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AGRICULTURAL MINERALS COMPANY REPORTS EARNINGS

 TULSA, Okla., July 20 /PRNewswire/ -- Agricultural Minerals Company, L.P. recorded net income of $23.4 million or $1.22 per limited partnership unit, on revenues of $91.4 million for the quarter ended June 30, 1993. Results for the quarter ended June 30, 1992 reflected net income of $23.6 million or $1.23 per limited partnership unit, on revenues of $81.0 million. Net income for the six months ended June 30, 1993 was $34.7 million or $1.81 per limited partnership unit, on revenues of $147.5 million. Results for the six months ended June 30, 1992 reflected net income of $38.3 million or $2.00 per limited partnership unit, on revenues of $141.8 million.
 Results for the second quarter of 1993 reflect higher revenues offset by higher cost of goods sold compared with the second quarter of 1992. Revenues increased in 1993 due to higher sales volumes and prices, primarily for UAN and urea. Differences in weather conditions between 1993 and 1992 affected the timing and the products used in fertilizer applications. In 1993, cool, wet weather during the early part of the year delayed plantings which reduced demand for ammonia and compressed fertilizer applications into a shorter than normal time frame. The compressed season and logistical problems along with increased market demand, combined to increase the price for UAN and urea. In contrast, during 1992, warm, dry conditions prevailed over many parts of the country which allowed for earlier than normal application of fertilizer.
 Cost of goods sold for the second quarter of 1993 reflects the increased sales volumes combined with higher natural gas costs. AMCLP's gas costs were 31 percent higher than the second quarter of 1992.
 Results for the six months ended June 30, 1993 reflect higher revenues from higher sales prices, especially for UAN and urea, partially offset by lower sales volumes, primarily for ammonia compared with the same period in 1992. Cost of goods sold are higher in 1993 compared with 1992 primarily due to higher natural gas costs. Also included in cost of goods sold for 1993 is a $1 million charge related to an outage experienced at AMCLP's Verdigris facility. A mechanical failure at the Verdigris production facility resulted in a shutdown of one of the ammonia units for approximately three and one half weeks during the first quarter of 1993.
 Agricultural Minerals Company, L.P. also announced today a cash distribution of $0.605 per Senior Preference Unit to Unitholders of record as of July 30, 1993. This distribution represents the Minimum Quarterly Distribution from Available Cash for the quarter ended June 30, 1993. A distribution of $0.605 per unit on the Junior Preference and Common Units, representing the Minimum Quarterly Distribution for the quarter ended June 30, 1993, was also announced. Distributions to all Unitholders will be made August 30, 1993.
 AGRICULTURAL MINERALS COMPANY, L.P.
 Consolidated Statements of Income
 ($ in Thousands, except per Unit amounts)
 Three Months Ended Six Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenues 91,413 80,962 147,527 141,845
 Cost of
 goods sold 62,141 51,283 101,916 93,326
 Gross profit 29,272 29,679 45,611 48,519
 Operating
 expenses 5,159 5,933 9,313 9,281
 Operating
 income 24,113 23,746 36,298 39,238
 Interest expense (924) (840) (2,324) (1,930)
 Interest income 194 226 391 305
 Other income 62 423 338 717
 Net income 23,445 23,555 34,703 38,330
 Net income allocable
 to limited partners'
 interest 22,976 23,084 34,009 37,563
 Net income per limited
 partnership unit 1.22 1.23 1.81 2.00
 -0- 7/20/93
 /CONTACT: Craig Cosgrove of Agricultural Minerals, 918-660-0050/


CO: Agricultural Minerals Co. ST: Oklahoma IN: AGR SU: ERN

TM -- SF016 -- 3649 07/20/93 18:18 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
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