Seaboard Corp (SEB, Financial) filed Quarterly Report for the period ended 2010-04-03.
Seaboard Corp has a market cap of $1.56 billion; its shares were traded at around $1261 with a P/E ratio of 20.61 and P/S ratio of 0.43. The dividend yield of Seaboard Corp stocks is 0.24%. Seaboard Corp had an annual average earning growth of 5% over the past 10 years.SEB is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
April 3, April 4,
2010 2009
Net sales:
Products (includes sales to affiliates of
$125,830 and $140,916) $ 772,587 $ 681,513
Services 214,720 214,883
Other 32,969 21,172
Total net sales 1,020,276 917,568
Assets:
Available-for-sale securities - short-term
investments:
Money market funds $128,024 $128,024 $ - $ -
Fixed rate municipal notes and bonds 118,431 - 118,431 -
Corporate bonds 95,797 - 95,797 -
Fixed income mutual funds 15,024 15,024 - -
U.S. Government agency securities 13,930 - 13,930 -
U.S. Treasury securities 11,948 - 11,948 -
Variable rate demand notes 11,900 - 11,900 -
Asset backed debt securities 11,666 - 11,666 -
Other 3,865 - 3,865 -
Trading securities - short-term investments:
High yield debt securities 26,447 - 26,447 -
Other debt securities 3,850 - 3,850 -
Trading securities - other current assets:
Domestic equity securities 12,110 12,110 - -
Foreign equity securities 7,457 3,618 3,839 -
Money market funds 3,132 3,132 - -
U.S. Government agency securities 2,628 - 2,628 -
Fixed income mutual funds 2,604 2,604 - -
U.S. Treasury securities 2,045 - 2,045 -
Other 154 142 12 -
Derivatives:
Commodities 4,844 4,844 - -
Foreign currencies 287 - 287 -
Total Assets $476,143 $169,498 $306,645 $ -
Liabilities:
Derivatives:
Commodities 4,735 4,735 - -
Foreign currencies 3,935 - 3,935 -
Total Liabilities $ 8,670 $ 4,735 $ 3,935 $ -
(Thousands of dollars) Asset Derivatives Liability Derivatives
Balance Fair Value Balance Fair Value
Sheet April 3, December 31, Sheet April 3, December 31,
Location 2010 2009 Location 2010 2009
Commodities Other current assets $4,844 $4,610 Other current liabilities $4,735 $2,288
Foreign currencies Other current assets 287 430 Other current liabilities 3,935 5,943
As of April 3, 2010, Seaboard had outstanding letters of credit
("LCs") with various banks which reduced its borrowing capacity
under its committed and uncommitted credit facilities by $42,720,000
and $4,609,000, respectively. Included in these amounts are LCs
totaling $26,385,000, which support the Industrial Development
Revenue Bonds included as long-term debt and $17,802,000 of LCs
related to insurance coverages.
On March 2, 2009, an agreement became effective under which Seaboard
will sell its two power barges in the Dominican Republic for
$70,000,000. The agreement calls for the sale to occur on or around
January 1, 2011. During March 2009, $15,000,000 was paid to
Seaboard (recorded as deferred revenue in current liabilities as of
April 3, 2010) and the $55,000,000 balance of the purchase price was
paid into escrow and will be paid to Seaboard at the closing of the
sale. The net book value of the two barges was $20,090,000 as of
April 3, 2010 and is classified as held for sale in other current
assets. Accordingly, Seaboard ceased depreciation on the two barges
as of January 1, 2010 but will continue to operate these two barges
until a few weeks prior to the closing date of the sale. Seaboard
will be responsible for the wind down and decommissioning costs of
the barges. Completion of the sale is dependent upon several
issues, including meeting certain baseline performance and emission
tests. Failure to satisfy or cure any deficiencies could result in
the agreement being terminated and the sale abandoned. Seaboard
could be responsible to pay liquidated damages of up to
approximately $15,000,000 should it fail to perform its obligations
under the agreement, after expiration of applicable cure and grace
periods. Seaboard will retain all other physical properties of this
business and is considering options to continue its power business
in the Dominican Republic after the sale of these assets is
completed.
Commodity Trading and Milling $ 4,817 $ 3,703
Sugar 71 191
Segment/Consolidated Totals $ 4,888 $ 3,894
Read the The complete Report
Seaboard Corp has a market cap of $1.56 billion; its shares were traded at around $1261 with a P/E ratio of 20.61 and P/S ratio of 0.43. The dividend yield of Seaboard Corp stocks is 0.24%. Seaboard Corp had an annual average earning growth of 5% over the past 10 years.SEB is in the portfolios of Irving Kahn of Kahn Brothers & Company Inc., Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Three Months EndedApril 3, April 4,
2010 2009
Net sales:
Products (includes sales to affiliates of
$125,830 and $140,916) $ 772,587 $ 681,513
Services 214,720 214,883
Other 32,969 21,172
Total net sales 1,020,276 917,568
Assets:
Available-for-sale securities - short-term
investments:
Money market funds $128,024 $128,024 $ - $ -
Fixed rate municipal notes and bonds 118,431 - 118,431 -
Corporate bonds 95,797 - 95,797 -
Fixed income mutual funds 15,024 15,024 - -
U.S. Government agency securities 13,930 - 13,930 -
U.S. Treasury securities 11,948 - 11,948 -
Variable rate demand notes 11,900 - 11,900 -
Asset backed debt securities 11,666 - 11,666 -
Other 3,865 - 3,865 -
Trading securities - short-term investments:
High yield debt securities 26,447 - 26,447 -
Other debt securities 3,850 - 3,850 -
Trading securities - other current assets:
Domestic equity securities 12,110 12,110 - -
Foreign equity securities 7,457 3,618 3,839 -
Money market funds 3,132 3,132 - -
U.S. Government agency securities 2,628 - 2,628 -
Fixed income mutual funds 2,604 2,604 - -
U.S. Treasury securities 2,045 - 2,045 -
Other 154 142 12 -
Derivatives:
Commodities 4,844 4,844 - -
Foreign currencies 287 - 287 -
Total Assets $476,143 $169,498 $306,645 $ -
Liabilities:
Derivatives:
Commodities 4,735 4,735 - -
Foreign currencies 3,935 - 3,935 -
Total Liabilities $ 8,670 $ 4,735 $ 3,935 $ -
(Thousands of dollars) Asset Derivatives Liability Derivatives
Balance Fair Value Balance Fair Value
Sheet April 3, December 31, Sheet April 3, December 31,
Location 2010 2009 Location 2010 2009
Commodities Other current assets $4,844 $4,610 Other current liabilities $4,735 $2,288
Foreign currencies Other current assets 287 430 Other current liabilities 3,935 5,943
As of April 3, 2010, Seaboard had outstanding letters of credit
("LCs") with various banks which reduced its borrowing capacity
under its committed and uncommitted credit facilities by $42,720,000
and $4,609,000, respectively. Included in these amounts are LCs
totaling $26,385,000, which support the Industrial Development
Revenue Bonds included as long-term debt and $17,802,000 of LCs
related to insurance coverages.
On March 2, 2009, an agreement became effective under which Seaboard
will sell its two power barges in the Dominican Republic for
$70,000,000. The agreement calls for the sale to occur on or around
January 1, 2011. During March 2009, $15,000,000 was paid to
Seaboard (recorded as deferred revenue in current liabilities as of
April 3, 2010) and the $55,000,000 balance of the purchase price was
paid into escrow and will be paid to Seaboard at the closing of the
sale. The net book value of the two barges was $20,090,000 as of
April 3, 2010 and is classified as held for sale in other current
assets. Accordingly, Seaboard ceased depreciation on the two barges
as of January 1, 2010 but will continue to operate these two barges
until a few weeks prior to the closing date of the sale. Seaboard
will be responsible for the wind down and decommissioning costs of
the barges. Completion of the sale is dependent upon several
issues, including meeting certain baseline performance and emission
tests. Failure to satisfy or cure any deficiencies could result in
the agreement being terminated and the sale abandoned. Seaboard
could be responsible to pay liquidated damages of up to
approximately $15,000,000 should it fail to perform its obligations
under the agreement, after expiration of applicable cure and grace
periods. Seaboard will retain all other physical properties of this
business and is considering options to continue its power business
in the Dominican Republic after the sale of these assets is
completed.
Commodity Trading and Milling $ 4,817 $ 3,703
Sugar 71 191
Segment/Consolidated Totals $ 4,888 $ 3,894
Read the The complete Report
