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STRONG FOURTH QUARTER LIFTS MIDWEST GRAIN TO RECORD SALES AND EARNINGS IN FISCAL '92

 STRONG FOURTH QUARTER LIFTS MIDWEST GRAIN TO RECORD
 SALES AND EARNINGS IN FISCAL '92
 ATCHISON, Kan., Aug. 5 /PRNewswire/ -- Boosted by strong fourth quarter results, Midwest Grain Products, Inc. (NASDAQ-NMS: MWGP), achieved record sales and earnings in fiscal 1992.
 Net income for the quarter, which ended June 30, was $3,797,000, or 39 cents per share, on sales of $61,878,000. That represents a 22 percent increase above fiscal 1991's fourth quarter net income of $3,119,000, or 32 cents per share, on sales of $52,740,000.
 On a year-to-year basis, net income climbed from $11,140,000, or $1.14 per share, in fiscal 1991 to $13,506,000, or $1.38 per share, on sales of $227,044,000 in 1992. The company's firmer net income high of $13,146,000 was reached in fiscal 1989 and included a significant non-operating gain.
 All of the above earnings per share numbers were adjusted to reflect the company's three-for-two stock split, which became effective at the close of business on June 30 and increased the number of weighted shares outstanding to 9,765,172.
 Ladd Seaberg, president and CEO of Midwest Grain, said fiscal 1992's fourth quarter performance "ranks as one of the most outstanding in the company's history," and called it "an appropriate finish for a very exciting growth year."
 Fourth quarter unit sales of vital wheat gluten rose 19 percent above the same period the year before, contributing to an annual increase of 35 percent above fiscal 1991's total. Seaberg attributed this increase to "strengthened efforts to serve customers as the most efficient and reliable supplier," adding that the company's recently expanded gluten production capacity "greatly improved our ability to keep up with growing demand." Price increases for gluten in the quarter and the year were in response to higher raw material costs for wheat, which averaged $1 more per bushel than in fiscal 1991, he said.
 Because more flour was required to produce the increased amounts of gluten, the company's flour production was up 10 percent in the fourth quarter and 12 percent for the year over 1991.
 "As a result of our increased needs for flour, all mill production is being directed toward serving internal needs," Seaberg said, noting that this conforms with the company's strategy for maximizing the mill's efficiency.
 Unit sales of premium wheat starch were up just barely in the fourth quarter compared to the same period the year before, but increased 5 percent for all of fiscal 1992 compared to 1991. Seaberg said that although the pace of wheat starch sales slowed during the last two quarters of 1992, Midwest "remains very optimistic about future opportunities for more accelerated growth in this area."
 Total unit sales of alcohol continued a steady increase in the fourth quarter, spurred mainly by a 44 percent jump in fuel alcohol unit sales over 1991's fourth quarter. Fourth quarter beverage alcohol unit sales also rose, helping to offset a 30-percent decline in high quality industrial alcohol unit sales in the quarter. For the year, Seaberg reported, fuel alcohol volume was up 35 percent, and beverage volume was up 4 percent over fiscal 1991's totals. Industrial alcohol volume was virtually the same for both years, he said.
 While prices in the beverage and industrial categories were slightly lower in the fourth quarter and the year compared to 1991, fuel alcohol prices experienced a fourth quarter increase above the same period the year before and, on an annual basis, were level with 1991's average.
 -0- 8/5/92
 /CONTACT: Steve Pickman of Midwest Grain Products, 913-367-1480/
 (MWGP) CO: Midwest Grain Products ST: Kansas IN: SU:


KD -- DC013 -- 7100 08/05/92 12:24 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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