Printer Friendly

AGRICULTURAL MINERALS REPORTS EARNINGS

 TULSA, Okla., Oct. 20 /PRNewswire/ -- Agricultural Minerals Co., L.P. (NYSE: AMC) (AMCLP), recorded net income of $4.2 million or $.22 per limited partnership unit, on revenues of $44.6 million for the quarter ended September 30, 1993. In the quarter ended Sept. 30, 1992, net income was $10.0 million or 52 cents per limited partnership unit, on revenues of $55.4 million. For the nine months ended Sept. 30, 1993, net income was $38.9 million or $2.03 per limited partnership unit, on revenues of $192.1 million. For the nine months ended Sept. 30, 1992, net income was $48.3 million or $2.52 per limited partnership unit, on revenues of $197.3 million.
 The lower revenues and income for the third quarter of 1993 compared with the same period in 1992 reflect the effects of lower sales volumes, lower urea prices, scheduled maintenance turnarounds at AMCLP's plants, and higher natural gas costs. Revenues for the third quarter of 1993 were down 19.5 percent from the same period in 1992 primarily due to a 26.2 percent decrease in sales volumes. Urea imports into the U.S. were significantly higher than last year, which had a negative impact on area prices. During the third quarter of 1993, scheduled turnarounds for routine preventative maintenance activities were completed at both of AMCLP's manufacturing locations. The timing of these turnarounds was set to coincide with the end of the fertilizer season, when demand is lower. There were not any scheduled turnarounds during the third quarter of 1992.
 Cost of goods sold as a percentage of revenues increased to 81.1 percent for the third quarter of 1993 compared with 72.8 percent for the 1992 quarter reflecting the continued high cost of natural gas and the scheduled turnarounds during the quarter. AMCLP's gas costs were 17.2 percent higher than the third quarter of 1992.
 Results for the nine months ended Sept. 30, 1993 reflect lower revenues from lower sales volumes, especially for ammonia and UAN partially offset by higher UAN sales prices compared with the same period in 1992. Cost of goods sold as a percentage of revenues increased to 71.2 percent during 1993 from 67.8 percent in 1992 primarily due to a 25.1 percent increase in natural gas costs partially offset by higher prices for AMCLP's products.
 Agricultural Minerals Co., L.P., also announced today a cash distribution of 60.5 cents per Senior Preference Unit to Unitholders of record as of Nov. 1, 1993. This distribution represents the Minimum Quarterly Distribution from Available Cash for the quarter ended Sept. 30, 1993. A distribution of 60.5 cents per unit on the Junior Preference and Common Units, representing the Minimum Quarterly Distribution for the quarter ended Sept. 30, 1993, was also announced. Distributions to all Unitholders will be made Nov. 30, 1993.
 AGRICULTURAL MINERALS COMPANY, L.P.
 Consolidated Statements of Income
 ($ in Thousands, except per Unit amounts)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues 44,602 55,428 192,129 197,273
 Cost of
 goods sold 36,168 40,366 138,084 133,692
 Gross profit 8,434 15,062 54,045 63,581
 Operating
 expenses 3,967 3,910 13,280 13,191
 Operating income 4,467 11,152 40,765 50,390
 Interest expense (832) (1,707) (3,156) (3,638)
 Interest income 241 283 632 589
 Other income 348 225 686 942
 Net income 4,224 9,953 38,927 48,283
 Net income allocable to
 limited partners'
 interest 4,140 9,754 38,148 47,317
 Net income per limited
 partnership
 unit 0.22 0.52 2.03 2.52
 -0- 10/20/93
 /CONTACT: Craig Cosgrove of Agricultural Mining Co., 918-660-0050/


CO: Agricultural Minerals Co. ST: Arkansas IN: AGR MNG SU: ERN

PK -- SF008 -- 4575 10/20/93 12:26 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:656
Previous Article:NATIONAL INTERGROUP ANNOUNCES INCREASE IN NUMBER OF SHARES OF COMMON STOCK SOUGHT IN EXCHANGE OFFER
Next Article:SERKES PROMOTED TO DEPUTY TREASURER OF RJR NABISCO

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters