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AGRICULTURAL MINERALS CO. REPORTS EARNINGS

 TULSA, Okla., April 20 /PRNewswire/ -- Agricultural Minerals Company, L.P. (NYSE: AMC) recorded net income of $11.3 million or $0.59 per limited partnership unit, on revenues of $56.1 million for the quarter ended March 31, 1993. Results for the quarter ended March 31, 1992 reflected net income of $14.8 million or $0.77 per limited partnership unit, on revenues of $60.9 million.
 Results for the first quarter of 1993 reflect lower sales volumes and significantly higher natural gas costs compared to the first quarter of 1992. Lower sales volumes were the result of reduced fertilizer applications caused by wet weather experienced during the first three months of 1993 compared with the warm, dry weather experienced during the early part of 1992. Additionally, a mechanical failure at the Verdigris production facility resulted in a shutdown of one of the ammonia units during the first quarter of 1993. The outage reduced ammonia and urea ammonium nitrate solution (UAN) production for approximately three and one half weeks while the facility was repaired. The 1993 first quarter results include a $1 million charge related to the outage.
 The partnership experienced a 25 percent increase in the price of natural gas from the abnormally low 1992 levels.
 Agricultural Minerals Co., L.P. also announced today a cash distribution of $0.605 per Senior Preference Unit to Unitholders of record as of April 30, 1993. This distribution represents the Minimum Quarterly Distribution from Available Cash for the quarter ended March 31, 1993. A distribution of $0.605 per unit on the Junior Preference and Common Units, representing the Minimum Quarterly Distribution for the quarter ended March 31, 1993, was also announced. Distributions to all unitholders will be made May 28, 1993.
 AGRICULTURAL MINERALS COMPANY, L.P.
 Consolidated Statements of Income
 ($ In Thousands, except per Unit amounts)
 Three Months Ended
 3/31/93 3/31/92
 Revenues 56,114 60,883
 Cost of goods sold 39,775 42,043
 Gross profit 16,339 18,840
 Operating expenses 4,154 3,348
 Operating income 12,185 15,492
 Interest expense (1,400) (1,090)
 Interest income 197 79
 Other income 276 294
 Net income 11,258 14,775
 Net income allocable to
 limited partners' interest 11,033 14,480
 Net income per limited
 partnership unit 0.59 0.77
 -0- 4/20/93
 /CONTACT: Craig Cosgrove of Agricultural Minerals, 918-660-0050/
 (AMC)


CO: Agricultural Minerals Company, L.P. ST: Oklahoma IN: AGR CHM SU: ERN DIV

TM -- SF009 -- 8122 04/20/93 13:27 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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