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735385
755385
U. S. Premium Beef, LLC
0001289237
10-Q
2018-03-31
false
--12-29
No
No
Yes
Non-accelerated Filer
Q1
2018
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<p style="margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>(1) Interim Financial Statements</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>Basis of Presentation</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     The
accompanying unaudited Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles
(GAAP), for interim financial information; therefore, they do not include all of the information and footnotes required by GAAP
for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation
have been included using management’s best estimates and judgments where appropriate. These estimates and judgments affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting
period. Actual results could differ materially from these estimates and judgments. For further information, refer to the audited
Financial Statements and Notes to Financial Statements, which are included in the Company’s Annual Report on Form 10-K on
file with the Securities and Exchange Commission (SEC), for the fiscal year ended December 30, 2017. The results of operations
for the interim periods presented are not necessarily indicative of the results for a full fiscal year.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     USPB’s
15.0729% investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>(2) Members’ Capital</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     The
following table represents a reconciliation of Members’ Capital for the thirteen week period ended March 31, 2018 (thousands
of dollars).</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #CCFFFF">
<td><font style="font-size: 8pt">Balance at December 30, 2017 </font></td>
<td style="text-align: right"><font style="font-size: 8pt">$ 224,147 </font></td></tr>
<tr>
<td style="padding-left: 22.5pt"><font style="font-size: 8pt">Allocation of comprehensive income for the thirteen week period
ended March 31, 2018</font></td>
<td style="text-align: right"><font style="font-size: 8pt"> 9,201 </font></td></tr>
<tr style="background-color: #CCFFFF">
<td style="padding-left: 22.5pt"><font style="font-size: 8pt">Member distributions</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(24,445)</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Balance at March 31, 2018</font></td>
<td style="text-align: right"><font style="font-size: 8pt">$ 208,903 </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #CCFFFF">
<td><font style="font-size: 8pt">Balance at December 30, 2017 </font></td>
<td style="text-align: right"><font style="font-size: 8pt">$ 224,147 </font></td></tr>
<tr>
<td style="padding-left: 22.5pt"><font style="font-size: 8pt">Allocation of comprehensive income for the thirteen week period
ended March 31, 2018</font></td>
<td style="text-align: right"><font style="font-size: 8pt"> 9,201 </font></td></tr>
<tr style="background-color: #CCFFFF">
<td style="padding-left: 22.5pt"><font style="font-size: 8pt">Member distributions</font></td>
<td style="text-align: right"><font style="font-size: 8pt">(24,445)</font></td></tr>
<tr>
<td><font style="font-size: 8pt">Balance at March 31, 2018</font></td>
<td style="text-align: right"><font style="font-size: 8pt">$ 208,903 </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>(3) Earnings Per Unit</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     Under
the LLC structure, earnings of the Company are to be allocated to unitholders based on their proportionate share of underlying
equity. Earnings Per Unit (EPU) has been presented in the accompanying Statements of Operations and in the table that follows.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     Basic
EPU excludes dilution and is computed by first allocating a portion of USPB’s comprehensive income or comprehensive loss
to Class A units and the remainder is allocated to Class B units. For the thirteen week period ended March 31, 2018 and twelve
week period ended March 25, 2017, 10% of USPB’s comprehensive income allocated to the Class A’s and 90% to the Class
B’s. The comprehensive income allocated to the Class A and Class B units were then divided by the weighted-average number
of Class A and Class B units outstanding for the period to determine the basic EPU for each respective class of unit.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     Diluted
EPU reflects the potential dilution that could occur to the extent that any outstanding dilutive Class A or Class B units were
exercised. There are no potentially dilutive Class A or Class B units outstanding. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="6"><font style="font-size: 8pt"><b>Comprehensive Income Per Unit Calculation</b> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">(thousands of dollars, except unit and per unit data) </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>13 weeks ended</b> <br />
<b>March 31, 2018</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>12 weeks ended</b><br />
<b>March 25, 2017</b> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt"><b>Basic and diluted earnings per unit:</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Comprehensive income attributable to USPB available to </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 9pt"><font style="font-size: 8pt">unitholders (numerator) </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Class A </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">920 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">758 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Class B </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,281 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">6,818 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Weighted average outstanding units (denominator) </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class A </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">735,385 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">735,385 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class B </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">755,385 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">755,385 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Per unit amount </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class A </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1.25 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1.03 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class B </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">10.96 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">9.03 </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td colspan="6"><font style="font-size: 8pt"><b>Comprehensive Income Per Unit Calculation</b> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">(thousands of dollars, except unit and per unit data) </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>13 weeks ended</b> <br />
<b>March 31, 2018</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>12 weeks ended</b><br />
<b>March 25, 2017</b> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt"><b>Basic and diluted earnings per unit:</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Comprehensive income attributable to USPB available to </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 9pt"><font style="font-size: 8pt">unitholders (numerator) </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Class A </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">920 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">758 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Class B </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">8,281 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">6,818 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Weighted average outstanding units (denominator) </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class A </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">735,385 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">735,385 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class B </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">755,385 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">755,385 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Per unit amount </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class A </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1.25 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1.03 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 9pt"><font style="font-size: 8pt">Class B </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">10.96 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">9.03 </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>(4) Investment in National
Beef Packing Company, LLC</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">     USPB’s
investment in NBP is accounted for using the equity method of accounting as the Company has the ability to exercise significant
influence, but does not have financial or operational control. Below is a summary of the results of operations for NBP for the
thirteen week period ended March 31, 2018 and twelve week period ended March 25, 2017 (thousands of dollars):</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>13 weeks ended</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>12 weeks ended</b> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 2018</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 25, 2017</b> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>(unaudited)</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>(unaudited)</b> </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Net sales </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,781,919 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,559,023 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Costs and expenses: </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Cost of sales </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,670,774 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,463,838 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Selling, general, and administrative expenses </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">18,036 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,300 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Depreciation and amortization </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">25,519 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">22,399 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 26.8pt"><font style="font-size: 8pt">Total costs and expenses </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,714,329 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,502,537 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 56.25pt"><font style="font-size: 8pt">Operating income </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">67,590 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">56,486 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Other income (expense): </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Interest income </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">67 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">116 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Interest expense </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,108)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,814)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Other, net </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,344 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,315 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 26.8pt"><font style="font-size: 8pt">Income before taxes </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">68,893 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">57,103 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Income tax benefit (expense) </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(254)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">132 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 26.8pt"><font style="font-size: 8pt">Net income </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">68,639 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">57,235 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">NBP's net income attributable to USPB </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">10,346 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">8,627 </font></td></tr></table>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>13 weeks ended</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>12 weeks ended</b> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 31, 2018</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>March 25, 2017</b> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>(unaudited)</b> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b>(unaudited)</b> </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Net sales </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,781,919 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt">$ </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,559,023 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Costs and expenses: </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Cost of sales </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,670,774 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">1,463,838 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Selling, general, and administrative expenses </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">18,036 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">16,300 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Depreciation and amortization </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">25,519 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">22,399 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 26.8pt"><font style="font-size: 8pt">Total costs and expenses </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,714,329 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,502,537 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 56.25pt"><font style="font-size: 8pt">Operating income </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">67,590 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">56,486 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Other income (expense): </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Interest income </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">67 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">116 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Interest expense </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(2,108)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">(1,814)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 13.4pt"><font style="font-size: 8pt">Other, net </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">3,344 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,315 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td style="text-indent: 26.8pt"><font style="font-size: 8pt">Income before taxes </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">68,893 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="text-align: right"><font style="font-size: 8pt">57,103 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCFFFF">
<td><font style="font-size: 8pt">Income tax benefit (expense) </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(254)</font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">132 </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 26.8pt"><font style="font-size: 8pt">Net income </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">68,639 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">57,235 </font></td></tr>
<tr>
<td colspan="6"><font style="font-size: 8pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">NBP's net income attributable to USPB </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">10,346 </font></td>
<td><font style="font-size: 8pt"> </font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$ </font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">8,627 </font></td></tr></table>
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0
0
0