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AG SERVICES OF AMERICA ANNOUNCES FIRST QUARTER RESULTS

 AG SERVICES OF AMERICA ANNOUNCES FIRST QUARTER RESULTS
 CEDAR FALLS, Iowa, June 22 /PRNewswire/ -- During the three months


ended May 31, 1992, Ag Services of America, Inc. (NASDAQ: AGSV) reported record net revenues of $25.2 million compared with $16.0 million for the three months ended May 31, 1991. Net income for the three months ended May 31, 1992, was $855,262 or $.49 per share compared with $490,171 or $.49 per share for the same period last year.
 The company's management is extremely pleased with the results for the first quarter of fiscal 1993, which exceeded their expectations. Earnings per share remained at $.49 for the three months ended May 31, 1992, while the weighted average shares outstanding increased from 1,000,000 shares for the first quarter ended May 31, 1991, to 1,744,496 shares for the first quarter ended May 31, 1992, due to the public offering in August 1991.
 The company's customers generally completed their spring planting on schedule and recent moisture in portions of the Midwest has improved overall crop growing conditions. The company is currently scheduling farm visits to all its customers to survey crops and discuss grain marketing strategies.
 Ag Services of America, Inc. supplies farm inputs including seed, fertilizer, agricultural chemicals, crop insurance and cash advances for land rent, fuel and irrigation to farmers primarily in the central United States.
 AG SERVICES OF AMERICA
 (In thousands except per-share amounts)
 Three Months Ended Year Ended
 5/31/92 5/31/91 2/29/92 2/28/91
 (unaudited)
 Net revenues $25,238 $16,002 $35,534 $29,426
 Income before income taxes 1,347 768 1,854 1,244
 Net income $855 $490 $1,178 $798
 Earnings per share $.49 $.49 $.84 $.84
 Weighted average shares 1,744 1,000 1,411 955
 -0- 6/22/92
 /CONTACT: Brad Schlotfeldt of Ag Services, 319-277-0261/
 (AGSV) CO: Ag Services of America, Inc. ST: Iowa IN: SU: ERN


AL -- MN005 -- 2396 06/22/92 12:09 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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