Attached files
Exhibit 99.1
PRESS RELEASE
REPORT OF EARNINGS
February 26, 2015
Shawnee Mission, Kansas
The following is a report of earnings for Seaboard Corporation (NYSE MKT
symbol: SEB) with offices at 9000 West 67th Street, Shawnee Mission, Kansas
66202, (the "Company"), for the three and twelve months ended December 31,
2014 and December 31, 2013, in thousands of dollars except share and per
share amounts.
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2014 2013 2014 2013
Net sales $1,676,208 $1,755,974 $6,473,076 $6,670,414
Net earnings attributable to
Seaboard $ 118,678 $ 77,266 $ 365,270 $ 205,236
Net earnings per common
share $ 101.39 $ 64.91 $ 309.96 $ 171.92
Average number of shares
outstanding 1,170,550 1,190,326 1,178,441 1,193,801
Notes to Report of Earnings:
On December 19, 2014, the Tax Increase Prevention Act of 2014 (the 2014 Tax
Act) was signed into law. The 2014 Tax Act extended for 2014 only many
expired corporate income tax provisions that impact current and deferred
taxes for financial reporting purposes. The total annual effects of the
provisions in the new law on current and deferred taxes assets and
liabilities for Seaboard were recorded in the fourth quarter of 2014. The
impact was a tax benefit of $11,410,000, or $9.75 and $9.68 per common
share for the three and twelve months ended December 31, 2014,
respectively, primarily related to certain income tax credits. In addition
to this amount was a credit of $15,450,000, or $13.20 and $13.11 per common
share for the three and twelve months ended December 31, 2014,
respectively, for the 2014 Federal blender's credits that was recognized as
revenues in the fourth quarter of 2014. There was no tax expense on this
transaction.
As of September 27, 2014, Seaboard's Pork segment sold to Triumph Foods LLC
a 50% interest in Daily's Premium Meats, its processed meats division.
Included in net earnings attributable to Seaboard for the twelve months
ended December 31, 2014 is a gain on sale of controlling interest in
subsidiary of $40,233,000 net of taxes, or $34.14 per common share
($65,955,000 total gain before taxes).
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
http://www.seaboardcorp.com/investors