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AG SERVICES OF AMERICA ANNOUNCES THIRD QUARTER RESULTS

 AG SERVICES OF AMERICA ANNOUNCES THIRD QUARTER RESULTS
 CEDAR FALLS, Iowa, Dec. 23 /PRNewswire/ -- During the three months


ended Nov. 30, 1991, Ag Services of America (NASDAQ: AGSV) reported record net revenues of $3.6 million compared with $2.5 million for the three months ended Nov. 30, 1990. Net income for the three months ended Nov. 30, 1991, was $162,000 or $0.10 per share compared with $28,000 or $0.03 per share for the same period last year.
 For the nine months ended Nov. 30, 1991, the company also reported record net revenues of $29.8 million compared with $27.5 million for the nine months ended Nov. 30, 1990. Net income for the nine months ended Nov. 30, 1991, was $1,094,000 or $0.85 per share compared with $843,000 or $0.90 per share for the same period last year.
 The company's management is pleased with the results for the quarter and nine months ended Nov. 30, 1991, which were in line with their expectations. Earnings per share decreased slightly for the nine months ended Nov. 30, 1991, as a result of the increase in weighted average shares outstanding from 940,000 shares for the nine months ended Nov. 30, 1990, to 1,295,000 shares for the nine months ended Nov. 30, 1991, due to the public offering.
 On Dec. 5, 1991, the company announced an increase in its line of credit of $9 million to $29 million for fiscal 1993. This increase and the increase in capital as a result of the public offering coupled with increased marketing efforts and the continual strengthening of its infrastructure will allow the company to continue its strong growth pattern.
 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
 THIRD QUARTER RESULTS
 (In thousands except per share amounts)
 (Unaudited)
 Three Months Ended Nine Months Ended
 11/30/91 11/30/90 11/30/91 11/30/90
 Net revenues $3,591 $2,530 $29,764 $27,518
 Net income 162 28 1,094 843
 Earnings per share $0.10 $0.03 $0.85 $0.90
 Weighted average
 shares 1,691 1,000 $1,295 940
 -0- 12/23/91
 /CONTACT: Gaylen Miller of Ag Services, 319-277-0261
 (AGSV) CO: Ag Services of America, Inc. ST: Iowa IN: SU: ERN


KH -- MN006 -- 4859 12/23/91 13:16 EST
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Publication:PR Newswire
Date:Dec 23, 1991
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