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AG SERVICES OF AMERICA, INC. ANNOUNCES SECOND QUARTER RESULTS

 AG SERVICES OF AMERICA, INC. ANNOUNCES SECOND QUARTER RESULTS
 CEDAR FALLS, Iowa, Sept. 22 /PRNewswire/ -- During the three months ended Aug. 31, 1992, Ag Services of America (NASDAQ: AGSV) reported record net revenues of $17.8 million compared with $10.2 million for the three months ended Aug. 31, 1991. Net income for the three months ended Aug. 31, 1992 was $520,801 or $0.30 per share compared with $442,138 or $0.37 per share for the same period last year.
 For the six months ended Aug. 31, 1992, the company also reported record net revenues of $43.1 million compared with $24.9 million for the six months ended Aug. 31, 1991. Net income for the six months ended Aug. 31, 1992, was $1,376,063 or $0.79 per share compared with $932,309 or $0.85 per share for the same period last year. For the six months ended Aug. 31, 1992, weighted average shares outstanding increased 59 percent to 1,741,689 shares from 1,095,193 shares for the same period a year ago, due to the initial public offering in August 1991.
 On Sept. 2, 1992, the company announced the settlement of a lawsuit, the effect of which, resulted in the company's recording of a nonrecurring pretax charge of $490,000 for the quarter and six months ended Aug. 31, 1992. As a result, anticipated earnings per share of $0.97 for the six months ended Aug. 31, 1992 were reduced to $0.79 per share. Although the company was disappointed with the loss as a result of the lawsuit settlement, it was extremely pleased with the operating results for the quarter and six months ended Aug. 31, 1992 and does not expect the lawsuit to hinder the third and fourth quarters of fiscal 1993 or the continued growth and profitability of the company.
 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, INC.
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 8/31/92 8/31/91 8/31/92 8/31/91
 Net revenues $17,816 $10,171 $43,054 $26,174
 Income before lawsuit
 settlement and income taxes 1,310 695 2,656 1,463
 Income before income taxes 820 695 2,166 1,463
 Net income $521 $442 $1,376 $932
 Earnings per share $0.30 $0.37 $0.79 $0.85
 Weighted average shares 1,740 1,190 1,742 1,095
 -0- 9/22/92
 /CONTACT: Brad Schlotfeldt of Ag Services of America, 319-277-0261/
 (AGSV) CO: Ag Services of America, Inc. ST: Iowa IN: SU: ERN


AL -- MN010 -- 2221 09/22/92 13:17 EDT
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Publication:PR Newswire
Date:Sep 22, 1992
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