010345 IBP Files Amended SEC Statement After Investigation

Dakota Dunes, SD - Meat processor IBP Inc. said it has filed new disclosure statements with the Securities and Exchange Commission after an investigation of its DFG Foods subsidiary.

IBP Chief Financial Officer Larry Shipley said the company has now resolved all of its accounting issues but one: the non-cash impairment charge related to DFG's long-lived assets. Once that final hurdle is cleared, Shipley said, the company will be able to release its fiscal 2000 earnings.

IBP said the SEC's original comment letter questioned IBP's then-pending merger with Rawhide Holdings/DLJ Merchant Banking Partners, which was subsequently terminated, and the 2000 acquisition of Corporate Brand Foods America.

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