhibit 99.1 PRESS RELEASE REPORT OF EARNINGS August 8, 2003 Shawnee Mission, Kansas The following is a report of earnings for Seaboard Corporation (AMEX symbol; SEB) with offices at 9000 West 67th Street, Shawnee Mission, Kansas 66202, (the "Company"), for the three and six months ended June 28, 2003 and June 29, 2002 in thousands of dollars except per share amounts. Three Months Ended Six Months Ended June 28, June 29, June 28, June 29, 2003 2002 2003 2002 Net sales $ 485,883 $ 477,104 $ 947,750 $ 920,027 Earnings (loss) before cumulative effect of changes in accounting principles $ (2,916) $ 15,098 $ (3,849) $ 16,821 Cumulative effect of changes in accounting for asset retirement obligations and dry-dock accruals, net of income tax expense of $550 - - 3,648 - Net earnings (loss) $ (2,916) $ 15,098 $ (201) $ 16,821 Earnings (loss) per share before cumulative effect of changes in accounting principles $ (2.32) $ 10.15 $ (3.06) $ 11.31 Cumulative effect of changes in accounting for asset retirement obligations and dry-dock accruals - - 2.90 - Net earnings (loss) per common share $ (2.32) $ 10.15 $ (0.16) $ 11.31 Average number of shares outstanding 1,255,054 1,487,520 1,255,054 1,487,520 Notes to Report of Earnings: Effective January 1, 2003, the Company adopted Statement of Financial Accounting Standard No. 143, which required the Company to record a long-lived asset and related liability for asset retirement obligation costs associated with the closure of the hog lagoons it is legally obligated to close. Accordingly, the Company recorded the cumulative effect of the change in accounting principle with a charge to earnings of $2,195,000 ($1,339,000 net of tax). Additionally, effective January 1, 2003, the Company changed its method of accounting for the scheduled dry-dock of vessels from the accrue-in-advance method to the direct-expense method. As a result, during the first quarter of 2003, the Company reversed the balance of the accrued liability for dry-dock maintenance as of December 31, 2002, resulting in an increase in earnings of $6,393,000 ($4,987,000 net of related tax expense). During the third quarter of 2003, the Company will be required to consolidate two variable interest entities pursuant to the Financial Accounting Standards Board Interpretation No. 46. As a result, the Company will record a cumulative effect of a change in accounting principle for the excess of fixed asset depreciation over mortgage loan amortization of $1,158,000 ($706,000 net of tax). -----END PRIVACY-ENHANCED MESSAGE-----