EX-99.1 2 ex99_1.txt PRESS RELEASE OF SEABOARD CORPORATION Exhibit 99.1 PRESS RELEASE REPORT OF EARNINGS AND DIVIDEND DECLARATION March 4, 2005 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 twelve months ended December 31, 2004 and 2003, in thousands of dollars except per share amounts. Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 Net sales $ 688,536 $ 548,173 $2,683,980 $1,981,340 Earnings before cumulative effect of changes in accounting principles 59,915 30,985 168,096 28,974 Cumulative effect of changes in accounting for asset retirement obligations, drydock accruals, and variable interest entities, net of income tax expense of $(498) and $52, respectively - (780) - 2,868 Net earnings $ 59,915 $ 30,205 $ 168,096 $ 31,842 Earnings per share before cumulative effect of changes in accounting principles $ 47.74 $ 24.69 $ 133.94 $ 23.08 Cumulative effect of changes in accounting for asset retirement obligations, drydock accruals, and variable interest entities - (0.62) - 2.29 Net earnings per common share $ 47.74 $ 24.07 $ 133.94 $ 25.37 Average number of shares outstanding 1,255,054 1,255,054 1,255,054 1,255,054 Notes to Report of Earnings: Seaboard Corporation today filed its Annual Report on Form 10-K with the United States Securities and Exchange Commission. Seaboard has provided access to the Annual Report on Form 10-K on its website at www.seaboardcorp.com/Financials.aspx. In addition, the Company today announced that the Board of Directors of the Corporation has declared a dividend of seventy-five ($0.75) per share on the common stock of the Corporation payable March 31, 2005 to stockholders of record at the close of business on March 21, 2005.