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
<TABLE>
SEABOARD CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
September 30, 1997 and December 31, 1996
(Thousands of Dollars)
<CAPTION>
September 30, December 31,
1997 1996
-------------- --------------
Assets
------
<S> <C> <C>
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
============== ==============
<FN>
See notes to condensed consolidated financial statements.
Page 2
</TABLE>
<TABLE>
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)
<CAPTION>
September 30, September 7,
1997 1996
------------- -------------
<S>
<C> <C>
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
============= =============
<FN>
See notes to condensed consolidated financial statements.
Page 3
</TABLE>
<TABLE>
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)
<CAPTION>
September 30, September 7,
1997 1996
------------- -------------
<S> <C> <C>
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
============= =============
<FN>
See notes to condensed consolidated financial statements.
</TABLE>
Page 4
<TABLE>
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)
<CAPTION>
September 30, September 7,
1997 1996
------------- -------------
<S>
<C> <C>
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
============= =============
<FN>
See notes to condensed consolidated financial statements.
Page 5
</TABLE>
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
<TABLE>
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):
<CAPTION>
September 30, December 31,
1997 1996
------------- -------------
<S>
<C> <C>
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
============= =============
</TABLE>
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
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
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.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 6275
<SECURITIES> 102365
<RECEIVABLES> 169602
<ALLOWANCES> 19850
<INVENTORY> 195608
<CURRENT-ASSETS> 503213
<PP&E> 766008
<DEPRECIATION> 287507
<TOTAL-ASSETS> 1080713
<CURRENT-LIABILITIES> 320253
<BONDS> 0
0
0
<COMMON> 1488
<OTHER-SE> 393676
<TOTAL-LIABILITY-AND-EQUITY> 1080713
<SALES> 1279156
<TOTAL-REVENUES> 1279156
<CGS> 1112620
<TOTAL-COSTS> 1112620
<OTHER-EXPENSES> 102973
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 23172
<INCOME-PRETAX> 38704
<INCOME-TAX> 12355
<INCOME-CONTINUING> 26349
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 26349
<EPS-PRIMARY> 17.71
<EPS-DILUTED> 17.71
</TABLE>
